Hello, M.M is trying to recover and manage the OPEKEPE issue. Yesterday, Mitsotakis continued in the same tone as his Sunday post—self-criticism. He emphasized even more the public sector’s actions to recover the unduly paid amounts from the “fraudsters,” only, according to a reliable source of mine, this is not so easy to do right now because OPEKEPE doesn’t precisely know how much has been paid out and where, and of course how much money was given based on fake data. The equation is by no means expected to be easy, just like the implementation of payments by AADE.

Kefalogiannis – New wiretaps

As I wrote to you yesterday, there is no new case file, but there are still several wiretaps that haven’t been made public. The Minister of Civil Protection, Kefalogiannis, won’t be taken down just because his director was talking about political favors, nor will anyone else, it seems. Because “this whole thing where a minister’s name is mentioned by third parties and the minister is brought down—this…’factory’ can’t keep going,” said the source.

We’re measuring where we stand…

At M.M now, they’ve started measuring the damage from the agricultural subsidies issue. On Friday, a day of developments and ministerial resignations, they estimated an initial damage of about one percentage point, but it was (or is) still too early to say what and how much it will ultimately cost. Since yesterday, focus groups have also started at Maximos Mansion.

Avgenakis

He may not have made extensive statements yet regarding his involvement in the OPEKEPE case, but Avgenakis is in open communication with M.M both about his own case and is putting on pressure. He is telling all his interlocutors in every tone that there is nothing in the case file indicating his involvement, nor any strange dialogue of his, and he notes that he is being implicated by the former head of OPEKEPE, Simandrakos, in his third testimony to the European Prosecutor’s Office. He expects M.M to handle his case together with Voridis’s—in other words, if ND requests a preliminary investigation, to request both as a package, or if not, then not for either. Of course, I’m not sure that M.M adopts this “package” logic a priori, because they don’t have a clear picture. Still, it doesn’t seem to me…

SYRIZA

Finally, regarding the OPEKEPE scandal, I read SYRIZA’s statement—Famellos is asking Mitsotakis to resign. Meanwhile, the most serious mistake made by the Mitsotakis government, and the reason Voridis resigned, is that it adopted—and did not change—SYRIZA’s ministerial decision on the virtual pastures! That is, we’re talking about utter ridiculousness. Anyway, that’s not even news for SYRIZA.

Appointments in the Judiciary

At the end of the week, the decision of the Cabinet (by circulation) is expected regarding the appointments to the leadership of the Supreme Court in place of Ioanna Klapa and Georgia Adeilini. The frontrunner, with a projected term of one year, for the position of President is the Director of the National School of Judges and Vice President of the Supreme Court, Anastasia Papadopoulou, and for the position of Prosecutor, Deputy Prosecutor Konstantinos Tzavellas.

Pierrakakis with Draghi–Moscovici

After the Cabinet meeting, international contacts are a good… detox. That’s what Kyriakos Pierrakakis thought too, who after the session headed to Great Britain, where he had coffee and a very warm conversation with Mario Draghi, who has come to Athens for the Economist conference, where he is expected to talk with Evangelos Mytilineos. Right after his meeting with the Italian, Mr. Pierrakakis welcomed at the Ministry of Finance another old acquaintance of Greece, Pierre Moscovici, who is in the area for the same event.

EDPR waves goodbye, RES portfolio up for auction

With a decision that seals its exit from the Greek market, Portuguese company EDPR officially puts up for sale its portfolio, totaling around 250 MW. The process will take place through a competitive bidding procedure, meaning the package will go to the highest bidder. This decision fully overturns the company’s narrative from just a year ago. In June 2024, during the inauguration of the “Erimia” wind park (35 MW), EDPR Greece executives stated the company planned investments of €700 million by 2026, aiming to reach 350 MW in operation and to begin implementing the landmark project in Evia worth over €500 million, for the construction of three wind clusters. The first two—“Sofrano” and “Evoikos Boreas”—352 MW in total, were in partnership with Motor Oil (holding 49%, with EDPR at 51%), and the third entirely by the Portuguese company. Today, a year later, not only is the company freezing these ambitious plans, but it is also sending a clear signal of divestment from domestic business. As market sources say, this is a departure that reflects longstanding distortions in the regulatory environment, licensing difficulties, and a lack of long-term visibility for foreign investors. Attention now turns to who will enter the “game.” Although Motor Oil denies it, its involvement in the Evia projects automatically brings its name into the spotlight. In the same “frame” is Helleniq Energy, which is also said to be closely examining the portfolio, though it has yet to show its hand. As CEO Andreas Siamisis recently said, “we’re considering entering, but we’re not going to throw a fortune at it.” It remains to be seen who will eventually place a bid. The only sure thing is that EDPR’s departure is not just a change of course for one company—it’s a warning bell for the overall attractiveness of the Greek RES market.

