-Greetings, the last parliamentary fortnight of July will be anything but relaxed, and it will likely mark the lead-up to the brief summer recess of Parliament. I say this because in the next two weeks, three separate critical votes are scheduled, each bound to spark intense political clashes. First up is the debate on the findings of the preliminary investigation into the Tempi train disaster, and the referral of K. Karamanlis to the Judicial Council. According to my sources, this procedure will take place between Monday and Wednesday, July 21–23. On July 24, we’ll have some awkward handshakes and warm selfies (thanks to the heatwave, obviously) at the Presidential Mansion during the traditional reception for the Restoration of Democracy. From July 25 until the end of the month, we’ll likely see the debate—and likely rejection—of the motions for a preliminary investigation submitted by PASOK and SYRIZA–New Left over OPEKEPE, followed by the debate—and probable approval—of ND’s motion for a parliamentary inquiry into the same matter. All of this, of course, assuming no new case file drops in the meantime. I mention this because yesterday rumors resurfaced about a file being forwarded concerning the organic products of the Agricultural Bank.

The “green” official on the radar

• I wrote to you yesterday that ahead of the parliamentary debate on OPEKEPE, the M.M. (Maximos Mansion) has started scanning for individuals with PASOK ties who, one way or another, have knowledge of the subsidies case related to grazing lands. One such person is Mr. Lampros Antonopoulos, who’s no random figure but the secretary of the PASOK regional committee in Heraklion (where the party has two MPs and strong support). Mr. Antonopoulos reportedly has several files linked to his name for subsidies from OPEKEPE through a company called “Dairy Cooperative IKE.” Another question is whether this company is the same one listed among OPEKEPE’s active CUDs (Declaration Reception Centers). I don’t mention this to single the man out, but because—as my source tells me—PASOK will have to deal with this in the upcoming inquiry.

The 4+1 steps of Plevris’ immigration law

• We had already presented to you from this column and from the pages of Proto Thema the key elements of the tough framework the government has been working on since the Voridis era to combat illegal immigration and strengthen deportation mechanisms. No matter what the opposition or various NGOs say, the reality in Greece and across the EU is harsh: eight out of ten migrants declared illegal stay on in European capitals, essentially rendering the concept of legal refugee meaningless. The five key steps of the upcoming bill, which is expected to go to public consultation, include:

1. Increasing administrative detention at open pre-removal centers from 18 months currently to 24 months, with electronic surveillance tools—yes, ankle bracelets—because the vast majority of rejected applicants have already vanished into thin air.
2. The level of cooperation by applicants will also factor into the assessment of their case. Those who destroy their IDs and travel documents will face immediate rejection.
3. Those who do not commit a criminal offense while hosted will face mandatory deportation.
4. Final asylum rejection will render applicants immediately illegal, facing three years’ imprisonment and a €10,000 fine without suspension. At that point, illegal migrants will face a clear-cut choice: a return ticket or a prison cell.
5. Now, you might ask whether, for some, the three years of detention might be worth it if they’re set free afterward. Nope—the sentence will be repeated until the individual accepts the return ticket.

The M.M. and the Virgin of Petra

• A few days ago, K.M. visited Mount Athos, bringing with him the “bonus” of €100 million for projects in the monastic community, along with increased funding for the monasteries. The M.M. (Maximos Mansion) continues its targeted support of monasteries in Northern Greece, and yesterday the director of K.M.’s parliamentary office and Thessaloniki coordinator, Michalis Bekiris, visited the Holy Monastery of the Presentation of the Virgin Mary of Petra, Olympus, in Pieria. There, after lighting candles and offering prayers, he was received by Metropolitan Georgios of Kitros, Katerini, and Platamonas, who thanked him for the government’s efforts to return the monastery complex to the diocese—something achieved through government intervention and a legislative provision in a Health Ministry bill. You see, the monastery had operated for centuries, but at some point, it was turned into a sanatorium, then a psychiatric hospital, which closed in 2004. Now, a 100-acre area is being returned to the Metropolis, while the remaining thousands of acres will go to the state and the local community.

Santorini

• It’s midsummer and tourism is the word, so finally, some good news for long-suffering Santorini. I hear that in the past 10–15 days, there’s been a bit of a rebound in tourist flow—the 20% drop in June has turned into a 10% drop in July (airport data). Of course, we’ve already lost 300,000 arrivals compared to last year, but there’s a sign of improvement. The decline was inevitable, partly due to earthquakes and closed attractions, partly (or largely) due to skyrocketing prices, and, of course, that cruise ship fiasco. But the damage to the island’s image can be repaired, as long as both the locals and the state are willing.

