Hello, today is a historic day for the Middle East with the ceasefire and the return of hostages to Gaza. Let us hope peace lasts forever in the region, even though the underlying problem remains unresolved. In any case, to be fair, the ceasefire is credited to Trump, and had it happened earlier, he might have been awarded the Nobel Prize. Now he may get it next year, if he manages to also end the war in Ukraine. It’s also good for the country that Greece will be represented—by the Prime Minister, of course—at today’s celebratory session for Gaza in Sharm El Sheikh, along with all the leaders of the broader neighborhood.

Unknown Soldier

Finally, after several months of delay and hesitancy, Mitsotakis himself announced yesterday that the government will put an end to the “tenting” of the Constitution by the “Indignants 2” group—a sad sight for the country and very bad for New Democracy voters, as well as for sensible people. I’m told that Dendias was not surprised when he read in K.M.’s Sunday note that the Ministry of National Defense is responsible for the Tomb of the Unknown Soldier, and therefore it must be kept clean, not turned into a chicken coop, as the “sprayed” protesters had done. He had been informed beforehand, and I think it goes without saying that maintaining order within the country is the police’s job. As for the cries of the Left (including, unfortunately, the mayor) that “fortunately the Army won’t take over the Monument,” I think no comment is needed. Soon they’ll claim that Mitsotakis is staging a coup to clean up the Constitution—which, by the way, is still full of tourists.

Tsipras

Since we’re talking about the Left, my source tells me that on Tsipras’s side, they are particularly optimistic about the communication outcome and the image of the first week after his departure from SYRIZA. They are counting, my source says, in focus groups and see that “people appreciated that Tsipras gave up the security of a parliamentary seat,” although a PASOK member maliciously observed that “he hasn’t given up the privileges of a former prime minister.” Bitterness? Maybe, but my source says that the trend in polls is that the great helmsman is heading for second place, “grabbing” 20–30% from PASOK, dismantling SYRIZA, and taking almost from all parties except New Democracy, which loses slightly—about one percentage point. I reiterate that this information comes from a Tsipras source, not a pollster.

Sklavenitis Backstage

Now, there’s an interesting backstage story about last week’s introductory meeting between Makis Sklavenitis and Mitsotakis at the Maximos Mansion, attended, among others, by Hatzidakis and Skertsos. The owner of the country’s largest supermarket chain was particularly upset about a fine imposed for profiteering and, until Friday, had been handing out flyers to customers explaining that his company considered the fine unfair; he stopped this a couple of days ago. I learned that very detailed explanations were given, and Sklavenitis apparently made a relatively positive impression on his interlocutors. It was made clear to him that fines are imposed by DIMEA (Market Control Authority), not the government, but they assured him that “they will review how and based on what criteria fines are imposed, within an institutional framework.” Needless to say, he was asked to help as much as possible with consumer prices. In any case, a misunderstanding was cleared up, and it was clarified officially that “no one in the government has commitments to other business interests.” Why this had to be stated is another story.

Wedding with… Old Mitsotakis Loyalists

You may have seen the news that K.M. was the best man at the wedding of his former close associate Elpidoforos Papanikolopoulos and Evina Giakoumatou last Friday at the Politeia Tennis Club. I’m told that the wedding was an opportunity to gather old Mitsotakis loyalists, since “Elpi” was a core member of K.M.’s team since 2004 and a staff member from the time he was in Chalkokondyli. Among others present from that era were Thanasis Nezis, Vasilis Spanakis, and Tasos Gaitanis, key figures for Mitsotakis, as well as former mayor of Chalandri Grigoris Zafeiropoulos. It’s worth noting that K.M. hadn’t been a best man for many years, since the wedding of his former associate Dimitris Fragkakis, who is now in the Attica Region.

Office Blessings Begin

With almost 18 months to go until the elections, many politicians are beginning to inaugurate offices. For example, Deputy Minister of Health Eirini Agapidaki is opening her political office in Peristeri today, as she will run in western Athens. She has already been active in the area. I’m told that by the end of November, the general secretaries of the government who wish to run for office will have resigned, leading to a minor reshuffle at their level.

