-Hello there, I’ll pick up where I left off yesterday (in my intro), the OPEKEPE issue.
So I asked a non-governmental source—who, mind you, knows the ins and outs of agricultural subsidies like the back of their hand, especially in Crete. “When the prosecutor’s investigation wraps up in 2-3 months with the help of the financial police, half of Crete will be bawling—regardless of whether they’re ND, PASOK, or SYRIZA. You’ll see, as the inquiry unfolds, that the cafés dishing out free EU cash were blue, green and red—red as far as SYRIZA managed to go, which they very much did, since the technical workaround with the ‘relocated pastures’ really took off in 2015.” Now, as soon as the first PASOK-affiliated names linked to Heraklion started surfacing, our party leader Nikos shot out a scathing press release against us, because we wrote about it—just to jog some memories, but no further than that.
I’m hearing that the old-school PASOK crowd—who “knew nothing” about siphoning off EU funds, especially in Crete—are in a state of dread and chaos. Because they figure that once the probe gets going (which it has), sure, it’ll out those “blue crooks” who inflated land plots and grazing fields, but we’re going down with them. And not just over livestock—organic farming’s involved too.
Whispers mention a company called “Terra Cert” run by one Fotis (PASOK Athens…), a guy named Sarris (PASOK Crete…) who pocketed €215,000 over five years, another buddy from Archanes who used to be business partners with the recently resigned Kyriakakis, and a Mrs. Chatzidaki who’s got some creative tax tricks up her sleeve—plus a classic blue frappe guy in the attachments. Loads more where that came from. Apparently, that’s why Chrysochoidis came out the other day and said, “bring back the stolen money”—let the chips fall where they may. Again, the scandal came to light under ND, but I’ve got a feeling there’s a collective cry coming.

The phone call to Gerapetritis
What happened at the port of Syros—where a handful of leftist weirdos wouldn’t let Israeli tourists disembark from their cruise ship—deeply offended the Israeli government, which is now concerned whether “a sentiment of antisemitism is resurfacing in Greece,” as they put it. That’s why it’s no coincidence that Gerapetritis got a phone call the other day from Israeli Foreign Minister Gideon Saar, who wanted a briefing on the incident. According to diplomatic circles, the Israeli minister simply wanted to know exactly what happened—but it’s clear that the local authorities… couldn’t be bothered.

“Agenda 2030” Vol. 2
Today’s announcements from Nikos Dendias at the Ministry of Defense are highly anticipated. They’ll cover phase two of the “Agenda 2030” reform, which lays out the country’s new deterrence doctrine, centered on the “Achilles Shield.” Its main pillars are the new force structure, modern weapons systems, domestic defense innovation, and investment in human capital.
Dendias is in close coordination with KM and the PM’s office about today’s announcements, which the government hopes will reinforce the impression that “things are happening” on the national defense front.
The features of the new force structure are the triad: adaptability, flexibility, and effectiveness—with new weapon systems (F-35s, Belh@rra frigates, F16 Vipers, Romeo helicopters, drones and anti-drone systems, missile platforms, etc.). “Agenda 2030” puts strong emphasis on building a domestic defense innovation ecosystem, along with investing in personnel—focusing on better pay, housing programs, training, career advancement, and healthcare services. Let’s see if we’ll also hear anything about the new military draft that the Defense Minister has teased…

Reception at the Presidential Palace
Today is the customary reception hosted by the President of the Republic to mark the restoration of democracy—and it’s tradition for the President to say a few nice words. This will be Tasoulas’ first one.
No idea how the political mingling will go, especially given the outlandish slurs hurled at the government over the past few months by opposition leaders—terms like mafias, crime syndicates, murderers, and the like.
Needless to say, top of the trash-talk leaderboard is Zoitsa, who just yesterday got into it with an MP named Floros (who clearly doesn’t live up to his name), who called her “disgraced.” She thought he called her a “dumb bitch.” Mondieu! You get the level we’re dealing with.
We’ll keep you posted on the palace gossip—and the heat’s ramping up, too…

