Hello — okay, let’s be honest, the hottest topic of the day is the dispute (or “total fallout,” as they say colloquially) between Tsipras and Vax over the book. Look, first of all, we have experience with both sides — both have adored us passionately at times when they were in power — but, as the English say, no hard feelings. After all, neither Tsipras nor Vaxevanis ever pretended to be our friends, so personally, we have no complaints. Now, if I were a “judge,” so to speak (though I loathe courts and trials), I’d say that Tsipras is rightly saying: “Hey man, don’t ruin my book, my message, and my truth.” And the other replies: “When I did the same to others, you were thrilled,” or even more cleverly, “I’m doing journalism and criticism — that’s my right.” All right, anyway, I don’t know how successful Alexis’s party will be with all this, but the book will definitely sell — even if only chapters or excerpts circulate.

Cookoovaya and new players

Yesterday’s Greece–Cyprus Intergovernmental meeting brought news about changes to the financial and technical terms of the cable project. In practice, this means shielding the project against geopolitical risks so that it actually happens. And since the timing isn’t random — coming just days after P-TEC and the major energy discussions within the 3+1 framework (with the U.S.) — it’s clear that American and Israeli involvement in the project is being “cooked up.” Let me remind you, something similar happened with Chevron south of Crete — and no one batted an eye. I also hear that the European Commission was briefed, as yesterday afternoon Papastavrou and Cypriot Minister Papastasiou met with the EU Commissioner for Energy. On a more social note — Mitsotakis hosted Christodoulides and his ministers for dinner at Cookoovaya — which, by the way, also often provides catering for official Maximos Mansion dinners.

The Commission and Russian gas

Since we mentioned Papastavrou’s meeting with Commissioner Jørgensen, there was also a serious discussion about how to reduce Russian gas entering Europe via Turkey. In Brussels, Mitsotakis’s reference to this issue at P-TEC didn’t go unnoticed. Papastavrou reportedly proposed that the EU require Turkey to use a “pre-approval form” for gas exports. Greece also believes the EU should request real-time data from Turkey to confirm whether gas actually comes from Azerbaijan or Russia — otherwise threatening a “cut-off.” No decisions yet, but Brussels is indeed looking into it — under U.S. pressure as well.

Kimberly in Thessaloniki

Having begun her official meetings and appearances in Athens (on Friday she’ll be at the Travel.gr and Proto Thema conference), Kimberly Guilfoyle is also preparing for visits outside the capital. Her first destination is Thessaloniki, on December 5, where she’ll visit the Consulate — which at one point was rumored to be closing. She also said “yes” to attending SEVE’s (Exporters Association of Northern Greece) anniversary dinner at the Hyatt Hotel.

Politically aspiring Secretaries-General

By December 23, all general secretaries in the government who wish to run in the 2027 elections must resign. The only sure one so far is Tasos Gaitanis from the Development Ministry, who will run in South Athens. Also mentioned: Manos Logothetis (Migration) for Samos and Dimitris Glymis (Migration) for Fthiotida. Among the interested: Evi Dramalioti (Coordination) for Larissa and Dimosthenis Anagnostopoulos (Digital Policy) for Athens A’. From the Finance Ministry, perhaps Nasos Tsiouras (Public Property) for Thessaloniki or Grevena. In general, though, don’t expect many resignations — ND isn’t projected to gain many extra seats. Still, the departures could trigger other announcements — e.g. Deputy Health Minister Marios Themistokleous in East Attica, ND spokesperson Alexandra Sdoukou in Grevena. Deputy Minister to the Prime Minister Thanasis Kontogeorgis is still “undecided.”

Zelensky’s arrival

The program for Zelensky’s arrival in Athens on Sunday is being prepared under tight secrecy. He likely won’t stay overnight, but will visit the Presidential Mansion to meet Tasoulas, and then head to Maximos Mansion for a meeting with Mitsotakis. I hear that today, advance teams from Kyiv are arriving to finalize the visit details.

