Hello! Let’s kick off with a bit of news — yes, there is still such a thing in mid-July. So, most likely within the day, Minister Pierrakakis will submit an amendment to cancel the increased ATM fee announced by Cashflex, the company that recently bought around 800 ATMs from Piraeus Bank. The government — and Mitsotakis himself — considers this a circumvention of the recent law regulating banking fees, so they’re not about to let it slide. I hear that one solution the ministry is looking into, in coordination with the Bank of Greece, is to force Piraeus Bank to sell its 20% stake in Cashflex — or require Cashflex not to charge more, especially not to Piraeus Bank’s own customers. That is, the fees should be as if the machines still belonged to Piraeus, assuming you’re a client withdrawing cash. Another option reportedly being explored is to set a cap on small fees across all financial institutions — not just banks — and put the matter to rest. I’ll go one step further: if banks keep this up, customers will simply move over to platforms like Revolut and be done with it. Winbank is already running smoothly, and only retirees are still queuing. Meanwhile, IRIS — which charges nothing — is gaining serious ground. So, Greek banks, the Bank of Greece, and the government will need to support mergers… yesterday, while these banks are still, in a way, Greek.

Samaras Summer Stories

– So now that we’re getting scorched with 45°C heatwaves, and while the rest of us are stuck working instead of vacationing, sit back and let’s enjoy a nice little story. I’m hearing that Samaras has made up his mind to launch a new party — come hell or high water — not so much because he believes he’ll become a coalition minister or Prime Minister again, but because, dammit, he’ll get 2%, 3%, maybe even 4%, and finally… bring down Mitsotakis. He’s even knocking on doors for support — if you catch my drift — much like Tsipras, since these ventures don’t run on hot air. Now you might ask: “Samaras? Born in 1951? Forming a new party to take down Kyriakos Mitsotakis — when he’s already been PM as leader of New Democracy?” I really can’t say. But who’s to say he won’t? Especially when he sees that the hapless opposition can’t get anything serious done. Mark my words: this winter’s going to be very interesting. Whatever’s going to happen, it’ll happen soon — with parties and… splinter parties.

Marine Parks Incoming

– On national matters now: the Trump era brought global instability, and there are multiple fronts for us to deal with. Mitsotakis is facing heavy criticism, especially after the Libya incident. So, the response from government spokesperson Marinakis in his Saturday TV interview was no accident — particularly aimed at professor and former Karamanlis-era deputy minister Yiannis Valinakis, who’s been pushing the narrative that Greece is boxed in at 6 nautical miles and lacks a strategic plan. Marinakis laid out the government’s track record (EEZ agreements, defense procurement, maritime spatial planning, etc.), but what’s most interesting is that announcements are expected this week about new marine parks. These are two zones mapped out in the Ionian and South Aegean, aimed at protecting the marine ecosystem. Mitsotakis himself will unveil them in the next day or two. Papastavrou and Gerapetritis have already prepped the ground, and it’s clear the government wants to show it’s asserting Greece’s rights in practice — especially since even the mention of a marine park in the South Aegean has already drawn protests from Turkey.

Some (Few) Good Things Too

– Now, on the OPEKEPE front, it looks like the parliamentary inquiry will kick off next week and, as expected, will take months — with endless witnesses and episodes. But let’s also mention a rare piece of good news from a state organization — INEDIVIM (which oversees student dorms). Its president Anna Rokofyllou took over at the end of 2023, finding a small “hole” in the books to the tune of €7.5 million. By 2024, however, the budget closed with a surplus of more than €6.8 million. You might ask, “How’s that possible?” Clearly, through prudent and careful management. At the same time, she got all 17 student dorms nationwide in order and secured €20 million in funding for the oldest dorm in Athens (on Patission Street) for students in public universities.

