– Greetings, Now, look, let’s agree that Doxiadis had to go. If you owe money to the state and haven’t paid up, you don’t get to become a minister, my friend. And if you happen to be somewhat of a friend of the prime minister, you don’t put him in a tough spot—you disclose it first and let him decide. But with Tsafos now, I don’t think it’s the same. He made a blunder in 2023 about Northern Cyprus, took it back, but it’s hardly a mortal sin. What’s not exactly wise, though, is appointing completely apolitical people like him—who call the occupied territories ‘Northern Cyprus,’ even if it’s just in a business paper—as ministers. If you already have Stavros as a minister, why do you need a technocrat when you’ve got a titan of politics and offshore artistry? Plus, the guy’s unlucky—he gets sent there, and bam, trouble erupts for his deputy minister. Anyway, I’ll stop here before you start calling me biased against our energy minister.

Massaging the MPs Over Tsafos

• With all this going on, phones were ringing off the hook at Maximos Mansion yesterday to prevent a question from ND MPs about Nikos Tsafos and his tweet on the occupied territories. Many of them… supposedly felt offended, claiming it touched on an issue that resonates more with their nationalist-leaning audience than even Doxiadis did. Certain individuals at Maximos took on the task of damage control, and it seems they managed to quash the idea of a formal question. Even a directive went out to Cyprus to ensure that the presidential office backed Mr. Tsafos. Meanwhile, Thanos Plevris, who didn’t make it into the government despite his expectations, took a light jab at Tsafos (it could have been worse), and more statements from disappointed MPs (on TV perhaps?) are expected.

Markopoulos

• Yesterday, for example, MP Dimitris Markopoulos walked into Maximos Mansion to complain about not being appointed a minister. His argument? ‘I took the Tempi scandal on my shoulders with the parliamentary inquiry, and nothing came of it, so now I won’t get re-elected.’ I wasn’t present for the conversation between him and Kyriakos Mitsotakis, but you should know—these talks about ministerial appointments are pointless. At the end of the day, those left out will always outnumber those brought in.

Pre-Investigative Committee

• So, the cabinet reshuffle has sparked drama among ND MPs who were sidelined or saw their rivals get promoted, with ripple effects even on the Pre-Investigative Committee. A prime example: an MP from Western Athens withdrew from the committee investigating Triantopoulos, citing an eye surgery, though it’s hard to ignore that his rival in the same constituency, Giannis Loverdos, was just made deputy foreign minister. In his place, Maria Antoniou from Kastoria was added—someone without direct rivals. Let’s see if anyone else bails because I’m hearing whispers. Honestly, this whole Pre-Investigative Committee is shaping up to be a pointless ordeal. I predict it’ll go to a regular court in the end and be done with. That’s the safer option for everyone—politically, ethically, and in terms of judicial efficiency.

Doxiadis’ Successor

• I hear Maximos Mansion is looking for a technocrat to replace Doxiadis, who has even shut down his Facebook to avoid unnecessary drama, as he informed us. But finding a technocrat these days isn’t easy, and the way Doxiadis was thrown under the bus doesn’t exactly help attract candidates. Unless, of course, we decide to rebrand Markopoulos or Makarios Lazaridis as technocrats—they’re both livid about being left out. In fact, Lazaridis was set to take over as deputy minister for Rural Development but got axed at the last moment to appease Nikos Panagiotopoulos, who was dropped from the cabinet and now has to fight for re-election in the tough battleground of Kavala.

Kontopoulos’ Streak of Bad Luck

• The relationship between EXAE CEO Giannis Kontopoulos and the new finance minister didn’t get off to the best start. A stock market system crash on the finance minister’s first day in office—while the prime minister was visiting the ministry, no less—isn’t exactly ideal. Word is, Kyriakos Pierrakakis was annoyed when he was informed of the blackout. The fact that he immediately told reporters that a special team would be reviewing all technological systems across supervised entities speaks volumes. Yesterday’s trading session was practically voided (wrapped up hastily at 5:20 PM), and someone should explain to Kontopoulos that when the stock exchange system crashes, investors deserve to be informed. Instead, EXAE only put out an announcement at 8:20 PM. This happened on the first trading day after Moody’s credit upgrade—talk about bad timing.

