Hello. Now I can’t help but start with the SYRIZA members who talk about Tempi, and one doesn’t even know what to recall first from that tragedy in Mati, which, of course, did not unfold within a few seconds like Tempi but lasted half a day. It was a continuous crescendo of criminal negligence by incompetent officials. What can one say about the late-night meeting that wild night under Tsipras’ leadership, where they wouldn’t admit there were dead, even though the last journalist knew? Have you forgotten the ridiculous Toskas, who found no mistakes in a whole 12-hour span from 11 in the morning to 11 at night, where not a single correct order was given by a state authority? These unbelievable people burned civilians because traffic police were directing passersby into the fire in Mati. They couldn’t even send boats to collect people from the sea. Did you see anything being done about all this, aside from a proper and hopefully fair trial? You might say, “Is this the time to compare tragedies?” Of course not, but it is also not the time for these people to speak, all the incompetent people of SYRIZA.

The report and objections

As we told you yesterday, this morning at 10, the report of the competent committee will be released, despite the objections and disagreements of some relatives. I don’t understand why they don’t want it, considering that the three critical videos submitted in the case file have been taken into account in the report, pending verification by the police. I should point out that the publication date is mandatory according to the EU’s supervisory authorities. So, as far as I know, that doesn’t change, whether someone likes it or not. Just a few more hours of patience to read it and judge. The long-standing responsibilities of OSE, even under the current government (since 2019), a tragic mess on the fatal night and in general, and several other elements are included in the report.

Media and Tempi

Much has been said about the stance of the media regarding Tempi; as for social media, there’s no need to even discuss it, since everyone writes whatever they imagine. So, if you get your news from social media…good luck. Scrolling through X, Facebook, TikTok, and Instagram is one thing, but learning the news from them is another. In my opinion, proper media outlets are private businesses with an audience, essentially customers, and they are judged by them. Therefore, their credibility and reliability are tested over time and are built or destroyed by their owners. Now, if media bosses have other business ventures and maintain media outlets to pressure the state for their interests, that’s another matter. Does it exist? Of course, it does, not just in Greece but everywhere. The Tempi case is a major social issue and cannot be hidden, but how it is presented depends on each media outlet.

Oligarchs and media

Now, as for our media—at least the major ones—they mostly belong to oligarchs unrelated to journalism, who, depending on the period, either love or hate the current prime minister. And they always drop him when his hourglass runs empty. These people even loved Tsipras in 2015—if you ask him today what he did and how he governed, he would candidly admit, “Back then, we didn’t know much.”

And today?

Today, my personal impression is that K.M. is not yet at the point where his governing hourglass has emptied, so the usual media moguls will keep moving back and forth. They also fear a prime minister with 30% support and two more years ahead of him, with an opposition that is laughable and pitiful… However, the truth is that the government is in troubled waters, or even deep trouble. And history is repeating itself, as media oligarchs will pressure the prime minister—either to gain more, because he didn’t satisfy all their business whims, or simply out of personal caprices of power display. Something like “who has the biggest…influence” (let’s leave it at that). Mitsotakis himself, by character, is very conciliatory with everyone, a fan of the saying “keep everyone a little happy,” and you can see the result gradually unfolding on the screen. Nevertheless, even though I make a living from the media, I must say that the era when Lambrakis, publishers, and TV station owners could install or topple governments is gone for good. On the contrary, a government can now fall much more easily due to its own incompetence, inertia, mistakes, arrogance, and corruption. And when that happens, no one can save it.

Discussion on Tempi cut short

If something stood out to the ministers about yesterday’s cabinet meeting, it was that it was brief, lasting about two hours and a bit. And I’m told that there was no discussion about Tempi, despite the fact that at one point, the Minister of Justice, Giorgos Floridis, in an aside, mentioned that some interesting statistical data had become known regarding the case file of the tragedy. “Let’s leave that for now,” K.M. intervened, I’m told, closing the discussion and returning to the agenda topics, which were “manageable” and unlikely to spark debate.

Departures and phone calls in PASOK

A pleasant atmosphere in PASOK these days, having completely tangled their lines on respect for the judiciary, whether they are calling for elections or not, and the “squares.” A characteristic example is Stella Zolota, a parliamentary candidate in Trikala, who announced her departure from the party after Diamantopoulou’s statements on Action24 about respecting the judiciary, which were in a different tone from Nikos A. And while these things are happening at party events, prominent members are hearing complaints about the party’s stance, spokesman Tsoukalas called Konstantinopoulos to tell him that he had never proposed his expulsion, and Androulakis was present when he called to refute related reports. However, I understand that PASOK’s leadership has also realized the mistake they made in the case of Odysseas, whom, as I wrote to you, they did not invite to join the party delegation in Tripoli.

