Hello, I’ll start with yesterday’s main political news: Andreas Loverdos joining New Democracy (ND). Loverdos has always been a centrist, moderate, low-profile politician who, wherever he served as a PASOK minister, left behind good impressions and some tangible results — how much or how little is subjective. He was terribly persecuted by the gang of his political opponents as well as common fraudsters in the Novartis case, but was acquitted only a short while ago. Obviously, ND had been waiting for his final acquittal before taking him in, but I have this question (and maybe you share it too): why in today’s PASOK — which is struggling at 12–13% and has lost dozens, if not hundreds, of capable centrist figures to ND — was there no room for Loverdos? What pushed him away? Because honestly, I don’t see any major ideological differences between ND and PASOK. Was it that “ready-Nikos” (Androulakis) didn’t want him? Did Loverdos seem superfluous? I don’t know where he will run or what luck he’ll have (though we wish him well), but compared to many we see and hear in PASOK today, Loverdos is in a different class altogether as a politician. And here’s a bit of info: two weeks ago, K.M. (Kyriakos Mitsotakis) had discussed Loverdos’ entry into ND directly with him and had promised it would go forward as soon as his court case was closed — and so it happened.

“Bloodbath” in the South

Loverdos’ addition to ND’s ballot in the Southern Athens Constituency really shakes up the deck. That’s where six ministers are elected (Dendias, Theodorikakos, Kyranakis, Spanakis, Theocharis, Anna Karamanli), two MPs (Kallianos, Voultepsi), plus two newcomers elected in May 2023 (Gaitanis, Gelefstathis). Also rumored: Stavros Papastavrou, former MEP Stelios Kympouropoulos, and Nikos Romanos had already announced his candidacy. In short: chaos.

Taking it easy with Samaras

As we approach elections, and given that Mitsotakis holds the lead in the polls at around 30% — double that of PASOK — he will increasingly try careful approaches on several… thorny outstanding issues (how more delicately can I put it?). For example: Maximos Charakopoulos as group representative in Parliament, showing up at Evripidis Stylianidis’ book presentation, and the next day at Patelis’ book. I asked about Samaras and the source replied: “That issue with President Antonis is delicate, sensitive, and very personal. K.M. wants to handle it himself with great care.” Without any extra info, I think the Mitsotakis–Samaras relationship within ND will now be approached very differently — led personally by the PM.

KYSEA–Belharra

Today’s KYSEA meeting (11:00) will be interesting, with focus on the migrant flow toward Gavdos and Crete’s southern coast. Plevris says that in the last two months alone, there have already been 1,500 deportations and voluntary returns. Also on the agenda: the likely “green light” for procurement of the 4th Belharra frigate, with Greece exercising the option included in the contract. Let’s see if in tonight’s ANT1 interview, K.M. says anything more about it.

Normalization with Eugenios

After some stormy months with the Church of Crete, yesterday’s meeting between K.M., Archbishop Eugenios, and Governor Arnaoutakis marked a “thaw” and gradual normalization. However, what was emphasized inside the meeting — reportedly held in a good atmosphere — is that the government will not withdraw the amendment regarding the immovability of the Metropolitan of Kydonia and Apokoronas, particularly Amphilochios of Kissamos. On the other hand, K.M. is said to have encouraged Eugenios to move forward with the person of his choice and close this divisive matter.

London, Kikilias, and the Greek shipowners of the City

As part of “London International Shipping Week,” Minister of Shipping Vassilis Kikilias was in London. On this occasion, Greek Ambassador to the UK Giannis Tsaousis hosted a dinner at the embassy residence in his honor. Among the 50 guests were prominent Greek shipowners in the City. First and foremost, Haralambos Fafalios, president of the Greek Shipping Cooperation Committee (known simply as “the Committee”), which this year celebrated 90 years of strong presence and remains a steady pillar of institutional advocacy and strategic support for Greek shipping. Also present: Dr. Nikos Tsakos (third vice president), Diamantis Lemos, Nikolaos Empeirikos, and members of the Mavroleon, Tsavliris, and Kerdos families, among others. In his speech, Kikilias promised reforms to reduce bureaucracy in registering ships under the Greek flag and to make the registry more competitive.

