Hello, I’d like to start today with the success of the “Greek FBI” in uncovering yet another major case involving forged and fake invoices, where various schemers try to steal VAT — in other words, public funds. In recent years, both the Greek Police services and, more importantly, the Anti–Money Laundering Authority and the Independent Authority for Public Revenue (AADE) have admittedly “caught” many such or similar cases. In these cases, we often hear — because they are included in the official reports of the Authorities and sent to the prosecutor — various well-known names: artists, celebrities, football figures, and so on. The problem is that in Greece, “miracles” seem to last only a few days, just long enough to make media noise. Afterwards, everything is forgotten, and the main figures in these major fraud cases walk away unscathed (or almost unscathed) and carry on with their lives — often repeating the same or very similar financial crimes. It’s as if some “invisible hand” intervenes and magically erases or neatly covers everything up. So I want to ask publicly: who is this “invisible hand” that ultimately untangles all the messes for the country’s pseudo-celebrities, even if they’re being pursued by [Minister] Chrysochoidis, [prosecutor] Vourliotis, or [AADE head] Pitsilis? Is it one person, or a combination of entanglement, corruption, and public relations?

Kövesi – A Surprise Visit

Yesterday, European Chief Prosecutor Laura Kövesi was in Athens, where she met with Ministers Pierrakakis, Chrysochoidis, and Floridis. I spoke with all my sources, and they all told me almost exactly the same thing — with minor variations — about her meetings with the Greek ministers. Kövesi made an excellent impression: she is entirely institutional, and her focus is on cases of major significance for the European Union. The sole topic of her discussions was Operation “Calypso” — the discovery of 2,500 illegal containers at Piraeus’ 3rd Customs Office. These Chinese containers were found at the port, and if they had slipped through, the EU would have lost around €800 million in revenues (according to the Financial Times). Detecting them was, therefore, a major success for her office. That’s why Kövesi came to Athens — for customs matters. She will give a press conference there today, regardless of whether she is asked about OPEKEPE (the Greek agricultural payments organization) or the “717” (the Tempi train disaster). She received everything she asked from Pierrakakis to increase customs inspections, and her overall stance and demeanor made it clear that she is there to do her job, not politics. Chrysochoidis was ready to brief her on the Economic Police’s investigation into OPEKEPE, but that wasn’t necessary. Regarding the discussion on amending Article 86 of the Constitution, Kövesi brought up the matter following an intervention by Greek European Prosecutor Nikos Paschalis, and Floridis explained the parliamentary procedure based on commitments made by [Prime Minister] K.M. (Kyriakos Mitsotakis). That’s what my sources told me, and I’m passing it on.

Behind the Scenes with Mylonakis

The letter sent by Giorgos Mylonakis to the Parliamentary Inquiry Committee on OPEKEPE, requesting to be called as a witness, was a kind of “dribble” move by the deputy minister — after opposition parties and various MPs (notably Voultsepsi, who has a history with Mylonakis) demanded his presence. Mylonakis claims he has no involvement in the substance of the case and has already responded to all allegations during two previous parliamentary question sessions — but says he’s willing to repeat himself if MPs wish. In reality, it would have been awkward if everyone else called for his testimony while he avoided attending. The scheduling of his appearance will be decided by the Committee’s Presidium, but other witnesses such as agency heads and ministers will take precedence.

Storm over the Frigate

“They say ‘a small village, few houses,’” and in SYRIZA’s case, this applies perfectly. There’s now a storm brewing over whether the party will vote in favor of the fourth Belharra frigate. Karameros publicly stated that the party should support it, and several officials and MPs share this view. Even Famelos is said to lean toward voting in favor. However, the other half of the president’s close associates and MPs (including Zachariadis, Polakis, and others) disagree, arguing that such a vote is inconsistent with their stance on prioritizing social spending. Interestingly, New Left is also opposed to the frigate purchase, at a time when the flirtation between the parties is intensifying.

PASOK and the Empty Square…

“At most three and a cuckoo” — well, okay, there were a few more — gathered yesterday at 11 a.m. in Klafthmonos Square after party president Nikos A. issued a call. SMS messages and phone calls had gone out from Harilaou Trikoupi (PASOK HQ) to inform party officials, MPs, and members about the planned attendance at the GSEE–ADEDY strike rally, but the mobilization flopped. Only a few MPs showed up — after all, Parliament is just steps away — along with some green trade unionists, party officials, and the president’s close aides. After delivering his fighting statement, our leader quietly left.