Do it like Greece

Greece is vying to be the driving force in the field of the Union of Savings and Investments. Over the past six months, Pierrakakis has raised this issue very prominently, citing reports by Draghi and Leta, aiming to remove “hidden tariffs” within the EU that burden citizens and businesses. This was the subject of an article Pierrakakis published in the Economist last month, and at last week’s ECOFIN in Luxembourg, the Greek Finance Minister focused, among other things, on a specific aspect of this agenda: cross-border mergers and acquisitions. He spoke not philosophically, but with concrete examples from Greece in recent months: Euronext’s proposal to acquire the Athens Stock Exchange, Unicredit’s proposal to acquire more than 30% of Alpha Bank, and the Greece-Malta cooperation to acquire a stake in Malta’s HSBC Bank through Crediabank. The message Pierrakakis wants to convey is clear: Greece is open to partnerships that will strengthen each country’s “national champions.”

PPC at a 16-year High and BlackRock Scenarios

Turning to market news, PPC (Public Power Corporation) has soared to a 16-year high, with an Italian air of optimism, marking the first step toward climbing the “Olympus” of European utilities, as Mediobanca highlighted in its recent report, Climb to Olympus. The Italian investment bank initiated coverage of PPC with a target price of €19.2 and an “outperform” rating, placing it at the forefront of the energy transition in Southeast Europe, as it is the fastest-growing utility in the region. The report also emphasizes that “the current valuation of the company does not reflect the favorable business environment in which it operates.” Mediobanca’s vote of confidence did not go unnoticed by investors, with PPC rising from €14.2 when the report was published to €14.79, the highest closing price since November 2009. Some regular readers may recall that on September 18, 2025, a BlackRock delegation visited Athens, meeting various stakeholders and officially expressing interest in investing in PPC and Eleftherios Venizelos Airport. Recently, market rumors suggest that PPC plans a €1 billion capital increase, waiving old shareholders’ rights, to finance its business plans. In this capital increase—according to these scenarios—BlackRock could acquire a significant stake in PPC’s shareholding.

ADMIE: Scenarios for Capital Increase

ADMIE is searching for funding to implement its strategic projects for the modernization and development of the electricity system, totaling over €6 billion, with market sources reporting that multiple financing alternatives are being considered. While the noise around the cable with Cyprus shows no sign of dying down, it seems the Operator is methodically working on the next steps despite the… GSI thorn. The goal is to strengthen ADMIE’s capital to proceed with critical investments in the electricity network, such as new interconnections and infrastructure upgrades, which will define Greece’s role as a regional hub in Southeast Europe and the Eastern Mediterranean and enhance energy security and network stability. According to the same sources, discussions focus on the possibility of a share capital increase, either in ADMIE Holding—which is listed on the Athens Stock Exchange and holds 51% of ADMIE—or in ADMIE itself, which owns the regulated asset base. If the increase occurs in the listed Holding, the funds raised could be channeled to ADMIE to finance the investment projects. In such a scenario, a placement of shares to institutional investors is being considered, even potentially introducing a new investor into the shareholder structure, with specific names already circulating. Conversely, if the capital increase occurs in ADMIE itself, all shareholders—the Holding (51%), the Greek State via DES ADMIE (25%), and the Chinese State Grid (24%)—would need to participate proportionally to maintain their relative shares. Otherwise, ownership percentages could change, with the partial reduction of the Greek State’s stake still on the table. At the same time, the issuance of a corporate bond by ADMIE is another option being explored. This would provide additional liquidity without altering the shareholder structure but would increase the company’s debt. In any case, securing capital for ADMIE will determine the speed and scope of investments that will reshape the country’s energy map, making final decisions particularly important. The government envisions a “PPC model” for ADMIE: selling part of the shares to international investment portfolios to strengthen ADMIE’s equity. Since this requires strong Western investment portfolios, Kyriakos Pierrakakis’s meetings in the U.S. this week are highly significant. It’s worth noting that last Friday, 409,000 ADMIE shares were traded at prices ranging from €3.02 to €3.18, closing at €3.165 (+6.21%), marking the largest gain for 2025.

