Hello, I don’t know how many of you are at work today or have already started your Easter holidays, but a good parliamentary source told me that “if you see an MP not elected in Attica wandering around here in the afternoon, you can poke a hole in my nose…” Look, let’s not kid ourselves, being a member of parliament is not exactly the most… intense job in the world. Anyway, today there’s a KYSEA meeting, they’ll discuss Dendias’ armament issues, they won’t discuss the cable (it’s Easter after all), and there’s also an issue with Chrysochoidis, the extension of the fence, which everyone wants – including the minister of course – but, from what I understand, there’s no money. And after Easter Tuesday…

Changes in ambassadors

Significant changes in the country’s diplomatic representation abroad are marked by this year’s decisions on ambassador-level transfers. What stands out, of course, is the transfer of E. Sekeris, who is Greece’s Permanent Representative to the UN, at a time when the Greek presidency will last until 2026. His replacement will struggle to find rhythm in the particularly complex role of representing Greece at the UN Security Council. Also notable is the transfer of Aik. Nasika from the Embassy in Washington, as she hasn’t even completed two years since her appointment, and at a time when it’s extremely critical for the Greek embassy to reestablish ties with the “Trump system.” Ambassador N. Garilidis is also being transferred from the Embassy in Tripoli, at a time when relations with Libya require particular attention. New ambassadors will also be appointed to Riyadh and Abu Dhabi — particularly important posts, as our foreign policy is focused on both the Arab world and the Gulf countries.

At the Metropolis (God bless us) Mitsotakis

These are holy days, and churches are in the spotlight. I’ve heard that on Holy Thursday, Mitsotakis will go to the Metropolis of Athens to hear Archbishop Ieronymos officiate the Passion Service, and afterward he’ll take the ferry to Tinos, where he’ll spend the holy days (returning on Easter Monday). The attempt to reconnect with the Church is more than obvious, after all, ND’s losses to its right flank are not negligible. Just the other day, Mitsotakis was with the Archbishop at the Student Dormitory of the Apostolic Ministry in Agia Varvara, and last year as well he had attended the Metropolis on Holy Thursday. Back then it was a big deal, since the aftershocks of the same-sex marriage law hadn’t yet subsided.

“Squabbling” over taxis

Yesterday’s SATA strike over the right of taxis to enter bus lanes while loaded has political “tails” as well. It’s no coincidence that SATA generally had a good relationship with former Deputy Transport Minister Vasilis Oikonomou, whom President Lymberopoulos referred to as the “father of taxis.” Oikonomou, who was handling the new Highway Code — which is currently out of Public Consultation and in the General Secretariat of the government — had found a formula by including a provision that loaded taxis could enter bus lanes, but only after a traffic study was conducted and a ministerial decision was issued. Then came the cabinet reshuffle, Oikonomou left, the Highway Code stalled, and taxi drivers were left in limbo. Meanwhile, the new Deputy Minister Konstantinos Kyranakis is “running” with the trains and doesn’t appear immediately inclined to satisfy the taxi drivers’ request, while his relationship with Lymberopoulos has been stormy since the “battle” over the operations of Uber and Taxibeat. A few days ago, Kyranakis said that the new Highway Code would come to Parliament, but it remains to be seen what will happen with the controversial provision and whether it will remain as Oikonomou drafted it or be modified. Oikonomou, for his part, tells his associates that he’s done the work and it would be pointless to “rip it out.”

Sharpening the “blue” knives

You got a sense of what’s coming when the provisions for surrogate motherhood are introduced in Parliament from the informal yet intense dialogue between “blue” MPs and the Maximos Mansion that began in our dark column. The parliamentarians who had opposed the same-sex marriage bill now argue that developments fully vindicate their earlier observations. A government source responded that the provisions don’t close any “back doors” opened by the marriage equality law, but by an earlier law from 2014 under Samaras. The MPs return today, refute the government source, and refer to the new Floridis provision. The regulation, they say, stipulates that gender does not constitute an incapacity to gestate. In other words, a male couple — whose rights were equalized by the marriage equality law — cannot invoke medical incapacity in order to have a child via surrogate. Whether this new regulation will withstand legal challenges remains to be seen.

Salmas like Tsitouridis?

I told you last week that independent MP Marios Salmas wants to start a party — he’s thinking it through and working on it. His presence at Argyris Dinopoulos’ book event a few days ago might signal the kind of audience he’s targeting, and he might “play ball” with former allies of his, like the titan of politics Nikos Nikolopoulos, who’s currently politically homeless. Salmas isn’t talking with Latinopoulou (who’s rushing to organize her own party), but wouldn’t it be something if he also reached out — just in case — to another “former,” Savvas Tsitouridis, who launched the (unforgettable) party “Radicals” and scored 0.16% in the 2019 European elections?