A new deal coming from IDEAL

Today, IDEAL Holdings is set to announce financial results for the 2024 fiscal year, with estimates pointing to significant organic growth. IDEAL may deliver a surprise with a more than twofold increase in revenue and profitability at the EBITDA level. A significant increase in figures is expected in the IT sector, both in revenue and over 30% in EBITDA. In the department store sector, revenue and profitability will also show an increase, along with improved margins. Profit from the sale of Astir Vytogiannis amounts to 90 million euros, while the acquisition of Barba Stathis is set to be completed within the second quarter. What’s interesting is that while IDEAL Holdings is announcing results today, it has postponed the analyst conference call to next Wednesday, which can be interpreted as a sign that a new deal announcement is imminent.

PPC, OTE, and fiber optic clashes

OTE’s Romanian subsidiary, Telekom Romania Mobile (TKRM), has become a burden, with the management trying to sell it for months, but the deal keeps getting delayed. Yesterday, CEO Kostas Nebis and CFO Babis Mazarakis told analysts that they are proceeding under the assumption that TKRM will not be sold this year and have adjusted the 2025 plan accordingly. However, they emphasized that negotiations for the deal with Digi and Vodafone Romania, who will split TKRM, are progressing and could be completed by the end of June. If this happens—meaning the Romanian subsidiary is sold—the benefit will be distributed to shareholders, they told analysts, and some skeptics wondered if they were employing a…Vakakis-style strategy, painting things a bit gloomier so that when the good news comes, the impact is greater. Regardless of what happens with the genuinely serious issue of Romania (since if the sale does not go through, OTE will be burdened with about 70 million euros), analysts are also focused on another issue: PPC’s entry into telecommunications with FiberGrid, particularly in the fiber optics sector, where competition among providers is intensifying. In yesterday’s conference call, a Deutsche Bank analyst (coincidence?) asked what impact PPC’s presence in telecoms would have, first in wholesale and soon in retail. K. Nebis, skillfully sidestepping the question, responded that it is too early to assess such an impact because FiberGrid’s footprint is difficult to define, its activity is still at a pilot level, etc. “In any case,” he stated, “at OTE, we are confident in our services and products to face any competitor.”

The AKTOR in the A’ national stock market

Stock market data is changing for the share of AKTOR GROUP OF COMPANIES after its inclusion in the premier league of the Stock Exchange, the FTSE/ATHEX Large Cap. AKTOR took the place of TERNA ENERGY with a weighting coefficient (free float) of 26% and a weighting coefficient (capping) of 1.0. AKTOR’s inclusion in the top 25 puts it at the center of the preferences of domestic and foreign institutional portfolios, thus creating new prospects for the stock starting tomorrow, Friday, when it enters the index.

Panοs Germanos strengthens Westnet with new funds

Westnet will issue a bond loan of up to 10 million euros with the guarantee of the parent Olympia Group. This is a common unsecured intra-group bond loan of up to 10 million euros, which will be covered by the Olympia Group, owned by the P. Germanos family. The company, which in its last published fiscal year (2023), achieved sales of 120 million euros and a negative pre-tax profit result (-1.5 million euros, from -1.3 million euros), represents well-known technology brands such as Asus, HP, AUX, Toshiba, TP-Link, Canon, Devolo, D-Link, Fujitsu, among others.

Crafty Paulson (finally) sold 4.6% of Piraeus Bank

Paulson proves to be crafty, as he had already sold shares of Piraeus Bank even before the recent placement where he disposed of 2.8%. According to Piraeus Bank’s website, in December 2024, he held 19%. Other sources indicate that according to his latest disclosure at the beginning of 2024, he held 18.62%. By now selling 2.80% through Goldman Sachs, his stake has dropped to 14%. Obviously, approximately 1.83% had been sold by Paulson in the previous period without any announcement, as the obligation to disclose exists only if the percentage falls below the 15% threshold, which happened with the sale of 2.8%. Regarding the day of the bank’s results chosen for the placement, it was preferred because there is a ban on selling during the so-called closed period before the results, and at the same time, it was deemed that if it happened, for example, 10 or even 20 days after the results, it could create misleading impressions of dissatisfaction.

