– Greetings, since there’s nothing particularly earth-shattering happening at the moment in the Greek news cycle, I’ll start with a quote I read from Lazopoulos, who, when asked if he approves of Tsipras’s “return” to the political scene, said that “the issue with Tsipras wasn’t him but… the ballet,” meaning that Tsipras failed because of his party — that is, SYRIZA.
Indeed, let me just note that nobody has ever gone to a bouzoukia club to see the backup dancers — they go for the singer, maybe, just maybe, some passionate type might show up for the “second voices,” but that’s as far as it goes.
That’s why, apparently, Tsipras is resorting to the trick of running a “candidate list,” so that SYRIZA’s local organizations won’t have to change their signage and replace it with the name of Tsipras’s new party.
Anyway, in the space beyond New Democracy, the question now is whether Karystianou will finally decide to create a party or go for a list à la Tsipras, since today she polls higher than all the opposition parties — though only potentially.

The insistence on the 5×5

– In Slovenia today for the Mediterranean countries’ summit will be K.M., who is expected, among other things, to present to the leaders his proposal for a 5×5 framework with Greece–Cyprus–Turkey–Egypt–Libya, which he mentioned in Parliament.
Despite the Greco-Turkish skirmishes over the weekend, K.M. didn’t say that by accident, nor is he repeating it by accident. He, too, understands that the current American mindset — especially after the Gaza deal — is one of resolving differences. And even if no one has overly high expectations, K.M. wants to be broadcasting on the same wavelength as Trump.

A meeting at the Pentagon?

– A lot has been written about the K.M.–Dendias relationship; I even saw over the weekend that spokesman Marinakis said, “the media saw a difference of opinion on the Ruci issue, though there wasn’t one.”
Well, there was something — even if it didn’t blow up, I’d say.
In any case, the essence is that Mitsotakis doesn’t want this narrative of a rift or differentiation to linger in the public sphere — and I think Dendias himself doesn’t either.
That’s why it’s considered likely he’ll make an appearance at the Pentagon, at the ceremony unveiling the building’s new façade designed by sculptor Kostas Varotsos, which will take place right after the October 28th parade, on the 29th. And, of course, the day before, the two of them will be together at the Thessaloniki parade.

The farmers and the focus groups

– The reactions of many MPs over the OPEKEPE and subsidy issue are not random.
I’m hearing that from the focus groups the M.M. has seen, there’s noticeable “scratching” in the provinces.
Think of it this way: if ND stands at 30% in voting intention, 33% of that is in the Greater Athens area and 27% outside Attica — that is, mainly in the provinces and many rural areas.
Obviously, the government hopes the mood will change in the coming weeks once the money starts flowing, but that presupposes an agreement with the Commission, which still hasn’t been finalized.

With the buyback at the ready…

– We’re anxiously awaiting today’s opening of the stock market after Friday’s sell-off.
The general index lost the psychological barrier of 2,000 points, market capitalization fell to €135.9 billion, and it was the 5th consecutive losing week, with the average daily transaction value up by +40.5%, reaching €318.3 million.
The 2,135 points briefly conquered by the general index turned out, for now, to be a mirage.
The question now is: what happens next?

There’s some information suggesting a reversal of the trend and movement of institutional funds from the EU to the US, while in view of the upcoming ASE (Athens Stock Exchange) upgrade, it’s also said that some positions are shifting toward Poland.

On the other hand, we should note that during Friday’s sell-off, the ASE found support from Coca-Cola HBC (+3.09% at €40.72), OPAP (+1.64% at €17.97), as well as from the Athens International Airport, the two refineries, ElvalHalcor, and METLEN, which is stabilizing.

What’s needed now is for the banking sector to kick in — and in that direction, we already have developments, since all four systemic banks have activated buyback programs.

