Hello, I begin with the aftermath of Merkel’s presence in Athens, as part of a (very interesting) event organized by Kathimerini, where the former chancellor gave an interview to Alexis Papachelas on the occasion of her autobiography. From the words of the former iron lady of Europe, we now understand that she fought hard on our behalf so that the tough one, Schäuble—now late—wouldn’t throw us out. Now we understand, of course. The other day, we also understood from the former chancellor that Alexis was a good and honest boy who quickly realized his mistake and signed with both hands the third memorandum, which, indeed, put us back on the European track, but also cost us about 80 billion euros plus the state assets of the country for 100 years. As for Mrs. Merkel, we later realized (around 2020 with the war in Ukraine with Russia) that she had some special relationship with Putin and was getting Russian natural gas at a bargain price, unlike all of us common European mortals who had no “past” with the former East Germany.

The minutes, the minutes…

On the occasion of the ten-year anniversary of the proud NO that became a YES in 2015, a lovely discussion opened up about the meeting of the party leaders the day after the referendum. Our leader Alexis recently said something like “if you dare, release the minutes to the public,” Tasoulas replied that it’s not provided for by the Constitution or the laws, Panos the Patriot – (Kammenos) came out and declared that he would release them and things would go crazy, and now we await the weekend’s interviews and statements from the protagonists (Koutsoumbas, Stavros Theodorakis, etc.) in case we find out why Tsipras insists (if he insists…) on opening the minutes of that highly talked-about leaders’ meeting. Maybe he wants to say that he didn’t want us to leave the eurozone, but he decided to hold a referendum… to show them in Europe, as the late Giorgos Kouris wrote, “his big balls”? But not actually to leave the euro and Europe… What can I say, I don’t know, I wouldn’t want to mislead you, but I asked a reliable source and they answered: “as you know, at Theodorakis’s suggestion the stenographers were dismissed, so in the archives of the Presidency of the Republic only the official statements of the leaders remain. But not the dialogues which contain the whole essence, so I don’t think we’ll learn exactly—just each person’s version.” Interesting.

Dinner under the Sacred Rock

After the interview, the organizers of the book presentation for her book titled Freedom hosted a lunch for former German Chancellor Angela Merkel under the Acropolis at the restaurant of the Lalaounis Jewelry Museum. At the dinner, Merkel sat between Tsipras and the editor of the newspaper Kathimerini, Alexis Papachelas, while across the table sat Hatzidakis and the publisher, Themis Alafouzos. Also present at the roughly three-hour dinner were Evangelos Venizelos, Panagiotis Pikrammenos, Thanasis Laskaridis, Evangelos Mytilinaios, Dimitris Papalexopoulos, Eutychis Vassilakis, constitutional scholar Sotiris Rizos, the German Ambassador and officials from the German Embassy in Athens.

The “lovestruck couple”

Now, since you know I have sources, I asked what the highlight of the dinner was. So my guy told me: “when Merkel entered and saw Tsipras, who had already arrived… a smile lit up her face, it reminded me of the new song by Andromachi…darling, who is that, who is the boy, I saw him as soon as I walked in and I’ve gone craaazy. So, Angela took Alexis aside, they isolated themselves and spent almost a quarter of an hour in a one-on-one.” Now that’s something…

On the Russo-Ukrainian issue…

Merkel, as expected, was asked by the group about the war in Ukraine, she kept her distance as a leader of a Western country should, but at one point she said the Russians were right to protest when NATO tried to bring Ukraine under its wing. Naturally…

Trump and Putin

She was also asked about Putin and among other things, after comparing him to Trump—that they both constantly seek the world’s attention and complain that they are being treated unfairly—she recounted an incident. Once, she said, in a meeting she and Jacques Chirac had with Putin, the Russian president asked them for a cooperation in trade (not weapons) with the Franco-German Airbus. They wanted to avoid him, according to Merkel’s words, and told him the Americans wouldn’t agree (they’d complain) to such a deal. Putin got angry and replied that he knew he should have asked the Americans and that they do whatever the Americans say.