Paulson, UBS, and the 15% Scenarios

Now to market news — and a quick pause to mention that the Dark Room column celebrates its 5th anniversary on newmoney.gr this October. To mark the occasion, here’s a report on the banking sector. While no immediate developments are expected, the market is “boiling”. John Paulson has now been a shareholder in Piraeus Bank for over a decade. Recently, he completely sold his stake in Alpha Bank, and also reduced his Piraeus stake slightly to just below 15%. This leaves him with a strategic 15% holding — essentially a “key” stake for any potential buyer to control the bank. The former hedge fund manager, who also took a “hit” on his investment in EYDAP (Athens Water), would have no problem cashing out and leaving. UBS and Stefanos Papapanagiotou have taken on the task of finding a buyer. It’s not clear whether UBS has been formally mandated, or whether Papapanagiotou is handling it informally until the right conditions arise to propose a deal. Papapanagiotou, who has climbed the UBS hierarchy, has connections in the European banking system and may well find a suitable buyer — especially at a time favorable to cross-border bank mergers.

When Goldman Sachs Went to P. Mylonas’ Office

The market’s antennas may not pick up on these kinds of behind-the-scenes developments, but that’s not the case for Goldman Sachs, which, observing the situation, saw an opportunity. Relations between P. Mylonas (CEO of National Bank of Greece) and Ch. Megalou (CEO of Piraeus Bank) were strained because of Ethniki Asfalistiki (National Insurance). The two banks will eventually reach an agreement on the bancassurance deal, because a grotesque Gordian knot has formed that it is in both their interests to resolve — and the sooner, the better. However, this doesn’t mean that the management of National Bank has digested the sale of Ethniki Asfalistiki — a transaction for which, once again, Piraeus Bank used UBS and Papapanagiotou’s services. In fact, market talk says that Mylonas was so upset at first that he refused to take Megalou’s calls, as the latter tried to explain and smooth things over. Goldman Sachs, seeing this “pleasant” atmosphere, visited P. Mylonas and proposed that National Bank acquire Paulson’s shares in Piraeus Bank. The plan had been studied seriously and in depth: National had more than enough capital for such a move, the idea was well liked, but then the “invisible hand” Adam Smith wrote about stepped in and hit the pause button. Indeed, such a merger would have placed a Greek bank among the top 50 in Europe, but for it to make sense, many branches would have had to close, many employees laid off, and competition issues addressed. The latter would have been solved by selling off assets of both National and Piraeus, giving other banks a chance to buy and thus reshaping market balances. Was the plan abandoned? “Not entirely,” says a reliable source. The column adds that the plan remains on the table, as a kind of “battle plan” for the right moment, if and when it arises. P.S.1: All of the above is, of course, officially denied. P.S.2: This behind-the-scenes scenario could potentially push up Piraeus Bank’s share price, because if its valuation rises, all these plans become uneconomical.

Why the Belgians Want Eurobank

Meanwhile, another situation is unfolding. The Ministry of Economy has its eyes on KBC and the acquisition attempt the Belgian bank is making in the Dutch market. If this move into the Netherlands doesn’t go through, Greece should be ready to welcome the Belgians. Their first target is Eurobank, and the second is Piraeus Bank. They prefer Eurobank because KBC already has a subsidiary in Bulgaria. By acquiring Eurobank, they would create the largest bank in Bulgaria, while simultaneously gaining a presence in Greece and Cyprus. The question is whether Prem Watsa, after so many years on Eurobank’s shareholder register, would enter negotiations to sell, for example, 10% now and gradually the remaining 20% over time. He runs an insurance group, has held the investment for ten years — we shall see…

The Hint from Theodorikakos to Supermarkets

There were three key moments in yesterday’s meeting between Development Minister T. Theodorikakos and supermarket representatives, regarding the initiative to reduce prices on 1,000 basic goods. The first two involved the negotiations themselves. The most important outcome was that supermarkets agreed to discounts of over 5% on packaged products. The second key point was the agreement to apply the measure until the end of the year, with the minister pushing for it to continue into 2026. The third and most interesting moment came when Theodorikakos told the business representatives not to confuse this discussion with the fines imposed by DIMEA (the market enforcement agency), because he is legally obligated to impose them — otherwise, he would be committing a dereliction of duty. I assume the supermarket representatives caught the hint.

October 6 and 9: Key Dates for Intralot…

The capital increase (AMK) of Intralot with cash contributions continues and will be completed next Friday, through a combined domestic and international offering, with a maximum offer price of €1.27 in both order books. The capital increase is already considered fully covered, and the company is expected to raise around €400 million from foreign (€316 million) and Greek (€84 million) investors. Of this, €300 million will go toward acquiring Bally’s Interactive, and €90 million toward repaying existing debt. On Monday, October 6, the final offer price will be announced. On Thursday, October 9, the new shares will begin trading on the Athens Stock Exchange. This AMK is the final stage of the deal to create the new Intralot–Bally’s group, following the €900 million bond issue earlier this year, which attracted €3.3 billion in offers from more than 200 investment portfolios. From that point onward, the journey of the “new Intralot” begins. Together with Bally’s Interactive, it will form a group where online gaming accounts for about 70% of revenues, with the UK as its main market. Based on 2024 figures, the new structure represents revenues of over €1.1 billion and EBITDA of €410–420 million.