New convictions for Dimitris and Tzortzis Koutsolioutsos

Following a referral by the Hellenic Capital Market Commission to a criminal trial, which took place for obstruction of an audit by the Commission, Georgios and Dimitrios Koutsolioutsos were convicted. Specifically, the Athens Three-Member Misdemeanor Court sentenced Georgios (Tzortzis) Koutsolioutsos to two years in prison and Dimitris Koutsolioutsos to three years in prison and a monetary fine of 20,000 euros.

Aktor Concessions likely in September

The Aktor Group is proceeding with the spin-off of its construction sector, within the framework of its new corporate structure. As has been decided, the construction division of Aktor Group of Companies will be split off and contributed to a 100% subsidiary company named Aktor Constructions, which constitutes one of the group’s core business pillars. A similar move is being made for the creation of Aktor Concessions (Aktor Participations Concessions). According to management’s plan, 2025 is considered a year of corporate transformation, which is already underway, as the spin-offs of four group divisions are to be completed within the year, aiming at vertical integration of activities and greater flexibility. Finally, the deal for Aktor Concessions is proceeding according to plan, as a series of approvals are required for its completion, including from the Competition Commission. Meanwhile, on 10/7 the General Assembly of Ellaktor is scheduled, expected to approve the sale of Aktor Concessions, therefore the Aktor Group estimates that the transaction will be completed around September.

Intralot: The stock signals that the countdown has begun

Intense activity in yesterday’s session for Intralot, which recorded the third-highest percentage gain on the Athens Stock Exchange board. The rally of over 3% was accompanied by a turnover of approximately 2.5 million euros. Volume exceeded 2 million shares, with only the four systemic banks having more traded shares. It stopped at 1.16 euros, in a new attempt to reach 1.2 euros, a psychological threshold not reached since early August 2024. Announcements regarding the deal appear to be a matter of time, and many details about the complex agreement have already circulated in the market.

The Stock Exchange record and the protagonists

The Stock Exchange set a new all-time record—8 consecutive rising months—and is creating new protagonists. The half-year closed with gains of +27.1%, and the banking index at +50.1% since the beginning of the year, leaving little room for complaints or concern. The return of Alpha Bank increased turnover and gave a touch of excitement at the start of the session, which pushed the General Index to 1,883 points (+0.33%), followed by a calm, gradual correction to 1,868 points (-0.48%). Alpha’s share traded 24 million euros, but yesterday it was Eurobank’s turn to stand out among the banking shares, “sealing” its presence by closing at 2.916 euros and reaching 2.945 euros at the day’s highs. These are prices marking a 10-year high. The next major target of 3 euros has not been reached since mid-November 2015. The bank’s market capitalization now exceeds 10.7 billion euros. ElvalHalcor recorded a 4-year high, although it failed to close at 2.5 euros, despite intraday trading above that level. The last time it closed at 2.5 euros was on April 13, 2021. It currently lacks about 67.5 million euros to reach the 1 billion euro capitalization milestone. Jumbo marked a third consecutive session above 29 euros, hovering increasingly close to its all-time high of 30 euros. It is also just a breath away from a 4 billion euro valuation. The value of transactions rose to 219.06 million euros, of which 21.9 million were in block trades.

A week with 4+1 Public Offers

And since we’re talking about the Stock Exchange, let us note that at this time the market is seeing 4 public offers running simultaneously—though very different from each other—aimed at minority shareholders, and according to information, another one is about to be announced, for Intralot, as mentioned above. Public offers currently underway include those of Metlen, Ktima Lazaridi, Intertech, and Myloi Kepenou. If market sources are confirmed, the procedures for the public offer on Intralot shares will begin in the coming days.

The Masonic auction and the suspension

The suspension of the auction scheduled for tomorrow, Wednesday, July 2, concerning 1/5 of the Athenian Masonic Hall on Acharnon Street, with the Grand Lodge of Greece as the enforcing party and the Masonic Union as the debtor, should probably be considered expected. This specific auction had been revealed by “THEMA” on December 8, 2024. As the data shows, it was literally a dispute “within the walls,” given that both the “Grand Lodge of Greece” and the “Masonic Union” are based in the well-known grand building at Vathi Square. Specifically, the electronic gavel had been scheduled for July 2, 2025, with the enforcing party being the “Association of Persons without Legal Personality under the name ‘Grand Lodge of Greece’, based in Athens, 19 Acharnon Street,” while the party against whom the execution was directed was the “Association under the name ‘Masonic Union’, based in Athens, 19 Acharnon and Sourmeli Street.” The auction concerned “full ownership of one-fifth 1/5 (or 20%) undivided share of the property consisting of a basement, ground floor, 5 floors and an attic, with a total area of 2,621 sq.m.” The starting bid for the confiscated portion, that is, full ownership of 1/5 (or 20%) undivided share of the property, had been set at 239,000 euros, while the amount for which the seizure was made was 45,300.34 euros, “plus legal interest and execution costs.” The enforceable title for the entire procedure was Payment Order No. 2183/2024 of the Athens Single-Member Court of First Instance. In the end, however, it seems that more… composed views prevailed and the auction was suspended. As sources from the Grand Lodge had explained after the revelation by “THEMA”, it was an internal issue that needed resolution. The gavel was treated in the same context. After all, in such procedures where there is electronic bidding, no one can ever be certain of the outcome. And as everyone understands, it would have been rather unlikely to “allow” a third party to acquire ownership rights to this particular property… The Athenian Masonic Hall is an iconic building for Greek Freemasonry and was built in 1967 on the same spot where the old two-story Masonic Hall once stood.

