Hello there! The sharp-eyed reporter of this column had already given you a heads-up a few days ago, hinting that the pre-investigative committee was looking unlikely and that the case involving political figures was heading straight to the courts. And, lo and behold, that’s exactly what happened yesterday—rightfully so, in my opinion. The committee wouldn’t have convinced anyone and would have been nothing more than an exhausting ordeal, or worse, a political kangaroo court in Parliament, with characters reminiscent of Zoitsa and other “democratic forces.”

Essentially, K.M. accepted—since Triantopoulos also agreed—a variation of the proposal put forward by Professor Alivizatos three weeks ago. My sources tell me that when this was discussed one Saturday at Maximos Mansion in a stormy meeting, only Voridis opposed it. He didn’t want the entire matter handed over to the Five-Member Judicial Council, letting it decide whether it should proceed to the Special Court.

Tsafos – A Done Deal for Maximos Mansion

Before diving into more exciting political news, let’s wrap up the Tsafos issue, which seems to be closed for Maximos Mansion. Not because what he said wasn’t problematic—because let’s be honest, you don’t make someone a minister (or even hire them in your office) if they don’t know that there’s no such thing as “Northern Cyprus” for Greece. But after the Doxiadis incident, they just couldn’t afford to lose another minister—it’s already a rough situation.

The “PPC Model” for Trains

For over an hour and a half yesterday, Mitsotakis held discussions with the leadership of the Infrastructure and Transport Ministry, and I hear that big changes for the railways are coming fast. Possibly within the next 10 days, at the Cabinet meeting, Kyranakis is expected to present the new corporate structure of “Hellenic Railways S.A.,” the company that will emerge from the merger of OSE, ERGOSE, and GAIOSSE.

This new entity will follow the PPC model, bringing in executives who are true doers, and the minister is already reaching out to highly skilled Greek professionals abroad. There will also be a legislative adjustment to salaries—because let’s be real, no foreign expert will take the job under Greece’s current public sector pay scale.

Also, keep an eye on the pressure mounting on the Italians at Hellenic Train to bring in new trains at their own expense. Lastly, an internal dispute was settled at a higher government level—all rail-related responsibilities now rest entirely with Kyranakis. And, oh, in case you missed it, a few verbal punches were exchanged between Kyranakis and Tachiaos at Maximos Mansion the other day.

Buses & ISAP (Athens Metro Green Line)

Before Easter, a new operational plan for Athens’ public transport will be unveiled, detailing the monthly delivery schedule for new buses. The fleet renewal is already underway, but the goal is to significantly increase available buses to reduce waiting times at stops.

Additionally, sources tell me that funding from the Recovery Fund will soon be used to order new ISAP metro cars.

Pierrakakis & Stournaras – A Long Chat at the Ministry

Meanwhile, Pierrakakis is keeping busy with endless meetings at his new office on Nikis Street in Syntagma. Yesterday, he spent quite a bit of time with Bank of Greece Governor Yannis Stournaras, who brought along Deputy Governor Christina Papakonstantinou.

Stournaras actually started his career on the same floor of that building—though in a different office—back when he was a special advisor and later chairman of the Council of Economic Experts, nearly 20 years ago. So, I imagine he must have felt nostalgic walking back in there.

Pierrakakis and Stournaras have a strong rapport—they even publicly spoke about their “shared vision.” Later, Stournaras remarked “the sky is the limit” for the minister, implying the vast economic potential at play.

Just to clarify, though—“the sky” does NOT include bringing back the 13th and 14th salaries that some government folks keep dreaming about. That would cost around €8 billion, so yeah…not happening. However, there might be efforts to support SMEs and citizens instead.

Public Sector Employee Evaluations

A new system for evaluating employees of public organizations and local governments based on citizen feedback is in the works. Interior Minister Theodoros Libanios is drafting a plan that includes targeted online questionnaires.

Citizens will be able to rate their experience at public offices like EFKA (social security), KEP (citizen service centers), and municipal services, or even comment on cleanliness and sidewalk conditions in their neighborhoods.

At the 8th Annual “Circle of Ideas” Conference, Libanios revealed that employees receiving consistently low ratings will first be retrained—but if they keep underperforming, they’ll face dismissal.

ND Party Secretary Shuffle – The Syreggela Case

There’s a lot of backroom maneuvering over the position of the ND party secretary, but all decisions have been put on hold for now.