…and the Thousands of Derivatives Contracts

And since we’ve opened the Intralot chapter, it’s worth mentioning that yesterday at noon there were more than 399,000 Futures contracts on the Derivatives Exchange for Intralot’s share — all at a premium, i.e., above the €1.27 maximum offering price for the capital increase. Each contract corresponds to 100 shares, meaning there’s a “volume” for future transactions of 40 million shares. Yesterday’s 2.36% rise in the share price to €1.30 indicates comfortable oversubscription of the capital increase by Friday. The same happened with the special bond issues, which attracted €3 billion in demand, with €850 million ultimately raised. All this shows that the moves are well planned and executed. Of course, everything will become clear on Friday — unless the sky falls on our heads…

The Acquisition of Algosystems by Profile and the Olayan Ties

Following yesterday’s column report, Profile was obliged to announce to the Stock Exchange that it is in advanced negotiations to acquire at least 85% of Algosystems, aiming to expand its activities in the cybersecurity sector. This is a significant, though not large, acquisition for the Greek IT market.
Algosystems has a very interesting history. It was founded in 1986. Akram Sayioun led the company for 22 years, and in 2020 he became Chairman of the Board, handing over management to his children, Alexandros and Tamara Sayioun. Until 2016, the largest shareholding in Algosystems belonged to the Olayan Investment Co. group, but the company retained a family character, with many executives working there for over 15 years. The Olayan Group is the well-known business group founded in 1947 by Suliman Saleh Olayan, one of the wealthiest Saudi businessmen. After his death in 2002, his son Khaled took over as chairman of the group, while his three daughters also assumed significant roles. Lubna Olayan was one of the first women of Saudi origin to take on leadership positions in the private sector. Today, the Olayan Group is a multinational company headquartered in Liechtenstein, with offices in New York, London, Luxembourg, Athens, Singapore, and more. The Greek office of Olayan Investments Company Establishment is housed in a distinctive domed building on Poseidonos Avenue in Glyfada. In January 2024, Andreas Doumouros was appointed CEO of Algosystems. He has worked at the company since 1989 as Technical Director, following an 11-year career at OTE.

Response to Giannitsis’ Criticism

Yesterday, the European Commission appointed ELSTAT President Thanasis Thanopoulos as Deputy Director-General of Eurostat (DG ESTAT). The news carries dual significance: political, as it serves as a practical response to recent criticism by former minister Tasos Giannitsis — who questioned the method of GDP calculation in his articles — and professional (for some at least), as the position of ELSTAT President is now open.

The Vietnamese in Greece for Business and Shipping…

A 20-member government delegation from Vietnam, led by the Vice President of Parliament, is visiting Greece from October 2. The goal is to hold meetings with the Greek government and business circles.
From a shipping perspective, Vietnam is developing its shipbuilding industry, focusing initially on ship repairs rather than newbuilds. Branches of major Eastern shipyards have opened there and are winning contracts. The link between the two countries is the honorary consul in Greece, shipowner Gavriil Petritis, who is hosting a luncheon for them today at the Flisvos Marina. “They’re interested in maintaining good relations with Greece and its shipping sector,” diplomatic circles said, adding that their mission is challenging because the Vietnamese are cautious and hesitant in their actions — a stance that limits their flexibility. Regarding their shipyards, some are reportedly neglected, but foreign investors are arriving to renovate them. Shipping executives mention that the problem is that the Vietnamese cannot provide refund guarantees, nor can they build new ships, which is why they focus on repair visitors.

…And the Germans Follow Closely Behind

A different group is expected to arrive in Piraeus in mid-October: eleven German maritime technology companies participating in a business mission under the auspices of the German Ministry of Economy and Energy (BMWE). What’s interesting is that the Germans are not coming only to showcase their know-how but also to see firsthand how they can “fit” into Greek shipping. The scheduled B2B meetings show that matchmaking is at the core. They will bring with them “green” propulsion systems and energy-saving solutions, as well as digital applications for ships, shipyards, and ports.

Cosmote’s Surprise

Next Monday, Cosmote has invited press representatives to a “Magenta Presentation.” It’s no longer a secret that Kostas Nebis will present for the first time the T-Phone, the new T-Mobile phone that, among other features, will leverage Artificial Intelligence in collaboration with Perplexity. We have entered the era in which telecommunications companies are evolving into TELCO–TECH firms, offering a combination of telecommunications and high-tech services enriched with AI. Expectations for these new services have pushed OTE’s market capitalization back above €6.5 billion.