The tender, the Parliament restaurant, and gourmet dishes courtesy of… Mitsotakis

Remember when Kostas Tasoulas was moved from Parliament to the Presidential Mansion and many started saying that Metsovo cheeses would also disappear from Parliament? I’m here to tell you that this moment is near, as a tender for a new contractor for the Parliament’s restaurant and main cafés will be launched soon. These spots usually go to whoever offers the lowest prices on a specific list of products, but — almost always — the contractor turns out to be from the President’s hometown. Let me also tell you that among the key obligations of the new leaseholder is to retain the existing staff. Random detail: the chef who has curated the restaurant’s gourmet dishes in recent years (and has dramatically upgraded the menu) is named Mitsotakis and is a very distant relative of the Prime Minister.

Kasselakis, Famelos — same difference for the workers of Avgi and Kokkino

The ordeal…and the mockery for the workers of Avgi and Kokkino continues, as not only are they still unpaid, but as time passes, they’re starting to realize that Socrates Famelos is turning out to be an even worse employer than Kasselakis. Let me explain: on Holy Monday, another three-way meeting took place involving the representative of the workers in the party’s media outlets, the SYRIZA president, and a representative from the journalists’ union ESIEA. The main topic was the timeline for the repayment of two unpaid salaries and the party leadership’s plans for the future of these “shops.” However, instead of offering even new promises, Famelos told the unpaid workers that they’ve received enough already, while their peers in other outlets have been unpaid for months (?). He added that he will proceed with taking out a loan to pay a quarter of the money owed and made it clear that “for the next two months, there’s not a single euro.”

Why we got 16 Exocet (and not 24 or 32)

The visit last Monday of Defense Minister Sébastien Lecornu to Athens brought new developments in Greek-French relations, which had seen some fluctuations recently, mainly due to the Meteor missiles and Turkey’s attempt to acquire them. The French minister – and almost prime minister – finalized the procurement of 16 modern guided missiles MM40 Exocet Block 3C. Now, if someone wonders why 16 and not 24 or 32, the answer is simple. The procurement of these specific missiles was approved last December at a cost of 33 million euros and is intended for the two latest missile boats (Roussen-class) “Karathanasis” and “Vlachakos” that the Hellenic Navy received from the Elefsis Shipyards. These specific warships have 8 “cells” from which the Exocet missiles are launched. Essentially, the Navy acquired the “payload,” as it is called, for each ship. After all, other ships of the same class also carry Exocet missiles, with the difference being that they have older versions. Beyond that, in any case, one cannot underestimate the fact that the French “released” the most modern version with a range of 200 km and clearly greater capabilities, at a critical time with ongoing tensions in the broader region. Moreover, as we mentioned above, it has been announced that the KYSEA will convene today, where the 12-year armament program will be discussed, as well as Nikos Dendias’ proposal for the acquisition of a 4th Belharra frigate. It is certain that the issue of armaments will have much continuity and many interesting “episodes” in the near future.

GEK TERNA’s post-Easter gifts

The GEK TERNA stock is once again heading full speed toward a capitalization of 2 billion euros, with trading intensifying even during “light” “pre-holiday” sessions like yesterday’s. The reason for the investment interest may be revealed at the end of the month, on April 28, when GEK TERNA will publish its 2024 results and investors will learn the final benefit from the transaction with Masdar, which acquired TERNA ENERGY. If market information proves accurate, the profit from the sale is significant, which means the benefit (dividend) for shareholders will also be significant…

Eurobank bets on Prosperty to sell 2,000 properties

Having raised 7 million euros in funding since its founding in 2020 from investment funds such as Velocity Partners, Metavallon, BigPi, as well as family offices, the Greek real estate tech platform Prosperty is entering its next phase following Eurobank’s entry into its share capital. The bank, which is acquiring a 25% stake in the PropTech company, aims with this move to manage and promote its properties more effectively, but the move is also linked to the “My Home II” program. Overall, by the end of the year, it is estimated that the total number of Eurobank-owned properties on the Prosperty platform will increase to at least 2,000. What is interesting, however, is why Prosperty was chosen, and one of the reasons has to do with the technology developed by the company, which has created a comprehensive ecosystem of services and tools that simplify property management and commercialization, while it has also developed a B2B SaaS solution, ProspertyOS, for institutional investors, asset managers, and banks, offering complete property portfolio management and monetization.