The manager completing half a century of work

Just one day after Takis Theodorikakos abolished the maximum profit margin (profit cap) that had troubled the Greek fuel market for three whole years, the general assembly of ELINOIL is taking place tomorrow. The manager of ELINOIL for 19 whole years, Giannis Aligizakis, besides proposing a dividend of 0.1366 euros/share to shareholders, will speak on his favorite topic: the chronic distortions of the Greek fuel market, the phenomena of lawbreaking, and the institutional barriers undermining healthy competition. He will also comment on the often unattainable goals set by the E.U., without taking into account the particularities of individual markets. Soon, Giannis Aligizakis will complete half a century at ELINOIL, having started at age 18 and having run the company since 2006. Despite the restrictions of the cap, turnover increased by 11%, exceeding 2.75 billion euros, while profits surpassed 11.6 million euros. The abolition of the maximum profit margin on fuels will allow ELINOIL’s management to pursue a more aggressive and flexible commercial policy.

At ADMIE…they reached an agreement

ADMIE Holdings will hold its general shareholders’ meeting tomorrow morning in an atmosphere of optimism and prospects, largely attributed to the cooperation developed between Chairman and CEO Giannis Karampelas and Energy Minister St. Papastavrou. The assembly is being held via teleconference with the central topic being the completion of the electrical interconnection between Attica and Crete, while many more interventions will follow that gradually increase ADMIE’s revenues and lower the cost of electricity for consumers. ADMIE Holdings’ net profits rose by +21.7% to 75.1 million euros. Therefore, shareholders will receive the remaining dividend for 2024 (0.06 euros/share) and also approve the advance dividend for 2025, which will be double. ADMIE Holdings’ share (which owns 51% of ADMIE S.A.) surpassed 3 euros yesterday (3.1 euros +1.93%), which means that since the beginning of the year it has yielded +20%, while its market capitalization of 735.4 million euros is 44% higher than a year ago.

Notos’ moves

The area from Syntagma Square to Omonia is beginning to gain more and more commercial interest, following the impressive rise in tourist traffic in Athens. According to information, the Papaellinas Group, which controls the Notos department stores, has reached a final agreement to buy the NAK Shoes store of Agis Georgoudas, located at 13 Panepistimiou Street, precisely along this axis of the capital, aiming at the enhanced spending power of the visitors in this area. The wider area is expanding and being upgraded, thanks in part to the operation of the first Greek Food Hall at the Arsakeio Mansion on Stadiou Street. In the historic block formed by Stadiou, Panepistimiou, Pesmazoglou, and Arsaki Streets, a multipurpose space is being developed with 20–22 shops selling Greek Mediterranean products, dining areas, as well as stores offering so-called fine fast food. Notos Com also seems to be targeting this spot with its new store.

The dollar’s tumble and other currencies

On Sunday, President Trump stated that dollar interest rates should be at 1% and that America has a “moron at the Fed.” The facts: The Swiss National Bank reduced the Swiss franc interest rate to 0%, while the Fed maintains dollar interest rates at 4.25% to 4.5%. However, Americans need to pay 122 dollars to buy 100 Swiss francs. The Bank of England also maintained the pound interest rate at 4.25%. But Americans must pay 137 dollars to buy 100 British pounds. And of course, the euro today is 17% stronger than the dollar. At the same time, the Senate is voting on the infamous “Big, Beautiful Bill” of President Trump, which provides for tax cuts for large corporations, increased defense and “border” spending, and cuts to healthcare and social programs. Analysts speak of a new burden on the U.S. national debt. Yields on 10-year U.S. Treasury bonds are already trading near their highest levels since 2022. The Congressional Budget Office has warned that interest costs on the national debt will become one of the largest single items in the federal budget if this legislation passes. This means even higher interest rates for U.S. government bonds and, consequently, increases in mortgage costs, corporate borrowing costs, and reduced consumer spending. At the same time, when U.S. bonds offer high yields, who will go buy bonds from emerging economies—and at what cost?