-Greetings,I can’t recall in recent years any prison sentences being handed down to those operationally responsible for failures and mishandlings that cost human lives—namely, the leadership of the Fire Brigade or Civil Protection. I’m no judge, but common sense says that if anyone is to blame for people burning alive for nearly 12 hours, it’s those involved in the rescue operation.

What’s tragic is that yesterday’s ruling came out—and, naturally, didn’t even graze a single political figure—because the law simply states that if there’s no intent, there’s no crime. Meanwhile, SYRIZA and Kasselakis decided to co-sign a parliamentary inquiry into Tempi with Mitsotakis in the crosshairs. And yet, not a peep from them about Mati.

We’re also still waiting for their condemnation and protests against the judiciary that cleared Tsipras, Toskas, Dourou, and anyone else who walked away without so much as a felony charge over Mati. What? No?

Basketball
-So for now, cooler heads have… temporarily prevailed (for how long, though?) and the basketball championship will continue. But the decisions of the Sports Judiciary are still pending—and when they drop, brace for more fireworks.

I still say that yesterday’s whole circus—broadcast live, no less—was totally unnecessary. At the very least, the president of Panathinaikos should’ve just flipped the Olympiakos hooligans the bird (maybe one or two) for cursing out his family. I mean, there is a law, and it will be enforced anyway.

The meeting…
-My source tells me that “at the meeting, the Angelopoulos brothers lodged their protest (politely), saying they reject being equated with Giannakopoulos, because they neither swore, nor made obscene gestures, nor stormed the court—and they demanded the law be applied.”

The government’s side responded, “we’re not equating anyone—we just want the matches to be peaceful, without any incidents. And you can rest assured that the Sports Judiciary will do its job properly.”

Mylonakis
-Also, my source informed me that Mylonakis had taken on the rather grueling task of negotiating with the Angelopoulos camp since early yesterday morning. It was he who convinced them to attend the meeting with himself and Vroutsis.

Somewhere in the background, I suspect the government’s upcoming decision to hand over the SEF (Peace and Friendship Stadium) to Olympiakos Basketball Club played a role in calming things down. As for who handled Giannakopoulos—I didn’t catch that part.

Gerapetritis–Sisi
-In the impressive new building of Egypt’s Ministry of Foreign Affairs—located in the new administrative capital built by Sisi outside the old city of Cairo—the meeting between G. Gerapetritis and his Egyptian counterpart, Mr. Abdelati, took place.

The reception was warm, as was the hospitality. Before their official meeting, Mr. Abdelati presented Mr. Gerapetritis with files from the Egyptian foreign ministry’s archives—containing old diplomatic documents and agreements exchanged between Greece and Egypt as far back as the 19th century.

We’re told the discussion over the Monastery was difficult, as the Egyptians are adamant about upholding the court ruling. It’s no coincidence that their expanded delegation consisted mostly of justice ministry officials and judges, aiming to explain the “legal side” of the matter, post-verdict.

However, the Greek side stuck to its guns about the political dimension, and also emphasized the obligations of international law regarding world heritage monuments.

In the private conversation, the importance of Greek-Egyptian relations was underlined—not just for Greece, but for Egypt as well.

The problem is, practically speaking, the conversation is back to square one due to the Egyptian court’s decision. In this new round of negotiations, Athens is putting special emphasis on having the Monastery recognized as a legal entity and on preserving its religious character and continuity—tied to the physical presence of monks and, of course, securing the necessary funding.

The technical discussions will take place in the coming days and weeks to find a new formula, and later the thorny issue of ownership will also be tackled.

It’s a tough equation—and it’s possible the Egyptians may try to kick the can down the road again, though they were clearly not expecting the intensity of the backlash from Greece and the Orthodox world.

They’ve now gotten the message: any scheming around the Monastery of Sinai will deal a major blow to Egypt’s image on the world stage.

That said, the Egyptian Foreign Minister, being a gracious host, didn’t let anyone leave before they all enjoyed a meal together—on the 9th floor of the ministry building, with a view of the “pharaonic” government complexes—despite the fact that the hour was late and the Greek delegation was already behind schedule for their airport departure.

Intervention in Zoning Offices and Evaluation Vol. 2
-If you didn’t catch it, during yesterday’s presentation of the Public Sector evaluation by citizens, K.M. practically called out interference in Building Permit Services (Zoning Offices), because, truthfully, the situation is quite dire.

I hear that the changes will mainly focus on the e-adeies system, but more details are expected. In any case, just so you know, the evaluation will be repeated in the fall—right after the October 28th parade. Citizens will be notified again to weigh in, and that’s when the government will see what has actually changed.

Attica Bank hits the markets
-Now let’s move to market news, starting with Attica Bank, which is heading to the money markets this week with an AT1 bond issuance worth €100 million. The coordinators of the issue are Euroxx, Ambrosia Capital, and Pantelakis Securities.

