Hello. Yesterday I met with my source who deals with the “resistance” wing within New Democracy (ND). It’s the same source who told me a few days ago — and I passed it on to you — that “whoever goes to Karamanlis’ office (in Rafina) hears him say ‘let anyone come, as long as the brat goes’,” referring to Mitsotakis. The new thing my source told me yesterday was a variation on that theme — this time coming from Samaras. “Pollsters tell me I’ll get 7%-9%, but I say over 10%. I don’t care what I get in the elections, as long as Mitsotakis falls.” I find him very optimistic, but never mind — optimism is a source of life and everyone’s right. Still, to have as a life goal to go down in history as the man who toppled two ND governments — those of father and son Mitsotakis — while having himself been prime minister of the same party, says something… You might say, well, Karamanlis came out the other day saying that “the institutions are in danger,” when back when the country was collapsing and slipping in and out of the euro under SYRIZA, he was bragging that “he had a friend” in Tsipras, appointed Mimi as Minister of Justice, and spent his days and nights with Prokopis. Anyway, of all of them, I now prefer Karahalios.

The Mediterranean Conference

A remark by K.M. that many didn’t “catch” during his speech yesterday concerned Greece’s intention to invite all coastal states of the region to a forum “where we can jointly discuss all that concerns us.”
In reality, Mitsotakis is reviving an old idea by former European Council President Charles Michel for a Mediterranean Conference involving all relevant parties — obviously including Turkey. Back then, Turkey objected to Cyprus’ participation, just as it would today regarding Israel. But since this could be “coming soon,” let’s keep it in mind.

Triole-power

Outside the plenary hall, on the sidelines of the political leaders’ debate on foreign affairs, Androulakis, Zoe (Kωνσταντοπούλου), and Charitsis had a long chat. According to one of my sources, the trio is preparing a joint initiative. The driving force, I’m told, is the leader of Plefsi Eleftherias (Course of Freedom), followed by Nikos and Charitsis. The source claims the initiative will concern OPEKEPE (the agricultural payments agency), though an even more dynamic move relating to the field of Justice isn’t ruled out. Could we see such a political trio?

The Monastery of Sinai

Another piece of news concerns the arrangement between Greece and Egypt regarding the Monastery of Sinai and the safeguarding of its Christian Orthodox character. Now that the issue isn’t in the spotlight, the Foreign Ministry can make progress with the Egyptians, and it seems there’s movement toward a bilateral agreement. However, it also requires approval from the Sinai brotherhood. That’s why on Sunday, Minister Gerapetritis will be in Jerusalem, where the ordination of the new abbot of the Monastery, Symeon, will take place. He will also meet Patriarch Theophilos of Jerusalem, who has played a somewhat peculiar role, to put it politely. All church actors must be on board.

Promotion and Reorganization

Yesterday, in a brief announcement, Panagiotis Lembesis was appointed Deputy Secretary of ND’s Political Committee. It’s not that ND lacked another deputy under Skrekas — they already have two. In reality, the former ONNED vice-president was promoted, which makes him ineligible to run for head of the party’s Prefectural Committee in the Northern Sector. There had been an internal contest developing with another party member, Pantelis Stergiannis. A replacement is being sought, and I hear one possible candidate is “Mitsotakis loyalist” Giannis Maniatis, General Director of Asset Management and Maintenance at ADMIE.

The Labor Bill and the Farce

The opposition denounced Kerameos’ labor bill as a “monstrosity,” a “nightmare,” claiming it legalized a “labor Middle Ages” with the 13-hour workday, etc. And in the end, what happened? In the roll-call vote completed yesterday morning, 47 of the bill’s articles — practically half — were approved by more than 180 MPs (three-fifths of parliament). SYRIZA, which had fought the bill fiercely, walked out during the vote — obviously to avoid voting for several articles they actually agreed with.

Possible Price Reductions in More Products

The initiative to reduce prices on consumer goods seems likely to continue — expanding both the number of product codes and the range of goods, possibly before Christmas. The recent action by 10 major retail chains stemmed from meetings between the Development Minister and supermarket representatives, discreet pressure on the food industry, and on multinationals — though the latter avoided meeting with the minister. Talks lasted 50 days. Last Monday, the list of 2,180 product codes was submitted to the ministry, and DIMEA immediately began inspections at supermarkets to record prices before and after the announcement, to produce the “labels.” Now, retailers, 70 suppliers, the industry, and the ministry are measuring consumer response. If the reductions are well received, a new, larger, and broader list of discounted products will be created.

