-Hello, as you can imagine, the American strike on Iran overshadows everything in the news globally, I would say, and the concern about developments in the Middle East is obvious. So, any other issue at home takes a back seat. In Athens, as is logical, there is great concern about the events. Trump had left a window open for negotiations on Friday with his statement about… 15 days, but he was bluffing and struck immediately. It’s hard to make forecasts about developments internationally, and in any case, all of us will learn about and witness them simultaneously with the rest of the world. Mitsotakis has been in his office since yesterday noon, the KYSEA (Government Council for Foreign Affairs and Defense) met in the afternoon, and everything the protocol requires has been done. Let’s hope that the escalation doesn’t affect the “extremely sensitive,” when it comes to such events, tourist season because, let’s not forget, for example, that for American tourists, on the map of the region, we are very close to Israel.

OPEKEPE–Parliament
-Now, domestically, the issue that was expected to dominate the political agenda before the American strike on Iran was the case file from the European Public Prosecutor’s Office on the OPEKEPE scandal, which will go to Parliament today or tomorrow. So far, what we know from government sources familiar with the matter is that, yes, there is evidence of mismanagement of European funds meant for farmers and livestock breeders, but: First, there are no kickbacks from refunds to political figures; for now, we don’t know of any involving officials either, at any level. Simply put, no minister or political figure was found to have… lined their pockets to grant large subsidies to agricultural businesses or individuals, a fact that politically lowers the stakes of the case. Second, in the lawful wiretaps carried out by the police’s surveillance unit — ordered by the European prosecutors — in 2022 during Theodorikakos’ term as minister… there’s a lot of chatter about favoritism in subsidies to livestock breeders, farmers, and cooperatives, but not only by New Democracy MPs — definitely PASOK members too, one of them at least from Crete. Third, the sense that at least two serious sources I asked — who know the legal ins and outs — have is that from the bulky European case file it will be hard to extract incriminating evidence against ministers, especially against “the key figure,” because he is still active today — Voridis. But to be precise, we will only have a clear picture when the file is sent to Parliament and we all read it.

What will M.M do and what about the parties?
-The question is whether the government in this case will follow the Karamanlis–Triantopoulou model and refer the political figures to the natural judge. And an equally interesting question is what the other parties will do, especially PASOK and also SYRIZA, who probably also got tangled up in the out-of-control favor-trading of the “we ate it together” era with the 700,000 entitled farmers and livestock breeders. I don’t have an answer because, as I said, there’s no clear picture. In any case, M.M says that “during our time and without any obstruction, lawful wiretaps were conducted that produced the case file for the European prosecutors. One of those who reported the mismanagement at OPEKEPE is now an advisor at M.M, and it was Mitsotakis who essentially assigned the subsidies to the Independent Authority for Public Revenue to put an end to this once and for all.”

Brussels–The Hague
-After yesterday’s KYSEA meeting, Gerapetritis took a plane to Brussels where the EU foreign ministers are holding an emergency meeting. From a European perspective, I understand that there’s a silent consent to the U.S. strike, despite the effort for diplomacy, as the elephant in the room is Iran’s nuclear weapons. Gerapetritis will then head to The Hague, where K.M will also arrive on Tuesday afternoon for the NATO summit, which Trump will attend too, unless he changes his plans at the last minute. The summit in the Dutch administrative capital has as its main focus the increase of the defense spending of member states to 5% of GDP (spending + regional infrastructure costs), but now the elephant in the room is Iran and the survival strategy of the Alliance, which Trump officially doesn’t seem to care much about anyway.

Security measures for the celebration
-Meanwhile, at the Athens Concert Hall, the July 4th celebration organized, as every year, by the U.S. Embassy is scheduled for Wednesday. The host is chargé d’affaires Maria Olson, who is leaving at the end of the month for Cairo, but it seems that security measures around the Hall will be draconian and, in any case, significantly increased compared to similar celebrations in recent years, some of which were even held in the garden of the ambassador’s residence.

Piraeus Bank ready today (if markets help)
-Like the song says, “I might come in, I might step out, don’t ask me to commit” (A. Remos), that’s about the situation with Piraeus Bank. The bank is ready, in the final stretch, for the issuance of the AT1 (Additional Tier 1) bond aiming to raise between 300 and 400 million euros. However, the weekend’s developments in the Middle East and the involvement of the U.S. have caused concern and volatility in the markets, so Piraeus’ decisions about whether or not to proceed with the bond issue will depend on how “the weather” is in international markets today. The intention, though, if conditions allow, is for the issue to proceed immediately. Let’s note that if Piraeus goes ahead today, this will be the second time in a short period that it taps the markets — following the green senior preferred bond of 500 million euros issued at the end of May. The AT1 issuance is part of the broader plan to strengthen capital ratios under the MREL (Minimum Requirement for own funds and Eligible Liabilities) obligations.