This marks Attica Bank’s first international bond issue—signaling a return of investor confidence, thanks to the business plan being implemented by CEO Eleni Vrettou. The bank is now free of non-performing loans and has put its troubled past behind it.

The management also plans to issue a subordinated TIER II bond, the size of which will largely depend on the success of today’s AT1 bond offering.

Revolut and the… doctors
-I wrote recently that Revolut is ramping up competition among banks in the Greek market. It has 1.5 million Greek customers, shows a 162% increase in peer-to-peer transactions, and is preparing to open a physical branch in Athens.

Revolut’s success isn’t just about competitive fees and commissions—it also comes down to the fact that Revolut isn’t under the microscope of the tax authorities like the traditional banks are.

In fact, word in the market is that many professionals—even high-profile ones like doctors—keep accounts at Revolut for clients who want to pay by card.

There Was a Brawl at the OTOE Board Meeting
-Developments in the banking system are numerous; confidence from major foreign investors is showing almost daily on the stock exchange, and working conditions and pay for bank employees are improving. As a result, the old, fierce clashes between union bodies and management have become a thing of the past. This new reality is of no help to the professional “revolutionary” factions of the union movement, which now vent their anger and energy through bullying at official meetings. At last Monday’s General Council of OTOE, a trade unionist from the Communist Party (KKE) kept provoking with his behavior and tried to stir up a violent incident, since the union body’s decisions didn’t align with his revolutionary ideals. Tensions flared, a few fists were thrown, and the revolution continued—on top of the tables and with plenty of chairs flying…

Low Blows at the Hellenic-American Chamber of Commerce
-And since we’ve opened the chapter of “head-on confrontations” (sic), there’s a lot of buzz in the market about the upcoming elections at the Hellenic-American Chamber of Commerce, scheduled for the end of the month. Around 800 businesses are eligible to vote, and for the first time in the Chamber’s history, there are two candidates. The campaign hasn’t exactly been marked by the politeness and discretion one might expect—there have been low blows from both sides via media publications and posts on social media. Sources suggest that in the coming days, institutional market figures will publicly intervene, aiming to restore calm and restraint.

Hellenic Capital Market Commission: Swamped With Prospectuses
-A barrage of prospectus submissions has recently hit the Hellenic Capital Market Commission. In the coming days, the prospectus for the merger of Alpha Bank with Alpha Bank Holding must be approved, along with METLEN’s, regarding its public offering and subsequent listing on the London Stock Exchange. Add to that AEGEAN’s bond issue, Real Consulting’s transfer to the Athens Stock Exchange’s main market, and any day now, Trastor’s capital increase prospectus will also be filed. Notably, here’s something unusual: a foreign company wants to be listed on the Athens Stock Exchange.

Clouds Over Anavryta – Foreclosures Loom Over the Emfietzoglou Estate
-Last October, I wrote about the reported “golden deal” worth about €20 million that the Emfietzoglou family secured from selling properties in Agrari, Mykonos—coinciding with a postponed foreclosure of their large estate and building complex in Anavryta. The auction had been set for November 20, 2024, with a starting price of €10.7 million, pushed by Cepal. However, word is the family’s troubles aren’t over—having already lost major properties due to mounting debts. More foreclosures are now scheduled for Anavryta, from two separate entities. Unless there are new suspensions, the first auction is slated for July 30 by Cepal, targeting Prodromos Emfietzoglou’s undivided half of the property, starting at €4.815 million. A second auction has also been posted for the remaining 50% share, belonging to his wife Eleni, also starting at €4.815 million. So, total opening bid for full ownership: €10.7 million.
Also scheduled for the same day, again pushed by Cepal, is another auction for a plot with a two-story old house in Neo Faliro, at the junction of Karaiskaki and Irinis Avenue, with a starting price of €729,000.
But the Anavryta estate is also on Intrum’s radar, which plans a foreclosure on November 26, 2025. Here’s the kicker: for the same 50% share seized from Prodromos Emfietzoglou, the starting price is €11.6 million—€6.785 million more than Cepal’s figure. Unless, of course, this price reflects the total market value, in which case the difference would be €900,000.
The estate covers 54.8 acres and includes nine buildings totaling 4,035.06 sq.m. As noted in valuation reports: “The unified land lies in an excellent location in Marousi and includes architecturally unique buildings, distinctive landscaping with artworks, exhibition halls, a large artificial lily pond, tree cultivations, galleries, and a remarkably designed house. The construction quality is outstanding and very meticulous, representing a pioneering project for its time with unique architecture.” Let’s see how this saga unfolds…

The GEK TERNA Placement
-In lightning speed yesterday, 5.08% of GEK TERNA’s share capital was placed on the market. The transaction took place at €19 per share—basically with a minimal discount from the previous day’s close, with the stock ending at €19.15. A total of 5.18 million shares changed hands in nine packages, totaling €98.64 million.
According to market sources, demand far exceeded supply—reaching interest for 8 million shares—but no additional portfolios stepped up to meet it.
The placement did not involve shares from the main shareholder, Giorgos Peristeris, but rather from portfolios that had long held positions and decided to lock in significant gains.
The shares were acquired by investment portfolios betting on the group’s new growth cycle. Just days ago, Euroxx Research raised the target price to €28 (from €26) and projected EBITDA between €700–800 million by 2028, based on secured projects.

