Tempi and Government Stress Levels
Hello, the Tempi case continues to dominate public interest while also creating an extremely stressful situation within the government’s ranks, to the point where, dare I say, most of them are on the verge of a nervous breakdown. Not all of them, of course—there are also the level-headed ones who view Mitsotakis’ public appearance as a “necessary move for partial de-escalation and as proof to the public that the Prime Minister is listening, taking responsibility, and trying to solve problems, even assuming full accountability.”
However, this is merely the calm assessment of some officials. There’s also the classic “fainthearted” reaction: “We’re doomed! The reports, the Preliminary Investigations, the trials are coming, and we’ll be entangled in this mess indefinitely.”
Now, let me tell you what I know from my sources: First, the NTUA report, according to my information, will be ambiguous—it will state that the fireball was not caused by the lubricants used in the train’s engine, but at the same time, it will not confirm the presence of any flammable material. A report by a Belgian expert is expected to lean slightly more towards the existence of some quantity of flammable substance, but there are also reports suggesting otherwise. The government’s response to all this will be the obvious one: “Let everything go to the judiciary and let them draw the appropriate conclusions.”
Preliminary Investigation?
Second, regarding whether there will be a Preliminary Investigation Committee, the answer from an official source is crystal clear: “We’ve said dozens of times that if the Prosecutor’s indictment includes political figures, the government will facilitate the process and accept the establishment of a Preliminary Investigation Committee. But only if the judiciary requests it—not based on lawsuits filed by the victims’ families.”
Third, the Tempi trial has been expected since day one. The government, through Floridis, even amended the law to expedite it, unlike the Mati trial, which took six years to begin. These are the facts, and this is the government’s approach. Where responsibility remains unclear is in what has been done from the time of the accident until now to allow the state to credibly say: “Here are the measures we’ve taken to drastically reduce the chances of this tragedy happening again.” Because, let’s not forget, accidents will always happen—whether in Washington, at the heart of the most technologically advanced transport system, or anywhere else.
Also, a legal expert told me that the infamous case of backfilling (of the tracks) constitutes only a misdemeanor.
“Massaging” the Investigation Committee Narrative
As soon as K.M. (Kyriakos Mitsotakis) made statements about the Investigation Committee, former members of such committees turned pale. Many prominent figures involved avoided answering phone calls, something the government picked up on and decided to do some political “massaging.” The message from the government was that the Prime Minister’s position was a general one—this is his standard stance on Investigation Committees, which rarely produce clear conclusions. Therefore, the judiciary should be the one to provide the answers.
I’m not sure if this improved anyone’s morale, but such is politics. February will be a long and rough month for the government, with various reports and inquiries on the way.
Androulakis’ No-Confidence Motion
Now, in M.M. (Maximos Mansion, the Greek Prime Minister’s office), they are not politically naive. They were not surprised by Androulakis’ intention to file a no-confidence motion against the government. The timing, of course, is the crucial factor. It’s clear that Androulakis is waiting for both the NTUA report and the report from EODASAAM (due on February 27) before making his move—coinciding with the second anniversary of the Tempi disaster.
Obviously, he aims to align with public sentiment—thousands protesting in the streets while the government faces pressure in Parliament. Notably, this will be the second no-confidence motion filed by PASOK within a year. And to be fair, Androulakis is simply doing his job.
Hiring 600 Priests
Today’s Cabinet meeting, of course, is overshadowed by the Tempi case and the announcement of the no-confidence motion, but there are serious issues on the agenda. One of them is the Ministry of Education’s initiative to hire 600 priests over the next three years for the Greek-speaking Patriarchates. This has been a long-standing request of Patriarch Bartholomew, and Pierrakakis intends to grant it. It’s also a move with geopolitical significance, as Greece seeks to expand its soft power in the region, strengthening its influence through its Christian heritage.
Rumors of a Surprise Acquisition by Piraeus Bank
Now, let’s turn to market news, where all eyes are on a major move being prepared (intensely) by H. Megalou. But with acquisitions, you never really know—things usually turn out differently from what the market senses.
Sources indicate that within the next two or three days, it will become clear whether Piraeus Bank’s plan will materialize. The very few details available suggest an acquisition, and not just any acquisition—a large-scale one. So, the “usual suspects” are ruled out.
One rumor that surfaced on Dark Room’s radar—and let me stress, this is just a RUMOR, NOT VERIFIED INFORMATION—is that H. Megalou’s big move is towards acquiring Ethniki Asfalistiki (National Insurance).
Given that acquisitions often turn out different from market expectations, this scenario could be plausible. But it’s not simple or easy—National Insurance’s bancassurance agreement is with National Bank of Greece, and I don’t know what penalties or clauses that contract might include. However, if this deal is indeed in the works, I assume they have found a way around it.
Strategically, it would make sense, as the ECB’s rapid interest rate cuts are pushing banks to seek acquisitions in sectors with high commission revenues.
The Rocket Stock of Proodeftiki
I don’t know the details, but it seems that market rumors about a small lobby that has grabbed Proodeftiki’s stock and sent it skyrocketing are not unfounded. The stock has closed higher for five consecutive sessions. From €0.28, it has surged to €0.376 (+34%). In two of those five sessions, it gained over 9%, and yesterday it closed up 5.6%. Proodeftiki used to be a construction company—now, I have no idea what they do (some say real estate), but for all I know, they might as well be in aerospace.
DeepSeek Speaks Greek
Recent developments in Artificial Intelligence have a uniquely Greek angle. A startup called AI-Employee has been operating in Greece and launched a soft rollout 10 days ago. What do they do? They “rent out” AI executives to large corporations. These specialized employees enter companies with their own hardware and localized AI models. In fact, as founder John Doxaras announced on LinkedIn, AI-Employee “sold out” in record time, managing to place ALL of its available AI professionals. These AI-powered employees come equipped with AI agents, work within organizations to solve problems on the spot, develop new applications and solutions, and provide extensive training on AI prompting. Despite being just two weeks old, the Greek startup has already attracted clients from the banking sector, telecommunications, and even government agencies.
