Hello, before I return to the deep state and the miserable image that has prevailed in recent days from OPEKEPE, let me start with some good news—a step forward that took place yesterday for the Greek economy and our (much-suffering) stock market. The emerging agreement for EXAE, that is, the Athens Stock Exchange, to pass into the hands of Euronext, the largest stock exchange organization in Europe, is admittedly a very “strong signal” for the country and for the companies traded on it. It upgrades and, more importantly, cleanses (from the shady deal-making brokers) the market and places it in a much higher and more credible category, alongside the money markets of France, Italy, the Netherlands, Portugal, etc.

Mitsotakis, Pierrakakis

The emerging deal between EXAE and Euronext, as expected, is fully approved by Mitsotakis and “well worked out” with the agreement and efforts of Pierrakakis and his advisor Vasilis Karatzas. Around noon yesterday, the Euronext delegation appeared on Nikis Street. They were so numerous they had to split between two elevators. Standing out—due to his height, as he is nearly 2 meters tall—was the CEO of Euronext, Stephane Boujnah, while the approximately 10 members of the team all followed a strict professional dress code. They were holding folders and looked happy and smiling. The relaxed atmosphere misled the journalists present, who saw them being led directly to Pierrakakis’ office and assumed they were some foreigners from the Economist conference who were going to see the minister.

And a bit of crying at the brokerages…

But not everyone is happy about the developments with Euronext. Brokers are concerned because their interests are being affected. The experience of Portugal, they say, shows that non-healthy brokerage firms close and their number is significantly reduced in the markets that join Euronext. Of course, the issue is that in the past, brokers were significant shareholders of EXAE, so their voice carried more weight. Today, however, the balance of power is entirely different, as the brokers chose to liquidate their shares. As for the costs, estimates suggest they will be drastically reduced, since, for example, Athens is twice as expensive as Paris for a company wishing to be listed on the stock exchange.

Recognition and liquidity

As for the listed companies, the development is overall positive because the ASE is moving up a level and entering the premier league of European stock markets. Especially for medium and small listed companies (which make up the majority of Greek entrepreneurship), a large market is opening up. They gain capabilities and access they never imagined, as well as a good foundation for growth. We are talking about strong advantages, the main one being that the recognition of Greek stocks at an international level increases. In addition, the agreement is expected to boost the liquidity of the Greek market, while it is equally important that the merger with Euronext keeps us strategically in the game regarding the completion of European capital markets. We can’t say we missed the train, and we neutralize the threat of marginalization of the ASE. Another factor that should be added to the positives of such an agreement is that it completely changes the landscape regarding the market’s classification into the developed category. Everything can happen faster.

Negotiations

Now, for the Euronext–ASE marriage to proceed, the HELEX board must decide on the proposal of €6.90 per share. The ASE may determine that the price is not at an attractive level, and in such a case, Euronext has the right to improve its per-share offer. In other words, a cycle of negotiations begins.

Not making much of a splash…

In any case, yesterday’s news coverage (roughly) still revolved around the OPEKEPE issue, but with less intensity, while in M.M. the public opinion polling on the matter continues. My source said, “we’re not seeing anything dramatically negative for us, ND’s support hasn’t dropped. On the relevant questions, the public expresses a general disillusionment with the entire political system, with responses basically meaning that ‘these things have been happening for years with the European subsidies.’”

He rewarded her…for Sarakiniko!

Since we’re speaking these days about pathologies and the deep state that isn’t easily cleaned up, with the OPEKEPE scandal as a trigger, I want to mention the following: Surely you remember a few months ago we (at protothema.gr) brought to light the famous story with the hotel on top of Sarakiniko in Milos. If you don’t remember who was signing as the urban planner of Milos, let me refresh your memory. An elected lady with the ticket of the blue Regional Governor of the South Aegean, George Hatzimarkos, the Deputy Governor of Milos, Elli Chorianopoulou. Yes, Ms. Chorianopoulou was the urban planner of Milos, under whose watch the environmental crime at Sarakiniko was approved by her office — the hole from the works to build a big hotel still exists. So, this lady was promoted by the Regional Governor to Deputy Regional Governor of Environment and Spatial Planning for the Cyclades! Just like that, to reward her for Sarakiniko — maybe to build more like it across the rest of the Cyclades. (See here also her triumphant post thanking Hatzimarkos). Honestly, such audacity is rare even in the very deep party state. Enough already — is there no one to rein them in?

Mitsotakis at Mount Athos

Yesterday, the official invitation arrived at K.M.’s office from the Holy Community of Mount Athos, so that he may visit this Friday and Saturday the Athonite State, as had long been his aim. Indeed, as the elders mention in their letter, on the occasion of the Prime Minister’s arrival, a ceremonial double Holy Synaxis will be convened, according to Athonite tradition.