Just a few days ago, Notis Mitarakis was the top contender, but after his name leaked to the press, the whole situation changed. Funny how one day you’re the ideal candidate, and the next, you’re out—just because the news broke early.

Meanwhile, current secretary Maria Syreggela is not going down without a fight—she’s organizing a roundtable with journalists to rally support.

Hellenic Capital Market Commission Conducts “Raid” on HELEX Over Kontopoulos Fiasco

Early yesterday morning, a task force from the Hellenic Capital Market Commission (HCMC) entered the premises of HELEX, aiming to investigate and assess the blackout that disrupted Monday’s stock market session—a major embarrassment for the Athens Stock Exchange.

The HCMC auditors were accompanied by technology experts to analyze the findings, responses, and actions taken by HELEX. From what I hear, on Monday afternoon, immediately after the trading halt, the HCMC sent an official letter to HELEX, demanding explanations on why and how it happened and what measures had been taken.

I have no idea what kind of response they received regarding the fiasco orchestrated by (I couldn’t care less about any of you) CEO G. Kontopoulos, but the fact that auditors stormed in first thing in the morning suggests that either they got no response or the response they received was far from satisfactory.

How Much Does a Stock Market Blackout Cost?

Let’s not even get into the damage this blackout did to the credibility and reputation of the stock exchange, especially coming right after Greece regained its investment-grade credit rating.

But let’s crunch some numbers:
Say that, during Monday’s trading session (which didn’t happen because of the halt), the total transaction volume would have been around €100 million. Here’s how much revenue was lost just from the spot market:

• €100,000 in stock sale tax revenue that would have gone to the state.
• €60,000 in fees for HELEX.
• €300,000 in revenues for brokerage firms.

And these are just the direct losses. Meanwhile, HELEX’s operational costs—including salaries, utilities, rent, and subscriptions—kept piling up even though the market wasn’t operating.

So no, you can’t just brush this off as “nothing happened,” especially when HELEX is a publicly traded company led by (I couldn’t care less about any of you) CEO G. Kontopoulos, who didn’t even bother to inform investors about the blackout until 8:20 PM, as if nothing had happened.

Fais Group’s Real Estate Moves

Fais Group is on the verge of entering the Athens Stock Exchange, with its initial public offering (IPO) launching today, March 19, and closing on Friday, March 21. The company’s shares will start trading on March 27.

The commercial powerhouse—operating over 110 physical stores, 8 online stores, and serving 700+ wholesale clients across Greece, Cyprus, Romania, and Bulgaria—also holds a hidden gem: a valuable real estate portfolio packed with high-value properties in prime locations like Elliniko, Alimos, Thessaloniki, and Santorini.Key assets include:Radisson Blu Zaffron Resort (Santorini), Modiano Market (Thessaloniki), One Salonica Outlet Mall (Thessaloniki)

As of September last year, the real estate portfolio was valued at €70 million, though company executives claim it is significantly undervalued on the books.

The company’s strategy? Either commercially leveraging or selling off select properties at higher market prices. Case in point: Fais Group bought a 50% stake in the historic Mylos Allatini property in Thessaloniki for €3.2 million and later sold it for €7 million—more than double the initial price. With real estate prices soaring, expect more of these lucrative deals in the near future.

Four Seasons (Half) Opens in Mykonos

The brand-new Four Seasons Mykonos, owned by the Arab investors of AGC, will have a soft opening for summer 2025.

Following their massive deal with shipping tycoon G. Prokopiou for Astir Vouliagmeni, AGC has been pushing full steam ahead to complete construction on Mykonos before the summer season—though, given the current challenges in the Cycladic construction sector, things aren’t exactly moving at full speed.

That’s why, for summer 2025, the goal is to open at least half of the 96-key, 5-star luxury resort, with full operations expected in 2026. This will mark Four Seasons’ second hotel in Greece, following the Astir Palace, with a third location in the Peloponnese also in the works.

And Four Seasons isn’t just dabbling in the Greek market—they’re betting big on Greece as a top-tier destination, backed by the record-breaking summer season Astir Vouliagmeni had last year—a success they’re determined to replicate.

On a side note, at the Michelin Guide’s first-ever “Key” Awards in Greece, Astir Palace was one of only two hotels to receive three Michelin Keys, while seven other Greek hotels (including Grande Bretagne and Amanzoe) received two keys. Meanwhile, 60 other exceptional hotels received a one-key distinction, with the top three locations being Mykonos (14), Santorini (11), and Athens (6).