The Greek Business Invasion of Paris Amid French Instability
Now, let’s head to Paris, specifically to the Palais-Royal area, where the Greek Roadshow by Piraeus Securities took place at Espace Clery. The event featured Greece’s top publicly traded companies, and French fund managers showed intense interest, with 150 meetings held with 30 different funds—compared to last year’s 116 meetings with 24 funds. As an investor relations executive from a participating company explained, the French investment market is challenging due to its broad spectrum of investors. Some funds are highly targeted and long-term, seeing opportunities in Greece, while others, as one analyst put it, are starting “from scratch” with no real knowledge of the Greek market. However, what stood out to many IR professionals and executives was the sense of instability surrounding France’s economic and political outlook, a concern that surfaced repeatedly in discussions. Regarding Greek assets, the French highlighted clear advantages, such as Greece’s regained investment-grade rating, its comparatively strong economic growth within the EU, and high dividend yields.
PPC and the Norges Fund
PPC (Public Power Corporation) is charging toward a €5 billion market cap, with its stock price at €13.27—an 11-year high. Norway’s sovereign wealth fund, the Norges Fund, known as the ultimate “long-only fund,” consistently invests in “green” projects and has officially acquired a 0.14% stake in PPC, though market whispers suggest its actual holding is higher. Over the past three months, 23.5 million PPC shares have changed hands, with the stock price rising more than 10.6%. This surge in activity has fueled fresh speculation about PPC’s next big deal, one that CEO Giorgos Stassis is rumored to be working on—though lately, he’s been keeping a low profile.
Viohalco Regains Its Scale
The stock of Viohalco, the parent company of the Viohalco Group, has gained roughly 14% over the past month, reaching €6.10. Its market capitalization now exceeds €1.58 billion, while its 72%-owned subsidiary, Cenergy, has surpassed €2 billion (€9.60 per share, up 2.24% yesterday). This means that all the other subsidiaries within the group—ElvalHalcor, Noval Property, etc.—are currently valued at essentially zero, despite the fact that the group as a whole contributes 8% of Greece’s GDP.
The General Index Closes Its Sixth Consecutive Week in the Green
Unless the sky falls on our heads today, the General Index will log its fourth consecutive positive week of 2025 and its sixth straight week of gains since mid-December 2024. The index hasn’t closed above 1,550.72 points (+0.3%) since way back on April 7, 2011. However, with trading volume at €108.9 million (of which €8.2 million came from block trades), the rally isn’t exactly convincing. In fact, buyers were largely absent for most of yesterday’s session, only showing up after 4 PM to keep heavyweight stocks in positive territory. Coca-Cola, Eurobank, and Motor Oil propped up the index, while other blue-chip stocks simply managed to shake off their earlier losses and stabilize.
The New Wobbles, the Old Shines
Not one, not two, but a whopping 35-minute delay (!) in announcing its earnings sent Mark Zuckerberg’s META (who, by the way, is house-hunting in Washington to be as close as possible to Trump) into a tailspin, causing a mini-meltdown on Wall Street. In that half-hour, META’s stock price swung wildly up and down based on AI-related rumors. In the end, META beat analyst expectations on both revenue and earnings per share ($8.02/share), bringing in $48.4 billion in revenue. Microsoft’s stock went through a similar ordeal—it posted stronger-than-expected profits but weak cloud revenue, and in this new AI-driven market, everything counts. Amid all this digital economy turbulence, one thing that truly shines is gold, which hit a new all-time high of $2,840 per ounce, marking a staggering 40% gain over the past 12 months.
Trump’s War Against Powell
“If the Fed had spent less time on DEI—the Diversity, Equity, and Inclusion strategy—gender ideology, ‘green’ energy, and the fake climate change, inflation would never have been a problem. Instead, we suffered from the worst inflation in our country’s history.” The term of U.S. Federal Reserve Chairman Jerome Powell ends in 15 months, in May 2026. President Trump’s war against the Fed began on day one of his presidency. His view is that by increasing oil supply (“drill baby drill”), he will lower energy prices and, in turn, reduce inflation, leading to lower interest rates. Since January 20, crude oil and natural gas prices have dropped by more than 10%. Energy affects the Consumer Price Index by approximately 8%. However, energy costs also influence food prices and other services. Since Trump’s reelection in November, U.S. gasoline prices have dropped to $3.08 per gallon, close to the lowest level since 2021. Consequently: A $10 decrease in oil prices would reduce U.S. inflation by 0.2%. If oil prices fall to around $50, inflation could drop by nearly half a percentage point. However, the Fed’s priority is not just price stability—it also includes employment and economic stability. Some Federal Reserve Board members are Republicans (such as the St. Louis Fed banker), but they do not share Trump’s urgency to cut interest rates on the dollar, as the large public debt forces the Fed to borrow at high costs. The Trump-Powell war is only in its first phase.
Gloom in Pre-Election Germany
The German government announced the day before yesterday that economic growth in 2025 will barely exceed +0.3%, despite initial forecasts of +1.6%, later revised to +1.1%, and ultimately proven wrong. Yesterday, it was officially confirmed that in the fourth quarter of the year, Germany’s economic growth rate was negative (-0.2%), even worse than the initial estimates (-0.1%). Key economic indicators, such as the Ifo Business Climate Index or incoming orders, provide little reason for optimism. The elections in Germany are taking place in an atmosphere of general uncertainty, and we all know where that leads.
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