-Greetings, a week of national interest has just begun, with the highlight being Mitsotakis’ meeting with Erdoğan, in a period when all fronts are open and uncertainties are huge both in our wider region and in the entire world. By the way, I’d like to voice a question for all those in Athens who criticize the government’s foreign policy and the Prime Minister because, they say… Trump is talking with Erdoğan so the Turks might get F-35s, the Americans are closer to the Turks now, and so on. Honestly, do they really think that Trump’s new regime—which has turned things upside down inside and outside the U.S., with unprecedented events in history—will stop to consider whether Greece is annoyed when they talk to Erdoğan or openly cut big deals with him? Maybe we’re being a bit… self-centered, or are we just saying something for the sake of opposition, or is it just me?

Last morning coffee before NYC
-For one morning today K.M. will be at M.M., and the morning coffee will be convened before he departs for NYC until next Monday. His schedule of meetings is already packed. Along with him will be Gerapetritis, who also has a tight schedule of meetings, Deputy Foreign Minister Alexandra Papadopoulou, who was in New York before Washington, and Papastavrou will also be in the U.S. He has contacts at the Atlantic Council and a meeting with U.S. Energy Secretary Chris Wright.

Karystianou’s party
-Back to domestic politics: a statement Karystianou made the other day, I think, left the door wide open for the creation of a party—though let me stress the obvious, that it’s entirely her right. Still, statements like “I don’t know if I could lead such an effort…”, and “we’re not thinking about something like that yet, but I also feel the need…”, and “if there really is 25% of people who believe that the uncorrupted must step forward” etc. etc., show that the woman—at the very least—is seriously considering it. So, as usual, I asked the pollsters what they find about the ‘Karystianou party’ in surveys, should she indeed decide to go for it. “We haven’t measured a Karystianou party, like say the Tsipras party, but in all the focus groups we’ve run, the image of absolute and universal sympathy for the mother who is living the tragedy of losing her daughter doesn’t match with her as a potential political leader,” my polling source told me and, between us, I find that completely logical. Again, of course, everyone has the right to try their luck in politics and, from the looks of it, until the elections we’ll have… a downpour of new parties. But since they all aim at the same audience, in the end the situation will probably favor the opponent, who is one: Mitsotakis.

The brat…
-Now that I mentioned Mitsotakis, a friend of mine, a good gossip, told me that anyone visiting Karamanlis (Rafina) at his office, after a few minutes of conversation with the former Prime Minister, hears him say something like… whoever wants can come, as long as the brat leaves Maximos, meaning K.M. Now, to be honest, I wasn’t there, so I can’t swear to it, but I don’t find it implausible either—it’s just that all those who want… the brat gone, politicians and businessmen alike, haven’t told us who and how would come under the current circumstances, with today’s political facts. Like we said, we’re heading for an unforgettable winter—but look who’s talking… Rafina.

Pierrakakis’ turf
-“Like at home” is how Pierrakakis now feels in meetings with his European counterparts. Six months after taking office, the Finance Minister is gaining more and more ground in the Eurogroup and ECOFIN meetings, which traditionally take place monthly. In fact, at the recent Friday and Saturday sessions in Copenhagen, Pierrakakis was asked to take on the role of coordinator in a highly critical discussion centered on digitization and innovation—and, by general admission, he was “in his element.” In his remarks, the “Economy czar” focused on the urgent need for Europe to drastically accelerate the processes of awarding public contracts, especially on issues concerning emerging technologies. At the same time, he stressed the interconnection of European systems, citing as an example the benefits of interoperability the European COVID Digital Certificate—a proposal by Kyriakos Mitsotakis that helped restart European economies after the lockdowns. Pierrakakis’ message was clear: some reforms are easy and popular, others however carry the “creative destruction” Schumpeter described. As he said, it’s governments’ duty to ensure no one is left behind.

Tsiaras in Brussels
-Today Agriculture Minister Kostas Tsiaras will have meetings with two EU Commissioners, with an eye on November 2, the deadline for submitting the new subsidy plan that will come with the merger of OPEKEPE into AADE. Tsiaras estimates there will be no problem, but the Europeans want to be informed about every step, as their recent experience is not very encouraging.

Solution for ERT’s arrears
-I took a look at the draft bill on ERT by Marinakis, the media minister and government spokesman, which has been in consultation for a few days now. Among many things on public broadcasting, what’s interesting is that finally someone found a solution for the issue of unpaid revenues from the public broadcasting fee, which mainly between 2015–2019 piled up to big numbers, exceeding €40 million. The next bill that will go to Parliament from the government spokesman, after this one on ERT, is about regional TV channels that have been operating with temporary licenses since 2003. Since then, 15–20 ministers have come and gone, confirming the saying “nothing is more permanent than the temporary.”