Second Placement for Theon
-It entered the Amsterdam Stock Exchange (not the Athens one) in February 2024 at €10 per share. Yesterday, Theon International completed a second placement to institutional investors, selling 5.3% of its shares at €31.10 each. In the first placement, Christian Hatziminas offered an 8% discount compared to the then-market price; yesterday’s discount was 5.2%.
He aimed to sell €116 million worth of shares, but offers totaled €900 million. Naturally, the share price jumped after the placement, hitting €31.45.
Venetus Limited (whose shares are controlled by Theon executives and its CEO) and CHRE Investment (Christian Hatziminas’ firm) now control 70% of Theon Intl., with the free float rising to 30%. The defense industry firm is clearly enjoying a “golden era.”

The Komi Family and Office Spaces
-The boom in new office building developments in Athens is bringing several side benefits. One of them is the boost it gives to companies specializing in furnishing and fitting out professional spaces. Market leader Avax, owned by the Komi family, expects its turnover to reach €10 million in 2025, up from €7.5 million in 2024.
Anticipating this, it signed a strategic partnership with multinational giant MillerKnoll, a global leader in workplace design, with whom it had already been cooperating. Avax has already created a new business unit focused on the design and outfitting of professional spaces—aiming to secure a key position in the commercial interior design market.
Founded in the ’80s by the Komi family, the company has gained prominence in luxury furniture, interior design, and contract services. Beyond office and residential projects, it also handles work for top hotel groups like TEMES, Four Seasons, and Aman Resorts—and is eyeing new deals once the high-end residences at the Elliniko project are completed.

Stock Market Gathers Strength
-On Athens Avenue, the sale of around 5.2 million shares of GEK TERNA (over 5%) sparked new interest and drove turnover to €300 million. The market showed muscle, with energy stocks taking the baton in the ongoing rotation that keeps the ASE near 15-year highs.
Banks also have reserves, despite recent dividend detachment (NBG) and capital returns (Piraeus Bank), staying comfortably above their 10-year highs.
These developments prove that demand for Greek stocks persists, partly fueled by U.S. investors shifting toward Europe amid Trump’s aggressive policies—with Athens getting a small but noteworthy piece of the pie.
Among the standout stocks:

• Metlen, boosted by a €1.5 per share dividend and expansion in Bulgaria, ended a 5-day losing streak and returned to record territory.
• Jumbo rose again to €29, heading toward its all-time high of €30, supported by a pause in buybacks and a €0.5/share dividend. Its valuation is nearing €4 billion.
• Athens International Airport (AIA) made a comeback above €10, setting a new record.
• OTE rose for the third day in a row, refreshing its 3-year high and now eyeing €18.
• Aegean is consolidating around €13, aiming to surpass its €13.7 record from August 2023.
• Motor Oil got a major lift, hitting €24 for the first time in nearly a year.
• In mid-caps, OLP (Piraeus Port Authority) absorbed a 4-day correction and rebounded close to its all-time high closing price of €46.4 and intraday high of €47.

Lagarde to Set the Tone in Markets Today
-The euro interest rate is expected to be cut to 2% today—almost a certainty. What markets want to hear are projections and outlooks for the future.
Most bank business plans assume that euro rates will stay at 2%. Currently, the base rate in markets is at 1.99%, and several analysts foresee a further drop to 1.75% or even 1.5%.
At those levels, banks’ profit margins on lending shrink, so they’ll need to activate other “profit centers” to meet their budgets and commitments.
What’s clear is this: starting today, the euro base rate will stand at 2%—half of what it was a year ago and much lower than the U.S. dollar rate.
The strengthening euro against the dollar and falling energy prices are creating deflationary pressure, even as European economies continue to wrestle with the huge, unpredictable beast that is Energy.

A $280 Billion Battle Over AI on Your Phone
-Anthropic is a leading company in artificial intelligence models. Its latest release, Claude-4, is now seen as the top pick for coding tools using AI agents.
With superb reasoning ability and accuracy, Claude Opus and Sonnet are outperforming rivals like OpenAI’s GPT-4.1, scoring 72.5% on the SWE-bench.
Anthropic’s strategic focus is clearly paying off…