Hello, we spent a pleasant “national four-day weekend” with summer-like weather, a massive exodus judging by how empty Athens was, and beautiful images from the parades all over Greece — especially, of course, in Thessaloniki. Everything went well at Syntagma too: lots of people and families went to see their children march. In short, everything was calm and nice, and those who think that Greece can return to the misery and scenes of 2011 — when, on days like these, the “indignant,” the Syriza folks, and the… other democratic forces made a mess of things — may have realized (yesterday) that times have changed. People have many and serious problems, but they are not solved with trickery, quirkiness, and fake theories… There’s inflation, the harsh everyday struggle for a decent survival, the anxiety for progress, and of course the anger over phenomena of corruption — but all these are not dealt with through theatrics at Syntagma and broad political anathemas. Before we move to the day’s report, a small note: the military parade in Thessaloniki was very impressive… the only thing we didn’t see flying were the famous 50-year-old P-3B Orion planes that SYRIZA-ANEL spent 500 million dollars on back in 2015 — and of course everyone knows they’re completely useless, yet all together, government and opposition alike, pretend to be oblivious. Because obviously, in this particular case, they “lost it together” — half a billion euros of public money — hopefully nothing worse will come to light.

Mitsotakis–Dendias chat

Aside from that, the parade in Thessaloniki was a prime opportunity for Mitsotakis and Dendias to coincide. I’m told that before the memorial service and wreath-laying began, the two had a chance to talk briefly while standing. Obviously, neither of them wants to take a certain differentiation between them to extremes, and gradually other attendees joined their conversation.

Dendias and the cleaning company

So that you don’t keep hearing about the “tender” for the cleaning company that will take on the care of the Tomb of the Unknown Soldier — let me tell you that Dendias has already found one and has already moved forward with the relevant planning. In fact, a first cleaning was done late Sunday night, after Zoe and Routsis left with their brooms.

Prokopios’ leaks

Today at the Ministry of Defense, Dendias is presenting the new look of the building, based on bioclimatic standards — designed by Varotsos, and paid for by Mytilineos. Present at the event, which will of course also feature a band, will be K.M. (Kyriakos Mitsotakis), something that is… irritating the former Samaras, Karamanlis, etc. The amusing part is that Prokopios has taken on the role of “Karamanlis’ circle,” claiming that it’s not only Karamanlis and Samaras who will snub Mitsotakis, but also he himself as a former President of the Republic. In other words, we don’t have a duet of former leaders, but a trio. Seeing all this, K.M. gets anxious…

The time for decisions on water

The water shortage has emerged as a top-priority issue for the government, as the country is simultaneously facing two closely related pressures: the adequacy of water resources and the revision of pricing. The water deficit for the Attica Basin has now reached the level of a national issue. Available reserves are at marginal levels, and meteorological forecasts for yet another dry winter allow no complacency. There is activity and concern at the Maximos Mansion (the Prime Minister’s office). The latest meetings chaired by the Prime Minister revealed that the problem runs deeper, while the scenarios for Attica’s water sufficiency in the summer of 2026 are far from reassuring. Technocrats have rolled up their sleeves, but they know that without political decisions on investments and — inevitably — on pricing, the solutions will be temporary. “Water has now become a top-tier political issue,” admits a government official, who sees the matter rising high on the Prime Minister’s agenda. This picture was at the center of Friday’s meeting at the Maximos Mansion, attended by the Prime Minister, ministers, and the management of EYDAP.

