– Greetings, yesterday’s cabinet meeting was a very interesting one – not only because of the agenda, but also because of how the discussion unfolded among ministers. It was indeed perhaps one of the rare times that a real open political discussion took place in the cabinet, moving away from the usual boilerplate about bills and so on.

It all started with Mitsotakis himself, but “on the ground” – that is, on the actual bill – praising the excellent job Count Nikos (Dendias) did regarding the reforms in the Army, congratulating his minister. Surely K.M. meant it, that Dendias indeed did very impressive work for the Armed Forces, but I get the feeling he was also playing a bit with the… rumor mill suggesting that practically all vested interests are pushing him as leader of the – “yeah right, and pigs can fly” – ongoing change dreamt up by those who can’t stand Mitsotakis.

People say: what’s going on here, we’re touting him for leader and at the same time Mitsotakis himself is singing his praises? Anyway, in the same spirit, taa-daa, Floridis jumped in, saying something like: bravo Nikos, tremendous reforms, not like what our enemies call us – sellouts and traitors – when in fact we’ve secured the best defense procurements for Greece, strengthened our defense and of course the country’s standing against Turkey. And then, just to top it off, Adonis entered the conversation, and backing up Floridis, added: “this proves that our defense policy, which is integrated with our foreign policy, constitutes an overall success for the government.” And… he also threw a jab at “the disgusting front pages of the vested interests portraying us as submissive and weak.” Well, with such courtesies from Adonis, Dendias couldn’t help but reply, thanking him and agreeing about the unity of foreign and defense policy. The conversation then wrapped up with a suggestion from K.M. along the lines of: “yes, that’s right, but make sure you also go out there and say it on TV…”. Now, I’ve conveyed the gist and not word-for-word, but… you get the picture.

Transfers and consulates
– There was also discussion about the Plevris–Voloudakis bill on legal migration and the use of migrants in the labor market. The discussion, of course, also touched on illegal migration and the need to keep up the “big wall” regarding flows, since from 2026 the new Migration Pact will apply and Greece will have to accept those entering through it and moving on to other countries. But for legal migration, everyone stressed that procedures must be sped up and especially simplified in the foreign consulates, where thousands of prospective workers are waiting in vain for an interview. In some cases, perhaps the required interview could be skipped if the applicant’s profile has already been vetted. Plevris gave an example: why should an Egyptian arriving by sea apply for asylum and be working within two months, while another applying at the consulate – already screened by the Egyptian government – has to wait ten months for a visa? In fact, Labor Minister Niki Kerameos noted that the gaps in the labor market are in the hundreds of thousands, obviously far more than what the bill covers.

Papamimikos at M.M.
– People are coming and going daily at M.M., holding meetings with government officials. One of them was lawyer Andreas Papamimikos, who also sits on the board of Open TV and is in talks regarding the station’s relationship with the government. So yesterday, before the cabinet meeting, he was spotted leaving M.M., where he had a meeting, and on the side entrance on Vasileos Georgiou Street he “bumped into” Deputy Finance Minister Giorgos Kotsiras.

Takis’ busy October
– The codification of consumer law presented yesterday at the Cabinet by Theodorikakos will be the first step in the initiatives being launched by the Ministry of Development. Upon these codified provisions will be “mounted” the new Authority for market supervision, modeled after the Independent Authority for Public Revenue (AADE). Both bills will head to Parliament in October, which looks set to be a “packed” month for Takis.

The reappearance of Karamanlis
– On Wednesday 15/10, the Panathenaic Women’s Organization will hold an event at the Old Parliament honoring Anna Psarouda-Benaki, the first female Speaker of Parliament and President of the Academy of Athens. There, Karamanlis (of Rafina) will speak publicly for the first time in a while. Next week he’ll also attend Stylianidis’ book event, but as I’d written in advance, he won’t be speaking there. After sketching the profile of the honoree, his office says he’ll make some general remarks about institutions, the rule of law, etc. Now, how general or pointed those remarks will be, we’ll see in practice – though his aides are keeping expectations low.

After Nika… Theodoropoulos goes vegan – Buying “3P Salads”
– The money (well, whatever it was…) that Spiros Theodoropoulos’ Bespoke SGA got from the sale of “Nikas” to “Yfantis” seems to be finding its way. As of yesterday, rumors of an impending buyout of the up-and-coming Karditsa-based company “3P Salads,” specializing in so-called “spreads” in the HORECA sector, have been swirling. The company, with revenue around €19 million in 2024, could pair ideally with the already acquired “Ambrosia,” which also operates in spreads, thus achieving both expansion of activity and valuable synergies… The entrepreneur’s official stance, however, remains: “reshuffles, currency devaluations, and acquisitions are not announced in advance!”

