Hello, the recurring toxicity continues in current affairs with small new episodes from OPEKEPE but also plenty of speculation about investigations everywhere by the European Public Prosecutor’s Office—into the Recovery Fund, digital projects, the Ministry of Education, etc. Of all this, I honestly don’t know what holds true apart from what we tangibly see in front of us. For example, we saw the testimony of a former head of OPEKEPE (Simandrakos), who reportedly informed Bratakos and two other officials of the then Maximos Mansion (2023) in order to block about 9,000 VAT numbers from OPEKEPE that were under investigation for illegalities. Based on the outcome, it is inferred that no one at the Maximos Mansion told him “don’t block them,” so what’s the issue? Is it that they knew? But of course they knew—has anyone said they didn’t know, including Mitsotakis himself? Now, regarding the investigations into the digital arm of the Information Society and the Ministry of Education, for the time being they function more like self-fulfilling prophecies—since if you keep saying it, keep writing it, surely some European prosecutor will bite. That’s valid too. Also, let me note this: in New Democracy they treat internal recurring toxicity almost like a historical hobby… as far back as I remember—40 years in the business—by the second term they start the internal unraveling until the very end. Anyway, let the dust settle for another week or so, and then we’ll see… the results in the polls.

PASOK’s thoughts on a Preliminary Investigation Committee

I’m told that Androulakis is waiting on his legal team to assess the existing case file. I hear that in their communication two days ago, they informed him that they need another week to complete their reading and analysis, and then arrive at a description of offenses, while some time will also be needed to draft PASOK’s bill of indictment. Still, it’s estimated that Nikos Androulakis doesn’t want to rush—on the one hand because it maintains political pressure on the government over an unpleasant issue for them, and on the other because PASOK is also hearing the talk about new evidence from fresh wiretaps. That means they must evaluate that too, because if they submit a proposal for a Preliminary Investigation Committee and it gets rejected, they won’t have room to submit the same proposal again.

State tenders

An old “wound” of the regional press is closing for good. With a provision submitted in the Development Ministry’s bill, the mandatory publication of state tenders in regional newspapers is established on a permanent basis. The regulation had been pre-announced by Pavlos Marinakis and was incorporated into Takis Theodorikakos’s bill, ending a transitional regime that had been in place since 2016 when this requirement had been abolished.

Trips to Libya

There was quite a bit of discussion about Libya yesterday in the Government Council for Foreign Affairs and Defense (KYSEA), and Giorgos Gerapetritis is preparing to go this Sunday to the “hot zone,” to remind the Libyans that they have many reasons not to fall into Turkey’s “embrace.” Also, together with the European Commissioner Brunner, the new Migration Minister Thanos Plevris will be there on July 8, in hopes of reaching an understanding to “turn off the faucet” that’s been opened from Tobruk to Gavdos and Chania.

Stock market reactions

The day after the announcement of the agreement for the Athens Stock Exchange to be acquired by Euronext, the regular market (meaning the overwhelming majority of entrepreneurs) welcomed the move, while a handful of brokers complained without cause. It’s a simple issue—the market is growing and maturing… everyone’s making money, to put it in terms they understand. Now, should I say that this will make wheeling and dealing, fake market making, and the “I charge whatever I want” brokerage expenses a bit harder? That’s a loss for a select few. Let them adapt—the country won’t fall behind for five brokers.

Heading toward an improved Euronext offer

Regarding Euronext’s offer for EXAE, Jefferies mentions a relatively small premium, while Kepler Cheuvreux doesn’t rule out that the offer of €6.90 per share may be revised upward, given that the initial proposal is within a range that leaves little distance from fair valuations. Citi points out that the valuation Euronext is using for the share exchange is not particularly attractive for EXAE shareholders. Eurobank Equities considers Euronext’s offer reasonable, although it finds the premium offered to be relatively limited. That’s what the analysts say—but the market agrees too, as in yesterday’s session it pushed EXAE’s share price 6 cents above the offer, to €6.96, with 2.69 million shares traded, bringing EXAE’s market capitalization to €402 million. After all this, it’s clear that we’re heading toward an improved offer from Euronext. As an experienced banker said yesterday, “Don’t ask if it’ll happen. Ask at what price and when.”

Who are the shareholders of EXAE

And if things are as the banker says, then the effort to gather the required 90% of EXAE’s share capital comes to the forefront. Given that there is only one shareholder, Capital Group, with a stake above 5% (holding 5.09%), a…shareholder hunt is expected. According to EXAE data, at the end of last June, 35% of the share capital was in the hands of foreign institutional investors, 18.7% in Greek institutional investors, and 33.6% in individual shareholders. Interestingly, 5.6% is held by Greek banks, and it is safe to say that the largest part is in their mutual funds. Also notable is that 4.1% is held by EXAE members, brokerage firms, etc.

Kontopoulos on the stock exchange acquisition

A little while ago, at the end of May, the management of the Stock Exchange held the customary briefing for stock market journalists. During it, the CEO of the Group, Yiannos Kontopoulos, was asked whether there is any chance that HELEX could pass into the hands of another stock exchange or be subject to a hostile takeover. He replied then that anything is possible, as there is a strong shareholder with a critical stake, and characteristically said that everything depends on what offer is put on the table, adding (prophetically?) that in every such case, the CEO goes…home.

