Hello there! Yesterday was a fine day for journalism, because as you understand, we live for fun, tension, and gossip. Anyway, no worries—we’re not about to turn into Switzerland. We’re starting to resemble… Taiwan, not because of the climate, but because of what’s happening in Parliament—and a few meters down the road, at the Tomb of the Unknown Soldier.

Now you see the priest, now you don’t…
I think that with the issue of the guarding and maintenance of the “Unknown Soldier” we’re playing a little game of find the queen. Haris, after saying inside the Pentagon building during his meeting with Dendias something like, “My legal advisors told me that based on the amendment and what we heard in Parliament, the government is responsible for cleaning the monument—we’re not taking it on,” made a graceful exit. And of course, to show he’s with the Left bloc (and the “tinfoil-hat crowd”), he publicly wished them “good luck” and called it a day. Dendias, who is indeed… on the Right, but also a bit of a camper in Routsi (and who, by the way, lost his way and ended up at the Hotel Grande Bretagne instead of Parliament on the crucial day of the amendment debate), issued yesterday a statement drier than Tinos oregano (God help us). In it, he mentioned that Doukas also shares responsibility—only thing is, the mayor doesn’t know it. In the end, the management issue of the Tomb of the Unknown Soldier will probably be solved… in the dictionaries. “Care (as the amendment says) and cleaning,” they note at the Defense Ministry, “are not exactly synonyms in Modern Greek.” So, who’s going to clean the “Unknown Soldier”? Apparently, some cleaning company—because it’s a bit unlikely that the conscripts will be doing spring cleaning. If you ask me, throw in a security company too and let’s call it a day!

Kostis’ appointment and Tsiaras’ joint ministerial decision
The final uphill stretch has begun for OPEKEPE, and yesterday in Brussels Vice President Hatzidakis had a crucial meeting with the head of the Commission’s DG Agri, Elisabeth Werner. The mood is described as positive and progress has been noted, but we’re not done yet. We’re entering a very critical 15-day period that will practically decide everything. By November 4, Greece must present to the Commission a reliable management and control system (OSDE) for agricultural subsidies, a credible registry of farmland, and a trustworthy record of the country’s livestock. Note that strict criteria will be set here for livestock, while in the coming days a Joint Ministerial Decision (JMD) by Tsiaras is pending, which will once again define what constitutes grazing land—and I understand there will be plenty of grumbling. If all that is done, by the end of November the necessary inspections must be completed and the advance payment of farmers’ basic aid for 2025 must be made. By December, the law abolishing OPEKEPE and transferring its powers to the Independent Authority for Public Revenue (AADE) must be passed.

The water meeting
Final decisions by K.M. on the issue of water and drought are approaching. I hear that this afternoon a meeting will be held at M.M. on the matter, with the main concern being the need for immediate measures to deal with the problem in Attica, as well as in other “red zones” like Chalkidiki, the islands, etc. Practically speaking, the government is shelving the idea of merging the various water companies and is instead moving toward tackling the problem region by region, through immediate actions and projects. At this meeting, a decision may also be taken on whether to add a small temporary surcharge of 2–3 euros on water bills—but that’s a Mitsotakis-level decision. Participants include, of course, Vice President Hatzidakis, from the Environment Ministry Papastavrou and Secretary General Varelidis, senior EYDAP executives, etc. And soon enough, we’ll all be dancing the rain dance…

Al-Sisi’s compliments
Given the intense diplomatic activity surrounding the agreement on the Sinai Monastery, let me tell you that the night before last in Brussels, at the EU–Egypt dinner, K.M. had a brief tête-à-tête with Egyptian President Al-Sisi, who was the guest of honor. In fact, Al-Sisi—whose relationship with K.M. is quite solid—praised Greece during his remarks, thanking it for its mediating role in the signing of Egypt’s Strategic Partnership with the EU.