Pressures for rate hikes

The table included technical solutions — new boreholes, desalination projects, utilization of the Kremasta Lake — but also the financial dimension of the problem. EYDAP has proposed an update of water tariffs, in order to finance the necessary investments and cope with increased energy costs. CEO Haris Sachinis, in a recent teleconference with analysts, sent a clear warning about the company’s sustainability if there is no adjustment in water prices, given its six-month losses amounting to 5.6 million euros. EYATH’s management is also projecting negative results within the next two to three years if its tariffs — frozen since 2010 — are not revised. Last Thursday, at the Ministry of Environment, Stavros Papastavrou met with executives from the Regulatory Authority for Energy, Waste, and Water (RAAEY), to discuss the progress of the process for defining the new water pricing policy. This process has been significantly delayed, following complications with the British company that was contracted to define the pricing methodology — a fact causing irritation within the ministry. According to government sources, all scenarios are on the table — including decisions for emergency measures if water reserves deteriorate further in the coming weeks. In this climate, the event for EYDAP’s 100th anniversary, to be held tomorrow, Thursday, October 30, in Kifisia, in the presence of Prime Minister Kyriakos Mitsotakis, takes on clear political weight. It is not seen merely as a ceremonial anniversary for the company, but also as an opportunity to present the framework of the new strategy for water management — both regarding projects to enhance sufficiency and the pricing policy.

The role of EYDAP and EYATH

At the same time, EYDAP is preparing a plan to expand its operations to key regions outside Attica — involving interventions in boreholes, desalination, and water transfer — to create a broader supply network that will enhance the capital’s water security. Meanwhile, in Thessaloniki, EYATH, under Anthimos Amanatidis, is promoting its business plan for Halkidiki, where the water shortage peaks: from 100,000 consumers in winter, the number exceeds 700,000 in summer months. This expansion is estimated to increase EYATH’s turnover by about 30%. Against this backdrop, the process for the sale of 5% of the company’s shares by the Hellenic Corporation of Assets and Participations (the “Superfund”) is progressing — seen as a precursor to broader shareholding moves in the sector. The government’s plan, as described behind the scenes, envisions that the two major water companies, EYDAP and EYATH, will serve as the main pillars of a unified national water system — with greater geographic responsibility and greater financial autonomy.

The new regulation on Swiss franc loans is coming

And while we — as you’ve understood from the above — are expecting water rate hikes, the banks are awaiting the new regulation on Swiss franc loans. The previous belief among bankers that “the regulation was shelved and would end up forgotten” turned out to be wrong — completely wrong. Shortly before the country shut down for the October 28th four-day weekend, the banks were officially informed that within three weeks they would receive the new draft solution to be promoted for Swiss franc loans. The Ministry of Finance found that the previously agreed solution was formally too broad but in substance would help only a small number of borrowers. So they withdrew it, studied it carefully and thoroughly — since legally and technically it is a complex issue — and in about three weeks the new regulation is coming. We don’t yet know exactly what it will stipulate, but there are some signs suggesting it won’t be a painless solution for the banks. First of all, perhaps coincidentally — or maybe intentionally — the Ministry of Finance seems to have timed the new regulation so that it will take effect in 2026: if it’s delivered in three weeks, that’s mid-November; add 10–15 days of consultation, then Parliament, committees, etc., to be voted on in the first half of December — that brings us to implementation from January 1, 2026. Coincidence? Perhaps. Another sign that preparation for Swiss franc loans is underway comes from Piraeus Bank, which, according to reports, included additional provisions of 70 million euros for Swiss franc loans with “step up” arrangements in its Q3 results. Maybe this was done due to general supervisory guidelines for step-up loans, or maybe it relates to what’s coming for the Swiss franc loans — since if banks know a regulation will take effect in 2026, they’re obliged to set aside provisions now. Time will tell.