PPC–Stassis

The fact that Stassis, a personal choice of Mitsotakis since 2019, changed course at the last minute from what could have become the Titanic of energy for the country and avoided the iceberg of a possible bankruptcy, is broadly known. What may have flown under the radar is the international game PPC is playing. Yesterday, Stassis wrote on his LinkedIn account that he participated in Brussels in the initiative of the World Economic Forum and the European Commission, titled “Leaders for European Growth and Competitiveness”. The goal of the initiative is to mobilize public and private sector cooperation to find solutions to fragmented markets, high energy costs, and gaps in technological investments that affect Europe’s economic and industrial performance. I think it’s blatantly obvious that PPC is now on a different level. It’s an indicator that the future of Greece’s energy passes through the European and international tug-of-war of interests and needs. And also that the largest energy company in the country has escaped the deep state (which we are currently experiencing) and has become a regional player with a say in the next day of Europe’s energy. I remind you that Stassis is vice president of Eurelectric, the main organization of European electricity providers, and indeed was re-elected last month for another two years (and yesterday we saw Eurelectric’s secretary general, Kristian Ruby, at the Economist conference in Greece – not at all a coincidence). PPC is already present in Romania, Italy, Bulgaria, and other smaller neighboring countries. However, it is also possibly connected to the data centers project, as the clients/users of the massive data center PPC is planning in the Macedonian valley will be the international tech giants. Moreover, in yesterday’s discussion in the World Economic Forum initiative, one of the themes was “gaps in technological investments.” Notably, Stassis did not specify in his post under which of his two hats he participated, the energy one or the tech one. He probably wears both…

“House of NYNN” opens at “The Ilisian”

And since we’ve weighed down the mood with investments, valuations, and business plans, let’s move on to something more pleasant from the market. We’re talking about the “House of NYNN,” the members’ club opening now in the middle of summer at “The Ilisian,” in the former Hilton of Athens on Vasilissis Sofias Ave., where works are literally… rushing ahead these days. “NYNN” is the first piece of the multiple experiences that the new destination in central Athens will offer. “The Ilisian,” the “new urban experience ecosystem” as it is described, includes first and foremost hospitality with the 5-star “Conrad” hotel with 280 rooms (the Conrad brand is the… heavy artillery among Hilton group’s brands and is expected to open in November), residences with branded housing under “Conrad” and “Waldorf Astoria,” shopping with retail stores, and entertainment–leisure with dining, fitness, etc. The €340 million investment by TEMES group, led by Achilleas Constantakopoulos, and Olayan, main shareholders of Ioniki Xenodocheiaki, owner of the historic property, is now nearing the final stretch. The new project will start to be gradually unveiled, starting now with the members’ club, which is a new endeavor also for TEMES itself, known for running the Costa Navarino complex in Messinia. Specifically regarding “NYNN,” members will have access to the club’s spaces and facilities across three levels with over 5,500 square meters: the facilities include dining areas, bars, “smart” offices for professional meetings, an ultra-modern gym, and the largest outdoor pool in central Athens. “NYNN” will also feature a rich calendar of events, experiences, and entertainment, and membership registration has already begun.

Intralot and Bally’s

The agreement between Intralot and Bally’s is a significant transaction in the global gaming and gaming technology sector. Not only are two companies in the industry being transformed, but a powerful competitor is being created in the lottery and iGaming space, with a strong presence in Europe and North America. The acquisition is being carried out through a combination of cash and shares: €1.53 billion will be paid in cash by Intralot to Bally’s. €1.136 billion will be given as newly issued Intralot shares to Bally’s (873,707,073 shares, with a reference price of €1.30 per share). The new entity that will emerge will maintain its listing on the Athens Stock Exchange, while Bally’s, which already holds 26.86% of Intralot, will increase its stake to 33.34%, thus becoming Intralot’s largest shareholder and gaining control of the company. P.S.: Don’t rule out the possibility that Sokratis Kokkalis (note, Kokkalis himself, not his companies) might acquire a stake in Bally’s.

Mr. Pantelis-Stournaras, you scored a 2

Bank of Greece also came under the scrutiny of hotel magnate Pantelis Mantonanakis, as he appealed to the Council of State seeking injunctive relief against the BoG, asking the central bank to prohibit creditor banks from taking enforcement measures against his hotel group. The hearing took place last week, with the Council of State rejecting the request for injunctive relief.

Eurobank awaits “green light” from the SSM

Eurobank has applied for and is awaiting approval from the SSM in order to repay the Tier 2 bond it issued in 2017 worth €950 million, which was then intended to replace the Greek State’s preference shares. Two days ago, the bank issued a Senior Preferred bond that is not directly but indirectly connected with this replacement: with the new bond and other instruments, the bank creates the necessary space in the MREL ratio so that, if a positive response is received from the SSM, it can proceed with the repayment of this bond, which is considered extremely costly for the bank.

