Hello, today we aspire to be the topic of the day, since the conference organized by “Proto Thema” and travel.gr at the “Grande Bretagne” hotel will host the Prime Minister, the U.S. Ambassador Gilfoyle, Hatzidakis, Papastavrou, Hardalias, the president of SEV Spyros Theodoropoulos, as well as dozens of distinguished Greek and foreign entrepreneurs, scientists, and public figures. Our theme is “The Intelligence Age: Travel, Culture and Connection.” Of particular interest is the open discussion about everything with Mitsotakis and the beloved actor Giannis Bezos.

Tsipras–Vaxevanis series

Today there will be yet another episode in the Tsipras–Vaxevanis saga, as the former’s publishing house filed for an injunction against the latter’s outlet to prevent it from publishing excerpts from the book that is due to be released in a few days. I asked my source why a politician and a journalist—who were inseparable during SYRIZA’s heyday, especially when that politician happened to be prime minister—have reached such extremes. Well, I was told that the relationship soured later, when Tsipras was in the opposition, and Vaxevanis feels he didn’t treat him well. These things happen—misunderstandings or friendships that break, especially in politics, and of course the full truth is known to the two sides themselves, not to the… audience, particularly when public figures are involved. What I want to say is that Tsipras, with his book and mainly with the “free dove” strategy, should have expected such clashes, bitterness, and distress. And this is only the beginning—when the book comes out, there will be much more, possibly much worse. In that sense, I don’t know whether he did the right thing, because it’s like taking an entire party onto the psychoanalyst’s couch. A lot of inner feelings will come out—especially from those who only five years ago thought they were “big shots,” while they were merely a product of a turbulent political period. Therefore, some from SYRIZA will throw stones at him and others will flatter him, hoping that through him they might find their way back to Parliament. On the other hand, the book has already secured crazy publicity—publicity I’m not sure it would have had otherwise. Good or bad, it’s still publicity, and perhaps at this stage that’s what matters most.

Nikos and his stars…

Meanwhile, Nikos A. sits atop his successes and choices and enjoys them. What do I mean? Yesterday a PASOK MP from Chios, named Stavros Michailidis, appeared on TV and hinted that the firefighting planes announced by Mitsotakis are a scandal. “Why do we need these surveillance and data-recording aircraft when we live in the era of drones, and with a 19-seat capacity, at that?” the MP wondered. When the journalist told him that they are not 19-seaters but… regular aircraft, he replied: “I know, I know, because I’m from the Air Force. I read that they were 19-seaters—Mitsotakis wants to give someone a job.” What happened is that the MP, whose CV says he is a Rear Admiral of the Coast Guard (and not anything Air Force-related), read in the government announcement that the new aircraft consume far less fuel than a small 19-seat commercial airplane. As you can understand, Mr. Michailidis didn’t bother to read even a… simple announcement, yet he had time to go on TV and say his nonsense. What can the party leader do after that?

At the Members’ Lounge

I hear that today at noon, after K. M. crosses swords with Androulakis in “Prime Minister’s Question Time,” it is quite likely he will drop by the Members’ Lounge to chat with ND MPs. In the “blue” camp, things have always been worked out around a table, but K. M. avoids dinners.

Kimberly’s gift to the Archbishop

The in-person meeting between Kimberly Guilfoyle and Archbishop Ieronymos was particularly warm, and she revealed that he was the first person she had spoken to by phone before arriving. I’m told that Guilfoyle, who gives especially elegant gifts, brought the Archbishop a large silver coin custom-made for him. Their conversation was open and wide-ranging, while Ieronymos suggested they do a charitable tour in the coming months of the social structures supported by the Archdiocese—obviously in Attica, but also in Boeotia. He also proposed a joint visit to the Holy Monastery of Hosios Loukas, about which Ieronymos has written a book that has been translated into English and which he made sure to gift to the ambassador.

Dendias–USA

After meeting the Archbishop, the ambassador went yesterday to the Ministry of Defense, where she was received by Dendias with the blue carpet they roll out for ambassadors and the ceremonial guard appropriate for the occasion. The interesting bit I hear is that Dendias is preparing to travel again early next week to the United States—this time to the West Coast, toward the San Francisco area. Each of his visits is linked with visits to facilities that produce and develop innovative weapons systems.

Zelensky’s advance team

The government may not officially confirm Zelensky’s arrival in Athens for security reasons—as is always the case—but I can’t help telling you that yesterday a group of Ukrainian advance staff made visits to the Presidency, Maximos Mansion, and Parliament, where he will go on Sunday. There were 13 people in total, from the Press Office, Protocol, and the Ukrainian Embassy, who were arranging details. Zelensky will have with him six close aides according to the plan. What no one should take for granted is the arrival time, which is provisionally listed as 12:30. And the previous time he came to Athens, then-president Sakellaropoulou had to wait for him for several hours, compared with the initial schedule.

