Hello, the increase in the minimum wage was yesterday’s government news, as it had of course been pre-announced, but still, it is good news. Regardless of the fact that the high cost of living in daily life remains unchecked and, naturally, cannot easily be addressed unless international conditions allow it.

Lina

However, the topics of the day that… have flair are different, first and foremost the public “takedown” of Mendoni on the director of archaeology of Argolis. I asked and first found out from my source who this lady is. Since my source is serious and from the broader field, they did not concern themselves at all with the political origin of the lady archaeologist, but I wouldn’t say she leans blue, though it doesn’t really matter. My source told me that “she is an experienced archaeologist, but with a…small disadvantage for the key position she holds.” I asked with curiosity what this disadvantage was, and they replied, “she never says ‘yes’ to anything. No matter what the administration proposes, she consistently responds with a ‘no.’ For example, there is a plan for the marina in Nafplio, and funds have been approved with great effort and struggle. The archaeologist’s response is something like… ‘I suggest you not build the marina.’ Then, the mayor of Argos is trying, right next to that small house—which was at the center of the incident with the minister—that is dirty, covered in graffiti, and located just below the ancient city wall (which itself is… decorated with four mops for cleaning), to start performances in the summer to help the town. How difficult would it have been to request 45,000 euros from the Ministry of Culture to clean it up? How will visitors pass by the filthy shack on their way to the small theater?” My source shared this with disappointment, but now you’ll tell me, “What did you expect, John?” The same thing I always expect from the public sector.

Hellenic Navy

The other thing that went viral these days was the chant of the cadets from the Hellenic Naval Academy during the parade regarding Turkey. Well, it’s not as if the world ended because the cadets insulted Turkey. The Syriza members, and also the Pasok members, are so foolish (and foolishly ruthless) that they even thought this was a matter for opposition and issued a statement. Of course, the kids who threw in a… cheeky chant towards the end of the parade will face some punishment for one main reason, my source tells me. Because before the parade started, the Chief of the Hellenic National Defense General Staff, Houpis, had instructed everyone to be careful and not to start such chants, but the young cadets ignored it.

“Blue” parliamentary scrutiny of the government (I’m laughing…)

I wrote yesterday that Maximos Mansion’s radar had detected a group of ND MPs preparing a question regarding sensitive foreign policy issues. The latest information indicates that the text’s topic is almost finalized, as are the eleven MPs who will sign it. I hear that there is no critical or opposition intent on the part of the MPs—or at least, they do not wish to come out aggressively at this stage—but rather a concern to point out to the relevant ministers real problems or sensitive issues that require special attention (I was moved). For example, suspicious transactions involving property purchases by Turkish citizens in border areas of our country. However, since yesterday’s comment triggered reactions from almost all my “blue” sources, I am informed that another group of ND MPs is also preparing a question, seeking explanations regarding the criteria by which the exhibition “The Allure of the Strange” was selected for hosting at the National Gallery. This is the exhibition featuring the artworks vandalized by the Victory Party MP.

Triantopoulos with a memo

With a written memo and not with a physical presence, Christos Triantopoulos will make his statement on Friday before the parliamentary preliminary investigation committee. According to this column’s sources, the scrutinized former minister will reiterate what he mentioned in his initial letter, in which he requested direct referral to the Judicial Council. However, the logic seemingly adopted by the majority—to prosecute Triantopoulos so that he can prove his innocence—is, to say the least, paradoxical. On the other hand, the opposition’s recent stance, now championing preliminary investigation committees, also sounds paradoxical—if not hypocritical.

Polls

A serious government source informed me that fresh numbers from the front of the polls have arrived at Maximos Mansion, reflecting the public’s mood over the past few days. These show a slight improvement in ND’s percentages, which are now roughly at the level of the European elections. In other words, it has regained part of the drop it experienced during the protests over Tempi. The second party by far in the estimates is Zoe Konstantopoulou’s party, which is now considered the second pole and by some is seen as the recipient of protest votes, even without an alternative governance proposal. Below that, all other parties are being squeezed, with PASOK being the clear loser, sitting firmly in third place.

PASOK despair

I asked a good source of mine in PASOK—yes, such sources exist—about how they are experiencing their polling decline over the last two months at Harilaou Trikoupi. I didn’t become any wiser, but the narration was vivid: It all started when President Nikos saw the party slightly above 20% in a single poll in December, shortly after he had muttered something about consensus with the government. That’s when Famellos seized the opportunity to lambast him for “conciliatory opposition,” forcing the poor guy to go on TV to respond. What did he say? That he would never co-govern with Mitsotakis, which then led to questions like, “So who do you want to govern with?” Just as he was fumbling his response, Geroulanos and Katrinis came out and talked about cooperation with Zoe and Varoufakis, causing the polling numbers to start dropping. Then came the protests over Tempi and the co-signing of the no-confidence motion with Konstantopoulou, sealing the disaster.