The salvation of the soul (Mount Athos)

As of today, K.M will be on Mount Athos for the salvation of the soul, as Protopsalti used to say. His first stop is Karyes, where he will be received by the Holy Supervision, along with the civil governor Alkis Stefanis. I hear that K.M will have ERT’s camera crew with him, while all the monasteries of the Mountain will be represented, contrary to the rumors that seven of them requested he not come. After the convocation of the Holy Supervision, K.M will stroll through the Monastery of Iviron, the Monastery of Vatopedi, and will end up spending the night at Simonopetra Monastery. He will be accompanied by his son Konstantinos, they will sleep there and take part in the morning prayer, while the program will conclude with a visit to the Monastery of Xenophontos. In fact, the abbot of Xenophontos, Alexios, will welcome the Prime Minister on behalf of the monasteries of the Mountain at the Holy Supervision with a greeting. A competent source told the column that “in times of international instability, uncertainty and crisis, Mount Athos is timelessly a beacon of stability, faith and spirituality, which inspires and guides.”

The banks have their plans, the gods have theirs

Yes, there is a significant rift between National Bank and Piraeus Bank because of Ethniki Asfalistiki. Yes, ideally, the National Bank would like to drag it out and “chase” it as far as it can. However, the most likely scenario is that the dispute between the two banks will not escalate, because M.M and the Bank of Greece will not allow it, regardless of the claim that it’s an internal matter between the two banks. The case is not expected to get out of hand and is estimated to be resolved with some formula that protects National Bank’s client base and terminates the exclusivity of the cooperation. That is precisely why the National Bank is currently seeking new partners in the insurance sector. Meanwhile, the Competition Commission is reviewing the acquisition file of Ethniki Asfalistiki and is requesting various clarifications, data, etc., from Piraeus Bank. We’ll take our vacation and revisit the matter in September.

ΕΧΑΕ hired Morgan Stanley

ΕΧΑΕ is preparing for the Euronext proposal and has already hired Morgan Stanley to act as its advisor during the process. Euronext, for its part, has not yet named a financial advisor, so it is most likely to do so in the coming days. The discussions were held by its executives who had come to Athens, assisted by the Lambadarios law firm. The Board of Directors of ΕΧΑΕ will assign a valuation of the company, and based on this, it will take a position on the public offer that Euronext will have submitted in the meantime. The management’s inner wish is to prove that the real value of ΕΧΑΕ’s stock exceeds 8 euros.

Where the seven Euronext stock exchanges specialize

So, since Euronext is entering our lives with the proposal to acquire the Athens Stock Exchange, let me mention that each of the fully integrated Euronext markets has its own “specialization,” in the sense of the types of companies traded there that have a strong presence. This is, of course, not absolute, because all kinds of companies are listed, but in each market/exchange certain sectors dominate. These specializations create great diversity and complement each other—an element that is expected to benefit our own market as well. Specifically, the Amsterdam Stock Exchange is considered very important in the field of technology and energy in Europe. The corresponding market in Paris has strong specialization in luxury goods, aeronautics, and financials; Milan combines energy, industry and fashion. The Lisbon exchange shows a preference for energy and natural resources, Brussels for pharmaceuticals, food & beverages, and banks. The Dublin Stock Exchange is considered a hub for financial services and companies with international operations, while Oslo has a particular focus and specialization in shipping, fisheries, and aquaculture.

New tender for the Hippodrome in Markopoulo

The maintenance alone of the property of the Olympic Equestrian Center in Markopoulo costs more than €800,000 per year. Every day of delay in the plan for its utilization burdens the public finances. The Hellenic Corporation of Assets and Participations (HCAP) attempted to formulate a Special Spatial Development Plan (SSDP) that would respect environmental and other concerns of the area, while also being attractive to investors. The Council of State annulled the awarding of the tender for the utilization of the Olympic Equestrian Center to businessmen Yiannis Mytilineos and Dimitris Melissanidis, who had initially won by bidding €19.1 million through a Cypriot company under their interests. This decision came as a result of the appeal by the Hellenic Equestrian Federation and other bodies, who challenged the legality of the SSDP that had been approved for the property. The Council ruled that the SSDP conflicted with the Urban Plan of Athens and did not ensure the preservation of equestrian sports as the primary use of the property, as required by the legal framework. This decision essentially blocks the implementation of the investment plan that envisioned transforming the area into a theme park and developing mild commercial and tourist activities, while maintaining only a part of the land for equestrian sports. HCAP will announce a new tender, with a revised plan that ensures the primary use remains equestrian. If this tender also fails, HCAP will return the property to the State.

