Hello, I’m being told that by Monday K.M will decide what to do regarding the OPEKEPE case—whether ND will submit its own proposal concerning the political figures or whether it will let its MPs vote according to their conscience on PASOK’s proposal. As is known, PASOK will request the referral of both Voridis and Avgenakis on felony charges. Of course, there’s also the possibility that ND will impose “party discipline” on its parliamentary group and simply vote down PASOK’s proposal for a preliminary investigation. From what I understand, the current thinking is for ND not to submit its own proposal and to vote against PASOK’s, following a major debate in Parliament. In any case, Mitsotakis has not yet made a final decision, regardless of what is being whispered.

Voridis’ table

On Wednesday morning, Voridis appeared in Parliament for the first time in a while and sat in the Parliament’s café until the Prime Minister’s speech began. I saw it with my own eyes, I heard it with my own ears, and I’m passing it on to you… In less than 20 minutes, over 20 MPs stopped by his table. Not only from ND, but also from two other parties further to the left of the majority. The topic of conversation was obviously the OPEKEPE subsidies and the inclusion of his name in the European Public Prosecutor’s case file. As for the “blue” MPs, it goes without saying—they all told him “we’re with you.” What struck me was the reaction of a center-left MP who said in a stentorian voice: “I want the journalists here to hear this too. I read the case file and I don’t understand—why are they accusing you? Because you applied the technical solution? Are they serious?” Anyway, since I had the chance to speak with him as well, I can tell you that he rejects everything. Neither criminal involvement, of course…nor a preliminary investigation. And if a preliminary investigation does happen, he says it must not follow the “Triantopoulos model.”

Attack via Chnaras

There will be developments next week regarding the government’s stance on the preliminary investigation into the OPEKEPE case. In the meantime, I should tell you that next week will also bring a very strong round of government attacks on PASOK over the issue, with the spearhead being Rethymno MP Manolis Chnaras, who may not be part of the wiretapping case, but served as Deputy Regional Governor in Crete for three years and played a key role in the dossiers submitted by livestock farmers that inflated animal counts.

The good relationship between Pierrakakis and Karamanlis

The visit of Kostas Karamanlis (Rafina) to Pierrakakis’ office yesterday at noon shouldn’t come as a surprise to anyone familiar with the good personal relationship between the two. Karamanlis, in his capacity as Chairman of the Board of the tobacco company SEKAP, along with company executives—whose annual turnover exceeds €100 million—briefed the Finance Minister and his associates on the company’s export orientation as well as various bureaucratic issues that arise and hinder doing business. If you’re wondering about political matters, I should say that no political discussion took place. But my source said that the company represented by the former Prime Minister, as well as Karamanlis himself, left an excellent impression.

The companies in Rome

In addition to K.M, representatives of major Greek companies have been in Rome since yesterday. These companies are interested in participating in the project to rebuild Ukraine, particularly the case of Odessa. The mission was coordinated by the new Deputy Minister of Foreign Affairs Haris Theocharis, and representatives from Viohalco, GEK TERNA, ONEX, Mesogeios, ERTEKA, Avax, DP Pumps, and Intracom Telecom are attending.

And the earth will tremble…

Ever since Antonis Samaras left the Prime Minister’s office, some of his closest associates have maintained that the president will return… and the earth will tremble. They were certain his return would be a universal demand and a national imperative. But the years passed slowly, heavily, as the song goes. Most of all, they passed in excruciating silence. There is no popular mandate for his return, at least not in terms befitting a former Prime Minister who undeniably fought a hard battle at great political cost to keep the country in the euro. And since there is no genuine call for his return, some have thought to “manufacture” one. I cannot interpret in any other way the “spontaneous” text of the 91 “enlightened” members of the decadent right—a piece that directly echoes the political manifestos Samaras has occasionally unveiled at the War Museums in the presence of Thanou, Nikos Nikolopoulos, and other figures.

The “Enlightened” of the lumpen right

The overwhelming majority of the co-signing “enlightened” and self-proclaimed “Active Citizens” are retired military officers or commentators on geopolitical affairs. I spot on the list Georgios Aifantis, ambassador (ret.), Kostas Grivas, professor of geopolitics, Savvas Kalenteridis, retired officer, Giannis Mazis, professor of geopolitics, Meletis Meletopoulos, PhD in economics, Periklis Nearchou, ambassador (ret.), Giorgos Filis, PhD in geopolitics, among others. Also Mr. Giorgos Davris, retired air force lieutenant general and former MP of Panos Kammenos’ ANEL party, and the actor Lakis Komninos.