Pierrakakis–Hardalias

• Pierrakakis didn’t stick to formalities during yesterday’s event where the Tae Kwon Do arena was transferred from ETAD to the Attica Region. As the Finance Minister stressed, this isn’t a routine handover but a “paradigm shift” in the management of public property. The venue is being converted into a convention center, and the entire area of Faliro Bay is being redeveloped into a metropolitan park, giving a new lease of life to the Athenian Riviera. Speaking on collaboration with local government, the Finance Minister made it clear: “The state can’t and shouldn’t do everything on its own. Today’s handover is tangible recognition of the Attica Region’s role as a strategic partner in managing public assets.” He even made a special and particularly warm reference to Nikos Hardalias.

Euronext proceeds with HELEX

– The financial and legal due diligence of Euronext on HELEX is currently underway, with the goal of initiating the public offer process upon its completion. HELEX’s stock closed yesterday with gains of 2.40%, trading 305,000 shares at €7.25, leading everyone to take for granted that the offer price will be improved. The current intent is for procedures to move quickly so that the deal can be finalized—if possible—even by August, and certainly no later than September.

See you in September for the Swiss franc loan settlement

– The Ministry of Economy and Finance has decided to improve the settlement for Swiss franc loans, as expert studies concluded there’s still a bit of room to enhance the scheme for these borrowers. The settlement is being reworked, and the announcements appear to be slated for September. The philosophy remains based on subsidizing the Swiss franc–euro exchange rate, which in practice amounts to a loan haircut applied progressively—from the most vulnerable to the wealthier borrowers. The loan is converted to euros and carries a fixed exchange rate until maturity. The Ministry has carefully examined the plan to ensure it doesn’t affect the state guarantees tied to securitizations. As we await the announcements, it remains to be seen whether the banks will factor in part of the expected losses—estimated to exceed €400 million—in their Q2 earnings reports.

Ioannou on the rumors of a deal

– Christos Ioannou once again put the brakes on rumors of a deal with an energy or industrial player in the market, when asked if there’s room for further partnerships in the construction sector. Speaking about AVAX, he stated that a merger is not in the cards, expressing confidence that it’s not even necessary. “The four companies are enough for the Greek market—there’ve already been plenty of mergers,” he remarked, addressing the recurring chatter of a new construction “marriage.” The company’s growth continues, with a backlog of €3 billion and significant new contracts in the private sector with Papastratos and Sklavenitis. One of the key items at the general shareholders meeting was a proposed share capital increase within the next five years, not to exceed three times the current paid-in capital of €44.4 million. As Ioannou explained to shareholders, this is merely a provision in case the company wants to make a new acquisition or issue a convertible bond, without needing another general meeting’s approval. He clarified that this is a contingency plan, not a sign of an imminent move. Put simply, if a “good offer” comes along, they won’t be caught off guard.

Loukianou, Charagionis, and… the parking lot

– The newly formed company “Continental Garage,” whose main activity is parking services, seems to have a date with history. Its headquarters is at 19 Loukianou Street in Kolonaki—just a few meters from where the recent, nearly tragic, incident took place involving a runaway monster SUV that careened downhill, demolishing everything in its path. Whether the company plans to open a parking station in the area remains unclear, but if it does, it’ll be a godsend—maybe then some order can be imposed on this increasingly dangerous parking chaos. The company lists as shareholder and manager Nikiforos Charagionis, son of the late businessman Theodoros Charagionis. The Charagionis Group has been involved in the development and management of parking spaces since 1975, currently overseeing 12 proprietary facilities in key areas of Athens and Piraeus, totaling 2,500 parking spots. As for the newly established Continental Garage, its modest initial capital of €400 is split evenly (25% each) among Nikiforos Charagionis, Sokratis Vertelis, Thrasivoulos Papadimitriou, and Thomas Lauer. Among its… let’s say “colorful” side activities are wholesale boat sales, organizing car and motorcycle rallies, and a host of other ventures.

OTE stops burning money in Romania

– OTE’s stock came under dual pressure yesterday, both in Frankfurt and Athens. Deutsche Telekom dropped -0.95% to €30.3, while OTE fell -1.75% to €15.13. This came as signs increase that OTE will finally offload its Romanian albatross. When Kostas Nebis took over as OTE CEO, he publicly promised to complete the sale of Telekom Romania Mobile (TKRM) within the first half of 2025. We’re already into July, and the Romanian Competition Council has yet to give the green light. However, an official announcement of the share transfer from TKRM to Vodafone Romania appears to be approaching. Vodafone will share the acquired infrastructure and frequencies with Digi Mobil, Romania’s third-largest mobile provider. The sale improves liquidity and reduces the Group’s exposure to a struggling market. TKRM has racked up €441 million in accumulated losses and €50 million in negative equity. Over the past year alone, OTE had to inject €130 million into the subsidiary. OTE’s strategic focus is now on its core market—Greece—where performance is stronger and growth prospects brighter.