Michelin is now expanding its digital booking platforms to include both fine dining and high-end hotels, aiming to become the world’s premier independent reservation platform for luxury experiences.

Giannis Mytilineos’ New Venture

Introducing Tatoi Residences S.A., the new company founded by Giannis Mytilineos, officially incorporated yesterday with an initial share capital of €800,000.

The well-known entrepreneur, who is active in both shipping and high-end hospitality (Tatoi Club), sees major opportunities in luxury real estate. The company’s business scope includes: Real estate acquisition & development (for internal use or resale), property leasing, renovation, expansion & maintenance, luxury hotel & tourism operations

With Greece’s high-end real estate market booming, expect big moves from this new venture.

A Stock Market Milestone – 14 Years in the Making

Now that the Athens Stock Exchange has finally resolved its technical issues, trading resumed yesterday, and guess what?

The benchmark index broke the 1,700-point barrier for the first time in 14 years.

If it pushes past 1,715 points, we’re looking at levels not seen since August 2010—that’s a 175-month gap. And what’s fueling this rally?

• Moody’s upgrade of Piraeus Bank and Alpha Bank sent shares soaring:
  • Piraeus Bank hit a 4-year high (last seen in April 2021)
  • Alpha Bank climbed to a 9-year high (last seen in June 2016)
• Coca-Cola HBC quietly reached an all-time high at €41.46
• Alumil surged to €4.8, its highest price since January 2008
• Metlen is steadily approaching its record high of €39.56, with analysts from Bank of America and Berenberg giving price targets of €45 and €51, respectively.

Stock Market Surge with the Turnover of… One and a Half Sessions

Yesterday’s session at the Athens Stock Exchange set three new records. Apart from the general index, which, as mentioned earlier, reached its highest level of the year at 1,705.6 points with a 0.53% increase, the session also recorded the highest trading value of the year, amounting to €387.6 million. Additionally, the total market capitalization of the stock exchange climbed to its highest level in 17 years, reaching €119.6 billion.

Investors who were forced to sell heavyweight stocks ahead of Friday’s triple witching—when options, indices, and stocks all expire simultaneously—easily found buyers. However, those who attempted to capitalize on the excitement triggered by the German Parliament’s decision were left somewhat disappointed. The market demonstrated its strength but showed no signs of urgency.

Many of the block trades that could not be completed the day before due to Monday’s technical issues were finally processed yesterday, which explains why the trading value skyrocketed to €387.61 million, with €127 million coming from block trades. Attica Bank stood out, climbing 6.95% to close at €0.80, while Bank of Cyprus saw substantial activity as it actively pursues National Insurance’s operations in Cyprus, rising 3.93% to €5.82.

Infighting at Export Credit Greece

Export Credit Greece, formerly known as the state-owned Export Credit Insurance Organization, has been rebranded as the Hellenic Export Credit Company S.A. Its primary mission is to support Greek businesses engaging in international trade and investment by providing credit insurance, guarantees, and financing.

Why does this matter? Because the word on the street is that things at ECG have taken a dramatic turn for the worse. Reports suggest that the company’s leadership is embroiled in bitter internal disputes, with tensions running high. According to market sources, the atmosphere is explosive, with verbal attacks, heated confrontations, and serious allegations being exchanged. Accusations, complaints, and official reports are reportedly piling up, painting a picture of an organization in complete disarray.

What happens next remains to be seen.

Euro Gains Ground Against the Dollar

The euro is on a winning streak, heading toward a 10% increase against the U.S. dollar. The economic troubles plaguing the U.S. and Europe’s newfound assertiveness—at least in rhetoric—have driven the euro-dollar exchange rate to 1.0954, marking a five-month high.

After a brief correction to 1.0912, analysts at Bank of America anticipate further strengthening of the euro, setting a target of 1.15. The German Parliament’s decision, combined with renewed optimism for a ceasefire in Ukraine, has fueled a climate of confidence surrounding the European currency.

Of course, the fundamental challenges of the Eurozone—coordination difficulties and sluggish growth—remain unresolved. However, for the first time since the pandemic, there is a real sense of deeper cooperation.

At the same time, the U.S. dollar is gaining strength against the Japanese yen, adding yet another layer of complexity to global currency market movements.