He doesn’t want a hanger-on

All these people gathered during a heatwave in the ESIEA hall and shared their concerns and worries. The country needs a firm hand at the helm—they said—a leadership figure “with government experience,” “proven patriotism,” and “prestige both domestically and abroad”—they added. “Personalities who believe in the European tradition and the country’s Western orientation…” they clarified, so that there would be no misunderstandings or misinterpretations that might make listeners think of any pro-Russian types. By association, they sketched the profiles of former Prime Ministers Karamanlis and Samaras without naming them, until the mastermind of the event, Meletis Meletopoulos, revealed it in an on-camera statement: “Of course, we are moving from the center to the right. Of course, we are calling for the enlistment of Kostas Karamanlis and Antonis Samaras.” I should say, however, that the closest associates of the former Prime Minister are keeping clear distances from the initiative of the 91, but as the saying goes—when a village is in plain sight… Fine, we can all say what we like and enjoy ourselves, but let’s not pin it on them.

Underground duel Mystakidis–Savvidis (part 2)

The sudden reappearance, this past Wednesday, of representatives of Telis Mystakidis at PAOK’s amateur sports club—with advanced plans for the new stadium and a guarantee letter of €250 million from UBS—just one day before the much-publicized return of Ivan Savvidis to Greece, has reignited rumors, speculation, and scenarios about Thessaloniki’s port (OLTH). Yesterday, upon landing in Thessaloniki, the first thing Ivan Savvidis did was visit Toumba stadium to assure that “everything is under control.” In the market, observers see in the clash over PAOK an effort to dethrone Ivan Savvidis from the port of Thessaloniki. All this, of course, remains speculation. Meanwhile, OLTH’s management is accelerating the investment for the expansion of Pier 6, with the contractor being the METKA-TEKAL consortium following the re-tendering of the project. The works are set to last 30 months and, once completed, the upgraded pier will double the port’s container handling capacity. On the Athens Stock Exchange, other players are currently in the spotlight, and for that reason, trading in OLTH’s stock has been relatively subdued. OLTH’s market capitalization exceeds €342 million, while it holds about €100 million in cash.

London brings capital inflows to Metlen

Metlen’s stock has been rallying in recent days, and one of the reasons appears to be the market’s anticipation of the company’s listing on the London Stock Exchange. This seems to be due to two factors. On the one hand, banking sources report overwhelmingly positive responses, mainly from retail investors, to the question of whether they want to exchange Metlen shares and participate in the public offer. The second factor is related to the fact that the company’s London listing is locking in very large capital inflows, as shown in a recent JP Morgan report which stated that just from passive funds, the amount exceeds $400 million expected to be invested within a particularly short period. Let’s not kid ourselves—who would want to miss out on the current €47 per share and the moderate forecasts by analysts that go as high as €60, and instead settle for €39 after the squeeze-out?

Firestarter CEO

Yesterday, the new CEO of Vodafone Greece, Achilles Kanaris, had his first meeting with press reporters, during which he was asked whether he is related to the firebrand Konstantinos Kanaris due to his surname. He confirmed that he descends from the family of the 1821 Revolution hero. With a view of the Acropolis from Nyn Esti at EMST, Kanaris—who took office three months ago—preempted questions by clearly stating that the Vodafone Group has no intention of selling its Greek subsidiary or exiting Greece. Such scenarios have circulated periodically in the past, and more recently in the market, either because the multinational giant is exiting various countries (this happens because those are markets that underperform and lack prospects, Kanaris said), or because large funds or domestic competitors had shown interest. However, he assured that Vodafone Greece is not for sale, as it is performing well and has strong prospects. Kanaris also said something else that went somewhat unnoticed: that Vodafone Group, under Margherita Della Valle’s leadership, has now adopted a more partnership-oriented mindset in local markets—unlike in the past—being more open to both equity and non-equity collaborations. He also commented on the major issue in the market, the intensifying competition in telecommunications and PPC’s entry into the sector. When asked diplomatically whether Vodafone will also engage in a price war, he responded that the company monitors competitors’ actions but does not intend to lead a wave of aggressive price cuts.

Credia Bank: The only bank that accepts customers without an appointment

The new operational model implemented at Attica Bank by CEO Eleni Vrettou is delivering results, and the image of the bank—which will be renamed Credia Bank—is changing dramatically. By autumn, the organic merger with Pancretan Bank will be completed, deposits have reached €6.1 billion (+93%), net credit expansion in 2024 was €952 million (a 9% share in the net credit expansion of all banks), while recurring operating income increased by 96% and net interest income (NII) by 44%. The upward trend continues into 2025, with a 132% increase in recurring operating profits in Q1, a 159% rise in NII, and an NPE ratio of 2.9%. Notably, Credia Bank is the only bank that accepts walk-in customers at any time and operates cashier services all day across its 63 branches. Changes will begin at the Skoufa Street branch in central Athens—not only with new signage bearing the Credia Bank name but also with an overhaul of the customer experience of the former Attica Bank. Next in line are the branches on Panepistimiou Street and in Chalandri, while efforts are underway to complete the transition in Thessaloniki before the Thessaloniki International Fair begins. Crete will follow. The management’s goal is to issue the first Credia Bank credit cards in October, by which time the integration of the bank’s IT systems will be complete.