To 6+4 of Hatzidakis to investors

At yesterday’s Athens International Investor Summit organized by the Hellenic Corporation of Assets and Participations in collaboration with Blackrock, Vice President Hatzidakis (who had also taken the legislative initiative for the establishment of the Innovation and Infrastructure Fund with a “dowry” of 300 million), presented 6 comparative advantages of Greece to investors and 4 possible investment sectors. The 6 advantages are the high returns due to the investment gap, macroeconomic stability, the geoeconomic advantage (single European market and central position at the crossroads of Europe, Asia and Africa), the inflow of funds from the EU, the business-friendly government, political and institutional stability. As for the 4 sectors, beyond shipping, tourism, the food industry and pharmaceuticals, he mentioned energy, networks, defense and higher education. Let’s see the response.

Countdown for National Bank – Negotiations with Piraeus Bank

Let’s now move to other market matters starting with the National Bank, for which the column predicts it will play a leading role in banking developments in the second half of September. The column reports that intensive negotiations are currently underway between National Bank and Piraeus Bank to resolve their Gordian knot of bancassurance. The information is that there should be no doubt that the issue will be resolved and each bank will go its own way. Simultaneously with the agreement, National Bank is cutting the umbilical cord with National Insurance, as the always silent, never hasty and by nature cautious P. Mylonas is running a process for the acquisition of 20% of an insurance company with which it will work on bancassurance once it is freed from the ties of National Insurance and, by extension, Piraeus Bank. The column’s information is that the selection process of the insurance company that will be the new partner of NBG is advanced, and barring surprises the news will come before the end of the month. Five insurance companies are participating in the process, since the prize of exclusive cooperation with National Bank is coveted in the insurance market, especially after the reshuffling caused by the acquisition of Piraeus Bank. This also explains the participation of five insurance companies and is the reason for the confusion that arose among us journalists, with each one writing down a different company name — I suppose because each candidate company leaked the name of the competitor it feared. I stop here therefore and list the insurance companies taking part in the “marriage” process with National Bank, which are: Munich Re (ERGO), Alliance, NN, Interamerican and one more.

The blitzkrieg deal of Credia Bank

And if National Bank will take center stage in the coming days, Credia Bank is already in the spotlight today with its acquisition of HSBC Malta. There are two points of interest: The first is the price, since the market expected a price of 300 million and not 200 million. The second is the blitzkrieg deal achieved by Credia, as the Greek bank expressed interest in late July – early August stating that its offer would be valid for 15 days and that it wanted a direct and straightforward deal. On 15/8 the non-binding offer was submitted and on 16/9 the agreement was announced. Today the CEO of Credia Bank, E. Vrettou, speaks to analysts and will provide an official picture of the strengthening of ratios and figures. According to information, she will mention that the assets of the new bank will exceed 15 billion euros and – according to management’s estimate – the final recurring profitability of Credia Bank will be strengthened by approximately 90-100 million euros annually.

The Czech’s investment in Box Now

Emma Capital of Czech billionaire Jiri Smejc, known from its years-ago investment in OPAP, continues to maintain an investment presence in Greece and one of its investments, Box Now, seems to have paid off very quickly. The company, founded in 2021, has evolved into the largest player in the domestic smart locker market, attracting the attention of PCP, the investment arm of Olympia Group, which acquired a 12.5% stake in Box Now. Based on the published financial statements, the company’s turnover skyrocketed last year to 15.3 million euros from 2.9 million euros in 2023, a result of the rapid expansion of its smart locker network and the commercial agreements it secured. The investments being made affected the bottom line of the balance sheet, with losses at 5.8 million euros, reduced from the 8.6 million euros of the previous year. The investment for the development of Box Now so far exceeds 42 million euros and continues to expand throughout the country, with emphasis on island Greece. Emma Capital’s plan now also includes neighboring markets, and thus the until recently CEO of Box Now Greece, Dimitris Andriotis, has taken on duties as Group CEO for Greece, Cyprus, Bulgaria and Croatia, with the goal of faster growth in these countries.