Especially for OPAP, as days go by, the scale of the deal with Allwyn and the prospects it opens up are becoming increasingly apparent. That’s why OPAP managed to break free with gains during Friday’s exceptionally tough session for the ASE, halting a four-day losing streak that had dragged the stock down from its 16-year high of €21 to a six-month low of €17.3. Turnover remained high, with trades near €43 million and around 2.43 million shares changing hands. A mega block trade also went through, worth €18.29 million in total — involving 1.04 million shares, which changed hands at €17.6 per share, i.e. at a 2% discount from the €17.97 close. Year-to-date, the stock’s gains stand at 14.5%, though it now sits 13% below its yearly highs. The group’s market capitalization is estimated at €6.65 billion.

Merry Christmas, Mr. Holterman
– And since we started with last Friday’s tough trading session, let’s stay on the same track by saying that early Friday morning, ELLAKTOR suddenly announced the fastest dividend yield the Greek stock market has seen this year: a distribution of €0.50 per share from the current fiscal year (2025) — which hasn’t even closed yet. Total amount: €174.1 million. Ex-dividend date: December 22. Payment: December 31. Merry Christmas to the shareholders. On Friday, ELLAKTOR’s stock jumped +13.74% to €1.49. Based on today’s opening price, the dividend yield stands at 33.56%. After the ex-dividend date, the share will be worth less than €1 — and the question, of course, is how it will move immediately afterward. Since July 2024, ELLAKTOR has distributed a total of €470 million: €174 million in July and another €296 million in the first quarter of 2025. The year will close with the distribution of another €174 million. Henry Holterman of Reggeborgh is turning assets into cash — and cash into dividends. Obviously, he believes that capital is better put to use by the shareholders rather than locked up in subsidiaries.

New “match”: Prokopiou versus Iliopoulos and Iliopoulos versus Prokopiou
– Under normal circumstances, tomorrow morning the Board of the Hellenic Corporation of Assets and Participations (the Superfund) would have met to open the financial bids, with hopes that by the end of October the winning investor for the Port of Lavrio would have been announced. However, the objections filed by Olympic Marina against Jet Plan Shipping Co., and by shipowner Marios Iliopoulos of Seajets against George Prokopiou, have blocked the process. Therefore, the decision on who will control the Port of Lavrio for the next 36 years is pushed back to next year.

It’s worth recalling that five investment consortia took part in the second phase of the tender:
– The consortium GEK TERNA – CELESTYAL. GEK TERNA, among other things, manages the commercial section of the Port of Kavala, while Celestyal is one of Lavrio port’s main cruise operators.
– The consortium INTERKAT S.A. – BEAUFORT SEA SHIPPING CORPORATION – NEWSPHONE HELLAS S.A., which owns Levante Ferries.
– The consortium OLYMPIC MARINE S.A. – CRUISE TERMINAL INVESTMENT LIMITED SARL, that is, the consortium of shipowner George Prokopiou, who manages Olympic Marine in Lavrio, and CRUISE TERMINAL INVESTMENT LIMITED SARL, part of the MSC shipping giant, which has also shown initial interest in Katakolo.
– ISRAEL SHIPYARDS INDUSTRIES LTD together with Jet Plan Shipping Co. of shipowner Marios Iliopoulos of Seajets.

PPC attacks Cosmote
– The rivalry between energy and telecom providers is intensifying as they race to win more customers.
The main strategy revolves around the very successful recipe of bundled services, increasingly strengthened with all kinds of perks and offers to subscribers-customers.
A telling example is the escalating competition between PPC and OTE — the former moving aggressively into fiber-optic service bundles, and the latter pushing forward its synergies with Telekom and MagentaONE, along with other add-ons like food-ordering services, discount coupons for shopping, extra top-up value for prepaid phones, free talk minutes, and so on. PPC, for its part, is pushing its own ecosystem of synergies and offers — as seen in its myHomePlan electricity package, which gives a six-month Disney+ subscription, a family-fare discount and Miles+Bonus miles from AEGEAN, a discount on small appliances from Kotsovolos, and a monthly coupon for 12 months for efood orders. Meanwhile, PPC FiberGrid, after launching its first three home fiber packages — which have been selling briskly and have shaken up OTE with their very competitive pricing (€17.90 for a 500 Mbps line with a two-year contract) — continues its commercial customer chase.
Just this past Saturday, its sales partners were going door-to-door in Athens neighborhoods where PPC has laid fiber, promoting the company’s services.