The Proposal for Electric Car Leasing and the Listed Companies

It’s an idea that has worked well in France. The Ministry of Transport has submitted a request to the European Social and Climate Fund. If all goes well, funding will arrive by 2026. The idea is to allow young workers and low-income professionals to acquire an electric car for commuting, at a very low monthly lease cost of €50–100. If approved, around 11,000 electric vehicles will be included in the program, with the state subsidizing most of the monthly lease cost. An initial budget of €450 million has been drafted (€150 million for private individuals, €300 million for professionals), but all of this depends on approval by the Social and Climate Fund. This has sparked major discussions on the Stock Exchange about which companies will benefit, with Auto Hellas (Eft. Vassilakis) and Motodynamics (Paris Kyriakopoulos) seen as prime candidates. In any case, 11,000 electric vehicles represent a significant market opportunity.

The First Attempt at a Trend Shift in the Market

The Athens General Index started October “on the right foot,” aiming to achieve a 12th consecutive month of gains — something that has never happened before. The market has been in a consolidation phase for weeks, but yesterday’s first session after the nine-month period gave some signs of a trend shift: along with the rise, there was a satisfactory trading volume. The session began cautiously amid uncertainty, with the General Index slipping to 2,025.95 points (-0.41%) early on. By midday, the banks led a rally, pushing the Index up to 2,057.78 points (+1.16%), before closing at 2,056.38 points, up 1.09% for the day. Trading volume reached €220.5 million, including €30.1 million in pre-arranged transactions. Trades in Piraeus, Alpha, and Eurobank shares accounted for about half of the day’s total transactions. Piraeus (+3.27% to €7.45), National Bank (+3.48% to €12.79), Eurobank (+2.29% to €3.35), and Alpha (+1.47% to €3.66) led the way, followed by Cenergy (+2.79% to €12.54) and PPC (+2.71% to €14.40). Coca-Cola lost the €40 support level (-0.75% to €39.76). Hellenic Exchanges continued its mild decline (-0.6% to €6.6), awaiting news about its engagement with Euronext. Mevaco, after an unforgettable +21.9% the previous day, closed with +3.59% at €8.65. The session also brought a negative record: Austriacard Holdings fell below €5 for the first time since January 2023, when it began dual listing in Athens and Vienna.

Paris Dragnis and the Statue

The statue of the mythical Jason will be inaugurated on Saturday, November 1, 2025, at the central pier of the Port of Volos. Shipowner Paris Dragnis, originally from Volos, is the sponsor, though he had wished to remain anonymous until now. A platform of approximately 182 m² (perimeter 54 m) has been constructed to host and highlight the sculpture. Its placement is symbolic, as this is the spot where, according to mythology, the Argo docked. This statue follows the announcement a year ago of the creation of the Dragnis Foundation’s cultural center, which will host educational and social initiatives.

New Head of Communications at JTI Hellas

JTI (Japan Tobacco International) Hellas is the Greek subsidiary of the global JTI Group, one of the largest tobacco companies in the world. In Greece, the company is active in the import, distribution, and marketing of tobacco products (traditional cigarettes and alternative nicotine products). As of yesterday, Dr. Simos Sidiropoulos has taken on the role of Director of Corporate Affairs and Communications at JTI Hellas, with responsibilities spanning Greece, Cyprus, and Malta. Sidiropoulos, in his forties and with academic experience, joined JTI Hellas in 2022 and has since been active in the Greek market, serving as Corporate Relations and Communications Manager.

Luxury Hotels Are Thriving — Budget Ones Are Struggling

A Bank of America study reveals a striking moment in the global hospitality industry: luxury is booming, while budget destinations are suffering. Worldwide, luxury hotels are breaking occupancy records, while budget hotel chains are struggling to keep the lights on. BofA describes the situation as a “K-shaped recovery,” where economic fortunes diverge sharply. The data is telling: spending on accommodation by low-income consumers has fallen by 2% since 2023, even as overall consumer spending has increased by 1%. This means that while some are spending more, others are drastically cutting back. The “legends” of budget hotels — such as Choice Hotels, Wyndham, and Spirit Realty — once considered “safe havens” during recessions, are now on the sidelines. The irony? What was once considered “cheap sleep” is now proving very expensive for investors. On the other hand, luxury brands are flourishing. Accor saw a +18% increase in luxury room sales in the first quarter, while Hilton is planning to sextuple its stock of high-end accommodations. Wealthy consumers are not just traveling — they’re investing in experiences, comfort, and premium services. This trend is also evident in Greece, where luxury boutique hotels and five-star resorts are filling up, while budget accommodations face increased competition and squeezed profit margins. Behind these numbers may lie a broader economic truth: the middle class is shrinking, and consumer behavior is polarizing. Businesses that target the “golden middle” or budget segments risk finding themselves in a “dead zone” in the market. The old formula — “low prices for the mass market” — no longer works in a world where that mass market simply doesn’t have the money.