The Parliament “mute button” and the Champions League–style direction
Now, let’s move on to Parliament’s little delights. Zoe has drawn her weapon and is firing in all directions. I don’t know if her uncontrollable parliamentary spinning out is due to polls suggesting she’ll be flanked by a possible Tsipras party and a potential Karystianos movement—or to the Speaker’s decision to cut her mic in the Plenary. It’s true that everyone abuses their speaking time, but it’s equally true that Zoe takes it to another level. She speaks whenever she wants, about whatever she wants, and most importantly, for as long as she wants. In other words, she treats the Plenary as a proper TV studio—or an arena, with herself ready to devour anyone who dares oppose her. But that’s just how Zoe has always been. So, President Nikitas finally decided to do the obvious. Everyone will get the time they’re entitled to under the Rules, plus a 25% grace period, and then the mic will be cut. The director’s camera will switch from the speaker to a wide shot of the chamber—just like in football matches when fans storm the pitch and the camera cuts to the pigeons!

Zoe, Dora, the chair, the phone, and the hysteria
Of course, that didn’t sit well with Konstantopoulou. It annoyed her. She believed that the “mute button” was aimed solely at silencing her. She was so irritated that yesterday I honestly felt sorry for anyone who had to face her. First up was Dora Bakoyannis, against whom Zoe unleashed hell and high water—she even brought up Christoforakos of Siemens fame. Dora, of course, handled the attack calmly—perhaps even a little playfully. She stood up from her chair, turned it around, and sat facing her accuser. At that very moment, Zoe decided it would be clever to pick up her phone and start filming her. Since the session wasn’t being recorded by cameras, she had to find a way to broadcast her struggle against the establishment to her audience. “That’s unacceptable. Put your phone down now,” Olga Gerovasili of SYRIZA is said to have protested—only to receive an attack from Konstantopoulou herself. And somewhere amid the chaos and general mess, Dora turned her chair back around, turned her back on Zoe, and shouted loudly: “She’s hysterical!”

Uninvited to the wedding?
Famellos made a 180-degree turn in yesterday’s session, contradicting all his previous statements about Tsipras’s resignation. Not that he suddenly had a change of heart after the former prime minister’s big exit, but the reason obviously lies in the latest polls, where SYRIZA is flirting with… statistical error levels, with the prospect of a Tsipras party on the horizon. As for this supposed “alignment” (or is it “clinginess”?), I’m not sure how convenient it is for Tsipras, since people will just say, “Same old Manolis, different clothes.” They look more like uninvited guests at the wedding to me.

The Hatzivasileiou presence
It shouldn’t go unnoticed that K.M. had Tasos Hatzivasileiou by his side in Brussels, who is the Secretary for International Relations of New Democracy. The former Deputy Foreign Minister, who resigned after his name was implicated in the European Public Prosecutor’s investigation into OPEKEPE, remains close to the Prime Minister’s circle and in steady contact with K.M. And don’t throw that detail away—it may matter later.

Euronext gets a “bonus”: 20% of the Energy Exchange
Euronext, with the public offer it submitted for the Hellenic Exchanges (EXAE) and assuming—as everything indicates—that it gains control of EXAE, will get as a “bonus” along with the Athens Stock Exchange, the 20% stake in the Energy Exchange. The ASE currently holds 20% of it, while the rest belongs to other shareholders, including the EBRD. Euronext doesn’t hide its intentions—it clearly states in its prospectus that both clearing and settlement (that is, its subsidiaries EL.KAT and ETEK) will be transferred in 2029 to Euronext’s Italian subsidiary that provides those services. As for the public offer, the balance remains unchanged, with attention focused on the group of funds around Praude, which have decided to keep their shares in EXAE. Of course, the question is what sense that makes, given that Euronext, as the main shareholder, will have the right to make decisions regarding the subsidiaries (as it explicitly notes in its prospectus), and therefore to influence the valuation of EXAE group’s assets.