Two EYDAP contracts lifted DOMIKI

– On June 25, the stock of Domiki Crete was comfortably sitting at €1.70. Yesterday it surged to €2.34 with impressive volume of over 90,000 shares. What changed? The signing of a €7.2 million contract with EYDAP for water supply works in the Kineta settlement of Megara. This came on the heels of another big €35 million contract—also with EYDAP—for strengthening the main supply network. Previously, the company also secured the complete renovation of the Panteion University student dorms, budgeted at €13.3 million. These projects push the company’s backlog to about €70 million. Not bad for a company that last year saw a -24.7% revenue drop (€15.6 million) and operating profit squeezed to €1.3 million.

Uptick with volume and lots of blocks

– On the bright side, the market returned to positive territory, with trading value exceeding that of the previous down sessions. On the downside, there was selling in several blue chips—suggesting that some investors are looking to stockpile cash and are no longer gripped by FOMO (Fear of Missing Out). The General Index closed at 1,960.9 points (+0.38%), with trading volume reaching €262.9 million. Worth noting: €68.6 million came from prearranged block trades. Piraeus (+2.81%) at €6.58 saw transactions worth €47.6 million. Alpha (+0.49%) at €3.268, Eurobank (+0.29%) at €3.16, and National (-0.38%) at €11.73. CrediaBank broke past €1, climbing to €1.02 (+3.34%). On the sell side: OPAP (-1.52%), followed by TITAN (-0.92%) at €37.65 and Coca-Cola (-0.22%) at €45.60.

The three stocks that stood out

– As mentioned above, the gap between the HELEX stock price and the offer from Euronext keeps widening. The stock climbed to €7.25, peaking at €7.35 during the session, while Euronext is offering €6.90—a spread now exceeding 5%. In plain numbers, Euronext is offering €400 million, while HELEX is now valued at €437.5 million, making an improved offer more likely. The stock also hit an 11-year high, with the previous peak dating back to June 2014. Fourlis was the standout among mid-caps in a session where that segment had more “gas” than the rest. After a 5.2% jump, the stock crossed €4.40, levels not seen since September 2023. It’s had six straight days of gains, up 14.35% cumulatively. A positive catalyst was a Eurobank Equities report setting a target of €5.70. As of July 10, when the report was published, the upside was 38%; it’s now narrowed to 29%. Meanwhile, a buying frenzy hit Europe Holdings, which made a double-digit leap—up 12.43%—the best one-day performance in five years. It reached €1.90, a 15-year high not seen since January 2010. The surge was backed by strong volume: €1.54 million in trades and over 850,000 shares changing hands. Included in that were two blocks worth €308,000 at prices of €1.715 and €1.78 per share.

Record year with 15 Strategic Investments

– At yesterday’s session of the Interministerial Committee for Strategic Investments, chaired by Development Minister Takis Theodorikakos, not only were four major projects approved, but a record was also broken: from August 2024 to July 15, 2025, a total of 15 major “strategic” investments were approved, with a combined budget of €2.5 billion. Of these, 12 were approved in 2025 alone—last year’s total was 10. We’re only halfway through the year and the record is already shattered, with more to come, according to reliable sources from the Development Ministry. Of the 15 approved projects over the past 11 months, 7 are industrial investments worth €990 million, 2 involve research and technology (€136 million), and 6 are large-scale tourism investments totaling €1.45 billion.

Meta builds massive data centers and stirs controversy

– Facebook founder Mark Zuckerberg revealed that Meta is investing in gigawatt-scale data centers, creating a computing footprint the size of Manhattan. Project “Prometheus” kicks off in 2026 in New Albany, Ohio, while a 5GW “Hyperion” data center in Louisiana is set to host 2GW by 2030. Zuckerberg talks of “hundreds of billions” in investments for building large-scale AI data centers to fuel the development of “superintelligence.” Meanwhile, a New York Times report revealed that Meta’s data center in Georgia caused local water shortages, raising serious concerns. Now, everyone is talking about the strain such facilities place on local utilities. These centers are not only energy-hungry but also significantly impact water resources. The massive computing power being created is a key driver of economic and technological shifts.