New Health Spot

On Monday, October 27, the Hellenic Healthcare Group (HHG) — the largest private healthcare services group in our country — acquired a new corporate arm. As is well known, for the past five years HHG has been developing the Health Spot network of diagnostic centers, which provide high-standard diagnostic services and personalized management for every health issue. They have a geographic presence throughout Attica (Kifisia, Peristeri, Glyfada, Rafina, Piraeus inside OLP), as well as in Santorini, Mykonos (MyClinic with the MyDialysis Hemodialysis Unit), and Mytilene. At the same time, they maintain open communication with the hospitals of the Hellenic Healthcare Group (Hygeia, Metropolitan Hospital, Mitera, Metropolitan General, Leto, Creta InterClinic), thus offering the possibility for diagnostic tests and consultations with Group physicians. The project is managed by the company “Health Spot Private Diagnostic–Polyclinic Medical S.A.” (Health Spot by HHG), which began in February 2020 under the leadership of Dimitris Spyridis. To move to the latest developments: the day before yesterday, the company “Health Spot II S.A.” was established, with the same purpose and with an initial share capital of €2,200,000, divided into 2,200,000 common registered shares with a nominal value of one euro each, which was paid in cash by the sole shareholder Health Spot S.A. Both companies are headquartered on Levidou Street in Kifisia. Evidently, a significant further expansion in the field of diagnostic centers is “cooking.”

Bank results and the trio that escaped the negative picture of the Athens Exchange

At the Stock Exchange, we are expecting tomorrow, Thursday, October 30, after the session, the nine-month results from Eurobank, followed on Friday, October 31, by Piraeus Bank. As for the shares: PPC (Public Power Corporation) surpassed €14.8 for the first time this year, closing at €14.87 — a 16-year record — and is now “setting sail” for €15, a price untouched since November 2009. PPC’s return for 2025 stands at 20.5%, and the group’s capitalization is approaching €5.5 billion. Cenergy Holdings closed at a new all-time high, reaching €14 and even hitting €14.08 at the day’s peak. This year, it has been running at a rate of 48.3% and is among the blue chips with the best returns on the board. At the same time, it is very close to becoming the 14th listed company on the Athens Stock Exchange with a valuation exceeding €3 billion. The Bank of Cyprus showed resilience against the pressure faced by other bank stocks. In Monday’s session, it rose 2.56% and “locked” at €8, returning to that price for the first time since mid-October. This reopens the path for new highs, as the stock had reached €8.2 at the end of last month. It is up 73.9% this year, and its market capitalization is nearing €3.5 billion.

Resignation of P. Stamboulidis from Thessaloniki Port Authority (OLTH)

The Deputy CEO of the Hellenic Corporation of Assets and Participations (HCAP, the “Superfund”), Panagiotis Stamboulidis, submitted his resignation last Monday from his position as non-executive member of the Board of Directors of OLTH S.A. and from the Audit Committee. He is replaced by lawyer Afroditi Nestora, appointed by the Superfund. It appears that Stamboulidis’s role in facilitating the procedures for the start of works on Pier 6 has been completed, as construction on the €150 million project begins these days. As we have said, there is no issue of Ivan Savvidis’s divestment for the foreseeable future.

Business at the ports

The Minister of Shipping has requested a meeting with the Prime Minister to present the framework of a “regulatory reform” developed together with the Superfund’s management for the country’s ports. The ports managed by the Superfund — from Rafina to Elefsina and the regional ones — face management challenges, infrastructure shortages, and underutilization of their commercial potential. The new regulatory structure provides for target-setting (KPIs), transparency, and incentives to attract private investment without losing public control. The aim of the plan is to improve the profitability of the ports, not only to boost Superfund revenues but mainly to create fertile ground for strategic partnerships with international port operators. In the case of the tender for the concession of Lavrio Port, it seems that one of the bidders now has second thoughts about submitting appeals — something that might (we say “might”) speed up the judicial process. The particular bidder hastened to apologize for filing the appeals “because it’s not in his culture,” though this may also suggest he doesn’t have much confidence in his own offer. At the port of Kavala, TERNA has begun using it much more actively and is preparing infrastructure investments. The port of Volos is implementing its business plan, starting with dredging works.

