-Greetings, let’s agree that yesterday’s announcement by the Cypriot President Christodoulides wasn’t exactly… an announcement from a Cypriot leader to Greece, i.e., his “little brother,” and a bit of restraint wouldn’t hurt—especially when it’s clear to everyone that if anyone is putting roadblocks in the way, it’s not Athens. That the Crete-Cyprus electricity interconnection project had festered is well known, with the risk not only of the project being canceled and causing a significant financial burden on ADMIE and, by extension, the Greek consumer, but also of putting in question the unbreakable front between Athens and Nicosia, ultimately serving Turkey’s goal of derailing the project. Now, at Maximos Mansion yesterday, they kept their cool, and common sense along with the national line of “Greece and Cyprus are always together” prevailed. K. Mitsotakis and N. Christodoulides met in New York and agreed, as stated in the joint communiqué, on the next steps for the GSI.

Viability…
-The project will, of course, move forward once the fundamental doubts about its viability—which have been raised by the Cypriot government—are resolved, and once the pending technical and financial issues are settled (i.e., the outstanding payments from the Cypriots to ADMIE).

ADMIE and the clauses with French company Nexans
-ADMIE’s biggest problem at the moment is that it has already spent €250 million on the cable’s construction (plus €48 million to buy the project from the Cypriots), which the Cypriot side does not acknowledge—or more precisely, acknowledges unilaterally, since so far it has only agreed to cover expenses amounting to €82 million, which of course it’s not paying either. Based on the interstate agreement signed last September between the Greek and Cypriot governments, if the project halts due to geopolitical risks, the cost will be split 50-50 between the two states. Therefore, of the €82 million recognized by the Cyprus Energy Regulatory Authority (RAEK), ADMIE will receive €41 million from the Cypriots, while according to the MoU, it should get €125 million (half of the €250 million), with the rest covered by the Greek side. ADMIE risks shouldering a massive cost, on top of the penalties tied to its contract with French firm Nexans for the project’s non-implementation, amounting to €1.9 billion. The whole scene also includes an ongoing investigation by the European Public Prosecutor’s Office into the electricity interconnection cable—of which we know very little.

Rouchi and the Blues
-Let me turn now to a case where I find the political behavior intriguing—mainly that of Dendias, because in Avramopoulos’ case I don’t think it really matters. Dendias, a serious politician, with a profile that’s never shown signs of populism—if he were like that, he wouldn’t have made tough surgical decisions in the Army—so I really wonder why he handled the Rouchi matter this way. Everyone familiar with the scene knows what’s really going on in this tragic story. And they also know the medical background… So what’s the point of “playing” with and circling around a topic that will soon take its course? Maybe he’s scoring some points with one crowd, but he’s definitely losing with another, more discerning one. I don’t know the balance sheet here, but frankly, it’s surprising.

The water meeting
-It’s going to be a packed week at Maximos Mansion with several meetings on everyday issues or infrastructure, after K.M.’s travels. Today, for example, another meeting will be held on the issue of water management with Hatzidakis, Papastavrou, etc., as the final government decisions need to be made regarding management bodies—so that we don’t end up saying “water, water everywhere, and not a drop to drink.”

Telis and the media
-Lately, there’s been talk that Telis Mystakidis, beyond PAOK (first football, then—after hitting a “door”—basketball), also wants to get into major media outlets. Now, I asked around with the right people but—don’t get your hopes up for nothing—nothing came up. Those damn things must be made of honey…

The €17 billion in budget investments and Intralot’s capital increase at €1.10/share
-Today’s an interesting day for the market as well, with the start of Euronext’s public offer—you’ll read more on that below—the submission of the 2026 budget draft, and we’re also awaiting the announcement on Intralot’s capital increase. Starting with the budget draft, the word is that its main feature will be a significant jump in investments reaching €17 billion including the Recovery Fund, based on a growth estimate of 2.4%, and with strong surpluses—meaning there’s room for benefits. As for Intralot, word is the capital increase went very well, with strong demand (rumor has it it was oversubscribed 2.7 times), which allowed the capital raise to grow to €420 million (up from €400 million), with a share offering price of €1.10. Not to forget, the stock market seems to be pricing in a positive decision by FTSE/Russell tomorrow night and the possibility of the ASE being upgraded to the Developed Markets category. Now, whether that’s actually good news…