Grivalia Hospitality: Chrysikos’ suit hid €55 million in losses (pre-tax)
– The market was informed of Grivalia Hospitality’s big revenue jump last year – €85.1 million compared to €44 million in 2023 – but not of its losses. According to the financial statements posted in GEMI, the group posted operating losses (before tax and interest) of €39.3 million, compared to €47.4 million in 2023, while pre-tax losses came to €55 million versus €57 million. The revenue increase mainly came from the full-year operation of the One & Only resort in 2024, since in 2023 it only began operations in November, so the two years aren’t fully comparable. Should we assume the same applies to the losses too?

The Bank of Greece chair and the heir apparent
– It’s still early to talk about the next leadership at the Bank of Greece, though information suggests that renewing Yannis Stournaras’ term is seen as the most likely – I’d say certain – outcome, if it weren’t so many months until May 2026. Some, however, believe that nothing is guaranteed regarding the governor’s chair. That’s why the head of a systemic bank has lately been working his contacts, approaching the right people, etc.

The new plan for Patras, Volos, Elefsina, and Alexandroupoli
– The Hellenic Corporation of Assets and Participations (Superfund) has drawn up a radical restructuring plan for the management of port infrastructure. According to information, the plan includes mapping out needs for marina berths, infrastructure, and technological equipment, with immediate priority given to four ports: Patras, Elefsina, Volos, and Alexandroupoli. The choice is no accident: Patras is Greece’s western gateway to Italy; Elefsina is critical for decongesting Piraeus; Volos controls Thessaly and the Balkans; while Alexandroupoli is now a geostrategic hub for the Eastern Mediterranean and energy security. The Superfund intends to develop these four strategic ports first, ensuring their operational viability before proceeding to broader concessions or utilization. The truth is this ambitious plan faces serious problems, since key permits remain stuck in time-consuming processes. The Council of State needs 12–18 months to approve a master plan, which in today’s pace of international investment equals immediate loss of competitiveness. The Environmental Permitting Directorate (DYPA) also takes up to 12 months to issue environmental permits. These delays make Greece look outdated compared to competitors like Spain, Portugal, or even Croatia.

Unlikely that Euronext will change its proposal for the Athens Exchange
– I think we’re in the final countdown to learning the details of Euronext’s public offer for HELEX. Both supporters and opponents of the proposal are equally confident in its success or failure. Meanwhile, HELEX’s stock is dropping (closing yesterday at €6.64) since its moves on the board are now tied to Euronext’s share price fluctuations. At the same time, Euronext is making its rounds in Athens and abroad, and sources claim that CEO Stéphane Boujnah, despite his keen interest in acquiring the Athens Stock Exchange, will not be changing his offer “not by a single cent.” On the other hand, Athens brokers believe that the buyout – even with just a share swap – cannot have double standards regarding HELEX’s valuation. “It’s not acceptable to value HELEX 30% cheaper at best, and without cash…” Boujnah, meeting with listed companies who view his project positively, politely but firmly warns that the Athens Exchange urgently needs major investment in its technological infrastructure – something that can be delivered much faster, easier, and cheaper within Euronext. Without saying it outright, Boujnah applies pressure by asking: “If the marriage with Euronext doesn’t happen, then what is the future of the Athens Exchange?”

Fourth blow for Attica Group – Emissions torpedo
– Piraeus Bank, as shareholder, desperately wants it – especially now that tourism is booming – but market conditions don’t allow for the placement of Attica Group shares. After the passenger who drowned when thrown into the sea as the ferry departed, then the recent death of the 20-year-old crew member, the open wound of investments for fleet greening, now came the bill for emissions rights. While waiting for the third quarter – theoretically the strongest – Attica Group recorded a plunge in gross profits and EBITDA, with first-half losses widening significantly. One reason is the higher cost of emissions rights, due to new EU environmental regulations being phased in. What happened? From May 1, 2025, the Mediterranean is designated a SECA (Sulphur Emission Control Area), with stricter sulfur emission limits. As a result, ships without exhaust scrubbers must use more expensive low-sulfur fuel (MGO). In addition, from January 1, 2025, the FuelEU regulation came into force, requiring greater use of renewable and low-carbon fuels. Thus, despite higher turnover, consolidated gross profits fell to €5.6 million versus €35.8 million in H1 2024, while EBITDA dropped to €4.1 million from €19.5 million. After tax, losses reached €52.3 million, compared to €23.8 million in H1 2024. The cost of emissions rights came to €18.8 million for H1 2025, weighing on cost of goods sold. Add in the already rising fleet operating costs due to inflationary pressures (maintenance, supplies, crew wages), and losses were to be expected. Notably, Group administrative expenses fell to €25.9 million from €34.6 million a year earlier. The financial statements show that by the end of June, Attica Group had total debt obligations of €587.3 million. So how will the group handle the situation? It has already begun installing new technologies on its ships to improve fleet energy efficiency (Energy Saving Devices, Scrubbers) and reduce its environmental footprint, while continuing its investment program in that direction.