Kimberly and the renovated ambassador’s residence in Athens
-It’s now official: Kimberly Guilfoyle is the new U.S. ambassador to Greece, in fact the first female American ambassador. She’s expected at the embassy in October. Meanwhile, I hear that extensive renovations are underway at the ambassador’s residence, modernizing it to provide all comforts for its high-ranking resident. Since I had the same thought as you, my sources in the wider American circle in Greece rushed to tell me that “the renovation was scheduled. The house is old construction and needed renovation. We didn’t do it for Kimberly.” I also learned that no special preparations are being made for her arrival, apart from the briefing papers already sent. And since many are wondering if the embassy will host a reception to welcome Kimberly and introduce her to the Greek business and political world, I’ve got news: insiders see it… unlikely in the near future! Here’s why: last summer, due to dramatic international geopolitical developments, the July 4th reception that was scheduled at the Megaron was postponed. Some thought of moving it to September, when Kimberly’s arrival was expected, killing two birds with one stone. But the delay in her appointment canceled that plan too. As my sources say, “October is now far too removed from July for such a reception.” So—we wait.

Ivan’s defense…
-Let’s move now to the market—or rather, its backstage—starting with Thessaloniki Port Authority. A well-informed source said the Americans have greatly reduced, almost eliminated, their interest in Thessaloniki’s port and have shifted their focus to the Chinese in Piraeus, as we recently reported. According to the same source, the Americans understand that even if, by some miracle, Savvidis withdrew, Thessaloniki’s port would go to the French, who today are the second-largest shareholder after Ivan. After all, in the market they say Savvidis believes that behind the interest shown by the Dreyfus family, with their public offer for Thessaloniki’s port, were the French, with whom they have excellent relations. Savvidis organized his defense with friendly forces that bought shares of the port authority, prices went up significantly, he himself increased further the shares he controls, and it became clear that anyone interested would have to dig very deep into their pockets. So, for now, in Thessaloniki’s port, the situation remains as is.

…and the new “Macedonarch”
-For now, Ivan seems to be holding his ground, although in Thessaloniki the counterweight made its presence felt. Though generally a low-profile man, Telis Mistakidis lately seems to have changed strategy, showing that he seeks to gain a foothold in Northern Greece—to the point where some claim he aims to become the new “Macedonarch.” I find that an exaggeration, but on the other hand the self-made billionaire is taking some impressive steps. For example, he’s putting €20 million into transforming the iconic Roosevelt building in Eleftherias Square—one of Thessaloniki’s most beautiful buildings—into a modern office building, which will house his businesses. He has acquired other properties in Thessaloniki (and beyond), while since April 2024 he owns 48% and controls 68% of Aegean Baltic Bank. All this of course is normal, tied to his business, but at the same time he’s been making appearances at PAOK, raising pressure on Ivan, who was “forced” to come out of isolation and, after years of absence, make public appearances sporting an impressive beard that even the Patriarch would envy. Now he’s knocking on the door of the club’s more “humble” section, the amateur division, and word is he may take over the basketball team. Some say this is the start of a plan to eventually take over PAOK entirely.

Maria Angelikousi and the football rumors
-Maria Angelikousi found herself in the spotlight for two reasons. The first has to do with professional football in Greece, since it was rumored and written that she is entering Panathinaikos FC. As soon as that scenario circulated, I got a call from a traditional Greek shipowner who once had ties with the sport and was a very good friend of Yannis Angelikousis, Maria’s father. He told me: “With the late Ioannis Angelikousis we even went to Olympiacos’ away European games. I remember the match with Celtic in 1974 when we even drew. We went together. Leaving to catch the train back to London because the next day we had work at our companies’ offices, Celtic fans heard us speaking Greek and cornered us in an alley. We got an earful, but thankfully that was all,” and he continued: “Maria grew up in a deeply Olympiacos family. Now, if something changed along the way, I don’t know….” Anyway, anyone who asks executives of the group about the matter gets a smile in return.

Maria versus Melina
-Meanwhile, behind the scenes of international shipping, Maria Angelikousi is emerging as a central figure of resistance-reaction against the new framework of the International Maritime Organization (IMO) for zero greenhouse gas emissions from ships. With her stamp, an initial group of six Greek shipowners has evolved into an international coalition of 1,200 vessels, with heavyweights from Norway, Korea, and Saudi Arabia. She promotes LNG as an alternative fuel, which she believes is a “realistic bridge” on the road to green transition, contrary to environmental voices that see it as a dead end since it’s fossil-based and merely emits 30%-40% less. In Athens, whispers say the Angelikousi move shows the weight of Greek shipping within the IMO. The Greeks’ position does not reflect that of the Union of Greek Shipowners, chaired by Melina Travlos, who sides with the IMO on the logic that it’s global legislation combating fragmentation from regional regulations, which create serious problems in shipping’s daily operations.

Commission on alert over the cable: New teleconference
-The derailment of the Great Sea Interconnector continues to cause strong concern in Brussels, with the Commission convening a new teleconference with ADMIE, RAAEY, and the Cypriot Energy Regulatory Authority in a last-ditch effort to break the deadlock over the €25 million that Nicosia refuses to pay. This foot-dragging not only blocks the project’s timeline but also deepens uncertainty for France’s Nexans, which has undertaken construction of the cable, as payments have been frozen and the threat of work suspension is now real if regulated revenue is not immediately secured. Despite government optimism that the crisis can ease, Cyprus’ stance fuels worry, with Energy Minister Giorgos Papanastasiou in recent days leaving open for the first time the possibility of “freezing” the Crete–Cyprus link, stressing that Israel is seriously considering even a direct connection only with Cyprus if it is not part of a wider network. Against this backdrop, the upcoming meeting of Prime Minister Kyriakos Mitsotakis with Tayyip Erdoğan in New York takes on major significance, as it is expected to address the big energy and geopolitical projects in the region—projects that are short-circuited thanks to Turkey’s interference.