The Athens Stock Exchange showdown begins
-Today, Monday, the framework for the voluntary public offer to acquire the parent company of the Athens Stock Exchange is expected to be announced. As the column reported, Euronext is starting with a 67% target, but that doesn’t mean much, because over the six-week offer period, they can revise (read: lower) the percentage as they wish. Euronext had improved its initial offer, and the new, improved proposal—backed by the ASE board—offers a swap ratio of 20 ASE shares for 1 new Euronext share, compared to the original 21.029 ASE for 1 Euronext. Based on Euronext’s closing price on July 30, 2025, when the improved offer was submitted—€142.7—the ASE was valued at €7.14 per share. Since then, Euronext’s share has dropped to around €125, while ASE’s has also fallen to €6.50. Based on the new offer, the per-share consideration for ASE shareholders comes to €6.25. Critical to the outcome are the positions of both foreign institutional shareholders of ASE and Greek retail investors who control a significant stake. It will be interesting to see how things develop because there are opposing forces at play. For example, Praude Asset Management, ASE’s largest shareholder, is reportedly opposed to Euronext’s offer and has increased its stake to 7.40%. Market chatter says Praude is coordinating with other ASE shareholder funds and will form a united front above 10%, blocking a squeeze-out. On the other hand, Euronext has the advantage of being able to consider the offer successful even at 33% of ASE. There are also technical issues this column doesn’t have insight into. E.g., a mutual fund investing in Greek stocks may be restricted by its charter from holding foreign shares, like Euronext’s. So what will it do? Wait it out? Sell now? I’ll wrap this up by mentioning that sources say commissions to brokerages for rallying their clients to ensure the success of Euronext’s offer will be very high—an indication of how tough this will be. And as we reported this morning, the official announcement came out, stating that Euronext offers twenty ASE shares for one Euronext share and that the deal’s completion is conditional on acquiring at least 67% of ASE shares.

Residents file appeals over Vouliagmeni Beach – ETAD: Privatization with… social terms
-As projects move forward and more big names turn their attention to the now much-hyped and extremely pricey Athenian Riviera, the appeals multiply accordingly. After the new appeals over Elliniko (note: those from the municipalities of Glyfada and Alimos and the Metropolitan Municipalities Association for the marina of Agios Kosmas and the new artificial beach came first), now residents from the Elliniko and Glyfada areas, along with the Cultural, Sports and Beautification Association of Kato Elliniko, have filed to annul the 2018 Presidential Decree on the Integrated Development Plan (IDP) as well as against construction permits—especially objecting to building heights, among other things. Meanwhile, residents near the Vouliagmeni Coast have also mobilized, this time regarding that very beach. This is currently the most interesting project run by the Public Properties Company (ETAD), which has attracted top-tier business interest and aims to have a contractor selected by year’s end. Residents, through a Council of State appeal, raise the issue of free public access to the beach, since the property in question is considered prime real estate for the investor, who is expected to pour in significant capital for upgrades and, naturally, anticipates substantial returns. Last Friday, from the stage of the Athens Riviera Summit, ETAD CEO I. Chatzigeorgiou assured that the issue has been addressed and that the social terms are clearly included in the tender, with a corresponding commitment required from investors. She also confirmed the target of selecting a contractor by year’s end. Note that in the bidding race are: AIR CANTEEN (see: Georgatos of the Grigoris group), ATHENS BEACH CLUB (Konstantakopoulos, Prokopiou, Kokkalis), THE MARGI (see: the 5-star hotel in Vouliagmeni), the EVERGOOD–GEFSINOUS joint venture (CVC Group – interests of entrepreneur Manolis Vavourakis), the “REDS S.A.” (ELLAKTOR Group) – “AEGEAN WAREHOUSES S.A.” (Melissanidis Group) consortium, and FAIS HOLDINGS.**

Everyone’s into… real estate

-What I’m noticing is that the “trend” of entering the real estate market continues, with both familiar and… not-so-familiar names. More and more entrepreneurs from unrelated sectors are launching such companies, most with a clear business plan in mind. Case in point: at the end of September, the “Apantima Real Estate” company made its debut, founded by the Bitharas family, who aren’t limiting their business ventures to the fashion industry. The company’s purpose is the buying and selling of real estate and related activities, with initial share capital set at €200,000, provided by “Mourg Holdings.” This holding company was founded in May with sole shareholder and manager Georgios Bitharas — son of Vasilis and Sofia Bitharas, known for B&F Apparel. Georgios Bitharas is also listed as the manager of “Apantima Real Estate.” Last Friday, yet another company was established, called “Diem Real Estate,” also focused on buying/selling properties and building construction — residential and otherwise. Initial capital: €300,000, with €210,000 contributed by Manolis Vavourakis (well-known businessman behind the catering company “Gefsinous”) and €90,000 by Ms. Dionysia Papadaki. The company will be managed by a board member-manager — a role taken on by Vavourakis.