Economic Diplomacy – Made in the USA

Yesterday’s (our time zone) schedule was packed for Kyriakos Pierrakakis in Washington. On the sidelines of the IMF and World Bank annual meetings, the Greek Finance Minister met with Jeanne Shaheen, ranking member of the U.S. Senate Foreign Relations Committee. He also met his Turkish counterpart Mehmet Şimşek, emphasizing the positive bilateral agenda centered on the economy. With Saudi Finance Minister Faisal F. Alibrahim, Pierrakakis discussed investments and cooperation in energy, trade, tourism, infrastructure, and the digital economy. Let’s not forget Greece and Saudi Arabia are strategic partners, with a shared horizon in the ambitious IMEC corridor project linking India to Europe — a plan that will elevate both countries’ geoeconomic standing.

High-Level Contacts

At the IMF headquarters, Kyriakos Pierrakakis met with Alfred Kammer, successor to Paul Thomsen at the Fund’s European Department — this time not to discuss austerity and memoranda, but reforms, investments, and Greece’s role as a model of stability for Europe. The round of meetings concluded late Thursday night (Greek time) with the dinner hosted by IMF Managing Director Kristalina Georgieva for the EU finance ministers, where Pierrakakis was one of only four expected to speak. I also hear that today he will have several high-level meetings with senior officials of the U.S. government’s economic team.

The Euronext CEO Meets with the Unions

Turning to market news, let’s start with Euronext, which — though it still has exactly one month until its offer expires on November 17 (with a right to extend by two weeks) — is becoming active. Euronext CEO Stéphane Boujnah is currently in Athens, meeting with Hellenic Exchanges (ATHEX) shareholders. Today, Friday, he is scheduled to meet with the employee unions. It’s worth noting that Boujnah previously served at the French Ministry of Finance during Dominique Strauss-Kahn’s tenure, giving him political experience that will likely prove useful in today’s discussions. On Monday, his agenda includes a press conference on the public offer, Euronext’s intentions, and the new era of stock exchanges, followed by more meetings in the coming days.

SNAPPI’s Interesting Experiment

Yesterday, SNAPPI — Piraeus Bank’s digital bank — announced a new partnership with Public stores. Just a few days earlier, it had announced a similar partnership with AB Vassilopoulos, and it’s clear that more such collaborations will follow in the coming weeks. Public and AB Vassilopoulos, like most large retailers, already have long-standing partnerships with Piraeus Bank. This makes SNAPPI a very interesting experiment for the Greek market. Will it end up “cannibalizing” the same customer base that Piraeus Bank already serves, or will it succeed in attracting millennials who have no relationship with the bank? It will obviously aim to offer differentiated products — but is that enough? And if it is, will it still be enough one or two years from now? Do millennials represent a large enough customer base to make the venture financially viable? And how will SNAPPI compete against Revolut and other digital banks?

The Tsoukaridis Nephew and the Adam Pack Deal

As previously reported, the well-known company Adam Pack remains in Greek hands after being acquired by S.O. HOLDING — an SPV whose main shareholders also own CREATIVE PACK BLUEBOX, another firm active in paper packaging. In recent years, CREATIVE PACK BLUEBOX has emerged as a rising player in the sector, following its 2024 acquisition of KYTION from the PYRAMIS Group. It operates two production facilities — one in Agios Stefanos, Attica, and one in Kilkis — while Adam Pack runs its plant in Lavrio. A key role in closing the deal was played by George Oratis, co-founder of the company, group administrative director, and nephew of Yiannis Tsoukaridis of Paperpack, which was sold two years ago to a Chinese fund. Following the acquisition, reports say a significant investment plan will be launched to boost production capacity, reduce costs, and enter new markets. For 2025, CREATIVE PACK BLUEBOX expects revenue exceeding €13.5 million and EBITDA above €2 million, while Adam Pack is projecting revenue of around €16 million and EBITDA close to €1.5 million.