Cheap and with a story—but it must prove it

It took a report by Eurobank Equities for Fourlis’ stock to breathe again and rise above €4 after 25 sessions. Beyond the weight carried by the brokerage’s analysis team, the significant increase in the target price to €5.70—a 45% upside from the €3.94 close on 10/9—pushed the stock to €4.13. But the essence lies in Eurobank Equities’ reasoning, which points out that although the market remains cautious due to past weaknesses—in part not the fault of management—in achieving strategic goals, Fourlis, following the deconsolidation of Trade Estates, now has a clearer investment narrative, an attractive valuation profile (the retail sector is valued 15%-35% lower than international competitors), and strong prospects for 2025. However, according to Eurobank Equities, Fourlis remains a “show-me story,” as restoring investor trust will depend on consistent execution of the management’s goals. In focus are whether the management’s guidance for a 13.3% increase in 2025 sales to €600 million and a 20% rise in EBITDA to €38 million will materialize, as well as the impact of new CEO Yannis Vassilakos, who has been credited with Kotsovolos’ strong performance in recent years and is now expected to bring fresh momentum to Fourlis.

New auction for Tsiartas

This saga has been going on for years… We’re talking about the luxurious property of retired football star Vasilis Tsiartas in Marousi, which has been repeatedly appearing on the auction platform in recent years. The property was acquired by the former international attacking midfielder in December 2001, during his time at AEK, two years after his return to Greece from Sevilla. The initial auction, initiated by Alpha Bank, was reported by “THEMA” back in December 2018, with the gavel set to fall on December 19, 2018, at a starting price of €1,060,000—but with no result, despite Tsiartas taking actions to save the property. A second auction followed on February 27, 2019, which also failed. A third was scheduled for November 9, 2022, this time initiated by Cepal, but the process was suspended. Later, the property was back on the e-auction platform for January 17, 2024, with the starting price increased to €1,815,000 based on a newer appraisal. Again, however, the process was halted. The saga continues. The new auction is now set for February 4, 2026, with Cepal again as the initiator and the starting price lowered to €809,000. It is noted that the foreclosure was imposed for an amount of €500,000, part of Cepal’s accelerated interest-bearing claim totaling €945,545.27. The property is a 652 sq.m. plot located in the Municipality of Marousi, in the “Nea Filothei” area of “Kalogreza,” on Neapoleos Street. On the plot stands a two-story residence, which according to a previous appraisal includes a 316.54 sq.m. basement, a 199.25 sq.m. ground floor, and a 184.67 sq.m. first floor. The basement includes four parking spaces, an 86.04 sq.m. garage, machine room, storage, laundry/ironing room, linen room, another storage room, kitchen fridge, WC, lift, and staircase. The ground floor includes a living room, office, dining area, WC, lift, staircase, and three semi-outdoor spaces. The first floor includes a rooftop, two bedrooms, guest room, dressing room, three bathrooms, sauna, staircase, lift, WC, master bedroom, a semi-outdoor space, and two wooden pergolas. There is also a swimming pool. The property is declared as Tsiartas’ residence. Let’s see if he can pull off one of those slick dribbles he used to do on the pitch to dodge the auction this time as well.

Stock Market: A Closed Club with Few Invited Guests

The 8th consecutive upward session for the Athens Stock Exchange is certainly good news. As is the fact that the Greek capital market is the world champion in returns over the past 12 months. The bad news is that this party involves just 8–10 stocks—those that foreign fund managers know well and focus on exclusively. When bank stocks don’t rise, other blue chips come in to boost the General Index, and once those get tired, the banks return. It’s good that the market is rising, but it would be better if the circle of favored stocks widened and investment interest spread to mid- and small-cap companies. Yesterday it was Aktor’s turn (+6.34% at €5.70) to take the baton of gains and help National Bank (+3.37% at €12.10) and Piraeus Bank (+2.15% at €6.55), while Alpha Bank (-1.84% at €3.249), JUMBO (-2.67% at €29.20), TITAN (-0.39% at €38.30), and Coca-Cola HBC (-0.09% at €45.48) were undergoing short-term profit taking. The General Index wavered early on, giving the impression of an overall correction, but ultimately closed the session at 1,968.74 points (+0.35%) with a transaction value of €270.68 million, of which €34.7 million were in block trades.