“White Knight” for N. Kioleides company?
-The company “N. Kioleides” is a vehicle body manufacturer in Greece, based in Kifisia. It maintains two plants, one in Athens and one in Volos, with a theoretical output of 2,000 vehicles per year. The older generation may remember that “N. Kioleides S.A.” was the licensed manufacturer of MAN buses in Greece and has built vehicles for the Hellenic Army, certain OSE train lines, as well as for major companies like FAGE, Aktor, TITAN, Heracles Cement, and METKA. In recent years, the company has been going through a severe survival crisis, with major problems in meeting obligations, strikes by unpaid workers, etc. However, Europe’s new era of “militaristic Keynesianism” seems to create a window of opportunity for “N. Kioleides.” It is very likely that a listed group will appear as a “White Knight” for the company, acquiring it in order to participate in various defense programs of Greece and Europe. Awaiting official announcements…

GEK TERNA bond: With a competitive rate versus the Greek 7-year
-The interest rate of GEK TERNA’s bond, to be announced today before the market opens, will be highly competitive. What does “highly competitive” mean? At the moment, the Greek 7-year government bond yields about 2.90%. So, a return above 3% is considered more than attractive. According to analysts, the issuance—through which GEK TERNA seeks to raise €500 million—is tied to the revenues of the company’s concession projects. And as is well known, concessions are projects-services that ensure steady and recurring revenue streams. At least 30% of the bond issue will go to private investors, while the remaining up to 70% will be allocated to a mix of private and institutional investors.

Rebalancing favored Bank of Cyprus
-Rebalancing in the FTSE Russell and Stoxx indices dominated the last Athens stock market session, pushing daily trading volume to €464 million. Bank of Cyprus had the highest turnover with €122.55 million, while also posting a strong rise of 2.7%, closing at €7.7—close to its historic high of €7.9. The bank stock benefited from its inclusion in the FTSE Emerging Europe Large Cap index. Due to the reshuffling, trading was also high for systemic banks, with National Bank of Greece at €67.08 million, Alpha Bank at €44.52 million, Eurobank at €34.15 million, and Piraeus at €29.48 million, with Eurobank now included in the Stoxx Emerging Europe Large Cap. They were followed by Metlen with €22.06 million and OPAP with €21.87 million.

New highs for Aktor and the Viohalco group
-Beyond the large trading volumes, we also had new records in Friday’s session. Aktor cemented its position above €8 and made a decisive “step” towards €8.2, a price marking an 18-year high. Specifically, it closed at €8.18, reaching €8.19 intraday highs, while the next levels are those unseen since early August 2007. Viohalco group shares continue to “sail” uncharted waters. The parent company recorded its seventh consecutive rise, broke through the €7 barrier, and closed at the historic record of €7.12, reaching even €7.18 intraday. Cenergy Holdings widened its historic record, surpassing €12 intraday for the first time ever. CENER’s momentum led Eurobank Equities to raise its price target for the stock to €14.1 from €12.7 previously. Another big winner was group member ElvalHalcor, riding the wave of its inclusion in the FTSE Emerging Europe Mid Cap. Its turnover rose to €5.47 million with over 1.8 million shares traded, topping the large-cap board with a jump of almost 5.8%. This pushed it up to €2.93, a 17-year record, with €3—unseen since January 2008—now the next target for ELHA.

The “cursed” 39th week of the year
-Today begins the 39th week of the year which, by both statistics and superstition, is considered “cursed” for Wall Street. It is historically the worst for the S&P 500: since 1990, the index’s average weekly return is -0.6%. Traditionally, September is the worst month for stocks, with an average return of -1.2% since 1928 and negative returns in 55% of months. Over the past 5 years, September has averaged a -4.2% drop. Already, 2025 has not started well. In the first 73 trading days, the S&P 500 fell -10.2% due to tariff threats. The market then recovered, but volatility has been a hallmark of the year. Many times, this statistic works as a self-fulfilling prophecy, since investors’ negative expectations lead them to liquidate holdings to lock in profits.

When markets believe in both technology and gold
-The world’s largest gold ETF (SPDR Gold Shares) has reached a record $113 billion, doubling its assets under management in two years. Markets are investing trillions in artificial intelligence, blockchain, and cryptocurrencies, while at the same time flocking en masse to the oldest “safe haven”—gold. This paradox reveals market psychology: enthusiasm for the future, but fear for the present. Gold traditionally rises when investors worry about money’s purchasing power. The “AI Euphoria” has so far boosted tech company valuations by 593%. Every tech revolution brings real progress, but also excesses in valuations. The simultaneous “flight to gold” shows that even the most optimistic investors keep an “umbrella for the rain.”