Tax on packages from Asia

Today’s ECOFIN meeting in Brussels is expected to be very interesting — two major issues for Greece are on the agenda. EU finance ministers will discuss both energy tax hikes and tariffs on parcels arriving from Asian platforms. Greece’s common stance on both issues is protecting the economy. On energy, Greece will voice strong objections to prevent further price hikes. On parcels, however, Minister Pierrakakis is among the leading advocates for a €2 fee on shipments from platforms like SHEIN and TEMU — to support European and especially local markets.

NBG to transfer 10% of Ethniki Insurance to CVC by end-November

Turning to market news: the process for the National Insurance transfer is wrapping up next week. Final regulatory approvals from the Bank of Greece and the SSM are expected early next week. Once those are in, the deal will be completed by month’s end — meaning NBG will transfer its remaining 10% stake to CVC, after which it will move to Piraeus Bank. As for bancassurance, that’s a separate but related issue — agreements may take a bit longer, but not beyond year-end. After all, Ethniki Insurance can’t belong to Piraeus Bank yet operate exclusively for NBG — nor can NBG go without bancassurance.

Shock for banks over Swiss franc loans

Banks were blindsided by the government’s new regulation on Swiss franc loans. Some discussions with the Finance Ministry had taken place, but the banks hoped for more negotiation room. When the 50% exchange-rate “haircut” was made public, they were stunned — and immediately began calculating the impact. It’s not small: losses could reach €750 million. Since banks must now provision for this once the regulation is official, those heavily exposed to Swiss franc loans may see 2025 profits eroded. The regulation — first revealed by newmoney.gr — is ready and will soon become law. The ministry aimed for a win-win setup, including a “recoverable value clause” — meaning the remaining debt after the haircut cannot be less than the value of the collateral property. Example: if the loan is €100,000 and the property is worth €300,000, no haircut applies. But if it’s the opposite — property €100,000, loan €300,000 — the haircut is significant. These are the majority of cases.

Comparison with PASOK’s proposal

It’s worth noting that the Finance Ministry’s plan also responds to PASOK’s earlier proposal, claiming that the government’s version brings greater benefit. PASOK’s version suggested that two-thirds of the exchange-rate loss be borne by the lender and one-third by the borrower — without converting the loan to euros (thus leaving future exchange risk) and without a fixed interest rate to stabilize payments. By contrast, the government’s plan — especially for Category 1, the most vulnerable borrowers — offers an even better exchange rate than PASOK’s 2/3–1/3 proposal.

The kebabs, “O Proedros” with 30 million, and Velanis

Every day, as is well known, dozens of companies of various legal forms and purposes are established. Yesterday, Wednesday, there was another such “flurry,” within which a few cases stand out. First among them are the owners of the kebab chain “O Proedros” (The President) — Iason and Vasilis Tsarouchas — who proceeded to establish two holding companies. The first, named “BMX Holding,” with the purpose of portfolio company activities and the purchase, sale, and management of real estate, is based in the municipality of Vari–Voula–Vouliagmeni. Its initial capital was set at €24,400,000, divided into 244,000 capital shares with a nominal value of €100 each. Sole shareholder and manager is Vasileios Tsarouchas, who contributed assets in kind, specifically 400 shares, valued — in accordance with Article 17 of Law 4548/2018 — at €24,400,000. The second company is “Argo Holding,” with the same purpose and based in the municipality of Alimos. Here, the sole shareholder and manager is Iason Tsarouchas, and the initial share capital was set at €6,100,000, divided into 61,000 capital shares with a nominal value of €100 each. As in the first case, Iason Tsarouchas contributed assets in kind, specifically 100 shares, valued at €6,100,000. It should be noted that “O Proedros,” which started in Moschato about a decade ago, is one of the fastest-growing souvlaki/kebab chains, with 20 outlets across Attica and its own meat preparation facility. Also making an appearance yesterday with a new company was Kostas Velanis, a member of the family historically associated with the Singer sewing machines in Greece, but better known today for his diverse investment ventures through various schemes. Velanis is considered one of the experienced, long-standing investors in the Stock Exchange, real estate, and other sectors. Yesterday, therefore, the company “Sea Pulse Estate Single-Member I.K.E.” was established, headquartered on Ypsilantou Street in Athens, with the purpose of buying and selling real estate and carrying out construction work on buildings. Its initial capital amounts to €1,500,000, divided into 1,500,000 capital shares of €1 each, contributed by VEL Investment Fund Aiflnp Vcic Limited, based in Cyprus. Ioannis Tsikrikonis was appointed as the company’s manager. Another new company was also founded yesterday by Kostas Papamantellos, head of RWE Renewables Hellas and Vice President & CEO of METON Energeiaki (the joint venture with the Public Power Corporation). The new company is named “Alcodi Holdings” and has an initial share capital of €838,000, divided into 8,380 capital shares of €100 each. As for the capital contributions: Papamantellos himself paid €14,600 in cash for 146 shares, while in-kind contributions amounting to €823,400 correspond to 8,234 shares, consisting of equity interests in the companies K41 Property and Echinousa Estate.