The Germans decide on the purchase of 80% of ACS
Time is ticking down toward the first of the two deadlines in the deal for the sale of 80% of ACS by the Quest Group to the German General Logistics Systems (GLS), part of IDS – International Distribution Services. The market is awaiting news, since around this time last year the agreement for the sale of 20% of ACS to GLS for €74 million was announced. Under the terms of the deal, GLS holds a call option to buy the remaining 80% of ACS shares within one or two years—either on October 31, 2025, or October 31, 2026—for a pre-agreed minimum price of €296 million. Just a few days before the first deadline expires, Quest Group sources repeated the same line as before: “There’s nothing new yet.” Since the final date for possible developments is at the end of October, they continue to defer to decisions and announcements from the new shareholders’ side. However, there’s a general sense in the market that developments are coming—but obviously the ball is in the Germans’ court. Their choices are clear: either exercise the call option by the end of this month or next October for the minimum price of €296 million, or ultimately decide not to proceed with the purchase of the 80%. Note that in such a case, a buyback right of the 20% stake by Quest has been foreseen through another pre-agreed mechanism. The money involved is huge—a sum capable of taking Quest Group’s liquidity to another level. The original agreement, remember, valued the company at €370 million overall. While awaiting developments, ACS continues its investment plan, focusing on expanding its smartpoint locker network—with a goal of surpassing 60,000 lockers this year and reaching 120,000 by 2026.

Bank of Cyprus vs. JUMBO
High expectations have been placed on the new MSCI index reshuffling on November 5. Some are watching the “battle for the top ten” in our market’s capitalization rankings. Currently, in 10th place by market cap is JUMBO (€3.63 billion), which, however, has lost over 14% of its value over the past month. In contrast, Bank of Cyprus (€3.46 billion) has gained ground, increasing its market value by one-fifth over the last quarter. Yesterday it rose by +2.31% to €7.96. Close behind is the Athens International Airport (€3.12 billion), which by its nature isn’t expected to make major upward moves (yesterday +0.30% to €10.10). Today, the MSCI Standard Greece Index includes nine listed companies: National Bank, Piraeus Bank, Alpha Bank, Eurobank, OTE, Metlen, OPAP, Jumbo, and PPC.

Tight marking from the Capital Market Commission
Many executives from auditing firms crossed the threshold of the Capital Market Commission yesterday. These were the professionals tasked with assessing the internal audit activities of listed companies for the period from January 1, 2023, to December 31, 2025. This assessment requirement is part of the corporate governance legislation, and the Commission invited the evaluators to brief them on its findings so far regarding listed companies and to prepare them for the contents of the reports they’ll have to produce. The Commission has begun close monitoring of listed firms, as on October 21 all their CFOs and certified auditors received a letter outlining the common European supervisory priorities set by ESMA for the 2025 financial statements. Among other things, priority is given to geopolitical risks and uncertainties, with information required by sector—including turnover data and major clients by geographic region, among others.

Abusive practices by funds that bought NPLs

-Complaints are multiplying about abusive practices by the funds that purchase packages of “non-performing loans.” The process these funds follow is to “mature” the loans (meaning they initiate certain enforcement actions) and then sell them on—with a small profit—to other funds that handle the recovery process, until another buyer comes along to take over the next stage, and so on. Lately, however, it seems some have really tightened the screws. Greek and foreign funds have bought loan portfolios at prices far lower than the outstanding amounts owed. Having acquired them under such favorable terms, they now contact the borrowers (who, for the banks, are considered “green,” since the funds took over the loans) and urge them—aggressively, even coercively in some cases—to go to a bank, take out a new loan, and use it to repay the old one. They demand full repayment of 100% of the outstanding debt—of course, not at the value they paid when they bought the package. Borrowers complain that these funds refuse to recognize previous restructuring agreements, refuse to negotiate loan terms, reject any proposal for an extension, and the only “offer” they make is a 10% discount if the borrower pays off the debt in a lump sum. Thus, the “red” borrower ends up back in the Greek banking system as a new debtor—with the new loan they took to repay the old one. The funds, meanwhile, are completely freed from risk and—above all—reap windfall profits from a claim they bought for a fraction of its value. The phenomenon is not isolated. If it continues at scale, it will reintroduce into the banking system a problem once thought to have been “transferred off the books”—with only the middlemen walking away as winners.

