Hello! Yesterday I believe was one of the most painful days in the nightmarish history of Tempi, for two reasons. The first is that the chilling details of that brutal night resurfaced in everyone’s memories—especially for the loved ones of those who perished. The second is that the people who conducted the investigation into the accident described, in equally shocking detail, what we had all, unfortunately, expected. Beyond the unimaginable human errors that led two trains into a head-on collision (and the same would have happened a little earlier with other trains if a driver hadn’t prevented it), there was the massive chaos that prevailed (or still prevails?) in OSE. A rundown public service, especially after the bailout agreements, like all others, with the difference that its employees do not play with taxes or permits, but with human lives. And don’t be fooled just because we’ve somewhat forgotten the mess that still happens in the public sector today, simply because we’ve managed to cover some of our needs digitally and handle things from our mobile phones.

A Mirror-Like Report

We don’t need to say much. I believe that anyone who truly wants to learn the truth and spends 5-10 minutes reading the report will see everything. Clearly— It can’t get more transparent. Unfortunately, at some point, the disaster was bound to happen, given the utter chaos that was OSE. Two human errors were enough, and sooner or later, in the history of trains, it was going to happen.

The Responsibilities…

So, who is responsible, in terms of individuals, political or not, or parties and governments, for the criminal negligence that led to this tragedy? Who isn’t responsible? You tell me. The current government, for sure, because it happened on its watch. But what about the government of 2015? Of course, yes, because if they had completed the remote control contract (717), the accident would have been prevented (it was supposed to be finished by 2016). The coalition government of 2009-10 that fired half of OSE’s workforce and cut one-third of its budget due to bailout commitments? The conclusions above, I should note, are stated with absolute clarity in yesterday’s report. The investigators-authors spell it out plainly, not me. So, ND, SYRIZA, and PASOK. All three parties that governed from 2009 onwards are responsible, each to a greater or lesser extent, as well as the prime ministers of the time. And there’s no need to measure the blame precisely, because we all know how much responsibility each of them bears for the monster-state they nurtured. Therefore, these three should be more cautious in their criticism today as political entities. And let’s not forget the so-called regulatory authority for trains, RAS, and its president—a SYRIZA-affiliated lady, a quiet schemer who is nowhere to be heard, just like the authority itself, which saw nothing for all these years amid OSE’s chaos. But you see, they’re all leftists, so they’re exempt!

Today?

So today, while Greece takes to the streets for Tempi, what truly matters is what is happening with the trains. If it is true that OSE’s and Hellenic Train’s operations and, overall, their safety have improved, then let them come out and say so. The minister himself and the officials in charge. Because from the picture painted about the trains yesterday…you wouldn’t even send a letter!

“Order” for Parliament

They tell me that yesterday, the regional MPs of ND received an “order” to be present this morning at 09:00 in the Plenary Session, in order to attend the brief memorial service that will take place, including a one-minute silence in memory of the victims of the tragedy and a speech by Nikitas Kaklamanis. It is highly likely that the Prime Minister will also be present, as he will be keeping an eye on the day’s gatherings and maintaining an open line with the Hellenic Police.

The No-Confidence Motion and the Summit

On Wednesday, as President Nikos A. said yesterday, PASOK will submit the motion of no confidence against the government, which will be co-signed by several opposition parties. On that day, a scheduled debate on Tempi is set to take place, which will be interrupted as soon as Androulakis takes the podium and submits the motion. The government will not turn it into a confidence vote, and the discussion will begin immediately. However, on Thursday, an extraordinary EU Summit on European defense is taking place in Brussels, and K.M. will have to attend, given the geopolitical urgency with Ukraine and Trump’s threats. The logical course of action is for the Prime Minister to go to Brussels and return to Athens, as on Friday he is scheduled to speak at the climax of the parliamentary process.

Piraeus Bank Prepares to Play the Snappi Card

The management of Piraeus Bank, aside from the National Insurance deal, is preparing to make a strong move with its digital bank, Snappi. It may be an overstatement to say they aim to create the Greek Revolut, but with a license from the Bank of Greece and the ECB, they plan to enter the market dynamically before summer, possibly in May. Snappi will offer free account opening, transfers and payments, debit card issuance, and pay-later services for installment purchases. Overall, the charges will be highly competitive, aiming to capture a large market share and achieve high profitability by the third year of operation.