From Riyadh to Athens with an investment agenda

-A key step in strengthening the strategic and economic ties between Greece and Saudi Arabia is the two-day visit (today, October 5th, and tomorrow, October 6th) of the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, to our country.
According to the schedule, Minister Alkhorayef will meet with Greece’s Development Minister, Takis Theodorikakos, to discuss the framework for economic cooperation and investments. He’ll then meet with Minister of Environment and Energy, Stavros Papastavrou, focusing on mineral resource utilization and joint processing projects. He will also visit the Elefsis Shipyards to explore potential collaboration in the shipbuilding sector. On day two, he’ll participate in a Saudi-Greek business roundtable with entrepreneurs and top executives from Greek industries and the mining sector. This visit is significant as Alkhorayef oversees a core pillar of Saudi Arabia’s “Vision 2030” strategy — the ministry of Industry and Mineral Resources. The goal of the plan: reduce the kingdom’s dependence on oil and invest heavily in industry, mining, technology, and international partnerships. Alkhorayef plays a central role in designing and executing major projects involving production chains, foreign investment, and new industrial zones. He is considered a trusted technocrat of the Crown Prince, with no familial ties to the royal family, but a close working relationship — tasked with pushing forward the country’s reforms and industrial development.

What are the Saudis doing at ONEX?

-The ONEX shipyards are becoming a shipbuilding hub for the broader North Africa, Middle East, and Eastern Mediterranean regions. On September 5th, the South Korean ambassador visited the Elefsis facilities. A week later, the U.S. Secretary of the Interior, Doug Burgum, showed up — notably the first member of the new Trump administration to visit Greece. And today, Monday, October 6th, 2025, the same facilities will host Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and the CEO of Saudi Arabia’s National Industrial Development Center, Saleh Al-Solami, accompanied by Greek Development Minister, Takis Theodorikakos. Welcoming them will be the President and CEO of ONEX Group, Panos Xenokostas. The visit is part of broader alliances being formed in the shipbuilding sector — in both commercial and defense domains.

Greek shipowners relocate to Cyprus

-Greek shipping has temporarily “moved” to Cyprus — specifically Limassol — for the Cyprus Conference 2025, one of the world’s top maritime events, co-organized by the Deputy Ministry of Shipping, the Cyprus Shipping Chamber, and the Cyprus Union of Shipowners.
From the Greek shipowning elite, present are: George Prokopiou, Thanasis Martinos, Yiannis Xylas, the Treasurer of the Union of Greek Shipowners, Stefanos Angelakos, Yiannis Koustas, Semiramis Paliou, Ioanna Prokopiou (Vice President of BIMCO), Petros Pappas, Harris Vafeias, Aristides Pittas, Dimitris Melissanidis, and Peter Georgiopoulos.
What’s particularly noteworthy is that, just days before key discussions begin at the International Maritime Organization (IMO) — next Tuesday — on the full decarbonization of shipping (net zero), the IMO Secretary-General, Arsenio Dominguez, is attending the conference, drawing significant attention.
Leading the speaker lineup is President of the Republic of Cyprus, Nikos Christodoulides. A reception was held at the Presidential Palace yesterday, Sunday, October 5th, 2025.

Alessandra dazzled at the Spetses mini Marathon

-And since we’re on the topic of travel, let’s stay in the same vibe — masses of people flocked to Spetses this past weekend for the Spetses mini Marathon, now considered one of the top sporting events in the country for amateur sports lovers of all ages…
From the business world, standout performances came from L’Oréal Hellas CEO Alessandra Delfini, who impressively finished first in her age group in the 3km open-water swim — crossing from Costa to Spetses!
Also noteworthy were the performances of Deloitte CEO Dimitris Koutsopoulos and businessman Alexandros Kikizas of Melissa-Kikizas, who took part in the 10km run.
This year’s event broke participation records, validating the early vision of Marina-Lida Koutarelli, the woman behind its organization.

The investment mysteries of Kyriakoulis

-Corporate announcements tend to have a positive — sometimes even over-the-top — tone.
The company has hired two Market Makers to ensure the stock’s liquidity — nothing earth-shattering, considering without it, the stock would be moved to the surveillance category.
German company GSI Invest GmbH, controlled by Rigas and Panagiotis Tzortzis (who, through Indigo Marine Inc., indirectly hold 26.75% of Kyriakoulis), will finance the company’s €8 million bond loan.
Amid all this positive noise, the stock surged +9.74% in a week, reaching a market cap of €16.2 million.
But there’s a flip side: the company’s H1 results were released — showing a two-thirds drop in revenue for the first half of the year. And this, in a year where Greece’s tourism is breaking records.
Note: Greece led Europe in yacht charters in 2024. These kinds of mysteries aren’t good for the market and raise questions that should be addressed by management to keep investors informed.