HELEX – Euronext: The real juice is in the cash
The due diligence on HELEX is in its final stretch, and everyone’s now waiting for Euronext’s official offer.
Word on the street is that the offer (which will definitely be improved, since €6.90 per share is outdated by now) may be split between Euronext shares and a cash portion.
Truth be told, things would be far simpler for Euronext if it just offered shareholders cold, hard cash.
In any case, in the Athens Exchange, the consensus is that Euronext likely won’t reach the 90% of HELEX shares needed for a squeeze-out, but even with a significantly smaller stake, it’ll still gain control.
Meanwhile, the HELEX stock is flying—back to 2009 levels—up 65% year-to-date.
Euroxx and Eurobank Equities have released reports calling €8 per share both feasible and fair.
These exact reports are what HELEX shareholders will use to push Euronext to bump up its voluntary public offer for 100% ownership. But, as mentioned, HELEX shareholders aren’t just seeking a share swap—they want cash, too. Their main argument? A potential upgrade of the Athens Stock Exchange by rating agencies like S&P or FTSE Russell this summer or fall could significantly boost the company’s intrinsic value. And that, right there, is the biggest sticking point in the deal: the cash payout. Yesterday, the stock climbed to €7.46 but slipped to €7.39 by the end of the session, putting market cap at €445.9 million. At Euronext’s €6.90 offer, HELEX is valued at €399 million.

Two titans for the Lotteries
OPAP now has a competitor in the race for the State Lotteries.
With the application deadline closing yesterday, the Superfund had two proposals in hand—one from OPAP and one from IGT. Both expressed interest in winning the exclusive license for producing, managing, operating, promoting, and profiting from the State Lotteries for at least 10 years.
The emergence of rival bidders was expected—same thing happened in the last tender in 2012, when Austrian Lotteries and Sisal joined the Greek operator in the contest.
This time, the starting line features two heavyweights: OPAP and IGT (International Game Technology), entering through its subsidiary Brightstar Global Solutions Corporation.
This is a big name in the global lottery market—older folks will remember it as Lottomatica, later GTECH.
Today’s IGT was formed in 2015 after GTECH merged with U.S.-based IGT.
As a group, IGT recently sold off its Gaming and Digital units to Apollo. It then spun off its lottery segment, which includes scratch tickets, and rebranded it from IGT Lottery to Brightstar Lottery.
Its shares trade on the U.S. stock market, with a market cap of $3 billion, while OPAP is valued at €7 billion. Interestingly, Brightstar’s executive chairman is Marco Sala, former GTECH CEO, who sat on OPAP’s board a decade ago. The tender process has a long road ahead, and time will tell if Brightstar follows through with a binding offer.

Kopelouzos – Kampouridis: Only Love

– Even though last March Kopelouzos was chasing after Kampouridis and his partners for a whopping €433,584.50 debt related to construction work on the One & Only KEA Island, all that is now water under the bridge. Yesterday, the two sides issued a joint statement expressing their satisfaction with the successful outcome of negotiations that led to a settlement, and committed to implementing it in a spirit of good faith and mutual respect. We’re told the agreement settles all outstanding matters related to the original project contract. So, Kampouridis and co. dodged the foreclosure of 29 properties in the hotel complex that the Kopelouzos group’s REDEX had scheduled for auction on October 23, following a Payment Order. The auction concerned 29 plots slated for the development of furnished tourist residences. In the spirit of this newly found good-faith cooperation and mutual respect between Kopelouzos and Kampouridis, it’s reasonable to assume that any legal action—such as that taken by at least one major Greek businessman, namely Anastasios David, over a villa he bought for €1.6 million due to missed deadlines—will also be resolved.

The Motor Oil – TITAN Derby Has Begun

– On August 7, Morgan Stanley is set to announce the new composition of the MSCI Standard Greece Index, which currently includes 9 stocks. The “selection period” began last Monday and runs for 10 days. That means the analysts pick one trading session to evaluate the candidate stocks based on their own criteria—market cap, free float-adjusted value, liquidity, and so on. The race between TITAN and Motor Oil for the 10th spot in the MSCI Standard Greece Index is already underway, with each stock showing off its best cards. TITAN, which had been dragged down recently by a persistent Western seller, made an effort yesterday to claw back to a €3 billion market cap. Motor Oil, two steps behind at €2.8 billion, is banking on its wide shareholder base—56.8% of shares are held by small investors, while Petroventure Holdings (controlled by the Vardinogiannis family) holds 40.97%. In the next few trading sessions, the jockeying between the two stocks is expected to be quite eventful.