Eager to Acquire the Vouliagmeni Beach

One sector where CVC is playing strong is yacht marinas. Through D Marin, which it controls, it owns marinas in eight countries (France, Italy, Croatia, Turkey, Albania, Malta, UAE) and, of course, in Greece, where it has a presence with four marinas, specifically in Gouvia, Corfu, in Lefkada, in Pylos, and in Zea Marina, where it recently acquired the remaining 25% for €10 million. The market has been buzzing lately with talk that CVC is keen—so they say—on acquiring the Vouliagmeni coast, the well-known beach currently under a tender process by ETAD, which also includes the Oceania facilities.

NOVA on Hold for Now

There had been talk lately, and it seems that as time passes, the sale of NOVA to Dragan Solak, one of the main shareholders of United Group (UN), is being put on hold. Whether temporarily or not remains to be seen, but sources familiar with the developments say that after the latest transactions involving the UN group, “the structure remains as is.” It should be recalled that Solak had moved to acquire Nova, possibly along with other group companies in EU member states. The same sources speculate that the issue stalled due to a lack of secured funding. No one rules out a development at any moment, as in such cases, the key is securing the required price. It should be noted that in recent weeks, BC Partners proceeded with selling United Group assets in the Balkans, where UN had operations. Specifically, in Serbia, SBB was sold to e& PPF Telecom Group, as well as Eon TV International Ltd (the company owning NetTV Plus) and the sports broadcasting rights for the Western Balkans (Bosnia and Herzegovina, Montenegro, North Macedonia, and Serbia) to Telekom Srbija. Also, Telemach, a United Group subsidiary, was sold to BH Telecom.

ION-Bespoke on the Stock Exchange

Every time a rumor circulates about a food company acquisition, all eyes turn to the usual suspect, Spyros Theodoropoulos. As he recently said, “Everyone calls me and asks if I will acquire Hellenic Dough. I am not making any acquisitions. I need to put my house in order. I have a lot of work ahead to stabilize the Bespoke group, highlight its prospects, and take it public on the stock exchange.” On a related note, during the same discussion, S. Theodoropoulos mentioned that Dubai Chocolate is performing exceptionally well in the market under ION, despite its steep price, as the column adds.

“Not only is there no fire, but there isn’t even smoke”

Since the topic of deals has come up, it should be noted that the market is abuzz with talk of negotiations regarding the acquisition of the dairy company Dodoni by the Sarantis family, owners of Olympus. It is rumored that the two sides are close, that the price will be around 200 million, and other similar speculations. However, the Sarantis family, particularly those directly involved with Olympus, categorically deny any knowledge. “Not only is there no fire,” they say, “but there isn’t even smoke. We are not interested in Dodoni,” and they leave no room for doubt that they are not in discussions regarding Dodoni. That’s all, and you can draw your own conclusions.

The new one arrives

As soon as we finish flying kites, on Tuesday morning, the new CEO of the Superfund, G. Papachristou, will walk through his office door for the first time. During this period, he has been receiving informal briefings, has resigned from boards he was a member of (e.g., Bespoke), and last Monday, ANTENNA held a farewell party in his honor.

Aegean in India

Aegean is expanding its network to more distant destinations, having ordered four Airbus A321 neo LR aircraft, an upgraded version of the A321neo capable of longer-range flights lasting four to seven and a half hours. With these new aircraft, it will be able to serve existing destinations in the Gulf region (Riyadh, Jeddah, Dubai), potential new additions in the area (e.g., Bahrain, Doha, Oman), as well as new prospective destinations in Central Africa (e.g., Lagos, Nairobi, Addis Ababa) and Asia, covering destinations such as Delhi and Mumbai in India or Almaty in Kazakhstan. The case of India holds significant potential, as it is one of the world’s fastest-growing economies and has already attracted interest from Greek tourism stakeholders and the airline. With the integration of these new aircraft, featuring specially configured cabins, into Aegean’s fleet, this market could be served if such a decision is made. Aegean is already working on this destination, and recently, members of its international sales team participated in SATTE 2025, the leading B2B tourism industry exhibition in South Asia, which gathered over 2,000 exhibitors and 40,000 visitors from around the world.