Parade of advisors with proposals for a deal at the National Bank

The National Bank has been in the spotlight in recent trading sessions, as strong buying interest has easily pushed its stock price above 10 euros. Yesterday, an atmosphere was created in the market about an impending deal involving the National Bank. Given that the bank has a strong capital surplus of over 2 billion euros available to finance a business agreement, and given that even the most junior investment banker knows that the National Bank must respond to the moves of its competitors, speculation about potential actions by the bank naturally creates a certain buzz in the stock market. After all, market expectations are that these rumors will eventually materialize. This particular speculation is likely being fueled by the ongoing parade at the National Bank. Executives from nearly all investment banks, along with various consultants, sub-consultants, and pseudo-consultants, are passing through the bank’s offices, each pitching a new idea—what is currently for sale in the market and what could potentially be sold.

The discipline of P. Mylonas

CEO P. Mylonas, who in any case avoids trends, remains firm in his position that the National Bank has the discipline to wait for market opportunities. By not revealing his hand and keeping the bank’s “firepower” ready, he is building up momentum that will allow him to make the moves he wants. However, this creates a tug-of-war, as the National Bank listens, observes, but does not speak, while at the same time, proposals pile up “at its feet” for insurance companies that have or will soon have problems, for foreign banks, and for all kinds of deals in general. What is certain, however, is that at some point, the National Bank will surprise everyone and pull a rabbit out of the hat. Indicative of the buying interest we mentioned earlier in National Bank stock is that yesterday at 11:26 a.m., an investor (?) decided to purchase 2.62 million shares of the National Bank at a price of 10.06 euros. That means they paid 26.3 million euros. By the end of yesterday’s session, National Bank shares closed with gains of +2.5% at 10.25 euros, meaning that this particular investor made 0.2 euros per share on each of the 2.62 million shares purchased.

Rumors that Elbisco is up for sale

The market has been buzzing in recent days with rumors that Elbisco is up for sale. The company, which owns strong brand names such as Kris Kris and Elite, has been managed by Kyriakos Filippou’s daughter, Elena Filippou, and her husband, shipowner Giannis Koumandaros, since Filippou’s passing. They reside in the U.S. Elbisco has not published a balance sheet since 2021 and is therefore under suspension by GEMI. In the 2021 balance sheet, accumulated losses stood at 55 million euros, with market rumors suggesting that these losses have widened. It is also said that G. Koumandaros is asking for a high price, which has so far prevented any deal from being reached.

Porto Heli and troubles for Paul Coulson

Bad times for Irish billionaire Paul Coulson, who became known in Greece through his planned investment in Porto Heli in collaboration with Four Seasons. The Ardagh Group (AMP), one of the largest in the metal packaging sector with clients such as Coca-Cola, Rio Mare, and Heineken, is attempting to restructure its debts, with Coulson, as a major shareholder, at the center of legal disputes. Specifically, two AMP creditors, the New York-based hedge funds Arini and Canyon Partners, have filed lawsuits arguing that the restructuring plan serves only the interests of existing shareholders, including Coulson, as they will retain control of Ardagh Metal Packaging along with other stakeholders. Ardagh, which evolved from the Irish Glass Bottle Company, had a total debt of $10.6 billion at the end of 2024. Meanwhile, in Porto Heli, the 71-year-old tycoon is at the center of a local dispute with community stakeholders opposing the implementation of his investment. Coulson has owned a residence in the area for years and is officially a tax resident of Greece (non-dom). He knows the Greek reality well, so he is likely to resolve issues with AMP faster than those in Porto Heli.

Fairfax as a benchmark

The stock of METLEN reached a historic high in yesterday’s session, closing at 41.86 euros with a 4.86% increase and trading volume of 622,000 shares. Since last week’s announcement of the new deal with Fairfax, the stock has been rising sharply, reaching new levels. This marks the third deal between METLEN and Fairfax, and each time—just as with the two previous agreements—the stock has reached new peaks. The first deal that made Fairfax a METLEN shareholder was in October 2013, when the Canadian group purchased shares at 5.13 euros each. This was followed in December 2022 by the purchase of two share packages at 18.5 euros and 20 euros per share, respectively. Now, a new agreement has been made at 40 euros per share.