Piraeus Bank presentations in London

Piraeus Bank was in London for Mediobanca’s road show. The conclusion from the investor presentations seen by the bank – as expressed by Mediobanca – is that momentum remains strong for the next two to three years, based on: -Strong and resilient credit expansion, especially in terms of business lending and SMEs. -Profitability that continues to strengthen equity capital, even with distributions of up to 50%. -The acquisition of Ethniki Asfalistiki, which will enhance Piraeus Bank’s operations by diversifying its sources of profitability.

“Vardilena”

A new company has emerged in the real estate market as of yesterday. Its distinctive name is “Vardilena Single-Member S.A.” and the interesting detail is that its founder and sole shareholder is Mrs. “Eleni, widow of Ioannis Kefalogiannis, née of Ioannis and Chrysi Vardinogiannis,” that is, the mother of Minister of Tourism Olga Kefalogianni. It is reminded that on her father’s side, Olga Kefalogianni hails from the eponymous family from Anogeia, Rethymno, while on her mother’s side she comes from the well-known business family of Vardinogiannis. Eleni Kefalogianni-Vardinogianni, from Episkopi Rethymno, is a lawyer and the new company’s purpose is the acquisition, exploitation, construction, management, utilization, disposal, and development of all types of real estate. The initial share capital of “Vardilena” is €25,000, payable in cash, divided into 25,000 common shares, with a nominal value of one euro each, and is fully subscribed by its sole founder-shareholder, Eleni Kefalogianni. According to the company’s articles of association, she was also appointed as the first director-manager, while the company’s registered office is located on Kleomenous Street in Kolonaki.

Europe worries about tariffs, Athens gets excited about Europe

With transactions worth €304.46 million but with €49.62 million in block trades, the Athens Stock Exchange focused on the European outlook, while the rest of Europe worries about tariffs and rising bond yields due to inflation. Regardless of the final outcome of the Euronext proposal, it is now a fact that the Athens Stock Exchange has gained new visibility in international portfolios. A characteristic example is the Eurobank share (+0.68% at €2.97), which is approaching a market cap of €11 billion. On Monday, 6.1 million Eurobank shares changed hands. On Tuesday, 18.6 million shares. And yesterday, 26.8 million shares (with 7 block trades). Large block trades of €12.4 million took place in National Bank, €4.9 million in Alpha, €1.7 million in OTE, €1.89 million in Bank of Cyprus, €1.4 million in Viohalco, €744 thousand in ElvalHalcor. All this is happening at the beginning of the first month of the second half, without any conditions of window dressing or other tactical moves. These are placements without rush, without price surges, simply moves with a long-term horizon. The General Index closed at 1,893.97 points with gains of just +0.47% because there were no hasty investors, only systematic buyers. The placements did not concern only the banking sector – far from it. Metlen, which is preparing for its own European journey, gained +1.19% at €46.08. Motor Oil (+2.6%) at €24.48, Jumbo (+2.41%) at €29.70, and OPAP (+2%) at €19.88. HelleniQ Energy cut its €0.55 dividend yesterday and thus declined -5.8%; London-listed Coca-Cola HBC (-1.07% at €44.32) had no reason to rush, unlike Lamda Development (+1.75%), Aegean (+1.64%), and OTE (+1.23%).

Listed firms on Euronext celebrated

The Euronext proposal to acquire shares of the Athens Stock Exchange also highlighted the role of Greek companies that paved the way to Europe. VIOHALCO, listed in Brussels, yesterday conducted transactions worth €5 million with a price increase of +6.26% to €6.11. Transactions in the Group’s other Belgium-listed company, Cenergy, were also around €5 million, with a market cap surpassing €2 billion. The role of Theon Intl was also showcased, which has been listed since February 2024 on the Euronext Amsterdam Stock Exchange. Theon Intl was the first successful IPO of 2024 in Europe and the first listing on the Amsterdam Stock Exchange after two years of drought.

The systematic “internal devaluation” of the dollar

The first thing the Troika asked of heavily indebted Greece, in order to start the bailout program to prevent bankruptcy, was “internal devaluation.” Since Greece had the euro, the devaluation to increase competitiveness had to be “internal.” In heavily indebted America, things are simpler: President Trump ignores fundamental indicators and insults the Central Banker, demanding that interest rates be cut to 1% (from 4.25% today), so the dollar can “slide.” The markets, however, moved much faster. In 2025, the dollar experienced its worst exchange rate drop since 1973, when the Bretton Woods gold-based system was abolished. While the S&P 500 stock index is near a record high in dollar terms, when valued in euros, the index has dropped -11% from its February peak. The dollar index (DXY) fell -10.8% in the first half of 2025, as the dollar sharply weakened against major currencies of developed markets. The dollar declined -14.4% against the Swiss franc, -13.8% against the euro, and -9.7% against the pound. Emerging market currencies also rallied, achieving some of their strongest gains in years. Americans are rushing to safeguard their savings by buying stocks, gold (which secured $3,350/ounce), or cryptocurrencies.