The Australians in GEK TERNA – Share above €24

According to stock market sources, the sharp rise in GEK TERNA’s share price is attributed to increased activity by foreign funds, which had begun gradually building positions and have significantly stepped up their purchases in recent days. Leading the charge are Australian infrastructure funds seeking low-risk assets with good returns. Among them are 4D Infrastructure Group, with $13 billion in assets under management, and Resolution Capital, with €17 billion in AUM, both reportedly building significant positions in GEK TERNA. At least two more foreign funds are said to be following in their footsteps. The GEK TERNA share has now reached levels unseen since the previous millennium, breaking through the €24 barrier (closing at €24.08) for the first time since mid-December 1999. After hitting a 26-year high in Tuesday’s session, GEK accelerated further, recording the best daily performance of the past quarter.

Intralot: Renewing contracts and bidding for a new one in Minnesota

For Intralot, the renewal of an existing contract is only a matter of time, further extending its strong track record in lottery and gaming contracts worldwide. This ability to maintain long-term partnerships through renewals, extensions, and upgrades is one of the company’s core strengths. Specifically, its contract renewal rate stands at 89%, while the average duration of its portfolio contracts is 16 years. At the same time, Intralot continues to pursue new contracts — one of which is in Minnesota, where it has bid in the state’s tender for a new technology system, with developments expected soon. Later this November, the nine-month financial results are expected to be announced. Its majority shareholder, Bally’s Corporation (which now owns 58% of Intralot), has already published its own results, reporting continued strong growth in the UK market through Bally’s International Interactive (BII). The partnership between the two companies, which formed the “new” Intralot, will gradually show results operationally — expanding into new activities and markets, with a focus on B2C operations. Intralot’s i-gaming operations currently account for around 70% of the group’s revenue, and as the company gains greater scale, diversification, and liquidity, its leverage ratio (EBITDAR leverage) is expected to decrease to around 3.5x by 2028. Yesterday, the share tested €1.12, with its market capitalization remaining above €2 billion.

NBG values VIOHALCO at €11.30

In a new report initiating coverage of VIOHALCO, NBG Securities sees significant upside potential (19%), setting a target price of €11.30 and giving an “outperform” rating. The analysis applies a 20% discount due to VIOHALCO’s status as a holding company, but concludes that the share remains significantly undervalued, despite having risen 75% since the start of the year. The company’s market capitalization (€2.46 billion) is only 5% higher than Cynergy’s value, while the stock trades at a discount compared with similar companies on P/E, P/BV, and EV/EBITDA metrics. NBG also notes that the stock’s low free float (16.05%) leaves room for valuation improvement. NBG Securities bets that €1.4 billion of investments over five years will continue to deliver returns, while the return of steel to profitability and its exposure to major sustainability trends provide a clear investment horizon. Its subsidiary NOVAL, which manages real estate assets, helps reduce cyclicality. However, high energy costs in Europe and the fragile equilibrium in steel prices temper enthusiasm.