P.S.: Since we’re on the subject of fiber optics, it’d be good if providers reminded their contractors — those doing the digging or stringing the aerial cables — to do a better job, because complaints about sloppy installations are numerous, and some crews have left those huge wooden cable reels abandoned all over the neighborhoods they’ve passed through.

The Investor Day of G. Stassis
– Since we’ve opened the PPC chapter, let me note that information suggests it will present strong second-quarter results, while the company’s management has committed to distributing a €0.70 dividend from this year’s earnings. Moreover, G. Stassis is preparing for PPC’s Investor Day, to be held in London on November 4. There, the new business plan for the 2026–2028 period will be unveiled, and improved guidance is expected. The market is buzzing with talk about PPC’s stock, which has “pregnant” shareholders (as the Greek saying goes) around the €14 level — meaning they’ve been waiting too long without payoff. After such heavy accumulation, they’re hoping for an upward move to higher levels, and perhaps the Investor Day will be the catalyst.

The cable and the… headlock of Makis Keravnos

– EU Energy Commissioner Dan Jørgensen appeared extremely well-prepared in last Thursday’s teleconference with Greek Environment and Energy Minister Stavros Papastavrou and his Cypriot counterpart George Papastasiou, regarding the Greece–Cyprus electricity cable project.
Those familiar with the discussion report that Jørgensen had studied the file in detail — and didn’t mince words.
He even cited press articles questioning whether the two sides were really on the same page, repeatedly asking whether Athens and Nicosia truly want the project completed.

The atmosphere remains heavy (despite valiant attempts to break the ice) following the statements of Cypriot President Nikos Christodoulides about “blackmail” by the project’s implementing body — remarks that were followed, a few days later, by comments from Cyprus’s Finance Minister Makis Keravnos, who more or less accused the Greek Energy Minister of lying about the project’s feasibility studies, claiming that Athens is fully aware of their contents. Now both sides are trying to dial things down, with Jørgensen planning another teleconference in the coming days and the Cypriot side seeing the European Commission — and President Ursula von der Leyen herself — as the project’s only real lifeline. Despite the conciliatory rhetoric, resistance in Nicosia remains strong. It’s said that within the Cypriot Finance Ministry, a solid bloc has formed — beyond Minister Makis Keravnos himself — that opposes releasing the €25 million payment to ADMIE. Their stance is that Cyprus shouldn’t pay before the ships go out into the Aegean and seabed surveys resume — a message that has already reached the Commission. As one insider put it, with meaningful irony: “Even if they put Makis Keravnos in a headlock and make him sign, the issue will still get stuck somewhere else. They don’t really want the project — and they’ll find a way to torpedo it.”

Piraeus Bank: Got the OK (on the second try) from the Ministry of Culture
– On the Piraeus front, and in a development that moves forward the difficult… licensing project within the major redevelopment effort in the “heart” of Athens for housing the bank’s offices in the well-known complex on Korai and Stadiou streets (as part of the framework agreement with DIMAND, which is handling the project) and in neighboring buildings owned by Piraeus, such as the Serpieri Mansion. For the latter, the Ministry of Culture gave the “green light,” approving the “updated structural reinforcement study of the Serpieri Mansion complex, designated as a historic preserved monument, located at 23 Panepistimiou and Edward Law streets,” as well as the “implementation study for emergency maintenance interventions on the preserved elements of the Mansion.”
Let me remind readers that the first study had been rejected last April, confirming how tough an undertaking this is when it comes to such kinds of heritage buildings.

JP Morgan strengthens its firepower in Athens
– More than 120 employees will be housed, by December, in JP Morgan’s new ultramodern three-story offices in Filothei. The management’s goal is to raise that number to 150 by March, since the new Payments Innovation Lab has already been created there with 50 employees — specialists in payment products and engineers. The Payments Innovation Lab will focus on supporting the development of technology, artificial intelligence, and encryption related to payment systems. It is an R&D unit utilizing cutting-edge technologies such as blockchain.
In addition, the Filothei hub also hosts the Commercial & Investment Banking and Asset Management divisions, along with other corporate functions.