A Weekend Spent Trying to Understand

The imposition of new port charges by Beijing on ships with U.S. links has sparked intense activity in the international shipping sector, with Greek companies listed on U.S. stock exchanges at the forefront.
At the Capital Link Forum in New York, representatives of Greek-owned companies voiced their concerns.
Loukas Barmparis, president of Safe Bulkers, said his company spent the weekend trying to decode the new requirements: “There were many terms that no one knows how they will be interpreted,” he noted, adding that the new rules will likely cause a global redistribution of vessels. Ioannis Zafirakis, CFO of Diana Shipping, exclaimed while trying to make sense of the Beijing text: “What do you even do with the parentheses in that document? It’s madness,” drawing laughter from the audience. Despite initial confusion, Diana Shipping will not be significantly affected, as its shareholders and board are less than 25% controlled by U.S. interests, while many of its ships were built in China. Stamatis Tsantanis, chairman and CEO of Seanergy Maritime Holdings and United Maritime, described the situation as “nightmarish.”

Who Bought and Who Sold Ships

Performance Shipping Inc., owned by Aliki Paliou, led Greek secondhand market activity this week, acquiring two bulk carriers after intense competition. Also active was Harry Vafias, who, through his private, unlisted company Brave Maritime, acquired three bulk carriers. Incidentally, Vafias remains the top Greek shipowner in the sale-and-purchase market. British Bulkers Inc., owned by George Agathocleous, added the Ultramax Imabari Queen to its fleet. On the selling side, Samos Steamship, owned by the Inglis family, sold the sister Aframax tankers Nafsika and Lorax (built in 2022), while Minerva Marine, owned by Andreas Martinos Jr., completed the sale of its older Aframax Minerva Lisa.

Billions in Pressure on European Shipping

Beyond the thorny issue of the International Maritime Organization’s new framework for the full decarbonization of global shipping, Europe’s maritime industry is entering a very difficult phase.
At the recent “Walking into a New Era” conference, the rapidly rising costs were laid bare. The EU’s Emissions Trading System (EU-ETS) and the FuelEU Maritime regulation represent regional EU responses to a global problem. The irony is that shipping accounts for just 2.5% of global emissions — and only 7.5% of that 2.5% occurs in European waters. According to European Commission data, European shipping companies will pay €2.5 billion in 2024, €5.7 billion in 2025, and €8.2 billion in 2026. These costs will ultimately be passed on to passengers and consumers, pushing inflation higher in Europe. Shipowners are calling for ETS and FuelEU revenues to be reinvested in the maritime sector — to support the green transition and prevent a loss of competitiveness.

IMF Talks on Debt and the Risk of a Major Crisis

The charts, analyses, and forecasts circulating inside IMF meetings are chilling. Global debt has reached $338 trillion, rising by $14 trillion in just the second quarter of 2025. Analysts categorize global debt into three alarming trends: Household debt has hit $60 trillion, after a sharp rise since 2020.

Corporate debt continues to grow steadily, now reaching $100 trillion.

Governments owe $90 trillion, particularly after the pandemic, while banks and financial institutions collectively owe $88 trillion, marked by dangerously high leverage. Emerging economies have hit a record $109 trillion, equal to 242% of their GDP — meaning that countries with weak currencies and limited access to cheap financing are carrying a disproportionate burden. Data shows that the global debt-to-GDP ratio has fallen by one percentage point to 324% — but that’s due to nominal growth and inflation, not real improvement. The absolute increase of $14 trillion in a single quarter proves that global borrowing is accelerating. It’s not the first time global debt has exceeded 300% of global GDP — but history teaches that each time it happens, a major financial crisis follows.

V. Nikolaidis Buys Jamie Oliver’s Former School

Yesterday at noon, it was announced that the City & Guilds London Institute, Britain’s top vocational education organization, has been acquired by PeopleCert, Greece’s first “unicorn.” With this acquisition, Byron Nikolaidis’s company triples its revenue while also gaining ownership of the historic Giltspur House in London and a specialized training center in Cumbria, where professionals in nuclear energy and critical infrastructure are certified. A telling anecdote: a few years ago, the late Queen’s butler personally called the organization’s president, Dame Ann Limb, to ensure the continuation of the “C&G Butlers Qualification.” Queen Elizabeth trusted City & Guilds to guarantee that her butlers were properly trained — a testament to the quality of C&G certifications. Among its famous alumni are former England manager Gareth Southgate, celebrity chef Jamie Oliver, fashion designer Karen Millen, and many others. The acquisition — financed by a €150 million loan from Eurobank and PeopleCert’s own funds — adds €185 million in annual revenue to the group, bringing total turnover to €350 million. A Greek company acquiring one of Britain’s most historic institutions, at a time when skills — not degrees — have become the new currency of the labor market.