The Stassinopoulos Stocks Shone

Buying interest is intensifying in the shares of the Viohalco group. The parent company extended its 14-month record, stopping at €6.57 and reaching as high as €6.68 during the session—a price not seen since early September 2023. As for the subsidiaries, Cenergy Holdings hit a new all-time high and moved closer to the €11 mark. ElvalHalcor came within a “breath” of €2.70, stopping at its highest level since February 2008. However, yesterday’s session was of even greater importance for ElvalHalcor, as it became the 26th listed company on the Athens Stock Exchange with a market capitalization exceeding €1 billion. The group’s shares have delivered impressive performances this year, with Viohalco up more than 20%, Cenergy reaching 14%, and ElvalHalcor nearing 40%. More modest gains of about 9.5% have been posted so far in 2025 by another subsidiary, Noval Property, which nonetheless shows strong upside potential. Specifically, the average target price given by analysts is €3.23, which is 27.5% above current levels.

The Hunt for Half a Billion Euros Begins

The Greek state may recover up to €480 million from subsidies granted to more than 1,400 investment projects under the Development Laws of 2004 and 2011 that were never implemented. According to an amendment by Minister of Development Takis Theodorikakos, submitted to the Ministry of Development’s bill on Quality Policy, investment projects under the 2004 and 2011 Development Laws that did not submit an audit request by April 1, 2024, are automatically disqualified upon the law’s publication. Following this automatic disqualification, all entities that received financial aid or received aid backed by a letter of guarantee will be required to return the amounts with interest. The Ministry of Development will compile lists of the projects and the amounts, which will be sent to the Independent Authority for Public Revenue (AADE) to collect the money from companies that failed to carry out the investments.

Banks, Profits, and Interest Rates Take Center Stage on Wall Street

Trump’s announcements beat the drums, and the markets dance to the tune of tariffs. Analysts struggle to align company figures and metrics with market sentiment. On Wall Street, it’s the banks’ turn. JPMorgan Chase, Citigroup, and Wells Fargo will begin reporting their half-year results next Tuesday. For now, the majority of analysts expect a +5.8% increase in earnings for the S&P 500 in the second quarter. The other major event in July is, of course, the Federal Open Market Committee (FOMC) meeting from July 29 to 30, which will conclude with the FED’s interest rate announcement. Interestingly, the FOMC published the minutes from its last meeting. It didn’t take a deep read to see the major disagreements among central bankers regarding the pace of dollar interest rate cuts. Trump rages, demanding immediate multi-point reductions now. The minutes from the June 17–18 meeting, released on Wednesday, revealed a committee increasingly divided, weighing conflicting signals from inflation, the labor market, and fiscal policy. While some officials noted they could support a rate cut as early as July, others stated that no rate cuts would be justified this year at all. For now, the futures market seems to be pricing in two quarter-point rate cuts by year-end. The trajectory of U.S. interest rates will largely determine market performance in the second half of the year.

Turkey’s Central Bank Is Hoarding Dollars and Gold

The Turkish stock market is not performing well this year. Alongside Thailand, it ranks among the worst-performing markets in 2025. Moreover, the Turkish lira has depreciated by about 13% against major currencies. On the other hand, the Central Bank of Turkey is accumulating dollars and gold as if preparing for something. The Turkish Central Bank’s gross reserves increased by $10 billion. This rise isn’t merely due to borrowing or temporary flows, but actual capital inflows. Foreign investors bought $2.2 billion worth of bonds in a single week. The bond market’s value increased to $19.9 billion. Many believe that the Central Bank is boosting its foreign exchange reserves in preparation for a series of interventions to stabilize the lira or absorb external pressures. At the same time, the Central Bank is stockpiling gold to counter inflationary pressures.

Cryptocurrencies Enter the Tourism Industry

Immediately after the news broke, the price of bitcoin surged to new records. The announcement by Emirates, one of the world’s largest airlines, that it will now accept Bitcoin and other cryptocurrencies as payment for tickets and services, fundamentally changes the digital currency market. Emirates’ partnership with Crypto.com and the integration of the Crypto.com Pay platform into its payment system effectively legitimizes cryptocurrencies as a daily transaction tool, beyond just an investment vehicle. The move clearly aims to attract younger, tech-savvy travelers who already use digital assets. At the same time, it seeks to build Dubai’s and the UAE’s global image as leaders in financial innovation, in an unofficial race with the U.S. The UAE now also aspires to become a global crypto hub. The goal is for 90% of all transactions in the Emirates to be cashless by 2026.