Rising stocks and Motor Oil

Meanwhile, VIOHALCO group stocks also reached new highs. The parent company yesterday took another decisive step toward double-digit prices, hitting €9.8. Close behind, ElvalHalcor surpassed €3.4, marking a new 18-year high. Another subsidiary, Cenergy Holdings, posted a slight increase — enough to match its all-time record of €15.28. Another standout stock was Motor Oil, which closed at €27.6, its highest in 18 months. It has now logged four consecutive sessions of gains and sits less than €1 (around 3.3%) away from its all-time record of €28.56, set on May 23, 2024.

New Balancing Acts in Karelia’s Stock

The “sensitive” shareholding balance within the profitable, export-oriented, and productive tobacco company Karelia—whose capitalization is now nearing €1 billion—is well known across Greece. Yesterday’s trading session began with a large (by the company’s standards) block trade of 232 shares, pushing the stock up to €360 (+0.56%), bringing the company’s market cap to €993.6 million. Since last month, Karelia’s management has appointed two market makers—Piraeus Bank and Eurobank—to manage the stock’s liquidity. On October 15, the share price stood at €330. In less than a month, it climbed 9%, reaching this all-time high where the 232-share block trade took place. Because Karelia remains one of the most tightly held family-controlled stocks on the market, such block transactions are considered significant.

Bank Stock Activity and the MSCI “Key”

In the shallow Greek market, even movements by passive investment funds (those that strictly follow index weightings) can cause considerable volatility. In recent days, a large share of trading has focused on the “big four” systemic banks. Market participants believe these moves anticipate the new MSCI Standard Greece Index weightings, which will take effect Monday, November 24, and will favor bank stocks. As of October, the nine-stock index had the following weights:
National Bank of Greece (NBG): 21.73%
Eurobank: 16.47%
Piraeus Bank: 14.95%
Alpha Bank: 14.67%
Metlen Energy & Metals: 8.65%
OPAP: 6.52%
Jumbo: 6.25%
Public Power Corporation (DEI): 5.47%
OTE: 5.28%
After Metlen’s inclusion in the MSCI Developed Markets Europe Index, its 8.65% weighting will be redistributed proportionally among the remaining eight Greek stocks. This means passive fund managers will likely increase their positions—particularly in the four systemic bank stocks, which carry the heaviest weightings.

How Wall Street Is Talking About Vafias’ New Move

Wall Street has always loved a comeback—especially one backed by a lot of zeros. Greek shipowner Harry Vafias, famous for his market “timing instinct” in vessel acquisitions, has just made a major return to the crude oil segment, a move not going unnoticed on Manhattan trading desks. After investing around $800 million over the past three years in dry cargo, product tankers, and gas carriers, the Vafias family is now pivoting toward oil—where returns resemble the “glory days” before the financial crisis. The group’s tanker arm, Stealth Maritime, placed orders worth $475 million with HD Hyundai’s shipyards for six newbuilds: two suezmax and four aframax tankers. Total investments now exceed $1 billion. This isn’t merely an investment in eco-efficient tonnage. It’s a bet on the future of global energy trade, at a time when the IMO’s slow progress on the Net-Zero Framework delays the transition to zero-emission fuels.
In other words, as decarbonization moves at a “slow steaming” pace, well-designed, fuel-efficient conventional fleets continue to deliver strong returns. Wall Street sees this as a contrarian play by a Greek owner who knows when the market is preparing for the next bull run. While some of his peers are already lining up for new suezmax orders, Vafias seems to be playing his own methodical game—renewing his fleet, building liquidity, and re-entering the crude trade.