The ERT bill (the first in 12 years)

Yesterday in the parliamentary committees discussion began on Deputy Minister Marinakis’ bill for ERT, the first for public television in 12 years. SYRIZA and Popi Tsapanidou didn’t like the fact that order is finally being brought to the mess of uncollected license fees—in other words, our money—because, shockingly, the AADE will send notice letters to those who owe. Marinakis wasn’t wrong to say that the state must—finally—respect everyone, including the “suckers” who have been paying their taxes and contributions consistently all these years. After years, following the bill on the registry of print and online media, order is now being restored to issues of public broadcasting, and soon the matter of licenses for regional stations and for radio stations operating on temporary permits since 2002—back in Dimitris Reppas’ days—will also be resolved. Self-evident things…

Nikolopoulos

A longtime friend and sharp political observer called me yesterday to remind me that Nikos Nikolopoulos—who, through Nikos Karachalios, “spoke” with Karystianou back when SYRIZA-ANEL was in power—had, among other things, an obsession. What was it? The constant complaints through parliamentary questions about the infamous 717 contract. He constantly accused the companies involved of scandals and demanded that the contract be stopped. Need I say more?

Euronext expects to acquire 54% to 56% of Hellenic Exchanges (ATHEX)

On Monday—barring unforeseen developments—it appears that Hellenic Exchanges (ATHEX) will have passed under the control of Euronext. What is circulating among the various parties involved in the deal is that the percentage Euronext seems likely to gather ranges between 54% and 56%. This, of course, remains to be confirmed on Monday afternoon, as the deadline has passed and institutionally there is no longer the possibility of either a time extension or a price adjustment. Everything suggests that the appropriate balances have been achieved at an institutional level. We’re not even talking about the domestic side, where mutual fund companies (AEDAK) bought and will tender their shares, brokerage firms did everything they could with their clients, and so on. And at the level of foreign institutional investors, it appears that the necessary understandings have been reached with the arbitrage funds (which have a weighted presence) as well as other institutional shareholders abroad. In contrast, where there seems to be some anxiety is regarding ATHEX’s retail shareholders, but I am not in a position to say whether this concern stems from genuinely low participation or whether it is part of an effort to mobilize more individual shareholders at the final moment of the tender offer so that the outcome can be presented as a bigger success.

Will the Euronext–ATHEX “marriage” pave the way for a faster upgrade of the Athens market?

If the column had to place a bet, it would wager that next week ATHEX will belong to Euronext. What troubles the column is the following: If Euronext acquires ATHEX—as everything indicates—are there grounds for a faster-than-expected upgrade of the stock market? The agencies that handle such evaluations consider certain events as extraordinary (e.g., a capital increase for listed companies) and adjust their assessments. Obviously, a series of other parameters must be met simultaneously (which we do not know), and then the upgrade takes place automatically at that moment and not on scheduled dates. It is also possible that the agencies (MSCI, FTSE, etc.) may wait for the transition of the Athens Exchange to the Euronext platform to be completed, with the relevant decision coming in two or three months, as it is the intention of Euronext to proceed with a squeeze-out process as soon as possible and to complete it by mid-February 2026. The question is reasonable because JP Morgan and HSBC (who have insight into capital flows) do not consider that the upgrade will be a positive development for the Athens market, and beyond that, our previous experience with a past market upgrade can be summed up with the phrase “long-lasting trouble.”

OTE’s deal with GEK TERNA – Grid Telecom and the dividend

OTE’s CEO, Kostas Nebis, described as strategically important the deal with GEK TERNA and Grid Telecom to acquire 100% of TERNA Fiber, which manages 7 out of the 10 geographical zones of the Ultra-Fast Broadband (UFBB) project, with OTE having undertaken the remaining three. This is a major PPP project, with a budget of €743 million (€921 million including VAT), of which €250 million is co-financed public expenditure, and the rest will be covered by private capital. Since 2023, OTE has been implementing the project in three geographical zones, and with the completion of the above agreements, OTE will assume the entire project, with the concession period (service period), before the infrastructure is transferred to the State, amounting to 23 years. Speaking to analysts, Nebis stressed that OTE could not allow the project to potentially end up in the hands of competitors when it had already undertaken 3 out of 10 areas, as it concerns around half a million households in semi-urban and rural areas of the country, in networks where OTE already holds the lion’s share of the market.