Pappas invests in containerships—but not Petros

-Word spread in shipping circles that Petros Pappas might be returning to the containership business, seven years after his last involvement. I looked into it and found that’s not exactly the case. The move and investment come from Milena Pappas, Petros’s daughter. Conditions are currently favorable for small-capacity feeder container vessels—those carrying between 1,000 and 8,000 boxes—and the Greek shipowner is acting in good time. Through Oceanbulk, she’s in talks with the Chinese shipyard Zhoushan Changhong for two feeder vessels of 3,100 TEU capacity. Sources say the deal isn’t finalized yet, as a few details remain to be ironed out. Petros Pappas’s last involvement with containerships dates back about a decade, through Oceanbulk Container Carriers, a joint venture with the American investment group Oaktree Capital Management. That company had a fleet of large 10,000–11,000 TEU vessels—eight ships and seven more on order by 2016. By 2018, the fleet had evaporated, as ships were sold or converted into bulk carriers and joined the Star Bulk fleet. The potential Zhoushan Changhong deal would place Oceanbulk among the companies that have been ordering feeder vessels in recent months. In the same category are established players like Lou Kollakis’s Chartworld Shipping, Aristides Pittas’s Euroseas, and Costis Konstantakopoulos’s Costamare—as well as companies returning to the sector after years away, such as Andreas Martinos Jr.’s Minerva Dry, Yannis Sarantitis’s W Marine, and Konstantinos Karoussis’s Chios Navigation.

Maria Angelicoussis leads the anti-IMO bloc

-The stance of tycoon Maria Angelicoussis drew particular attention behind the scenes of the recent International Maritime Organization (IMO) talks on the industry’s transition strategy toward zero carbon emissions. The head of the Angelicoussis Group is said to have played a key role—even influencing Greece’s decision to back the motion for the Organization not to proceed, for now, with new measures or commitments. As the Greek shipowner repeatedly argued, several of the proposed regulations would have led to unfair treatment of LNG. According to Angelicoussis—who led a group of prominent Greek and foreign shipowners, forming an anti-IMO bloc—LNG is a transitional but necessary fuel for the shipping industry’s gradual move to zero carbon emissions. She stressed that overburdening shipowners using LNG would send the wrong message to the market, as it would make more polluting fuels, like conventional heavy fuel oil, more cost-effective—discouraging investment in cleaner alternatives. The IMO’s decision to delay adopting the zero-emission framework and the carbon pricing mechanism was welcomed by many Greek shipowners. The Greek-owned fleet has invested heavily in dual-fuel vessels, primarily LNG as a secondary fuel, and any hasty regulation could undermine those investments. Data from classification societies Lloyd’s Register and DNV confirm that nearly two-thirds of all new ships ordered last year capable of using alternative fuels opted for LNG. The reasons are practical: the fuel already has technological maturity, widespread refueling infrastructure, and—even if limited—offers emission reductions compared to traditional fuels.

Greek shipowners on a buying spree

-Confirming the strong appetite of Greek shipowners for modern vessels, Alberta Shipmanagement S.A., owned by Nikolaos Inglêsis, placed an order for two 1,900 TEU feeder containerships—with two additional options—at the Huangpu Wenchong shipyard in China, strengthening Greece’s steady presence in the newbuild container sector. Greek shipowners are moving fast in ship sales and purchases. The Kollakis family’s Chartworld Maritime Management bought the Bastions (119,000 dwt, 2011, Sanoyas) for $16.5 million, while a Greek buyer is linked to the purchase of Xiang Hang 57 (63,500 dwt, built 2025, Sainty Shipbuilding), reflecting ongoing interest in Tier III eco Ultramax vessels. In the tanker segment, Metrostar Management Corp. sold its sister Suezmax crude tankers Crude Levante and Crude Zephyrus (156,800 dwt each, built 2021 at New Times Shipbuilding) for $78 million apiece—one of the largest Greek deals of the week. In the Handysize category, Arion Shipping S.A. sold Mastro Mitros for $6.9 million, capping off a particularly active period of Greek transactions across all ship sizes. Over the past twelve months, Greek shipowners have placed 97 newbuild orders and purchased 174 secondhand vessels—maintaining their dominant position in the global shipping market.