Trump’s Tariffs and the Greek Shipowners

-Greek shipowners and executives of the Greek-owned shipping industry don’t mince their words when it comes to the U.S. trade war, seizing every chance to speak out. Aristides Pittas, head of Euroseas, EuroDry and Euroholdings, downplays the importance of American tariffs: “I see the Trump issue as just a parenthesis and a lot of noise, really. It’s a phase we’re going through and it will stop.” In other words, he considers the phenomenon temporary, without long-term weight. John Coustas, head of Danaos, underlined China’s resilience, pointing out that COSCO —the only Chinese company really hit by U.S. port tariffs— has made it clear it will defend its market share, no matter the cost. He himself described the U.S. measures as “irrational,” estimating that in the end they will be withdrawn: “I have it in the back of my mind that these will be lifted once a better agreement is reached between China and the U.S.”

And yet: There are shipowners complaining

-Shipowners complaining? Not something we’re used to — but the Board of the Union of Coastal Shipping Shipowners is in emergency mode. Its president, Babis Simantonis, said it openly during the special event where the IOBE study was presented: If immediate investments aren’t made by changing the operating framework, Short Sea Shipping is heading straight for collapse. The margins have shrunk. Even the deputy minister of Shipping and Island Policy, Corfiot Stefanos Gikas, who closely follows developments, is asking for adjustments in development tools — and fast. But while Athens is still searching for solutions, Ankara is taking all the business: the Turks have both ships and seafarers. And here lies the thorn: Greek law “punishes” a vessel that flies the Greek flag, thus trapping Short Sea Shipping in a dead end. Greek shortsea shipping stands at a crossroads: either it will be supported through targeted policies and investments, or it will see its role fade — with major costs for the economy, island communities, and the environment.

Europe arms up, Mevaco levels up

-Mevaco is a company listed on the Athens Stock Exchange, active in photovoltaics and defense systems. Over the last 12 months —since Europe’s armaments frenzy began— its value has shot up by +78.3%, reaching €84 million. Three years ago, in 2022, it signed a framework agreement with France’s Naval Group for the supply of mechanical systems for the Hellenic Navy’s FDI frigates. In March 2025, it signed a two-year agreement with Intracom Defense worth $6.06 million, for manufacturing metal parts for defense systems with an export orientation. Today, its order backlog amounts to €41 million. To meet surging demand, Mevaco (+21.9% at €8.35) is investing €10 million to build a new factory unit next to its existing facilities, on a privately-owned adjacent plot of 26 acres, where a state-of-the-art industrial plant will be installed. In 2024, Mevaco’s turnover was €60.8 million (+41.52%), while EBITDA came in at €7.6 million (+54.9%). In the first half of 2025, turnover skyrocketed to €49.22 million (+207.3%) and gross profits to €15.68 million (+328.7%). Based on first-half operating profits (€10.2 million), the current capitalization of €84 million seems logical — within the madness of wars.

A new acquisition in the IT sector

-The new trend in the Greek IT market is Agentic AI and automation projects in the private sector of the economy. Profile Software (-2.71% at €6.82) is preparing to announce —next week— a major acquisition of a Greek System Integrator specializing in Cybersecurity. It will combine the expertise of the acquisition with its own significant upgrade of the AI Adaptive solution, introducing advanced capabilities with agents that redefine smart automation and transform how financial institutions operate, requiring minimal human intervention. Interestingly, right now at Messe Frankfurt —one of the largest exhibition venues in the world— the SIBOS (SWIFT International Banking Operations Seminar) is taking place, the top global conference and exhibition of financial services organized annually by the global payments system SWIFT. The central (perhaps only) topic at SIBOS is Agentic AI, meaning systems that can operate autonomously and make decisions with minimal human oversight. In Frankfurt these days are executives of Eurobank, Piraeus Bank, and Profile.