Why Sarantis is in a hurry
– Last Friday, amid the Athenian stock market storm, Sarantis’s stock stood out with a positive sign, keeping its market capitalization above €848 million. This coming Thursday, it’s rushing to announce its nine-month results, and market expectations center on whether it has managed to maintain the +20% growth rate in net profitability, which at the half-year had reached nearly €30 million. The Group’s secret lies not so much in rising sales as in its change of product mix and operational efficiency.
Obviously, management will face many questions about sales performance in the highly competitive and particularly difficult — due to tariffs — U.S. market.
This year, the Group is completing an investment plan of €34.5 million, including €15 million for its plastic recycling unit in Poland and €7 million for the Oinofyta factory, which is struggling to meet the surging demand for skin-care cosmetics.
If this Thursday management confirms forecasts for operating profits at €92 million, and provided that bank borrowing remains below €40 million, then analysts’ optimism may indeed be justified.

The meeting at the Maximos Mansion on shipping
– The International Maritime Organization (IMO) is not known for heated debates. However, the recent session on the new NET ZERO Framework — the ambitious plan to bring maritime emissions to zero — turned into one of the most tense in the Organization’s history. The plan, backed by the EU, set strict timetables, heavy economic impact, and penalties for ships that would not use alternative fuels — fuels that, in fact, do not yet exist.
From the outset, the United States stood firmly against the IMO, with Donald Trump openly declaring that he considers the framework anti-growth and colonial in character, as it would effectively impose a tax on ships without the necessary fuels being available on the market. Washington, possessing massive shale gas (LNG) production and viewing it as a key lever of its energy diplomacy, had every reason to object.
In this context, Greece’s decision to abstain from the vote — alongside Cyprus, while Malta eventually backed down — was not just a technical divergence from the EU line. It was a carefully studied choice with both geopolitical and economic dimensions.

According to well-informed sources, the backstage drama peaked last Tuesday morning at the Maximos Mansion, where a broad meeting took place with Prime Minister Kyriakos Mitsotakis, Minister of Shipping Vassilis Kikilias, and the Chief of the Hellenic Coast Guard.
The Greek side identified weaknesses in the timetable, unfair treatment of LNG — a “bridge fuel” for the transition to zero emissions — and disproportionate sanctions on shipping, a sector that supports over 90% of global trade. Essentially, Athens chose to protect a field in which it holds global leadership: Greek-owned shipping controls 21% of the world fleet, 33% of tankers, and more than 25% of the LNG carrier fleet. Beyond the economic logic, there is also strategic significance. Greece–U.S. relations are currently at their strongest point in decades: from energy infrastructure in Revithoussa, Alexandroupoli, and soon Volos, to Chevron’s investments in Greek offshore blocks. U.S. LNG is transported by Greek-owned ships, reinforcing Greece’s role as an energy hub of the Eastern Mediterranean.
Athens chose not to be trapped in decisions that would undermine its national interests, charting instead a course aligned with its maritime and energy strength — a stance that combines realism, diplomatic precision, and geopolitical foresight.

Captain Panagiotis (Tsakos) and his pointed remarks about the Academy of Athens
– In one of his rare recent speeches, Captain Panagiotis Tsakos referred, during the European ShortSea Network conference held in Athens, to the pettiness that characterizes the way Greek shipping is treated, even though it is one of the two pillars of the Greek economy and an immensely powerful diplomatic card in the hands of any government.
“A few years ago,” he noted sharply, “the Academy of Athens amended its charter and removed the word shipping, replacing it with the word transport.”
A little later he commented that such rigidities reflect Greek small-mindedness.