The way is opening for salary increases for public servants

Any day now, the bill with incentives for the strengthening and institutional safeguarding of the Capital Market and the protection of investors in crypto assets is expected to enter the consultation process. Sources indicate that the bill includes the provision announced by Deputy Minister of Finance Thanos Petralias, which eliminates inequalities in the salary structure of tens of thousands of public employees with a personal wage difference. This opens the way for salary increases depending on the salary scale, correcting the distortion that has persisted for over a decade and primarily burdens those public servants with a small personal wage difference. Regarding the Capital Market, incentives for angel investors are being extended to investments in the Alternative Market with a tax deduction equal to 50% of the investment from taxable income, with a maximum amount of 300,000€. Additionally, an expense deduction of up to 200,000€ is established for the listing of small and medium-sized enterprises on the Stock Exchange, and the tax rate on bonds traded on the Stock Exchange is reduced to 5%. The government hopes that the bill will be passed within March.

Make Porto Heli Great Again

The beginning was made by the shipowner Giorgos Prokopiou around this time two years ago when he acquired the magnificent estate and properties of the late Dimitris Kontominas. Since then, Porto Heli has suddenly been attracting the rich and powerful of our planet, who are creating luxurious infrastructure. The Vardinogiannis investment in Ermioni. The major investment in the former Hinitsa Bay by Irish tycoon Paul Coulson, which has been officially taken over by the Four Seasons Resort and Residences Porto Heli. The new five-star resort by Six Senses. The upgrade of the historic Akti Salanti hotel in Argolida by the investment firm Gnosis Investments. The four new villas being built within Amanzoe—one by a private individual and the others by the hotel itself. Porto Heli has turned into a vast construction site, but at the same time, it is changing category as a tourist destination.

A former MP, a victim of the Swiss franc, and the auction that was narrowly avoided

At the last minute, literally, the electronic auction process scheduled for Wednesday, February 26, for a property in the Ellinoroson-Psychiko area, owned by former MP Grigoris Psarianos, was suspended. Fortunately, the suspension of the auction took place on the afternoon of February 25, just hours before the gavel was set to fall. The property in question is an independent and self-contained horizontal ownership on the second floor, covering 100.60 sq.m., located in Athens in the area known as “Diavolorema” or “Krimnitsa” or “Psychiko,” on Mesogeion Avenue, in an apartment building constructed in 1983. It consists of an open space, a W.C., and a balcony overlooking Mesogeion Avenue, and it is speculated that it is being used as an office. The starting bid price had been set at €153,000, while the creditor initiating the foreclosure was doValue, which proceeded with the seizure for €100,000 (part of the total debt). The story, however, goes back quite a long way, originating from a mortgage note by the National Bank of Greece for CHF 530,400 (Swiss francs) registered in March 2008, when the property was acquired. In other words, he is among those who got entangled with loans in Swiss francs. In an older asset declaration (“Pothen Esches”) for 2017, it was stated that the initial amount was €271,955.30, and the remaining owed amount was €370,213.07, with the debt’s maturity date being 14/03/2028. However, it was noted that “the loan was granted with a Swiss franc clause, and an Extrajudicial Protest-Offset Declaration was initially served (07.10.2011) to the bank due to its wrongful and unfair commercial practice, which caused damage, followed by a lawsuit (17.07.2013), which has not yet been adjudicated. The initial loan amount was CHF 408,000.”

It goes with everything and is worth over €15.4 billion

The total market capitalization of the Athens Stock Exchange is approaching €113 billion. Of this, €15.452 billion belongs to Coca-Cola HBC. Ignoring the overall market trend and the international climate, Coca-Cola’s stock continued its solitary upward trajectory, with orders reaching up to €41.6 (a historic high). Within a month, the stock’s price has risen by 25% (and 23.5% since the beginning of the year). Perhaps this is the most tangible sign of hope for peace on the Russia-Ukraine front. As soon as the first communication between Washington and Moscow was announced, funds anticipating Coca-Cola’s grand return to the Russian market were immediately activated. The London Stock Exchange agrees with this outlook, and in Athens, for the second consecutive session, the stock climbed above €41.4 with significant trading volumes.

Everything is collapsing—even cryptocurrencies

Geopolitical uncertainty. The sudden and unpredictable inspirations of the new President. Tariffs and retaliations. Inflation and mass layoffs. The falling dollar along with American stock markets. All of these factors together and simultaneously are dragging down the so-called “anti-systemic” cryptocurrency market. More than $400 billion have “evaporated” from cryptocurrency market capitalization since Friday morning. Bitcoin lost its stronghold of $90,000, tumbling to $87,000 and even lower, struggling to find its footing. Ethereum is plunging, along with cryptocurrency-backed Exchange-Traded Funds (ETFs). Even the memecoin market is losing both its supporters and a significant portion of its liquidity. Solana lost a quarter of its value in just two days. The announcement that Citadel Securities, with $65 billion in assets under management, aims to become a liquidity provider for Bitcoin and crypto went unnoticed. Die-hard cryptocurrency buyers are in hiding, waiting for developments. The cryptocurrency market no longer has liquidity.