Hello there! The biggest news yesterday came from Turkey, where Erdoğan’s arrest of his main political rival shocked Europe and reminded us that we are dealing with a highly dangerous, authoritarian leader just a few miles away. And this is happening at a time when our own side is still trying to find its footing in the new international landscape.

Mitsotakis-Erdoğan Meeting After Easter?

A high-level meeting between Mitsotakis and Erdoğan is expected after Easter, possibly at the end of April, in Ankara, where the High Council of Cooperation will convene. However, the atmosphere following the İmamoğlu incident is rather awkward, and Athens is visibly uneasy. Everyone understands what Erdoğan is doing, but at the same time, it’s technically an internal matter. One noteworthy point, however, is that Turkey—despite its defense industry—was quietly excluded from the new European Defense Fund. That said, there are still concerns about the timing of this upcoming meeting.

The Battle in the Pre-Investigation Committee

Make no mistake—today at noon, when the Pre-Investigation Committee meets to vote on Christos Triantopoulos’ request to be referred to the Judicial Council, things will get heated. SYRIZA is expected to walk out when the time comes, and other parties are likely to follow suit. The most interesting case, however, is PASOK, since the indictment it drafted against Triantopoulos will serve as the basis for the Judicial Council. While PASOK initially pushed for political figures to go before their natural judge, they now seem displeased, as this means they won’t have two or three months to keep pressuring the government. But when a politician openly declares their willingness to be tried by a Special Court, there’s not much you can say against them.

Makarios and Plevris at Maximos Mansion

Kyriakos Mitsotakis has been meeting with MPs who were left out of the recent cabinet reshuffle. On Tuesday afternoon, Makarios Lazaridis spent nearly an hour in his office. Lazaridis was poised to become Deputy Minister of Rural Development but was ultimately passed over. What exactly he discussed with the prime minister is unknown, but given that Lazaridis has been a long-time associate of Mitsotakis, their personal connection remains strong. Also spotted at Maximos Mansion was Thanos Plevris, with their conversation reportedly taking place in a positive atmosphere. Earlier, I mentioned Dimitris Markopoulos’ visit on Monday. Massaging egos is ongoing, but the question is—until when?

The “Parade Deputy Minister”

You probably saw the commotion involving the mayor and the metropolitan bishop in Mani, who addressed Paul de Greece as “Your Majesty.” The funny part is that standing right there was the new Deputy Minister of Defense and Lakonia MP, Thanasis Davakis. Of course, Davakis wasn’t surprised—he’s been in Lakonia politics for thirty years. However, when I inquired about his role, I was told that he would essentially be the “Parade Deputy Minister,” representing Nikos Dendias at parades, oath-taking ceremonies, and military formations. His predecessor, Kefalogiannis, who moved from the Defense Ministry to Civil Protection, had substantial legislative responsibilities. Now, those duties will fall to the minister himself.

Psycho!

Oh boy, he’s going off the rails! Jot this down: Olanzapine, Zoloft, Xanax (the favorite one…), a little vinegar, and make the sign of the cross. Other than that, a lawsuit and reporting—business as usual.

What Bankers Saw in London

Greek banking representatives attended Morgan Stanley’s major financial conference in London yesterday. Their take from multiple meetings with major investors? There’s a wave of divestment from U.S. stock markets, with capital shifting towards Europe. Greek banks are riding high, bolstered by Moody’s recent credit rating upgrade. Investors, despite the significant stock price increases, believe there’s still room for further growth. The only downside from the Morgan Stanley conference? Investors remain wary of geopolitical risks and are searching for stability—something hard to find in such an uncertain environment. Bank executives also faced questions about political stability in Greece and whether the Tempi train disaster is the only political issue affecting the country.

The Cypriots Are Coming

With the Crete-Cyprus-Israel electricity interconnection high on the government’s agenda, diplomatic negotiations are intensifying. This morning, Cyprus’ Energy Regulatory Authority (RAEK) is meeting in Athens with executives from Greece’s Independent Power Transmission Operator (ADMIE) and the Greek Energy Regulatory Authority (RAAEY) to discuss the progress of the Grid Stability Initiative (GSI).

The Cypriot regulator requested this meeting after learning that the Greek government and ADMIE abruptly halted payments to the French company Nexans for the cable’s construction. Since then, the GSI has entered a new phase, with diplomatic sources describing efforts to resume research nearly two weeks after payments were frozen. The Energy Ministry had confirmed at the time that the project was put on hold as a defensive measure to protect ADMIE from geopolitical risks—mainly Turkey’s opposition to the cable. As a result, the second vessel dispatched for seabed surveys in the Aegean had to return to Italy. Both the Levoli Relume and NG Worker were unable to resume operations in Greece. If all goes well, surveys in international waters will restart next month, but Turkey’s stance remains unclear. Turkey was the main reason for the project’s delay in the first place. The GSI has strong backing from the European Commission and Israel, adding momentum to the initiative. However, the elephant in the room remains…