Bumpy Landing

• The technical glitches that shut down the stock exchange also dashed hopes of reaching the 1,700-point target. Following Greece’s credit rating upgrade from Moody’s, similar upgrades for banks were expected, leading to an upward trend in other major and mid-cap stocks. But all of that came to a grinding halt yesterday at 2:41 PM. Meanwhile, today in the German Bundestag, a crucial and highly contested parliamentary vote is set to take place on the so-called ‘debt brake,’ which has already rattled European bond markets. Tomorrow, the U.S. Federal Reserve is expected to officially confirm the ‘controlled recession’ that the American economy has entered, driven by systematic spending cuts and high borrowing costs. Before yesterday’s trading was halted, the General Index had hit 1,700 points, ultimately closing at 1,696.1 points (+0.15%), with Alpha Bank (+1.74%), Viohalco (+2.6%), PPC (+1.33%), and Sarantis (+1.35%) leading the gains.

Volton’s Entry into Telecom

• Back in February 2022, Volton announced its intent to enter the mobile telecom market as a Mobile Virtual Network Operator (MVNO), and now, two years later, the project is coming to life—albeit at the usual glacial pace of regulatory and bureaucratic approvals. In any case, Volton has pulled it off and, under the new agreement, will operate on Vodafone Greece’s network as a ‘Full MVNO,’ meaning it will have complete control over the services and products it offers. The real game-changer will be its bundled services (electricity, telecom, etc.) with competitive pricing for both its 200,000+ existing customers and new ones it hopes to attract. MVNOs are common abroad but not in Greece, where the three major providers dominate. Years ago, Forthnet attempted something similar but failed. The challenge for Volton will be turning this into a profitable venture, given the fierce telecom competition and PPC’s imminent retail market entry with FiberGrid. In 2023, Volton had consolidated revenues of €178 million but reported pre-tax losses of €1.7 million, while at the company level, revenue stood at €118 million with losses of €3.5 million.

Light at the End of the Tunnel for PYRKAL Redevelopment

• The approval for the Urban Implementation Plan (R.S.E.) for the ‘Andreas Lentakis’ Government Park at the former PYRKAL site was published in the ‘Diavgeia’ system yesterday, inching the mega project closer to reality. However, initial timelines have gone completely off the rails. Originally set for completion by 2026, it will now be a success if contracts with developers are even signed next year.

Stournaras’ Fiscal Recommendations

• Central Banker Yannis Stournaras urged strict adherence to fiscal commitments and channeling resources toward economic growth. He emphasized that any tax cuts should be development-focused—suggesting reductions in social security contributions rather than VAT cuts, which would merely boost consumption. He also dismissed any prospect of reinstating the 13th and 14th salaries for public sector employees.

PPC Joins the Exclusive €5 Billion Club

• The official announcements from PPC’s management regarding the company’s dynamic expansion into Bulgaria’s renewable energy market—alongside its plans to play a leading role in Southeast Europe’s energy transition—coincided with its stock reaching a market capitalization exceeding €5 billion. At the moment, there are only nine stocks in the exclusive €5 billion club (Coca Cola-HBC, Eurobank, National Bank of Greece, Piraeus Bank, OPAP, OTE, Mytilineos, Alpha Bank, and PPC), with eight of them included in the MSCI Greece Standard index (all except Coca Cola). Following Moody’s upgrade, this small group of stocks valued at €5 billion or more has caught the attention of investment firms seeking more “heavyweight” securities and long-term investment opportunities.

The Wealth Divide in America

• Bloomberg recently published an extremely insightful and revealing study by Moody’s Analytics. The study found that the wealthiest 10% of U.S. households—those earning more than $250,000 annually—account for 50% of all U.S. consumer spending. From this, several key conclusions emerge:
  First, any household earning $250,000 per year is classified as “wealthy” and grouped together with households generating millions.
  Second, it highlights the significant role of Wall Street, as these “wealthy” individuals had capital available for stock market investments, which until recently offered extraordinary returns.
  Third, and most importantly, the bottom 17% of income-earning households account for 60% of consumer spending. In simple terms, Moody’s Analytics’ study exposes the massive income gap in American society, which in turn explains the rise of “anti-establishment behaviors” and signals the potential for significant social unrest.

Gold is Making History

• How much is all the gold in the world worth? More than $20 trillion. Over the past six years, the price of gold has surged by +148%, with its total market capitalization increasing by approximately $12 trillion. In 2025 alone, gold prices have risen by roughly 12%, continuously reaching new all-time highs. Since October 2023, when the massive U.S. fiscal deficit became apparent, gold embarked on a frenzied rally of +63%, reaching $3,000 per ounce. What’s particularly interesting—so far—is that gold prices appear unaffected by market liquidity availability, unlike stocks and cryptocurrencies. Instead, its steady upward trajectory seems to be driven by the enormous expansion of public debt in all developed economies. Of course, no bullish trend lasts forever. But for now, this remarkable six-year rally is unprecedented in history.