Electricity Price

At €158/MWh in today’s DAM, it’s clear that the government’s delay in regulating industrial electricity prices could turn into a disaster. Spikes in electricity prices highlight how exposed Greek industry is to these fluctuations; just a slight change in weather increased the price. While the Prime Minister promised in his recent speech at SEV to support Greek industry, it remains unclear where the regulatory solution is to resolve the sector’s biggest problem.

EKPA Honors Governor Stournaras

The University of Athens (EKPA) will host a particularly honorable event for Bank of Greece Governor Yannis Stournaras on October 21. University Rector G. Siasos will present the Governor with a commemorative volume titled “Studies in Honor of Professor Yannis Stournaras.” Besides the Rector, the Dean of the School of Economics and Political Science, Professor N. Hreiotis, will speak, while Professor E. Papapetrou will discuss the honoree’s broader work, and Professor G. Dotsis will present the volume. The event will conclude with remarks by Y. Stournaras titled “The International Economic Environment and the Challenges of the Greek Economy.”

What’s Happening with EKTER

The construction company has applied and is in the final stages of obtaining the highest contractor license, Class 7. This means it will gain access to a broader pool of projects, participating in tenders without restrictions on financial or technical capacity. With a backlog of €123 million and double-digit revenue growth, management aims to become the 5th major construction player in the market, focusing on infrastructure, PPPs, tourism, and real estate. These expectations are reflected in the stock, which surged over 6% on two consecutive days to €2.69, its highest level since September 2000.

Costamare and the Greek Racing Driver Who Made History

While dozens of professional Greek drivers have raced, none had achieved what Thomas Krasonas did. The 23-year-old became yesterday the first Greek to win a pan-European NASCAR championship, making history in Zolder, Belgium, and putting Greece on the professional racing podium for the first time. His path wasn’t easy: since 2009, he and his team had knocked on over 50 doors seeking sponsorship. That’s when the Costamare company, run by the Konstantakopoulos family, stepped in. “I told them that if they gave me the resources, I would win. It sounds crazy, but I believed it,” he recalls. They believed him—and thus Greece’s first NASCAR champion was born. From Athens garages to the European podium, Thomas proved that with the right ally, a dream can reach 260 km/h.

The Collaboration of Melina Travlou and Maria Angelicoussis

Despite recent rumors in the offices of Akti Miaouli and beyond about an “underlying rivalry” between Melina Travlou, President of the Union of Greek Shipowners (EEE), and Maria Angelicoussis, leader of a strong block of Greek and international shipping interests, events show the exact opposite. Angelicoussis co-signed, along with 15 other shipowners, a letter expressing serious reservations about the IMO’s new Net Zero Framework (NZF). The letter emphasizes that the plan ignores transitional fuels such as LNG, considered crucial for emission reduction and realistic green transition. Three days ago, Travlou confirmed in an interview with Lloyd’s List that “great minds think alike,” stating clearly that the IMO’s new framework unfairly treats transitional fuels like LNG, which are “safe, available, and directly reduce emissions.” She urged IMO member states to realistically revise the framework once implemented. The discussion at the IMO’s Marine Environmental Protection Committee Special Session will take place from October 14–17.

The…Record

It’s not every day that a company is incorporated and dissolved on the same day. But that happened last Friday, October 10, with MeliCordeli Monoprosopi S.A.. The company, based on Ermou Street, was founded for buying, selling, and managing real estate with an initial capital of €2,510,000, fully paid in cash by the sole shareholder, G.P., who was also appointed President and CEO of the three-member Board. The official incorporation was around noon. On the same day, at 15:20, the dissolution and liquidation were posted in GEMI, following the General Assembly of the sole shareholder. Why it was decided to close before even opening is a mystery—and certainly sets a record for the shortest-lived company. Perhaps the founder… changed his mind?

Messages from the Jefferies Report (and GEK TERNA)

The Jefferies report titled “Greed & Fear” contains several interesting observations. Analyst Christopher Wood argues that markets are very close to the end of the AI frenzy. He warns of an imminent correction in the AI mania, recommends shifting investments to real economies (Greece, China), and maintaining positions in gold as protection against dollar depreciation. An interesting point in the report is the recommendation to invest in infrastructure as a hedge against inflation spikes, which is why Jefferies has, for the first time, added GEK TERNA (as a construction leader in infrastructure) to its global portfolio.