Athens is more optimistic than other markets

Futures contracts on the Derivatives Market will close this week on Thursday, not on Good Friday. On the other hand, Standard & Poor’s doesn’t acknowledge Easter holidays and will issue its rating on the Greek economy on Good Friday; a favorable score is expected to be followed by an upgrade for Greek banks. With that in mind, a few bold investors showed up yesterday, ready to place the “Good Friday bet,” ignoring the fact that our market will remain closed for four days amid ongoing geopolitical turbulence. The signal came early from National Bank (+6.43%) at €9.274, with trades worth €35 million—clearly not from retail investors. Piraeus (+3.45%) at €4.80, Eurobank (+2.58%) at €2.39, and Alpha (+2.22%) at €2.161 followed. The truth is that trading volume intensified in the final hour of the session, but total transactions did not exceed €150 million, with €18 million in block trades. For the fourth consecutive session, the General Index closed in positive territory, yesterday at the day’s high of 1,656.48 points, up +1.89%. Overall, in four sessions, the General Index has gained over +8.3%. The Stassinopoulos Group was once again in the spotlight, with VIOHALCO (+5.07%) at €5.39, Cenergy (+2.54%), and ELVALHALCOR (+2.61%). OTE (+2.53%) reached a market cap of €6.5 billion, but was surpassed by OPAP, which with a smaller rise (+0.69%) is now approaching a market cap of €7 billion and a stock price of €19.

The turmoil strengthens the balance sheet of HELEX

Over the last seven sessions, regardless of market fluctuations, HELEX’s stock has recorded gains of about +11.5%. These ups and downs—high market volatility—generate increased revenue for Hellenic Exchanges. HELEX is a company with a market value of €316.2 million and cash reserves of approximately €70 million. As of yesterday, the average daily transaction value on the Stock Exchange appears to be up +40% compared to the same period last year. All these transactions generate commissions for HELEX, which also benefits from an 18% increase in market capitalization. HELEX’s management announced that—for the 2024 fiscal year—it will distribute a dividend of €0.29/share, up 21% from last year. The stock’s dividend yield exceeds 5%.

ONYX seeks transfer to the main market of the ASE

On May 10, the management of ONYX Tourism will submit an application to transfer to the Main Market of the Athens Stock Exchange. This will follow its application for participation in the Recovery Fund and the Strategic Investments Plan (ESCHASE), in collaboration with Deloitte, for its ambitious €180 million investment next to Sani in Halkidiki. After the approvals, a major and equally ambitious capital increase is planned for the fall, led by Vigor AΧΕΠΕΥ (of Nikos Kontaroudis) and Pantelakis Securities. The market value of the former MED, now ONYX Tourism, has surpassed €84 million, with institutional portfolios currently holding a 6% stake in the company.

100,000 contracts passed…through the AI scanner

A quiet revolution is taking place behind the scenes at the Hellenic Cadastre. In order to manage the ever-increasing volume of transactions and the hundreds of thousands of contracts it “inherited” from the now-defunct mortgage offices, the agency had, until recently, relied primarily on the assistance of external lawyers, at a cost of 15 euros per file. Since September 2024, Artificial Intelligence has entered the scene forcefully, and—as we hear—official announcements are expected next week: More than 100,000 contracts have been legally reviewed at lightning speed and at a cost of less than 0.13 euros each. The savings for the public sector already exceed 1.5 million euros, while transaction processing is now much faster, given that in Athens it used to take up to 2 years to process a single contract.

Delphi goes…to Iraq

The agreement was finalized over the weekend, following a meeting between the Deputy Prime Minister of the Kurdistan Region of Iraq, Qubad Talabani, the Greek Minister of National Defense, Nikos Dendias, and the Deputy Minister of Foreign Affairs responsible for Economic Diplomacy and Extroversion, Tasos Hatzivasileiou. During these meetings, it was decided—and Symeon Tsomokos immediately agreed—that one month from now, on May 16 and 17, a Delphi Economic Forum will be organized in Iraqi Kurdistan. Under intense time pressure, the technical details are being handled by the Secretary General for International Economic Relations and Extroversion, Dimitris Skalkos, who will lead the Greek business delegation.

D. Trump seeks Jerome Powell’s replacement

U.S. Treasury Secretary Bessent is making it clear: the administration is already considering who will succeed Fed Chair Jerome Powell, and interviews with candidates will begin in the fall. The American central banker warns that tariff policies will lead to price increases, inflation, and recession. The dollar interest rate cuts that President Trump so strongly desires in order to boost investment appeal in the U.S. might not be the right remedy. Markets are watching the clash and are selling off bonds—not only in the U.S. but also in Japan. The yield on Japan’s 30-year government bonds has surged since the fateful day of April 2nd, rising by 33 basis points—to its highest level in the last 19 years—while the U.S. 30-year yield rose by 29 basis points over the same period. The U.S. 10-year bond is yielding 4.37%, the German 2.54%, the French 3.29%, and the Greek 3.43%. At the same time, in the stock markets, hedge funds are clearing stocks from their portfolios. Goldman Sachs recorded that in March, hedge funds executed the most aggressive stock sell-off (not just U.S. equities) since 2013. Not even during the pandemic crisis of 2020 was such a sharp reduction in equity positions by hedge funds recorded. When short-term professional market speculators sell in a hurry, temporary upticks—especially in the lead-up to the Easter holidays—might not matter all that much.