LAMDA Development

LAMDA Development is to receive a high dividend from its subsidiary Hellinikon S.A., following the extraordinary general meeting of the latter. Specifically, as posted yesterday in the General Commercial Registry (GEMI), the extraordinary general meeting decided “to distribute a dividend to the shareholder of the company totaling nearly €126 million (precisely €125,997,291), i.e. €20.02 per share, derived from the profits of the fiscal years 2022–2024.”

Investments boost Lavipharm’s production

It had been nearly 25 years since any serious investment was made in Lavipharm’s factory in Paiania, as was mentioned in the company’s general meeting yesterday. The transformation path started in 2022 was accompanied by significant modernization and development interventions in the facility, and the results this year are expected to be spectacular. The new transdermal drug production line has already been installed and successfully tested, and the management is now able to more than double the production of transdermal systems, from 45 million annually today to 120 million patches. Thus, gradually through 2025, the new line’s capacity will allow for increased production volume and faster response to international demand. The management also mentioned that, given the agreement with INOVA, it has decided to create a new liquid production line—an investment which, together with the modification of the factory spaces, will reach about €3 million. With the creation of this second production line, liquid capacity exceeds INOVA’s collaboration needs at least for the first five years, while overall, the capacity is expected to reach 20,000,000 bottles compared to the 3,500,000 currently being produced.

LANAKAM: clothing, real estate, and…277 euros

LANAKAM S.A. is listed on the Athens Stock Exchange with multifaceted activity, which is also reflected in its full name: “LANAKAM S.A. Textile, Technical, Investment, Shipping, Tourism, and Commercial-Industrial Company.” LANAKAM’s main activity today is the trading of fashion products, where it maintains partnerships with international brands such as Furla and Coccinelle, as well as the exploitation and development of real estate, mainly in Keratea and Thessaloniki. On June 23, LANAKAM held its annual general shareholders’ meeting, where it was announced that turnover last year was €2.43 million (vs. €2.45 million in 2023) and net profits €294,000 (vs. €516,000 in 2023). The financial results were positively affected by revaluations of its properties’ fair value. Now, on July 22, a new General Meeting of shareholders will take place, where key decisions regarding the company’s future strategy and governance are expected. The property in Keratea, which is located near the future suburban railway station, has been included in the city plan, creating opportunities for development and value enhancement. There may also be announcements regarding the Thessaloniki properties. All this from a company with a market capitalization of €6.5 million that yesterday recorded trading activity worth just €277.

Given the upgrade

The Athens Stock Exchange now operates with its upgrade a given, whether through Euronext or other international reclassifications. The natural protagonists are the stocks that have already been internationalized through their — current or forthcoming — participation in other stock markets. Coca Cola, Eurobank, Alpha Bank, VIOHALCO, Metlen, Cenergy and other “internationalized” stocks are now attracting the attention and capital of large investment firms that are not in a hurry, not rushing, but systematically positioning themselves for the next phase of the Greek capital market. With the General Index above 1,900 points and the Banking Index above 2,000 points, the Athens Stock Exchange is leading the return race even when Wall Street had a half-day yesterday and today celebrates the American National Holiday, July 4th. Yesterday, the General Index closed at the day’s high of 1,915.24 points (+1.12%), with a trading value reaching €249.14 million, of which only €20.5 million were in blocks.