Greek shipping has long been one of the key pillars of the global economy and international maritime trade, closely linked to innovation, entrepreneurship, and a strong international outlook.
At the same time, Greek–German relations in the shipping sector have built a solid base of cooperation supporting growth, sustainability, and competitiveness.
Within this framework, the Greek Ambassador in Berlin, Alexandros Papaioannou, in collaboration with the Hellenic Shipping Circle of Hamburg, is organizing a special event at the Greek Embassy on December 6 dedicated to the future of Greek shipping and the opportunities for Greek–German partnerships in the maritime field.

Banking fraud in U.S. mortgage loans. All’s well that ends well?
– Last Thursday, Wall Street was shaken by the “Zions Bancorp case,” whose stock fell 13% right after the bank revealed a $50 million “charge-off” for a loan issued by its subsidiary California Bank & Trust to Western Alliance. Western Alliance’s stock also plunged 11%.
The issue brought back memories of the subprime loan era — but from the other side of the table. Wall Street was now talking about a fraud involving loans tied to funds investing in “distressed mortgages.” Nine years ago, California Bank & Trust had financed with about $60 million two investment vehicles — Cantor Group II and Cantor Group IV. The loans were intended for purchasing “non-performing” residential and commercial mortgage loans. But something went wrong.
The securities that supposedly secured the loans were suddenly downgraded — unbeknownst(?) to California Bank & Trust. The mortgaged properties had been transferred to other entities or were in foreclosure, so the collateral vanished. The new lenders who replaced CB&T turned out to be the same managers of the Cantor funds — or their relatives. In simple terms, California Bank & Trust’s losses became profits for the new lenders. Zions says it learned about the scheme when a related Cantor fund was sued for fraud by Western Alliance. California Bank & Trust launched its own investigation, followed by lawsuits.
JP Morgan CEO Jamie Dimon simply said: “When you see one cockroach, there are probably others.”

By Friday, Wall Street had calmed down and recovered. Investors shifted their attention to the strong third-quarter earnings reported by major banks — JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup — as well as investment banks Goldman Sachs Group and Morgan Stanley.
All’s well that ends well? We’ll see…

The whole world is buying Defense Tech stocks
– Five years ago, in 2020, investors were fleeing defense industry stocks and defense ETFs in terror. Today, they’re jostling to get in. Official data show that inflows into Aerospace & Defense Exchange-Traded Funds (ETFs) have already reached $8.2 billion — and that’s just in the first nine months of 2025. If that number sounds small, it represents a +573% jump over last year. We are witnessing a fundamental reshuffling of investment priorities. Fear is becoming an investment strategy. Countries have just begun a multi-year cycle of new arms procurements. It’s not only Greece. Germany, Poland, and Japan have all committed — and legislated — hundreds of billions in defense spending.
In June alone, inflows into Aerospace & Defense ETFs hit $1.6 billion. In September, they dropped to $634 million — a sign that early speculators may be cashing in their quick profits. Overall, however, the flow of investment capital remains positive — proven by the launch of 17 new defense ETFs in 2025 (compared to just 2 last year). It’s interesting that investors in 2025 are seeking safety in the very sector that profits from insecurity. They’re buying shares of Raytheon and Lockheed Martin the way they used to buy gold — as a hedge against geopolitical risk.

Fewer foreign students in the U.S., less revenue for universities
– The U.S. Department of Commerce released official data showing that visa-bearing student arrivals in the United States have plummeted in recent months — the steepest drop in four years — creating a climate of uncertainty in America’s educational and economic landscape.
In August, new arrivals fell by 19% year-on-year, down to 313,000. A sharp 24% drop was recorded among Asian students, traditionally the largest group. Africa showed the biggest percentage decline, at 33%, while Western Europe saw just a 1% dip, showing resilience to the trend. The reason behind this crisis lies mainly in the tightening of policies under President Trump’s administration — with suspended visa interviews, strict social media checks on prospective students, and temporary travel bans for some countries of origin. Limited appointment availability at consulates left thousands of applicants out of the process, hitting India and China — the main suppliers of students to U.S. universities — especially hard. The new decline, up to 40% in fall enrollments, is expected to hit the U.S. economy with a revenue loss of around $7 billion and more than 60,000 jobs, in a sector where foreign students have historically contributed $44 billion annually.