Athens Stock Exchange: The instinct of self-preservation kicked in

Another —fourth consecutive— declining session with high trading activity of €321 million and many block trades worth €32.5 million. The General Index reacted only when —shortly after one in the afternoon— it lost the psychological threshold of 2,000 points, the level it had conquered since August 4. The General Index slipped to 1,995.41 points (-2.46%) and, with the help of Coca-Cola, OTE, PPC, and Cenergy, rose to 2,013.76 points (-1.57%). The Athens Stock Exchange is a market that today is worth €137 billion, and the largest portion of transactions (60%) is carried out by foreign investors who hold —mainly— bank shares, which have returned almost 90% since the beginning of the year. Naturally, when sentiment deteriorates, bank shares fall victim to their own success, as these are the ones fund managers first liquidate to secure their profits. Eurobank (-3.63% at €3.50), National Bank (-2.64% at €13.30), Alpha (-2.08% at €3.486), Piraeus (-1.24% at €7.14), and Bank of Cyprus (-2.74% at €7.80) were falling with high trading volumes. OPAP (€18.60, -0.3%) showed signs of a rebound, as at the start of the session it had been losing as much as -4.95%.

Drone Training Seminars in Greece

Resilience Tech, a Greek company providing advanced defense technology solutions through international partnerships, is launching a new Tactical FPV Training Center offering applied drone tactics and techniques. The Tactical FPV program, with 75 teaching hours, is more than a training course — it reflects a deep economic transformation. The experience from Ukraine, where drones costing only a few hundred euros destroy tanks worth millions, has reshaped strategic and economic thinking. Resilience Tech’s seminars provide drone operator certification, opening opportunities in fields such as agriculture, filmmaking, civil protection, and infrastructure security. This dual-use model (civil and defense) creates a resilient business framework even in peacetime. The program targets technicians, operators, security professionals, civil protection staff, and organizations seeking practical field-ready operational skills. Participants learn assembly, troubleshooting, flight control setup, software management, stealth tactics, and even electronic warfare countermeasures and anti-drone strategies.

Even Germany Succumbs to the Sirens of Debt

Since 2020, Germany’s public debt has soared by around 60% — the same pace as Italy’s.
Italy began from debt levels above 100% of GDP, while Germany started near 60%. Germany’s first major debt surge came between 2000–2005, due to reunification and Schröder’s reforms. Then came the 2008–2012 financial crisis, with bank bailouts, and afterward the 2020–2024 pandemic and energy crisis. Of course, Germany financed its debt at negative interest rates, thanks to market confidence, while Italy and Greece paid high spreads. But now, Greece pays less than France, and the European Central Bank is reportedly concerned about Germany’s debt sustainability — which by 2030 could reach 100% of GDP.

All the Money Is on AI

Investors are obsessed with Artificial Intelligence. Traditional industries no longer spark excitement — any investment containing the word “AI” triggers a frenzy. By October 2025, global venture capital investments have reached $367 billion, with $192.7 billion of that going to AI startups. All indications suggest that 2025 will be the first year when over 50% of total VC investments flow into artificial intelligence. Out of the $367 billion total, about $250 billion is being funneled into the U.S. economy, cementing AI’s status as the planet’s top investment focus. Meanwhile, other sectors — fintech, mobility tech, and even crypto — remain flat or are declining.

AI Now Analyzes Central Bankers’ Speeches

And since we’re on the topic of AI: central bankers use a highly coded language in their speeches, interviews, and articles — filled with careful phrasing and hidden meanings. Today, AI-powered tools and applications are on the market that analyze the words, tone, voice modulation, gestures, and subtle hints used by central bankers. These systems cross-reference current statements with past remarks and data to decode the true message behind their communication. Major investment firms, banks, and analysts pay large sums for these advanced AI tools to predict the next moves of central banks with greater accuracy.