Aegean “revving engines” for June 30
-Despite the extremely negative geopolitical climate, Aegean’s management — as well as its advisors — appear optimistic that the crisis won’t last long and are planning to start the issuance of the new 250 million euro common bond a week from today, between June 30 and July 2. Aegean will target Greek savers, offering an investment option with double the yield of the government’s treasury bill, which is taxed not at 15% like dividends but at a 5% rate. The new 7-year bond, issued a year earlier than the maturity of the previous 7-year bond of 200 million euros, is backed by the Group’s already strong cash reserves, which at the end of the first quarter of 2025 exceeded 796.1 million euros.

Alpha Bank seems to acquire the building at 41 Stadiou Street
-Alpha Bank is close to creating the largest banking campus in Athens. According to information, ownership of the building at 41 Stadiou Street, which houses National Bank services (already in the process of moving out) and which was purchased from National by G. Papalekas, seems to be passing to Alpha Bank. If Alpha acquires the building, combined with the renovation of its headquarters at the corner of Stadiou and Pesmazoglou, and the other buildings in the block that have gradually come under Alpha’s ownership (Ionian, Commercial Bank), then the “heart” of the bank will beat in the block bounded by Panepistimiou, Pesmazoglou, all along Stadiou, and reaching about halfway down Korai.

Banks in Paris to test investor sentiment
-Tomorrow, all four of the country’s systemic banks — Piraeus, National, Alpha Bank, and Eurobank — will take part in BNP Paribas’ investor roadshow in Paris, along with representatives of other listed companies from the Greek market. This event draws the attention of major international investment funds and institutional investors. However, it coincided with the geopolitical tensions in the Middle East and U.S. involvement, so in an atmosphere of increased uncertainty and volatility, I don’t know what the results will be. Still, BNP’s Paris roadshow (Greek Day) will act as a “trial of intentions” for investors, to see if and to what extent there’s still active interest in Greek assets.

104 Church-owned properties hit the market
-Three “packages” of church-owned properties, comprising a total of 104 horizontal properties in Marousi and Ampelokipoi, are now up for sale at a combined value of €14.5 million. The process has been undertaken by Alpha Real Estate Services, part of the Alpha Bank group, which has recently expanded the range of services it provides to third parties. The properties currently for sale belong to the Holy and Venerable Monastery of Saint Paul of Mount Athos and are being offered through a sealed-bid auction. Specifically, these are: 45 horizontal properties with a total area of 1,645 sq.m. at the junction of Kifisias Avenue 109 and Sina Street in Marousi (property A); 21 horizontal properties with a total area of 1,153 sq.m. at the junction of Kifisias Ave 1-3 and Alexandras Ave in the Municipality of Athens (property B); and 38 horizontal properties with a total area of 2,068 sq.m. at 7 Tsocha Street, also in the Municipality of Athens, Attica (property C). Each offer must concern a specific property, and if a prospective buyer is interested in more than one property, they must submit a separate bid for each. The minimum bid price is set at €4.25 million for property A, €3.5 million for property B, and €6.75 million for property C. The auction is scheduled for 11/7.

Mytilineos, the “Modern Cinderella” and a musical gem
-An unexpected artistic encounter was shared by Stavros Xarchakos last Saturday during his concert in the majestic setting of the Olympieion at the Temple of Olympian Zeus, in front of an audience that included figures from the political, business, and arts worlds. The renowned composer, with words full of affection and gratitude, spoke of his close friendship and mutual respect with a well-known Greek industrialist (he didn’t name him, but his description left little room for doubt as to his identity), referring to him as a great businessman and family man. As Xarchakos revealed, this relationship was the catalyst for musically “reviving” one of his old works from Greek cinema. The composer referred to the music he wrote in the 1960s for the unforgettable film “Modern Cinderella” — starring the late Aliki Vougiouklaki — a melody that had long been sidelined in his repertoire. Everything changed, however, when (as he disclosed) he received a phone call from his friend Evangelos Mytilineos, who, upon hearing the tune again, urged him to turn it into a full-fledged song. Xarchakos seized the opportunity, asked Lina Nikolakopoulou to write the lyrics, and the result is “Poso S’ Agapo” (“How Much I Love You”) — a new song based on an old melody, performed on Saturday night on stage by Iro Saia (Stavros Xarchakos’s wife), earning warm applause from the audience. The concert, part of a broader series of Xarchakos’s summer appearances, was a tribute to his timeless compositions and a reminder that inspiration doesn’t always have to be artistic!