Eurobank chasing Coca-Cola HBC

-The bank rally continues on the Athens Stock Exchange, with systemic bank stocks hitting or flirting with multi-year intraday highs. The banking index closed at a 10-year high, marking its sixth straight gain and breaking through 2,400 points for the first time since November 18, 2015. Systemic banks soared to new peaks, with year-to-date returns ranging from 57% to 132%. Piraeus Bank closed at its highest in over four years — topping €7.50, a level unseen since March 2021. The other major banks came close to yearly highs, eyeing records last seen in November 2015. Of note is Eurobank reaching a market cap of €13 billion, now in hot pursuit of the Athens Stock Exchange’s most valuable listing.
That title currently belongs to Coca-Cola HBC, but its valuation has dropped to €14.3 billion due to heavy pressure on the stock — the cause of which remains unclear. Systemic banks are also preparing to distribute interim dividends over the next two months, which could give their stocks an extra push.
Eurobank and National Bank will make their payouts in mid-November, with Alpha Bank following in early December. Piraeus Bank already returned capital last June.

Nikos Tsakos and the “Green” Patriarch

-Nikos Tsakos, founder and CEO of the NYSE-listed shipping company, was in New York last week.
There, he met with Ecumenical Patriarch Bartholomew, who is touring the U.S. and was honored with the Templeton Award — accompanied by a $1.2 million prize for his work in environmental protection.
They even dubbed him the “Green Patriarch.” The Tsakos family has close ties with the Patriarchate.
Last year, the Patriarch attended the opening of the first private, non-profit Merchant Marine Academy under the auspices of the “Maria Tsakos” Foundation — International Center for Maritime Research and Tradition, in Chios.

The Corinth Canal is preparing VIP yacht passages

-The Corinth Canal is shifting gears. The Hellenic Corporation of Assets and Participations (HCAP) subsidiary reported a +9% annual increase in chartered yacht traffic. And since demand is soaring, the Canal is getting ready to launch a fast-track crossing service — something its VIP clients will certainly appreciate. Last week, HCAP replaced the company’s management team in a bid to accelerate its development plans.

October for Wall Street is what April is for Athens

-During long and steady bull markets, fundamental analysis gives way to technical and statistical analysis. October in Athens kicked off with 3-for-3 winning sessions — weekly gains of +2.21% for the General Index and +6.03% for the Banking Index. Statistics show that April is the most volatile month of the year for the Athens Stock Exchange. But for Wall Street, it’s October. Since 1945, S&P 500 volatility in October exceeds the average of all other months by 33%. This is psychologically reinforced by Wall Street’s historic crashes: 1929, 1987 (“Black Monday”), 2008. This collective memory creates self-fulfilling prophecies, making investors overly cautious during the month. This past Friday, despite the U.S. government shutdown and no data releases from the Statistics Bureau, the NYSE cheerfully marched on. S&P 500 gained +1.1% for the week, hitting yet another record. The Dow Jones closed its sixth straight week of gains, also up +1.1%. The Nasdaq climbed +1.3% on the week but dipped -0.3% Friday, as investors took profits from tech. Statistically, October is a rocky month, with risk factors including: overvalued stocks after a rally, geopolitical tensions, and uncertainty over Fed policy in an inflationary environment. But history shows that those who weather the October storms often enjoy strong returns in the final quarter.

Europe’s energy relief

-The Eurozone seems to be closing the chapter on the energy crisis.
German bank Berenberg has crunched the numbers and concluded that the Eurozone is making a remarkable recovery in its energy profile: Fossil fuel import bills dropped to 2.4% of GDP in Q2 2025, down from a historic high of 6.7% at the end of 2022. The data reveal a dramatic correction, bringing energy costs back to pre-pandemic levels — despite greater reliance on expensive LNG (37% of imports vs. 20% in 2021).
The turnaround stems from falling global energy prices, a shift — albeit not always efficient — to renewables, and reduced consumption. Brent crude fell to $59.1 per barrel in Q3 from $66 in H1, while gas futures indicate another 5% drop in 2026. The economic impact is already visible: private consumption rose +1.4% in H1, as consumers began to absorb the 37% price spike from 2022.
Still, structural challenges remain: European industrial energy prices will continue to lag behind the U.S. due to the costs of the green transition, carbon pricing, and reliance on imported LNG.
Germany’s heavy industry has shrunk 17% since 2021, with limited recovery prospects.
A return to Nord Stream operations is firmly off the table — the ongoing war and geopolitical realities render dependence on Russia untenable.
Europe has chosen energy security over short-term economic gains.