The Chinese secretary coming to Greece, the Americans and Piraeus

From the Chinese embassy came into the dark room the information that “according to Xinhua News Agency, Li Xi, member of the Standing Committee of the Political Bureau of the Central Committee of the Communist Party of China (CPC) and Secretary of the Central Commission for Discipline Inspection of the CPC, will make official friendship visits to Greece and Belarus from September 17 to 24, 2025. The visits will take place at the invitation of the New Democracy party of Greece and the Presidential Office of Belarus.” It will be interesting to see if the issue of the port of Piraeus will be discussed, which has been “targeted,” along with other Chinese-owned ports, by Washington, because it is located at a strategic point amid geopolitical turbulence. All the more so now, with tensions in Gaza at boiling point. COSCO has denied that its port units, which are on the U.S. blacklist, are related to the Chinese military, and insists its operations continue normally. The Greek side states it has no official information. Among the ports targeted by Washington are those in which China holds significant stakes, such as in Panama, but also in Europe – particularly in Greece and Spain – as well as ports on the U.S. West Coast and in parts of the Caribbean. There is concern at the Big Port. And the point is that when buffaloes fight, the frogs pay the price.

Orgasm in Golden Visa issuances of commercial properties

The plan is simple: We buy an old and abandoned commercial property (an old workshop, a small factory, a large retail store, etc.) in a neglected corner of Athens. We convert it into a residential property and thus obtain a Golden Visa without paying €800,000, since €250,000 is enough according to the law. The change of use from commercial or industrial property to residential constitutes a golden “way out” for those who wish to acquire a residence permit through the Golden Visa, with the only prerequisite being the completion of the conversion before the application. Information indicates that only in the first 7 months of 2025, only in Athens, a total of 17,254 Golden Visas were issued (+31.4% increase compared to 2024). This number concerns residence permits through real estate investment, with the greatest interest coming from citizens of Turkey, China and Israel. In July 2025 alone, 932 new Golden Visas were issued, marking the largest monthly increase of the last twelve months. The forgotten commercial properties of the capital come to life, their neighborhoods change appearance, the wider area comes to life. In August there was a slowdown due to summer holidays, but in September the surge continues.

The green maneuvers of Greek shipowners

I wrote in early September about the holistic green transition of shipping which the International Maritime Organization (IMO), led by Secretary-General Arsenio Dominguez, wants to achieve by 2028. The effort is disjointed, the targets are considered unattainable and the most important thing is that there are no alternative fuels with zero CO2 emissions in production! The whole thing is in the realm of absurdity. Those who will not use such fuels will pay a tax into a special fund per ship and per carbon emission. And the question is where the large amounts collected will be channeled. The issue was raised by Vassilis Kikilias in the meeting he had the day before yesterday with Arsenio at the IMO headquarters in London. He told him that the IMO Net-Zero Framework requires corrective adjustments, since the lack of green fuels requires more realistic timelines, fair treatment of transitional fuels – such as LNG – as well as smart use of the reward mechanism. But the game seems lost. In fact, leading the international resistance against the IMO is none other than Donald Trump. Let’s see what we will see this coming October when everything will be played at the highest level. Meanwhile, Greek shipowners, faced with this Gordian knot, chose a middle-ground solution which has an expiration date. What did they do and what are they doing? They install scrubbers on their ships, reducing greenhouse gas emissions through filtering, until they see where things are going. According to analysts, about 900–1,000 Greek-owned ships are equipped with scrubbers, representing about 22% of the total. The main dilemma for Greek shipowners is how to make use of the existing investments in scrubbers at a time when the market is shifting to LNG, methanol, ammonia, hydrogen and biofuels. In short, their lines got crossed.

Stock Exchange: Out of strength

Not for a single moment of yesterday’s stock market session was there buying interest to bring the General Index into positive territory. It started with Coca Cola HBC (-2.42% at €42) which from the beginning of the session was losing €1 from its price. Immediately after, the systemic banks followed. It is characteristic that since Monday, August 25, when the sideways downward movement of the General Index began, the 4 systemic banks have been losing ground, but the non-systemic ones are gaining what the others lose. Logically tomorrow, an upward reaction of the systemics is possible, since technical analysis dictates that the Banking Index should not stray from yesterday’s closing at 2,202 points. In any case, the Banking Index – even today – records gains of +71.29%, a fact that allows not only the securing of profits but also rotation within the sector. Yesterday’s transaction value exceeded €183 million with €27.22 million in blocks, while the General Index ended the session at 2,033.23 points, with daily losses of -1.18%. It is a period of wars and geopolitical concerns, with turmoil in the debt market and currency shifts. In Greece, on Friday the September derivatives for indices and shares expire and the restructuring of the FTSE Russell and Stoxx indices is completed. The same day, late Friday night, Moody’s will publish its verdict on Greek creditworthiness, without particular expectations for surprises.