Ktima Lazaridi’s farewell to the Athens Stock Exchange
-For some time now, this column had pointed out the behind-the-scenes share movements within the Ktima Lazaridi group, one of the most recognized and historic players in the Greek wine sector, with turnover exceeding €25 million. Last Friday, those movements came to light. There was a small shareholder, Thomas Konstantinidis, who had been systematically buying up KTHLA shares and eventually amassed over 5% of the share capital. On Friday, four share packages changed hands at the Stock Exchange, totaling 1,096,143 shares or 6% of Ktima Lazaridi, at a price of €2.18 per share. The total transaction value came to €2.39 million. The buyer will be officially revealed after the T+3 settlement period expires. We know for certain that the seller was Thomas Konstantinidis. In collaboration with the mutual funds of the former European Reliance (now Allianz), the sellers are offering the Lazaridi family the chance to gather over 96% of the shares, so they can soon proceed — as required — with a public offer to acquire the remaining 4%. The public offer will have a minimum price of €2.18, and once the squeeze-out is completed, Ktima Lazaridi will exit the stock exchange board.

The Geitonas family’s new company
-The Geitonas family — specifically, the children of the late Christos Geitonas — have founded yet another company. After the deal with the Inspired organization of Lebanon-born Brit Nadim M. Nsouli, who came in as a strategic investor in the Costeas-Geitonas Schools (CGS) last September, there has been notable activity. One of the main goals of the partnership is the development and operation of CGS at The Ellinikon, a new state-of-the-art primary and secondary educational institution at the Ellinikon site. Following the deal, both Christos and Zoi Geitonas established two companies, and last Friday, June 20, they founded yet another: Red I Campus S.A. Its shareholders are Red II Single-Member S.A. (Christos Geitonas’s company), which contributed a total of €2.575 million corresponding to 257,500 shares (50% stake), and Red III Single-Member S.A. (Zoi Geitonas’s company), which contributed the same. The initial share capital thus amounts to €5.15 million, consisting entirely of contributions in kind — specifically, financial claims from Christos and Zoi Geitonas arising from unpaid parts of the price from the sale of securities, valued at the above amount. Red I Campus is based in Pallini, at the school grounds, and its purpose includes holding company activities, as well as property leasing and management, business consulting, etc. The initial board of directors, with a six-year term, includes Christos Geitonas as Chairman & CEO (and legal representative), Zoi Geitonas as Vice-Chair, and Maria Geitonas as a member.

Fourlis’s “unfairness”
-In the presence of the new CEO, Yiannis Vasilakos (who takes over next month), Fourlis held its general assembly, where group chairman Vassilis Fourlis repeated his view that the company’s share is unfairly treated on the market. It’s obvious that the stock has missed out on the Athens Exchange rally: over the past 12 months, it’s shown zero return while the General Index is up 27%. Even worse, since the spring of 2021, when retail reopened after the Covid restrictions were lifted, the stock hasn’t managed a positive return — whereas the General Index is up 100% over the same period. Asked about the reasons for this disappointing performance, V. Fourlis pointed to three causes: first, during Covid, large funds divested from the stock due to the obvious retail risk; second, the hit to profitability caused by the Covid crisis; and third, delays with the IPO of subsidiary Trade Estates and the confusion in financial statements due to its consolidation. Still, the real question is: can a stock really be “unfairly treated” for so long?

A new image in 2025
-Obviously not, and V. Fourlis made it clear that 2025 will be pivotal, as the company will see a series of initiatives bear fruit and, as he put it, change its image, with institutional investor placements in the stock on the rise. What are these initiatives? A turning point was the placement of 16% of Trade Estates (shares acquired by Latsco Family Office, Autohellas, etc.), which, though delayed, went through — so the REIC subsidiary was deconsolidated from Fourlis’s balance sheet, making it clearer as net debt fell. According to V. Fourlis, the company is now on a growth track, the second quarter is performing better than previous ones (which were hit by a cyberattack that cost €20 million in sales), and investments made — and ongoing — will deliver results. Management provided robust guidance, forecasting 2025 sales growth of 13.3% (€600 million) and adjusted EBITDA up 20% (€38 million); by 2027, sales of €750 million and EBITDA of €60 million. The challenge, of course, is convincing the market: on Friday, as management made promises of a new image, the share came under heavy pressure, closing down 2.77% on sharply increased trading volume, hitting a seven-month low.