A crucial November for ADMIE Holdings

Much is being said and written these days about the need for capital reinforcement of ADMIE (the Independent Power Transmission Operator) to meet its heavy investment program through 2030, amounting to at least €4.5 billion. The official program includes the interconnection of the Dodecanese, the North Aegean, and the second link with Italy. The projects are executed by ADMIE, but the financing can only be secured through the listed company ADMIE Holdings. In this context, the upcoming session of the Partnership for Transatlantic Energy Cooperation (P-TECC), to be held in Athens on November 6–7, is considered crucial. Apart from the Greek Energy Minister, U.S. Energy Secretary Chris Wright and 24 other European energy ministers will participate. It is well known that the Greek government wishes to attract foreign investment in the country’s infrastructure. From this perspective, we will learn much on the afternoon of November 7 — perhaps explaining why ADMIE Holdings’ capitalization has already surpassed €709 million, with the share price above €3.

The war is over, business begins

In a move symbolizing a return to normalcy — and the strategic importance of Israel’s innovation ecosystem — next week, on November 4, Deputy Foreign Minister Haris Theoharis will lead the first Greek business mission to Tel Aviv since the end of hostilities. The mission, under the auspices of Enterprise Greece, has the clear goal of leveraging Israeli technological progress. Despite the trials of war, Israel retains the title of “Startup Nation,” with more than 10,000 active startups and the highest ratio of venture capital per capita in the world. Greek companies, particularly in the fields of technology, energy, cybersecurity, and tourism, are seeking partnerships that will give them access to cutting-edge innovation. Greece aims to upgrade its economic relations with Israel beyond traditional bilateral trade, targeting deep tech partnerships and joint investment initiatives. Israeli companies, seeking bridges to the European market after the isolation of the war, view Greece as an ideal partner. The visit coincides with the Maritime Med II Conference, and on the Israeli side, leading companies will participate in the fields of infrastructure, energy, shipping, ports, aquaculture, defense, water management, desalination, and many more. The Greek delegation will be received by the President of Israel, Isaac Herzog.

HSBC Malta results confirm the strategy

The nine-month 2025 results announced by HSBC Malta vindicate Credia Bank’s strategy in acquiring it. Beyond pre-tax profits of €82.5 million, the Maltese bank stands out for its aggressive growth in Global Trade Services, with revenues up 15%. An impressive improvement is also seen in the quality of its loan portfolio: from €10.8 million in credit risk provisions last year, the bank this year recorded a €4.6 million reversal. Its capital ratios comfortably exceed regulatory requirements, giving Credia Bank’s new ownership the necessary flexibility for expansionary moves.

Two Worlds in the Same Country: America

Billionaire investor Ray Dalio, founder of Bridgewater Associates, spoke to Fortune and revealed a bleak picture: the United States has now split into two distinct economic realities that seem to no longer belong to the same nation. On one side, there are three million people — just 1% of the population — who work in artificial intelligence and technology. They are thriving to an unprecedented degree, joined by another 5–10% who surround them. Together, they form the “engine” on which the entire planet now depends. On the other side, however, 60% of Americans are struggling to survive, with knowledge and skills that today resemble a level below sixth grade. The numbers are harsh: 22 states are in recession, while only 16 are growing. California and New York carry the rest of the country on their backs. Wealth inequality has skyrocketed: the top 0.1% has nearly doubled its wealth from $12 trillion to $22 trillion since 2020, while the bottom 50% gained only $2 trillion — in total. The most worrying part? The economy now runs almost entirely on the spending of the rich. If the wealthy stop spending, the collapse would be devastating for the remaining 60%.

The $4 Trillion Trio

As of yesterday, Microsoft and Apple officially became the second and third companies in the world to surpass $4 trillion in market capitalization. Nvidia remains firmly at the top with $4.714 trillion. Together, these three American companies — Nvidia, Microsoft, and Apple — hold a combined market value of about $12.773 trillion, nearly equivalent to China’s GDP. Out of the 10,656 publicly listed companies worldwide, the total market capitalization stands at $135.48 trillion — meaning that just these three companies represent 9.4% of the world’s total stock market value. Microsoft has already ridden the artificial intelligence wave through its partnership with OpenAI, while Apple is struggling to transform itself from a hardware giant into a key player in AI.