March – the ruthless month, says statistics

The stock market tradition of the last 25 years suggests that the General Index of the Athens Stock Exchange tends to fall in March in 70% of cases. This year’s entry into the notorious March coincides with a three-day holiday weekend, amid a subdued social and political tension in the country, as well as a global tariff war openly declared against Europe by President Trump. On the bright side, we note the very good—if not impressive—results announced by the “heavyweight” companies of the index, the sequence of business deals, and the steady inflows of savers into Mutual Funds. The assets of Mutual Funds recorded a new percentage increase of +0.21%, reaching €23.48 billion, with savers purchasing new shares worth €188.8 million in just the last week. Within this climate, yesterday’s trading session started hesitantly and with declines, leaving today’s MSCI index rebalancing to guide transactions with any position adjustments due to weighting changes. The General Index lost the 1,600-point mark but remained at a respectable level (1,597.85 points with a transaction value of €156 million), mainly with the help of National Bank, OTE, and PPC. Now, it will look for support from foreign markets to defy stock market statistics.

The mysteries of Athens

On Monday, January 27, the acceptance period for the mandatory public offer for TERNA Energy by Masdar Hellas Single Member S.A. began. The deadline expired the day before yesterday, and Masdar announced that it had acquired over 97% of TERNA Energy’s shares, paying €20 per share. It is puzzling how, despite the public offer price being known and fixed, some market participants at the Athens Stock Exchange were trading at €20.10 per share. The buy orders at €20.10—while the public offer was still running at €20—raise questions about whether this might have been an urgent closing of open positions. I assume that the Capital Market Commission is already examining the possibility of unfair practices in the use of short selling, in a stock that we all know will be a thing of the past in two months.

ETBA BI.PE. installs photovoltaics

Industrial Parks and Industrial Areas must operate primarily for the benefit of small and medium-sized production businesses. In this context, the “new proposal” of ETBA BI.PE. to install photovoltaic units in Industrial Areas that do not have high demand (e.g. Orestiada, Edessa, Kalamata, etc.) in order to provide cheap electricity to small businesses is included. Instead of paying 150€ to 200€ per megawatt-hour, small businesses will buy electricity from the BI.PE. at 80€/MWh. Also, in collaboration with the Ministry of Education, ETBA plans to operate a “Technical Skills Academy” in Thessaloniki, where unskilled workers will be trained in “difficult” skills – such as forklift operators, machinists, oxyacetylene welders, etc.

Musk “freezes” the credit cards of embassy employees

On February 12, President Trump signed an executive order for the complete reform of the State Department. The State Department immediately instructed all U.S. embassies around the world to begin planning for staff reductions, including locally hired employees (ABC News). Immediately after, Elon Musk sent the infamous email – which was received by all employees at U.S. Embassies (including in Athens) – asking them to inform him of what they had done, what their contribution was, in the past week. The day before yesterday, the employees received a new email informing them that “the previous email you received was not spam, please respond.” And yesterday, early in the morning, President Trump signed a new executive order according to which all credit cards held by employees working for the U.S. government will be “frozen” for 30 days, until Friday, March 28. Musk’s DOGE program discovered that the cost of credit cards for government employees amounts to $40 billion annually. The only exception to the freeze rule applies if the employee uses the card for disaster relief or other critical services, as determined by the head of the service. Naturally, the same applies to the American embassy in Athens; the email reached there as well…

Elon Musk and public employee layoffs

In general, with Elon Musk’s DOGE program, the unemployment rate in the U.S. is expected to increase. Bloomberg reports that the number of layoffs just last week rose to 15,651, the highest in at least a year. For the first time, U.S. television networks are reporting stories of laid-off public employees, as the Government Efficiency Program has led to the dismissal of tens of thousands of federal employees. According to Capital Economics, up to 200,000 federal employees have likely been laid off. In the nation’s capital, unemployment benefit claims in Washington have doubled this year to 1,626, the highest number since March 2023 and above the levels of 2008.