Objections subsided

The “Mount Athos” matter required delicate handling from the Maximos Mansion. After all, there had recently been reports that representatives from seven monasteries on the Mountain intended not to attend the Holy Synaxis referenced in the invitation letter. However, as emerges from the original text — in the column’s possession — the Holy Community speaks with a unified voice, which means that those opposing voices to K.M.’s visit have been silenced. According to the schedule, the Prime Minister will arrive in Karyes, spend the night at Simonopetra, and also visit the monasteries of Vatopedi and Xenophontos.

Draghi’s congratulations

Draghi, as President of the European Central Bank, played a pivotal role in supporting Greece, especially through the ELA (Emergency Liquidity Assistance) mechanism to Greek banks. Although the ECB was officially meant to remain “technocratically neutral,” Draghi appears to have acted with political foresight, keeping the country within the euro against tougher stances like that of Schäuble. “If you want to get Greece out of the euro, come sit in this chair yourself,” Draghi is said to have told the late hardline German Finance Minister Schäuble, referring to the enormous political and economic consequences of a Grexit. This controversial phrase isn’t recorded in official minutes, but we remembered it yesterday, when Draghi was a guest at the Economist conference on the same panel with the President and CEO of Metlen, Evangelos Mytilineos. Reliable sources who participated in the negotiations during that difficult period confirm it, and it is often referenced in analyses and commentaries on the narrowly avoided Grexit in the summer of 2015. Draghi, often described as pro-Greek, yesterday declared that “the Greek people deserve congratulations,” recognizing the sacrifices made to keep the country in the Eurozone.

Inspections of Intralot’s stock trades

Intralot had one thing in mind, but the Capital Market Commission had another. The sheer volume of publications prompted the Commission to ask the Stock Exchange not to open the stock, disrupting the listed company’s plan to transfer share packages during the session and announce the agreement in the afternoon. If I understood correctly, the Capital Market Commission seems to have taken the matter seriously — and rightly so — first because they did not allow the stock to return to the board unless the agreement was first announced, ensuring equal information for all shareholders, and second, because yesterday they conducted audits of Intralot’s share transactions over the previous days. In more than one case, HCMC inspectors meticulously scrutinized transactions made in specific investment firms (AXEPEYs), so we might have unexpected developments. Intralot understood the pressure and last night announced their entire plan with the Korean investor, and today they will go to the Capital Market Commission with the file and announce details and the price of the public offer. The information suggests a block of about 40 million shares (roughly 6.5%) was transferred over the counter to the Korean to make the public offer, at a price of €1.16. Rumors — and I emphasize: rumors — circulating in the market suggest the public offer will be at €1.06. I’ll be absolutely honest: I have no idea what’s valid, because only the Korean and the “architect” of the deal know exactly what will happen, so hopefully they’ll go to the Capital Market Commission today to explain and announce everything so we can be done with it.

Phew, finally

Ioannis D. Saracakis, President of the Saracakis Group of Companies, is the new President of the Hellenic-American Chamber of Commerce, after today’s elections.

Bankruptcy risk for “Hellenic Fishfarming”

And while we’ve entered July and a solution for Avramar remains elusive due to Amerra’s demands, another historic company in the sector is facing bankruptcy. We’re talking about “Hellenic Fishfarming S.A.,” which failed to have its restructuring agreement approved by the competent courts. Lyktos had shown interest as a strategic investor, but the partnership did not materialize due to Hellenic Fishfarming’s fault, as market sources say. In any case, the company, where the main shareholders are Mr. Yiannis Katsivelis (28%) and Nigel David Lewis (25%), was left in limbo after the rejection of the restructuring agreement by the Athens First Instance Court and now faces a bankruptcy petition filed by “THALASSIES YDATOKALLIERGIES LARYMNAS LOKRIDOS – E. KOLLIAS S.A.” The hearing of the petition is scheduled for 24.09.2025. Once a sector leader, it has for years faced major losses and serious liquidity problems. In its last published financial statement (2022), it showed negative equity of €101 million, short-term liabilities of €115 million, turnover of €10 million, and losses of €3 million for the year.

The new Board of Directors of Aegean Baltic Bank, CEO A. Vourakis

Aegean Baltic Bank, now in the hands of Telis Mystakidis, is changing and the first step was taken with a new Board of Directors, in which, as expected, there is a Greek CEO. Yesterday, the board of ABB met, was constituted as a body, and changes in its composition were decided. Specifically, Dimitris Kapotopoulos was elected chairman, an independent non-executive member, replacing Georgios Raounas, while Despoina Xenaki was appointed as an independent non-executive member, replacing Marina Bouki. Also, the unanimous approval of the appointment of Aristeidis Vourakis as CEO was granted. The appointment of A. Vourakis will be submitted for approval to the shareholders at an extraordinary general meeting to be convened before October. It is expected that Vourakis will assume duties on (or around) October 1, 2025, subject to approval by the General Assembly, receipt of all required regulatory approvals, and completion of the sale of AstroBank. A. Vourakis has served as a senior executive at JP Morgan in London and deputy CEO of the Bank Audi Group in Lebanon. Since December 2020, he has been CEO of AstroBank in Cyprus and since May 2024, he has been president of the Cyprus Banks Association.

