Hello, it’s not exactly a small distance from Olli Rehn’s “good luck” back in 2010 when the memoranda were beginning, to 2015 with the clown Varoufakis who said the famous “wow” to Dijsselbloem, to now, a decade later, having a Greek minister as a candidate for president of the Eurogroup. The chances, therefore, of Kyriakos Pierrakakis receiving the nomination of the European People’s Party and then winning the Eurogroup presidency are indeed quite good. His main competitor within the EPP is the Belgian deputy prime minister Vincent Van Peteghem, who today appears to be a rather strong candidacy. If Pierrakakis wins the EPP nomination, then he logically has the highest chances, since the European party he belongs to also holds a majority in the Eurogroup—though not the number required for a direct election, i.e., 11 votes. He starts, however, with seven votes and builds upon them with the aim of surpassing 50% of the 20 votes assigned to the respective member countries. Of course, on the opposite side there are also the Social Democrats, with the most likely candidate being Spaniard Carlos Cuerpo, but they are numerically weaker, though not negligible opponents.

Mitsotakis–Weber

Now, who will win this race—which will conclude in about 20 days—is uncertain, because as is well-known, “European family affairs” involve… a lot of back-room cooking. But if Pierrakakis beats the Belgian, then his chances of becoming president of the Eurogroup are significant, though not absolutely guaranteed. The key for Pierrakakis to get the EPP nomination is, of course, Mitsotakis himself, who holds a “hegemonic position” due to the ND’s election percentages and also enjoys a particularly close relationship with the EPP leader Manfred Weber. Needless to say, K.M has taken it to heart, and it seems logical—“it’s not insignificant that from the drama of 2015 we are today vying for the Eurogroup presidency,” he is said to have remarked at some point. Our advantages, therefore, are that Greece today has a success story in the economy, unlike the Belgian government which appears to be collapsing; the relationship between K.M and Weber; and of course Pierrakakis himself, who is respected by his colleagues and the entire “European environment.” Otherwise, they wouldn’t have nominated him for president. If you are thinking the obvious—that if Pierrakakis wins the position it’s good for the country, for Mitsotakis, and for himself, a politician only 42 years old—your thinking is correct. That’s exactly how it is, with all that entails…

They “play Chinese” about the Chinese

After the Kimberly–Theodorikakos meeting and the announcements regarding the use of the Elefsina port as a counterweight to Piraeus, an interesting search is unfolding within the government as to who will go tonight to the Hellenic-Chinese Chamber event at the “Hellenic Cosmos” cultural center. The event is not insignificant, as it marks the Chamber’s 30-year anniversary, while important Chinese officials are coming for this purpose, along with China’s ambassador to Greece. But the ministers… are busy. One can’t make it, the other is unable, a third has a prior commitment, and the Maximos Mansion is trying to find a solution so that the government is represented without “annoying” the Americans, who have shown their intentions for our region. Not to mention that many ministers are building relationships with Kimberly Guilfoyle, so… who wants to run around?

The Karamanlis intervention and “Chinese” Avramopoulos

In any case, Karamanlis (of Rafina) will attend the Chamber event without hesitation—after all, COSCO came to Greece during his tenure. The former prime minister will offer a greeting and refer to the foundation of Greek-Chinese relations, while roughly noting that the investment made then now gains multiplied value, considering today’s interest in the area (including by the Americans). And while all this is happening in Greece, I noticed with interest yesterday that Greece has representation in China these days. The reference is to “Chinese” Dimitris Avramopoulos, who traveled to Shanghai and spoke at Tsinghua University about Europe’s role, the new global order, and similar topics. And of course—so as not to forget the mayoral matters—he also spoke about city diplomacy.

They’re “exploring” AirBnB

I asked a reliable source what K.M’s speech in Parliament might include, besides the renovation subsidy program for opening closed properties that he announced on ERT. I was told that a study on AirBnB is currently “under way,” concerning the prospect of new restrictions depending on the burden on specific areas. For example, the mayor of Thessaloniki, Angeloudis, has requested that the same restrictions on new AirBnB properties that apply in Athens also apply to his city center.

Improved financial offer for the lotteries

During its meeting yesterday, the Board of the Hellenic Corporation of Assets and Participations opened OPAP’s financial offer for the 12-year concession of the state lotteries, as the current concession expires in April 2026. The relevant tender had attracted offers from OPAP (through its subsidiary Opap Investment) and Brightstar Global Solutions Corporation (formerly GTECH), which was excluded from the second phase due to deficiencies in its dossier, without filing an objection. According to information, the Board decided yesterday to request an improved financial offer, something expected within next week, as the concession must be ratified by Parliament by next April. Market sources say OPAP’s offer includes a one-off payment and a share of approximately 30% of Gross Gaming Revenue. The management of the state lotteries today is handled by a consortium of OPAP (83.5%) and Scientific Games (16.5%).