The banking duopoly, new highs for Viohalco, and Jumbo’s block trades

-The stock market balanced yesterday between Alpha Bank and National Bank of Greece. On one side, Alpha Bank got a double boost—first from its green bond, which smashed expectations with demand hitting €3 billion while the bank aimed to raise €500 million; and second from UBS, which reaffirmed its confidence in the stock, maintaining a “buy” rating with a target price of €4. Alpha Bank has now logged four consecutive gains, climbing to €3.60 and closing in on its yearly high of €3.80. On the other hand, National Bank plunged nearly 3%—its worst session in two months—abruptly ending the three-day rally that preceded it. Viohalco scaled new heights, closing for the first time above €8.20 with gains of 1.85%. It had previously touched €8.30 intraday on October 8 and 13. Even better was the group’s other stock, Cenergy, which jumped more than 3% to close at €13.86—a new all-time high—setting course for €14. GEK TERNA returned above €23, flirting with yearly highs, with the next comparable levels dating back over 25 years (January 2000). PPC (Public Power Corporation) is quietly edging toward new records, with four straight positive sessions—three of them modestly under 1%—reaching €14.72. Its yearly high is €14.79, and it hasn’t seen €15 since November 2009. Jumbo also drew attention, closing yesterday at €27.06—a six-month low. The drop came alongside heavy block-trade activity, with shares changing hands above the closing price. Specifically, on Thursday, six blocks worth a total of €13.22 million traded between €27.26 and €27.35 per share.

Are we in 1996, 1998, or October 1999?

-For Greek investors, the stock market bubble burst in September 1999—with the well-known aftermath. For the rest of the world, the global bubble popped in March–April 2000, triggering a seismic shock in the world economy six months later. During just that six-month period, the Nasdaq index doubled—posting +100% gains. Looking at today’s valuations in stocks, precious metals, bonds, cryptocurrencies, commodities, housing, and virtually every asset class, analysts reasonably wonder: what phase of the bubble are we in? The beginning (1996), the middle (1998), or the final months? So far, every major market correction has proven to be a “golden opportunity” to re-enter and profit again. One big difference between then and now, though, is that today central banks are lowering the cost of money—while back then they were raising interest rates to “protect” their currencies. The fact remains: the whole planet is gambling. Whether it’s stocks, sports betting, or prediction markets (like guessing who’ll win the Oscars), everyone’s chasing short-term gains—simply because there’s liquidity. People aren’t buying because they believe in value, but because they know they’ll find someone to sell to. The question is—until when?

Great personal sacrifices by Americans for a roof over their heads

-Redfin, a major American real estate and tech company with online platforms for buying, selling, and renting homes—and one of the leading digital players in the U.S. housing market—released new data yesterday revealing a wave of housing insecurity that’s bringing to light hidden family sacrifices and upheavals in Americans’ everyday lives. According to Redfin’s latest numbers, 5.3% of Americans, unable to make ends meet, decided to move in with a new partner just to share housing costs. The pressure isn’t limited to couples: 6.4% moved back in with their parents, while 6.2% chose to live with other family members. The extended family has become a survival strategy in modern America. Another 5.7% moved in with friends or roommates. But there’s also the other side of the coin: 2.8% of those struggling financially have postponed a divorce or separation simply because they can’t afford to live alone. Equally telling: 4.4% have reduced or sacrificed their children’s college savings, while 4% have decided not to have children at all. Austerity-hit America—with its high indirect taxes and cuts to public spending—has pushed personal choices into “bare survival mode.”

Chinese games with gold

-After the steep drop of recent days, the price of gold rebounded above $2,153 per ounce. The spark for the rebound came from the Shanghai Gold Warrants market. These “gold certificates” in Shanghai—rights to purchase physical gold—have now soared to a record 86,565 kilograms this week, marking a staggering +570% increase in 2025—or, if you prefer, 28 times more than in 2024. Gold Warrants on the Shanghai Futures Exchange are digital certificates proving ownership of physical gold stored in an exchange-approved vault. Simply put, Chinese investors have bought and stored 28 times more gold than they did last year. It’s now clear that China is “building” the de-dollarization of its transactions, using gold as its foundation.