With an “Italian scent” the pressures on bank shares

Bank shares were in the crosshairs of sellers on the Athens Stock Exchange, as they were swept along by the “wave” of liquidations that hit banks across Europe. The source of the problem was Italy, where the Meloni government plans to burden the domestic sector with €3 billion over two years. With losses of 2.4% responded Intesa Sanpaolo, Mediobanca followed at -2.2%, Unicredit fell by 1.4%, while Banca Monte dei Paschi di Siena moved lower by 2.8%. Some of Europe’s big banks reacted with even stronger liquidations. In Germany, Deutsche Bank slipped 3.3% and Commerzbank sank 4.2%. In France, Societe Generale led the losses at 3.7%, while BNP Paribas and Credit Agricole reacted more calmly with a decline of 1.7%. In Britain, Barclays fell 2.6%, Standard Chartered 2.3% and HSBC 1.2%. Spanish banks Banco Santander, Caixabank and Banco de Sabadell also lost more than 2%.

Franchise agreements in Greek hotels

All over Greece, old hotel units and complexes are signing franchise agreements with major foreign tourism groups, changing their appearance and offering a completely new product. International chains such as Hilton, Marriott, Accor, Wyndham and Radisson have already dynamically expanded their networks in the country. Already 50% of seasonal hotels have signed contracts for 2025 while 34% of them follow the commitment franchise model, committing 56% of their rooms at prices 8% higher compared to 2024. The new franchise deals concern acquisitions and upgrades of five-star units, such as the Golden Milos Beach in Milos by Domotel, or Radisson which is investing strongly in emerging destinations such as Mani. With these agreements, the quality of services and the equipment of the hotels are upgraded, while new tourist destinations are highlighted (e.g. Mani, Karpathos, Argolis). Franchise is evolving into a key driver of restructuring of our hotel market, upgrading the product and reducing the risk of overconcentration in Athens and the islands.

In the age of over-optimism

The latest available data show that 45.4% of American households have invested their savings in stocks. Even in the era of the big Dot.com “bubble” in 2000, the corresponding percentage was 38%. At a time when the S&P 500 Index is soaring to record levels, housing prices are at record levels, gold has broken every previous record, bitcoin is at unprecedented levels, American households are basing their prosperity on the expectation of continuous price increases. The “AI Euphoria” of recent years has outperformed the Telecom Bubble, even the Railway Mania of the 19th century. The latest Bank of America survey of fund managers (FMS) showed that the overwhelming majority of them believe that stock markets are overvalued. Yet they continue to invest, following the old saying of Chuck Prince of Citigroup: “as long as the music is playing, you have to dance.”

…and suddenly Goldman Sachs “sees” gold at 5,000 dollars

Goldman Sachs’ main estimate is that gold will reach 3,700 dollars by the end of the year. Suddenly, however, it put forward the forecast that gold could soar up to $5,000/ounce if the credibility of the U.S. Federal Reserve is shaken. Even if a small percentage (just 1%) of the private U.S. Treasury market shifts toward gold due to uncertainty, these flows are enough to drive the precious metal’s prices to unprecedented heights. Goldman Sachs estimates the total value of privately held Treasury market portfolios at about 57 trillion dollars. Therefore, such a shift by private investors toward the safe haven equates to an additional $570 billion in demand in the gold sector. In practice, the gold market is much smaller in size, so “overshooting” is quite likely. The political questioning of the Fed by President Trump and concerns over the independence of monetary policy constitute déjà vu for investors who historically turn to gold when they fear dollar devaluation or accelerating inflation. Many central banks are expected to increase gold purchases, preparing for possible monetary shocks.