The outlook for Allwyn – Novibet

The management of Allwyn, owned by Karel Komarek, expects the deal for the acquisition of 51% of Novibet (Longflex MT Holding) to be formally completed in the second half of the year. During a conference call with analysts regarding the 2024 financial results, the group’s CEO, Robert Chvatal, estimated that the transaction will be finalized in the latter half of the year, noting that the company continues to show strong growth, supported in part by its technology developments. He emphasized that the agreement, initially set at 217 million euros in cash (subject to standard closing adjustments) and up to an additional 110 million euros in potential future earn-outs based on performance, makes sense for Allwyn as it enhances the group’s technological capabilities and adds new markets to its portfolio. Regarding financial results, management highlighted that it completed a particularly strong year with a 12% increase in total revenue (reaching 8.8 billion euros), an 11% rise in net revenue (4 billion euros) compared to the previous year, and a 4% growth in adjusted EBITDA, which reached 1.54 billion euros. As for Allwyn’s stake in OPAP, it increased to 51.78% as a result of OPAP’s share buyback program.

The time of the TITAN

Yesterday, TITAN America, listed on Wall Street, announced its 2024 financial figures via a conference call with financial analysts. Today, the management of the TITAN Group will announce the overall figures for the past year. In the U.S., the first quarter of the year was marked by particularly severe weather conditions that slowed down operations and revenue. However, things balanced out in the second half, and this year, Titan Cement International is expected to report yet another record-breaking year in terms of profitability and sales for 2024. The new tariff policy of the Trump administration—regardless of its scope and scale—will likely benefit Titan America’s operations in the coming years, as a domestic producer will have better pricing power. TITAN has already climbed to the 11th position in terms of market capitalization on the Athens Stock Exchange, with a market value of €3.3 billion and a share price of €42.3 (+1.93% yesterday), which is 23.7% higher than six months ago. The earnings per share that the Group is expected to announce today are estimated to exceed €3.8 per share.

Athens awaits the stock market upgrade

While Europe is preparing its citizens for a potential war and urging them to always have a “72-hour survival kit” at home, Athens is waiting for the upgrade of its Stock Market to Developed status, with the first step being on April 8 if FTSE Russell announces an upgrade date by September 2025. FTSE Russell has placed the Athens Stock Exchange on its watch list since last September, alongside S&P and Dow Jones. In contrast, the “big” Morgan Stanley (MSCI, the equivalent of Moody’s for stock market evaluation and classification) has not yet commented on Athens. However, it is clear that major investment firms see potential, as they are buying shares in the four systemic banks and four to five blue chips. The value of transactions in the first quarter of 2025 is 40% higher than in the same period last year. The total market capitalization has exceeded €121 billion, compared to Greece’s GDP of €234 billion in 2024 and the European average, which sees stock market capitalizations corresponding to 75% of Gross National Income.

From 2/1/2025: Alpha Bank +48%, Piraeus +41.35%, National Bank +33.8%, Eurobank +21.48%

With only three trading sessions left before the end of March and the first quarter of the year, major institutional investors are calculating their profits and restructuring their portfolios to present positive news to their shareholders. The Banking Index has gained +33.9% this quarter, and those who invested in Alpha Bank at the beginning of the year are now seeing a +48% return, while National Bank has gained +33.8%, Piraeus +41.35%, and Eurobank +21.48%. On the Athens Stock Exchange, major investors are playing with their gains and injecting significant capital into the market, while small investors are only now realizing that despite the toxic political climate, the Greek economy is showing signs of an upgrade. Yesterday, the General Index—ignoring Europe’s concerns—remained in positive territory throughout the trading session and closed at 1,746.67 points (+1.13%), with a transaction value of €379.61 million, of which €46.2 million was in block trades.

When government efficiency is threatened by consultants

The cost-cutting department (DOGE) of the Trump administration is immediately reducing federal government contracts with major consulting firms. Musk questions the effectiveness of these expensive contracts, believing they offer minimal improvement in government efficiency. This stance has led to a review of contracts, slowed new procurements, and threatened the revenues of companies such as Accenture, which relies on federal agencies for 8% of its global revenue. These developments negatively impacted Accenture’s stock, which fell by 7.3% on March 20, 2025, following a warning about revenue pressure, marking a 22.9% decline over the past month and a 14.5% drop since the beginning of the year. Despite strong earnings, uncertainty surrounding DOGE’s policy has overshadowed performance, even for consulting firms at the forefront of artificial intelligence, highlighting their sensitivity to changes in government policy.