Financial results

As for OTE’s results, what matters is the positive revision of its 2025 cash-flow guidance to €530 million from €460 million previously, something clearly beneficial for shareholders. Shareholders will receive a special dividend of €0.10 per share due to the sale of the subsidiary Telekom Romania Mobile Communications, but the most important aspect of this sale is that OTE stops “bleeding” because of Romania. The stock closed yesterday down 3% at €16.4 on a very strong day for the market, but such behaviours are likely to reappear in various stocks as we are in a period of weight adjustments ahead of MSCI Greece’s rebalancing on November 24. It is also possible that the lack of enthusiasm on the Athens market for OTE’s share was caused by a line item of +€52 million in the third-quarter financial statements titled “extraordinary deferred tax,” whereas last year there was a tax expense of -€48.5 million. Additionally, pre-tax results are 12% lower on a comparable basis without tax burdens/benefits. In any case, OTE’s stock is a dividend-yielding investment choice and not a technological growth story. OTE remains the sixth-heaviest stock on the Athens Exchange, with a market capitalization exceeding €6.2 billion. It does not disappoint with its performance but does not attract aggressive buyers seeking quick returns by year-end.

BlackRock, Australian funds, and GEK TERNA

And since we mentioned above the OTE–GEK TERNA deal and noted yesterday that Australian infrastructure funds are investing in the listed company, let us add that substantial and careful groundwork preceded the effort to attract these specific investors. Specifically, everything started in early autumn, when BlackRock hosted a closed investment event at the Stavros Niarchos Foundation Cultural Center, where GEK TERNA’s prospects were presented. The event had very strict attendance and participation rules, photography was forbidden, the meetings were confidential, and the event was not widely publicized. At that time, representatives of two large Australian infrastructure-investment funds (4D Infrastructure Group with $13 billion AUM and Resolution Capital with €17 billion AUM) approached management and requested further information. A small group of GEK TERNA executives travelled to Australia, made the necessary presentations, and provided answers and data. The first two funds brought in additional interested investors from the distant continent, and the result is becoming evident these days. GEK TERNA has already surpassed a market capitalization of €2.5 billion, but even more important is the increase in trading volume, while the rise in the share price follows a clear “professional” pattern.

Greece on Washington’s radar – Wright’s “signals”

Only a few days after his brief but notable presence in Athens at the P-TEC conference, U.S. Energy Secretary Chris Wright returned to the spotlight, this time opening the annual conference of the American Nuclear Society. And although he did not directly mention Greece or the discussions he held in the Greek capital, his references to “broader energy strategies” and “collaboration with friendly nations” did not go unnoticed by those in the know. In energy-sector circles, it is widely considered that Athens did not appear on his recent schedule by chance. With Greece seeking to position itself as a hub of energy security and technological innovation in the region, Wright’s indirect references to the need to harness artificial intelligence and small modular reactors (SMRs) fuel speculation about potential U.S. support—or at least knowledge transfer—to the Greek side, particularly in areas that touch industry and data centers. The Secretary made sure to set the tone of the new era: “If we want to lead in AI, we must rapidly accelerate the development of electricity generation,” he said, implying that artificial intelligence and nuclear energy will be the two pillars of American energy supremacy. Behind the scenes, his presence in Athens is said to have opened channels of communication with members of the Greek government and energy-market executives, at a moment when the U.S. views Greece not only as a gateway to the Eastern Mediterranean but also as a potential ground for technological pilot projects.

Speedboats and Island Connectivity

The cycle of speedboat services to the islands has come to a close, marking the end of a period during which the islands—especially in the peak months—were served with additional routes beyond the conventional ones, facilitating both residents and visitors. Connections continue with conventional vessels, which, however, do not fully cover the needs of islanders, particularly in terms of frequency and speed of routes. At the same time, freight traffic is being served normally by cargo vessels, which maintain a steady presence in the port. The issue of the second inter-Cycladic route, which had been discussed at times, seems to have moved to the background. The inter-Cycladic line is the maritime service that connects the islands with one another without necessarily passing through major mainland ports. Beyond the primary basic link, there is a need for an additional route or a second vessel to meet demand and provide an alternative option—for example, when one vessel is immobilized or when needs are increased. We therefore await decisions for the next season.