Coca Cola has taken up its weapon again…

In the last sessions of June, Coca Cola’s stock did not follow the investment enthusiasm of the banking sector; on the contrary, it had mostly negative marks. After cutting the dividend to €1.03 per share in May, analysts attributed the stock market slump to the increase in prices of key raw materials due to extreme weather events in producing countries (such as Brazil) and geopolitical uncertainty in the Middle East, which created new concerns about the smooth operation of international trade. Things changed this week, on Monday and yesterday, when the stock rose by more than 2% (+2.5% at €44.8), surpassing a market capitalization of €16.7 billion, which however remains 4% lower than its stock market value a month ago. Rumors are circulating again that an announcement of an acquisition of a foreign company is imminent, although no specific information is available at present. Coca Cola 3E’s stock performance is heavily influenced by trading on the London Stock Exchange, which has larger volume and higher value transactions.

They pocketed over €400 million

Yesterday, today, and tomorrow, over €400 million are entering the accounts of shareholders who rush to take advantage of the climate by reinvesting their dividends. Metlen and Motor Oil are crediting dividends today, Metlen €1.5294 per share and Motor Oil €1.1248 per share (net payable after taxes), with the total amount exceeding €400 million for the two groups. This means that within three sessions shareholders receive an amount exceeding €400 million. The actual amount may be even higher if adjustments and increases due to treasury shares are taken into account. The average annualized yield of large listed companies (Metlen, Motor Oil, etc.) moves between 4.5% and 6%. This year is a record year for dividend distribution at the Athens Stock Exchange, with total cash distributions exceeding €4 billion, the highest amount in the last 16 years.

We returned (stock-wise) to April 21, 2010

We have to go back many years, to April 21, 2010, to find a closing of the General Index at a higher price than yesterday’s 1,885.04 points (+0.91%). And of course then—15 years ago or 183 months ago—we had a completely different stock market with many more listed companies and a totally different interest rate and economic environment. Today, however, the Athens Stock Exchange is in the spotlight and Euronext’s public offer shows that much has changed in the country and in our capital market. All the trades in Alpha Bank that were not conducted last Thursday and Friday due to suspension of trading took place the day before yesterday and yesterday. Yesterday, in Alpha Bank alone, transactions worth €44.5 million took place and the stock closed with gains of +3.68% at €3.10. Eurobank closed with a rise of +1.17% at €2.95 on transactions worth €54.7 million, National Bank (+1.5%) with transactions of €50.6 million at €10.995, and Piraeus (+1.5%) with much fewer transactions worth €26.14 million reached €5.97.

MIT teaches Artificial Intelligence (at the College of Athens)

On July 8, at the Theater of the College of Athens, the new educational platform MIT Universal AI will be officially presented for the first time. It is not aimed at computer scientists, but at all those who make decisions, manage information, or work in environments where technology is changing the landscape. None of these will need to write a single line of code. The MIT Universal AI educational platform is based on real examples from energy, health, transportation, and public administration. Participants do not “learn to program”; they learn to read algorithm outcomes, evaluate tools, and make more informed decisions. The structure is modular, with 15 core units and more than 15 specialized modules related to different market sectors. All come with MIT certification and support from a personalized AI tutor guiding the learning journey. The MIT Universal AI Summit is the global premiere of this platform. At a time when Artificial Intelligence is evolving into the “operating system” of the economy, the critical question is not who will invent it, but who will understand it and who will have access.

He collects $2.23 million per day!

From Coca Cola, the 94-year-old major investor Warren Buffett collects $2.23 million daily from his investment in the company. Berkshire Hathaway has invested no less than $25 billion, gradually buying 400 million shares of Coca Cola, which yield $816 million annually from a dividend of $2.04 per share. If someone followed Warren Buffett’s strategy and had invested $1,000 in Coca-Cola shares at the end of 1988, when he started building his investment position, today their investment would have grown to $36,487. This is a huge return of 3,534.2%, including reinvested dividends. In other words, Coca-Cola has turned every $1 into more than $36 over the past 36 years, and this with reinvested dividends, not just the increase in share price. Berkshire Hathaway has never sold a single Coca-Cola share it has held all these years and remains one of the largest shareholders.

The stock market frenzy of Wall Street

What is happening on the New York Stock Exchanges is unprecedented. The total capitalization of the American stock market reached a record $63.8 trillion (Goldman Sachs data). This is double the size of Wall Street from five years ago. History shows that in the past, the market needed 8 years, from 2012 to 2020, to double its value. Today, the American stock market is more than three times larger than the European one. It is even larger than the sum of the markets of Europe, China, Hong Kong, Japan, and India. Obviously, a large part of the stock market boom is also due to the “printing of abundant money” by the Fed; however, this also happened in other economies.