All four were excellent

The main “lifeline” of the sharply upward momentum in the Stock Exchange continues to be the banks, which climbed to a new 10-year high. The banking index, as mentioned above, broke the “barrier” of 2,000 points, while the shares of Eurobank, National Bank, and Alpha Bank closed at their highest levels since November 2015. As for Piraeus Bank, although it didn’t accompany its gains with a record, it took the spotlight on the board as it recorded the strongest percentage rise among the systemic banks. Eurobank reached the peak of €3 and its valuation rose above €11 billion. National Bank appears to be establishing itself above €11, and Alpha Bank above €3.1. Regarding this year’s performance, Alpha Bank stands out with a jump of 93.88%, followed by Piraeus Bank with 58.18%, National Bank with 47.39%, and Eurobank with 36.32%. Finally, Alpha Bank surpassed OPAP on the capitalization chart and, as a result, the systemic banks now occupy positions 2–5 in the relevant ranking. Collectively, they are worth around €36.37 billion, which constitutes 28% of the total capitalization of the Greek stock market.

Hellenic-American Chamber: Decisions over the weekend

The new Board of Directors of the Hellenic-American Chamber of Commerce is meeting over the weekend. The 25 elected members will select the 15 appointed members, and all 40 together will distribute roles, committees, and responsibilities. After his victory (by a margin of 30 votes), Ioannis D. Saracakis has already selected the 9-member Executive Committee, which will essentially manage the Chamber. Lawyer Ioannis Kyriakidis of Kyriakides Georgopoulos Law Firm assumes the position of General Secretary, Vasilis Kafatos of Deloitte becomes Vice President, while a special role is also assumed by Ms. Lambrina Barbebetaki of AbbVie Pharmaceuticals, who impressed with her first involvement in the affairs of the Hellenic-American Chamber of Commerce, as she received more votes than even President Ioannis Saracakis.

There will be a brawl (in Ekali)

This column usually avoids such topics, but here we’ll make an exception, first because it’s a topic of conversation in Ekali, and second because it has (or tries to have) a business angle. A foreign major investor from Dubai has appeared in Ekali, dazzling everyone with his wealth. He rented an impressive villa that’s been a recent topic of discussion and belongs to a major shipowner, and began making contacts as he expressed interest in investments in pharmaceutical companies, technology, and even aircraft. He recently bid at auction on a villa in Ekali that belonged to a deceased major businessman and is said to have given a €300,000 down payment to buy a villa in Mykonos. This is where the grandeur ends, as the shipowner has become furious since the unpaid rent of the foreign tycoon has reached four months, while in the lounges of Ekali it is said that the new kid on the block bought the villa in the neighborhood and made the down payment on the house in Mykonos not with his own money, but with €26 million he “raised” from two Greek venture capital funds. The fund managers trusted the “barefoot prince,” but since then haven’t seen a single investment from him. On the contrary, he seems to be living “the good life” between Athens and Dubai, describing grand plans that so far remain unfulfilled. If this is indeed the case, this story does not look like it will end well.

Jaguar fell victim to the woke agenda

In November 2024, British luxury carmaker Jaguar made a spectacular decision to change its communication codes with its car buyers. It is obvious that these cars are not typically bought by…”sensitive” young people receptive to the demands of the LGBTQ community, but rather by older, conservative and established businessmen. Nevertheless, Jaguar dared at the time to change its advertising lines, moving from the aggressive jaguar image to softer and more pastel tones with images of young people of all kinds of personal choices. Today, Jaguar is facing its steepest sales decline in decades. Only 49 Jaguar vehicles were registered in Europe in April 2025, a -97.5% drop compared to 1,961 units in the same month last year. Sales from the start of the year between January and April fell by 75.1%, with only 2,665 cars sold across the continent. The goal of Jaguar’s new communication campaign was to transform into a fully electric, ultra-luxury, and environmentally sensitive manufacturer. That’s why it abandoned advertisements featuring strong and dynamic older men and instead presented androgynous models in intense settings, minimalist slogans like “Copy Nothing” and “Live Vivid”, and a futuristic logo that resembled a claw. The campaign was designed to attract a younger, more diverse, global audience, but ultimately proved divisive and — above all — ineffective.