The “Air” Returns: The Silent Revolution in Commercial Leases

Greece is the European market with the highest consumption taxes (VAT, excise, luxury taxes), yet consumption—helped by tourism flows that triple the number of potential consumers—seems invincible and indifferent to crises. Another proof is the return of the “air” in commercial leases. The practice of paying a significant sum to a previous tenant to vacate a desirable property is becoming common again on commercial streets in Athens and Thessaloniki. In central locations, the amounts of “air” exceed €50,000–100,000, while in premium locations they can reach €200,000. Property owners, brokers, and businesses form a transaction triangle operating outside official recording. Now that a large part of these transactions is being formalized and card/electronic payments dominate, one wonders whether this “investment” in the “air” will pay off. At the same time, “air” in leases creates entry barriers for new entrepreneurs without capital, while SMEs are pushed out of premium locations, and city centers are homogenized by chains and franchises.

The Profitable Path from ENA to the Main Market of the ASE

ONYX made its debut today on the Main Market of the Athens Stock Exchange. Its journey began in July 2023 when MED, the underwear company of Leonidas Zisiadis, started trading on the Alternative Market with a valuation of €10.2 million. Today, it is worth €172.3 million, with a spectacular shift from apparel to tourism. Similarly, Real Consulting started its stock market career on the Alternative Market in August 2021 at €1.02/share with a market capitalization of €22 million, and moved to the Main Market this September at €5.14/share and a capitalization of €112 million. Simple math shows that an investor who bought €10,000 of Real Consulting shares at IPO now has about €47,000 (before taxes and dividends).

The Biggest Crash in Cryptocurrency History

Last weekend could be considered historic and might mark the start of a new phase for the cryptocurrency market. In a few hours, 1.6 million crypto investors lost ground, while $19 billion in leveraged positions evaporated. It all started Friday morning (U.S. time) at 09:50. The nervous drop unfolded an hour before President Trump’s tweet at 10:57 warning China about new tariffs. Hours later, at 16:30, a very large portfolio opened massive short positions, anticipating a further crypto decline. Just 20 minutes later, Trump announced +100% tariffs on China. By 17:20—just 30 minutes after the announcement—liquidations of leveraged positions reached $19.5 billion. The large portfolio then closed its short positions, netting $192 million. Bitcoin’s market capitalization fluctuated by $380 billion, more than the combined value of the 25 largest business conglomerates in the world. Analysts online described this as a technical correction without long-term effects. High leverage, excessive optimism, and late Friday trading while Wall Street was closed were cited as possible causes of the “perfect storm.” However, questions remain about who knew of Trump’s announcement and how such massive short positions were opened shortly before the storm hit.

After the Tariffs: No Cheap Stocks

Many believe that the “big game” on Wall Street last Friday was deliberately aimed at steering retail investors away from tech frenzy toward more traditional sectors like finance. Goldman Sachs, JP Morgan Chase, and Wells Fargo will report earnings tomorrow, followed by Bank of America and Morgan Stanley on Wednesday. On Friday, the Nasdaq fell -3.6%, its worst day since April 10, coinciding with the implementation of Trump’s new global tariffs. Friday’s sell-off erased a month’s gains. The S&P 500 fell -2.7%, and the Dow Jones lost 879 points (-1.9%). Suddenly, strategic analysts remind clients of October’s historically volatile stock performance. In Athens, the climate is different. The General Index has gained +43.58% year-to-date, FTSE 25 +49.56%, and Banks stand out with +91.62%. Even mid-to-small caps show gains of +23.11%. In simple terms, the Athens Stock Exchange today has no cheap stocks; there are companies with prospects and solid fundamentals claiming their share of the upgrade of the Greek market to developed market status and the expected upgrade of Greece’s credit rating by S&P, Scope, and Fitch within the next 45 days. All this is supported by increased trading activity—over €200 million—and a steady flow of mutual fund share purchases capable of absorbing the liquidations of short-term, fearful investors.