Apostolos Vakakis: “Don’t Hold Cash, Invest in Stocks”

Apostolos Vakakis wasn’t in top form at yesterday’s extraordinary general meeting of Jumbo, possibly due to his ongoing diet—which, to be fair, seems to be working, as he appeared noticeably slimmer. Shareholders were surprised to find, for the first time, a lavish buffet instead of the usual cookies and black coffee, which was duly appreciated. As for the meeting itself, shareholders were packed shoulder to shoulder, eager to hear what Vakakis had to say. Keeping up with his humor from the previous general meeting, he joked about never spending €15,000 on a sound system and quipped to the crowded room, “We’ll all end up hugging each other.” Since he wasn’t in his usual high-energy mode, he didn’t go on his usual deep dive into various topics. Instead, he limited himself to some brief investment advice for inflationary times, with the key takeaway being: “Don’t hold cash, invest in stocks.”

Martinos, 114 Properties, and a New Company

A new company was established on March 7 under the name “Iras & Argous Single-Member IKE,” seemingly referencing a street intersection in the Vouliagmeni area. Interestingly, records show that the company belongs to Georgia Martinos, daughter of shipping magnate Thanasis Martinos and former MP for the New Democracy party in the Attica region. The company’s primary purpose is to lease and manage owned or rented properties. Its initial share capital stands at €4.2 million, divided into 4,200 capital shares valued at €1,000 each. The full capital was paid by the sole shareholder, Interelite Limited, which also took over management, with Georgia Martinos acting as its representative. For context, Martinos studied International Relations in Athens, Mathematics at Imperial College London, and pursued postgraduate studies in Computer Science at University College London. After returning to Greece, she worked in the family’s shipping business while also venturing into IT. She entered politics in 2010, winning the most votes for a seat in the municipal council of Vari-Voula-Vouliagmeni, where she served as Deputy Mayor for Sanitation and Green Spaces. She was elected as an MP with New Democracy in the May and June 2012 elections, and again in January and September 2015. She secured re-election in 2019 but chose not to run in 2023. According to her 2021 asset declaration (pothen esches), she was the highest-earning MP with an income of €2.8 million and ownership rights in 114 properties. The Martinos family is known for its vast real estate holdings, particularly in the southern suburbs of Athens and various islands.

Strategic Recognition with Heavyweight Backing

Berenberg has begun covering METLEN stock with two analyst teams, highlighting the group’s unified strength across different sectors and its successful synergy strategy. This recognition places METLEN among Europe’s corporate elite. Berenberg is now the fourth major international firm to cover METLEN, following Citi, Morgan Stanley, and Bank of America. The significance of this is considerable—more institutional coverage means greater visibility in global investment portfolios. Berenberg is a heavyweight in the investment world, one of Europe’s largest private banks with nearly 500 years of history. It operates in Germany, France, Switzerland, and beyond, and has been involved in transactions worth €150 billion. Through this partnership, METLEN gains a powerful platform to tell its story not just in London but across Europe.

GEK TERNA Makes Its Debut in FTSE Russell’s Large Cap Index

Tomorrow, Friday, marks the quarterly revision of FTSE Russell’s indices, with GEK TERNA entering the firm’s Large Cap index. According to stock market analysts, this upgrade could bring inflows of around €2 million into the stock, while also boosting trading activity. This isn’t just because investors who follow FTSE Russell indices adjust their portfolios accordingly, but also because inclusion in the index signals that a company meets strict criteria related to market capitalization, liquidity, and corporate governance. Market insiders believe this inclusion could serve as a catalyst for an upward move in GEK TERNA’s stock, which has been consolidating between €18.30-18.80 for some time. They see this as opening the door for a move toward €20 per share.

Why AVAX Stock Is Back on the Rise

AVAX shares saw a surge yesterday, climbing to €2.22 on the trading board with a significant increase in volume. The boost came after a Piraeus Securities report that raised its price target to €3.30—a potential upside of 49% from its August 18 closing price. The report, authored by analysts Vasilis Roumantzis and Giorgos Vrekos, marks the brokerage’s initiation of coverage on the construction giant. Roumantzis, a former top European stock picker in Thomson Reuters Analyst Awards 2018, joined Piraeus Securities in 2021 after leaving Optima, while Vrekos moved from Alpha Finance last year. Their past reports have made waves before—last July, they set an €8.50 target for Ideal Holdings, a stock currently trading at €6.20. For AVAX, the analysts predict revenue surpassing €630 million in 2024, rising to €780 million in 2025, and reaching €900 million by 2027. More than 70% of sales from 2024-2030 are expected to come from its existing project backlog. An even greater boost is anticipated for EBITDA, driven by higher profit margins in construction and continued dividend income from concessions—despite the expiration of the Attiki Odos toll road concession. The report highlights some risks, including potential delays or lower margins in the construction sector. However, analysts believe AVAX has room to expand its concessions portfolio, given the wave of upcoming infrastructure tenders.