August Memories in the Stock Market

The trading week began with the General Index at 1,986.89 points. Yesterday marked the 4th consecutive upward session of the week, closing at 2,074 points—already a rise of over +4%. Such a rise had not been seen since the pleasant days of summer, when under the August heat the General Index broke through the 2,000-point “barrier.” All of this took place yesterday without the help of foreign stock markets, which were drifting in negative territory, with New York futures also signalling negative sentiment. Awaiting Fitch’s credit rating review of the Greek economy tonight, the General Index closed yesterday with gains of +1.44% at 2,074.96 points, while today it traded between 2,057.70 points (+0.20%) and 2,083.31 points (+1.45%). Trading value— the highest of the four-day rally—reached €255.9 million, with block trades worth €18.4 million. Eurobank (+3.09% at €3.5) and Piraeus (+3.03% at €7.14) set the pace for the session, followed by Athens International Airport (+2.81% at €10.23), Bank of Cyprus (+2.5% at €8.2), Helleniq Energy (+2.24% at €8.2), TITAN (+2.12% at €43.35), and Metlen (+2.11% at €43.5). Gains above 1% were also recorded by PPC, Alpha Bank, Optima Bank, and Motor Oil. In mid-cap stocks, ADMIE stood out (+4.58% at €3.08) following the Greek–Cypriot summit, as did Austriacard (+2.14% at €5.26 after its 9-month results announcement) and the Thessaloniki Port Authority (+2.84% at €35).

Theon and the Contract with the Germans

The Greek company Theon, listed on the Amsterdam Stock Exchange, is expecting—any day now—the German parliament’s decision on the €1-billion contract for the supply of 100,000 night-vision devices (NVG) by Theon and the German firm Hensoldt. This sheds light on Christian Hadjiminas’ decision to acquire 9.8% of the French company Exosens in October—an acquisition analysts considered an “expensive investment for a minority stake.” Through this move, Theon secured the supply of the critical 16mm image-intensifier tubes (IIT) it needs just before European demand surges. Exosens is the only manufacturer outside the U.S. that has invested in 16mm tubes. American manufacturers L3Harris and Elbit Systems of America are committed to replacing 400,000 units for the U.S. Army and cannot export their superior 18mm tubes outside the U.S. This leaves the European— and also the Saudi—market to Theon and smaller competitors. In 2026, Theon will invest €10 million to expand its production facility in Koropi.

New Blood in the Stock Market from TREK Development

With five “name-brand” institutional portfolios in its shareholder register, TREK Development begins its journey on the Alternative Market of the Athens Stock Exchange (ENA+). Next Monday, the opening bell of the trading session will be rung by Dinos Papapolyzos, who has already completed three decades in infrastructure project development and financing, as well as in the construction of specialized projects in Energy, Energy Efficiency, and Smart Technologies (Smart Water & Smart Cities). With a turnover of around €4 million, zero debt, and first-half profits of €560,000, TREK Development will list 17.4% of its share capital on the stock exchange, with an initial trading price of €1.4 per share. Seventy-four percent of the listed shares were covered by institutional funds as well as entrepreneurs.

Turkey’s Aselsan Becomes a Key Player in European Air Defense

The Turkish defense company Aselsan has secured yet another €1.1-billion contract for the Steel Dome program. This is its second major order for 2025, after the €1.65-billion agreement in September, while this year alone Aselsan has signed contracts worth $7.6 billion—an all-time record. Turkey is accelerating the Steel Dome, a fully AI-driven integrated air-defense network. Aselsan is now investing $1.5 billion in Ankara for new production facilities aimed at creating Europe’s largest air-defense systems plant by 2032. This reveals the real backdrop behind the recent visits of the British Prime Minister and the German Chancellor to Ankara. Aselsan has already been invited to design phases of NATO’s new GBAD and Germany’s ESSI, which aims to link all European air-defense systems. GBAD (Ground-Based Air Defence) is NATO’s ground-based system protecting against aerial and missile threats. The German ESSI (European Sky Shield Initiative) is a German project launched in 2022 to build a unified European air-defense system. The conclusion? With Europe’s defense industry lacking production capacity and the EU’s “Drone Wall” needing immediate solutions, Turkey appears to be positioning itself as Europe’s de facto air-defense provider.

The Next “Subprime Loan” Crisis Will Come From Automobiles

Seventeen full years have passed since the 2008 subprime mortgage crisis that led to Lehman Brothers’ collapse and a global financial meltdown. Today, subprime loans—loans to borrowers with low credit ratings—threaten the U.S. economy not through housing but through the auto market. The percentage of low-credit-score borrowers more than 60 days behind on payments skyrocketed to 6.65% in October, the highest level in 31 years. The collapse of Tricolor Holdings, the largest subprime auto lender, acted as a catalyst that forced major financial institutions to reassess their overall exposure to the sector. The strategic restructuring that banks are undertaking in subprime auto loans may become the next major problem. If they attempt complex loan securitizations with high yields in a liquidity-rich market hungry for returns, then history may repeat itself on a smaller scale. Risk-shifting to smaller lenders and tightening lending criteria are already underway.