EYDAP Opens a Credit Line with the EIB

– Between the government’s recent announcements and the €250 million credit line that EYDAP management secured with the European Investment Bank to fund new projects, the stock market was thrilled, pushing EYDAP’s market cap above €715.6 million. No announcements were made about water rates, but the market is betting that excessive water use will come at a cost—meaning more revenue for EYDAP. In any case, EYDAP is expanding its service area beyond Attica, taking over part of the water supply responsibilities previously handled by a patchwork of small providers, in line with the government’s plan to merge more than 700 such companies.

Unibios Close Behind

– Unibios (formerly BIOSOL) had been waiting days to officially announce the completion of its investment agreement with French company Osmosun S.A. Yesterday’s high-level meeting at the Maximos Mansion and the announcement of the five-point water scarcity plan gave the perfect backdrop for the stock to skyrocket to a €50 million market cap—66% higher than it was three months ago. Through its subsidiary Watera International, Unibios acquired 65% of the voting rights in Osmosun by contributing approximately €1.61 million in cash and transferring 30% of Watera International’s equity in-kind to Osmosun. The deal was rounded out with a €390,000 cash injection from some of Osmosun’s historic shareholders. Osmosun is a French company specializing in the development, construction, and installation of innovative solar-powered desalination systems that require no batteries or grid connection, with applications in remote areas, municipalities, hotels, construction sites, and emergency settings in 27 countries. The company isn’t profitable yet, but it holds an international patent for its technology.

Napping Room

– Now that the heat is on full blast, it’s worth mentioning that at NYNN, the Ilisian members club, a rather novel and handy service is being offered. There’s a designated space called the “Napping Room,” where members can catch a quick snooze. The room is kept at a constant 23°C, the lighting is extremely low to non-existent, and there are four loungers placed at comfortable distances.

Who Will Pay the “Reduced Tariffs” on Japanese Cars?

– Late the night before last in Europe, the U.S. President took to his favorite social media platforms to announce a “huge” trade deal with Japan that includes just a 15% tariff on Japanese products entering the U.S. The news was met with jubilation in Japan—the Nikkei index surged, and the yen appreciated. The next morning, European stock markets (especially automakers) rallied on hopes that Europe might secure a similar deal. But then came the bill. Tariffs were cut, sure. But who’s picking up the tab? Yields on Japan’s 10-year government bonds shot up to 1.6%, the highest since 2008. Rising yields mean falling prices, due to increased fiscal concerns. Reading between the lines of the deal, it turns out the Japanese government will cover part of the cost of U.S. auto tariffs. Public investment funds will be used for a partial backstop to make the deal workable. To secure better car tariffs, the Japanese government agreed—directly or indirectly—to cover part of the cost for the U.S. using state investment funds. These funds mostly come from capital investments controlled by the Japanese government or related insurance entities, serving as a “quid pro quo” for the American side. Japan has committed to a $550 billion investment package in the U.S., mainly in supply chains, pharmaceuticals, and semiconductors. Notably, Trump’s deal does not include tariff relief for Japanese steel and aluminum.

China Prints Inflationary Money and Buys Gold

– China’s M1 money supply has reached an unprecedented $16 trillion (as of June 2025), marking a +72% increase year-over-year and a +4.6% spike in just the last month. That figure is twice the size of U.S. M1 (excluding savings deposits) and represents about 30% of the total money supply across G10 nations. The Chinese government is flooding the market with yuan to reassure consumers grappling with the seemingly endless real estate crisis. At the same time, China is buying up gold aggressively and in large quantities—mostly from London. According to Goldman Sachs, China bought 15 tons of gold in May alone, bringing its reserves to 2,292 tons—more than double what they were in 2012. So on one hand, it’s inflating the economy; on the other, it’s shielding itself from inflation by hoarding gold. In short, it’s gearing up for a currency war that looks like it’s about to break out any day now.