Two Changes in the Swiss Franc Loan Settlement

– As the finance ministry weaves together the bill for regulating loans in Swiss francs, it still hasn’t finalized how to broaden eligibility so more borrowers benefit. Meanwhile, some useful tweaks are being introduced. For those loan holders who meet the income and asset criteria to apply for out-of-court settlement, they will not be required to settle all their other debts too — as currently mandated. They’ll be able to settle only their Swiss franc loan. Additionally, the option to restructure just part of the Swiss franc loan is being scrapped. Borrowers will be required to restructure the entire remaining balance of the loan.

EYATH’s Placement and the Greek and Foreign Suitors

– Behind the scenes at the Stock Exchange, EYATH (Thessaloniki’s water and sewer utility) has been stirring, with the Finance Ministry and the Superfund weighing how much of their stake to float in the market soon. The placement plan — to be finalized in 2025 — is on the table: whether for 5% or more, depending on investor interest. The goal, according to well-informed sources, is to boost both the stock’s liquidity and shareholder base, in line with stock market rules. So developments are expected from September onward for the listed company. Despite a compelling story and major investments, its market cap sits at €120 million. Insiders say Veolia (already holding 5.6%) is anything but disinterested, and there’s talk of a “parade” of Greek construction groups eyeing water as the next big investment play — especially now that PPP projects are surging and water scarcity is ringing alarm bells. According to relevant sources, interest is also coming from German and Spanish companies in the same sector. Now it remains to be seen if this flurry of activity materializes. As for the government? It’s keeping a low profile. But the Finance Ministry knows these moves require political timing and proper packaging — especially since many battles have been fought over water’s public character, often in opposition to government plans.

Who Benefits from Vardinogiannis’ Surprise “Wedge” via PerCapita in TV Rights

– Until the last moment, everyone expected the big battle for Superleague TV rights to be between Cosmote and NOVA — the two subscriber-based rivals fiercely competing to snatch up all or most of the clubs. Some secretly hoped that this “eternal clash” would drive prices up, to the benefit of the football clubs. Then, out of nowhere, a third contender emerged: PerCapita, a company linked to the Vardinogiannis family, which proposed managing a part — or even all — of the TV rights centrally. PerCapita pitched a new model: centralized management offering higher per-club guaranteed income (hence the name “PerCapita”), especially favoring smaller clubs, with four-year contracts and automatic negotiations with Cosmote/NOVA. Their aim was to unify more clubs under one umbrella and craft a more competitive counter-offer to the big providers — but with buy-in from a large portion of the clubs, especially the smaller ones. In the end, the market struck a deal: Cosmote and NOVA each got a package — with the big three (Olympiakos, Panathinaikos, AEK) staying with Cosmote, and PAOK, Aris, Asteras AKTOR and others going to NOVA. The derby is over, but PerCapita’s intervention acted as a lever — a negotiation chip that helped raise the price, especially benefiting the mid-tier clubs, who now get significantly better contracts than before. This was the first organized attempt by a third-party (outside the traditional broadcasters) to enter Superleague TV rights management in such a forceful way — and it’s already set a precedent. Smaller clubs now have bargaining power, and the Greek market is shifting toward models with intermediaries and shared umbrellas — ahead of the next major TV contract cycle. Official announcements are expected shortly, as European cup qualifiers are just around the corner.

Cepal’s New Company

– Last week, Cepal Hellas established a new company called Creditpal Debtor Notification S.A., with a starting capital of €350,001 divided into as many nominal shares. The company’s headquarters is located at Cepal’s offices on Syngrou Avenue. Its initial Board of Directors includes Cepal’s CEO Theodoros Athanasopoulos as Chairman, Efstathios Andrianakis as CEO, and Christos Stefanidis as a member. The company’s exclusive purpose is “out-of-court notification of debtors regarding the existence of overdue and due monetary debts to creditors, prior to legal action and enforcement proceedings, stemming from credit or guarantee agreements and lawful commercial transactions, such as purchases of goods, service provision, loan issuance, guarantees and credit, credit card usage, as well as negotiation of the timing, method, and terms of repayment on behalf of creditors. This includes exercising any related rights on behalf of creditors, to the extent permitted by applicable laws — including debt notifications related to the public sector and social security funds, and informing them of possible settlement or repayment programs as currently in force.”