It doesn’t want to fall, it can’t go up

-The first of the two tough autumn months passed for the Athens Stock Exchange not only without losses, but even with small gains: +0.62% for the General Index and +6.02% for the Banking Index. This completes 11 consecutive rising months —something the Athens Stock Exchange last saw 39 years ago (1986–1987). Yesterday’s session carried a clear message: “I have no direction, I don’t know where to go.” The big Eurobank block trade of €99.88 million (+0.21% at €3.382) and Alpha Bank transactions worth €83.6 million (+1.52% at €3.6140) gave a taste of month-end, quarter-end, and nine-month-end window dressing. The third quarter brought +11.09% for the General Index and +24.2% for the Banking Index. As so often in recent months, the banking sector was the absolute star of the market. National Bank (+0.53% at €12.36) and Piraeus (-0.06% at €7.21) dominated trading, as professionals cashed in profits from smaller banks and shifted to the four systemic ones. In a generally negative session, the General Index’s marginally positive sign was also supported by Athens International Airport (+2.87% at €10.38), AKTOR (+2.01% at €8.61), PPC (+0.86% at €14.02), and Cenergy (+1.5% at €12.20). The General Index closed with a loss of -0.01% at 2,034.22 points, while turnover climbed to €368 million with block trades worth €149.8 million. Coca-Cola fought hard to keep the €40 mark (€40.06, -0.5%), but September was not a good month, leaving it with total losses of -6.88%. Also noteworthy was PPA (+3.15% at €44.15), though with transactions too thin to suggest a broader upward trend.

Shipping weddings and baptisms

-George Stefanou married off his son and baptized his triplet granddaughters last weekend, while two weeks earlier his brother, Dimitris, had married off his daughter. I heard the coasts of Vouliagmeni and Varkiza lit up with mega-shows of fireworks, in the presence of hundreds of guests. The two brothers, born and bred in Andros from the famous village of Stenies, have built a major family shipping company with cargo vessels —28 as of today— while showing their love for their homeland by investing in coastal shipping, initially to serve their island and later the rest of the Cyclades. According to XRTC, a financial consultancy specialized in coastal shipping, the Stefanou brothers belong to the small club of big investors in the sector.

Alarm bells ring in the U.S.

-We may not have paid much attention here, but in the U.S. cannons are booming in the wider auto market —and loudly. The latest casualty is First Brands Group Holdings, a giant in the auto aftermarket parts sector that grew through acquisitions financed by highly leveraged debt. First Brands reached revenues of $5 billion, with its products sold at major retailers such as Walmart and O’Reilly Auto Parts. At the same time, however, its debts skyrocketed: $6 billion in traditional bank loans today, but there are also additional off-balance sheet loans tied to inventories, customer/supplier invoices, etc. In its official bankruptcy filing (Chapter 11), it declared obligations of between $10–50 billion (!), while its assets are estimated much lower ($1–10 billion). The case is considered particularly serious because no one knows the true extent of the problem or which suppliers, creditors, or banks are exposed, as much of its debt was incurred via special entities (SPEs) or “gray” financing. Many see similarities with Greensill Capital, whose collapse triggered a domino effect and a crisis of confidence that helped bring down Credit Suisse, since the Swiss group had significant funds tied up in Greensill-related vehicles. Already, there are concerns about the impact on Clearlake Capital (also the largest shareholder of London football club Chelsea), which owns First Brands. Notably, very recently another shock came from the bankruptcy filing of Tricolor, a lender specializing in car loans to subprime customers.

The dance of precious metals

-Most investors focus on stock indices and shares. But the secret of our times lies in precious metals. Silver is up +63% year-on-year. One kilo of silver is worth €1,264 today. Gold +46%. One kilo of gold is worth €104,428. This means precious metals —for the second year in a row— are the best-performing investment. Gold and silver have soared +108% and +115% over the past two years. In the same period, the dollar has lost value, recording its worst year since 1973. Precious metals are now seen as a “store of value” in a period of heightened interest rate and currency uncertainty. President Trump is pressuring the Fed for lower rates despite inflationary pressures. The global shift away from the dollar by central banks —especially China and BRICS— accelerates the depreciation. Some thought cryptocurrencies could be the solution. But Bitcoin has tumbled below $109,000, while Ethereum has logged 5 consecutive losing sessions —its worst streak since February— dropping below $4,000 for the first time since early August. The drop exceeds 20% from its historic high near $5,000 just a month ago. The negative real yield of bonds makes metals more attractive. With inflation exceeding interest rates, holding cash equals losing purchasing power. Rising geopolitical tensions and systematic de-dollarization of world trade boost demand for real assets. Gold remains the ultimate central bank reserve. Meanwhile, industrial demand for silver has surged dramatically: silver is essential in green energy and electronics. A structural supply deficit has emerged in silver.

Nvidia makes history: Now worth $4.5 trillion

– Just a few years ago, Nvidia was simply the darling of gamers. Thirty months ago, Nvidia was worth only $500 billion. At the end of 2022, OpenAI brought ChatGPT to the global market. Then came the explosion. Nvidia hit $1 trillion in May 2023, $2 trillion in February 2024, and $3 trillion in June 2024. Artificial Intelligence demands Nvidia’s chips and infrastructure. Its CEO, Jensen Huang, is now the 10th richest person in the world, with a net worth of over $140 billion.