Tsakos Energy Navigation: The Quiet VLCC Powerhouse

In the volatile tanker market, where oil trade routes shift like ocean currents, Tsakos Energy Navigation (TEN)—listed on the New York Stock Exchange—is drawing increasing analyst attention. The global backdrop remains fluid: VLCC (Very Large Crude Carrier) charter rates are rising, vessel supply is tightening, and many analysts consider TEN’s valuation undemanding. Recent weeks have brought a sharp spike in VLCC rates, driven by higher OPEC+ exports and sanctions-related disruptions in Russian oil flows. Large quantities of oil remain stored at sea, pushing floating inventories to record highs and forcing analysts to reassess fundamentals. The OPEC+ production comeback strengthens the market further—lifting not only VLCCs but also suezmaxes and aframaxes. Under Dr. Nikos Tsakos, TEN seems positioned at the heart of this upcycle. With a fleet of 10.8 million dwt and a 20-vessel newbuilding program (four to be delivered in 2025), the company is betting on sustained demand and high freight rates. Two VLCCs with expiring charters in November are expected to significantly boost Q4 results as they re-enter the market at higher rates. Meanwhile, the company’s LNG segment provides long-term stability: the “Maria Energy” earns $19,000/day through February and will begin a 12-year charter in 2026 at nearly $80,000/day.

Greek Shipowners’ Buying and Selling Activity

Greek shipowners continue to display remarkable vitality and confidence—both in newbuildings and in the second-hand market. Marla Dry ordered four container vessels from Guangzhou Wenchong Shipyard, expanding its fleet of this type to six. Other Greek companies—Efnav, Star Bulk, and JHI Steamship—are also active in Chinese and Korean yards, investing strategically in modern, fuel-efficient vessels ready for stricter environmental standards. Secondary-market deals are also lively: Euro Holdings Ltd acquired the M/T Hellas Avatar, a 2015-built product tanker (49,997 DWT) from South Korea. Fairway appeared among the buyers, while Euroleader was among the sellers. These transactions show Greek owners are restructuring their fleets carefully, maintaining a strong presence without resorting to scrapping—signaling growth-oriented discipline. In total, with 102 newbuildings and 164 second-hand purchases in the past year, Greek shipowners once again confirm their dominance in global shipping trade.

Jim Cramer’s sudden change of course

Anyone following Wall Street knows Jim Cramer, host of CNBC’s “Mad Money”—a loud, theatrical show where he mixes sound effects with stock picks. A former hedge fund manager boasting 24% annual returns and Harvard Law graduate, Cramer co-founded TheStreet.com and became one of America’s most recognizable finance personalities. Lately, however, he’s changed his tune. The once-hyperactive champion of high-growth “unicorns” now demands profits, not promises. “The Year of Magical Investing is over,” he says—tired of lofty valuations and negative cash flows. With OpenAI burning billions without profit and its $157 billion valuation backed by “IOUs,” Cramer now asks: “Where’s the money?” His new mantra replaces hype with cash flow, dividends, and discipline. Instead of the famous “Magnificent 7” tech giants, he now favors boring but profitable utilities, dividend aristocrats, and companies trading at P/E ratios under 15. The transformation is dramatic—and fittingly theatrical.

The New Geography of Artificial Intelligence

If current analyst commentary reflects reality, the next AI revolution won’t be broadcast live from Silicon Valley, but built in Asian factories. America sells the dream; Asia builds the tools. While Wall Street debates whether Nvidia is a bubble, investors are turning toward Asia, where semiconductors, memory, and manufacturing capacity offer a cheaper and more efficient foundation for the AI boom. According to Charu Chanana, chief strategist at Saxo Markets, “About 70% of chip fabrication, 90% of AI memory, and nearly all packaging now happen in Taiwan, South Korea, and Japan. The region is essential to the AI ecosystem.” In plain terms: without TSMC (Taiwan), SK Hynix (Korea), and Tokyo Electron (Japan), there would be no ChatGPT, Gemini, or any other LLM. Nvidia may design chips—but Asia manufactures them. In the U.S., AI has become a financial spectacle. In Asia, it’s tangible industrial power—foundries, fabs, and near-monopolistic control over critical supply chains. TSMC trades at 20× earnings, Nvidia at 40×—yet TSMC controls 60% of global chip production. That contrast defines the real geography of artificial intelligence today.