The end of the… lost suitcase

One of the typical problems of air travel is the suitcases that… get lost—meaning they are loaded onto the wrong flight, resulting in unlucky passengers arriving at their destination without them and suffering considerable inconvenience until they retrieve them. At the new Heraklion International Airport in Kastelli, currently under construction and progressing rapidly, the responsible executives of DAHK and TERNA promise that this annoying phenomenon will become a thing of the past. In the ultra-modern facilities of the airport, which has reached 65% completion and will be construction-ready next summer, state-of-the-art machines for passenger and baggage screening are being installed. These include check-in points with next-generation CT scanners that will scan luggage with such detail that there will no longer be a need to open suitcases and place laptops, mobile phones, etc. separately. These CT scanners cost around €800,000 each, compared to current ones which cost about €80,000. The “heart” of the baggage-handling system is a massive network of conveyor belts with sequential “checkpoints” that operates automatically and, as claimed, does not make mistakes. Thus, luggage will pass through several stages of inspection and be automatically sorted or unloaded from the corresponding flights with minimal human intervention. For those suspected of containing “suspicious” items, there are at least three stages of macroscopic electronic screening before they reach the authorities to be opened. This new baggage-handling system, already nearly installed by TERNA at the new airport, cost, according to information, about €25 million.

Stassis and the chats at the London Four Seasons

From what was heard in the side conversations at Capital Day in London, PPC’s CEO, Giorgos Stassis, showed that he has an absolutely clear plan for the group’s next day. With the top management team by his side and the decorated Four Seasons as a backdrop, he presented the three-year investment plan to analysts, while also sending some interesting “messages” behind the scenes. First and foremost: no scenario of a share-capital increase. The €10.1 billion of the next three years will be covered by the combination of the company’s strong operating cash flows, continued access to international capital markets, and financing from European institutions and the Recovery Fund. According to the management, PPC is also maintaining its leverage at controlled levels, ensuring the sustainability of the investment plan. He also made clear that interest in data centers remains strong, but partnerships with hyperscalers will not be finalized before late 2026. As for telecommunications, he clarified that fixed telephony is not a strategic priority, but rather a complementary bundle of services for consumers. However, he did not rule out—according to the side conversations—a new move in Italy. Stassis left open the possibility of acquiring a small supply company, as part of a more modest and targeted international expansion, far from the large-scale ventures like Romania.

Qualco: The market discovers the fintech story

Qualco has shifted into a different orbit, as it is one of the few technology companies listed on the Athens Stock Exchange, and its management has methodically begun over the past month to hold road shows with selected institutional investors, which took place with increased participation. Moreover, Qualco will also be present in December at Morgan Stanley’s event, and information indicates that there is already great interest in one-on-one meetings. The market is beginning to understand Qualco’s fintech story, and thus Optima Bank has initiated coverage of the listed company with a target price of €7.12 (upside margin of over 20%) and a “BUY” recommendation. Piraeus Bank has also issued an “Outperform” recommendation for its share with a target price of €6.80. In addition, Qualco’s management is preparing business moves that will strengthen its balance sheet and will be “unfolded” in the coming period.

Sklavenitis’ investments and the Polish market

Sklavenitis has major investment plans and has decided to enter the Polish market. The group has formed an internal team of executives monitoring the Polish market, however the plan seems set to begin implementation in 1–2 years. The reason is that Sklavenitis first wants to complete the investments it is making in Greece. One is the Magoula unit for ready-made meals, and the other is the food hall at the old Pitsos factory in Rentis. The latter was purchased with the intention of creating fruit and vegetable storage facilities, but its impressive architecture led to a change of plans. According to the current design, the food hall will be ready in early 2027.

Dimand’s new project in Thessaloniki

Dimand is launching its third major project in Thessaloniki, on the western side of the city, which will have a mixed-use character with office spaces and housing with a social dimension, the so-called affordable housing. The company has already developed in the west the HUB 26 office complex, where together with the Black Sea Trade and Development Bank’s offices, a total of 2,500 employees work, while directly across from it the large Fix redevelopment will take place, whose master plan is to be officially presented today, Thursday. The western side of the city is expected in the future to accommodate a significant number of workers from Greece and abroad, and therefore Dimand aims to cover all income levels. The new project will be very close by, in an area expected to show significant development in the coming years, with easier access and smaller, more targeted interventions in the surrounding network.

Maran Gas Syros: Greek shipping as a geostrategic energy player

The delivery of the newly built LNG carrier Maran Gas Syros to Maran Gas Maritime, owned by Maria Angelicoussis, is not merely a business investment in a modern fleet. At a time when the Transatlantic Energy Alliance (P-TEC) is reshaping the West’s energy chains, Greece, through its shipping industry, becomes an active and reliable strategic player. The vessel, with a capacity of 174,000 cubic meters of LNG and state-of-the-art technologies, ensures high efficiency and low emissions, while its construction at South Korea’s Hanwha Ocean shipyards combines cutting-edge technology with international safety standards. This concerns not only operational performance but also the geostrategic reliability of Greek shipping: a modern, flexible, and environmentally responsible vessel strengthens Greece’s position as an LNG hub on the global energy map. This move gains even greater significance when viewed within the P-TEC framework. The Western alliance seeks to diversify natural-gas sources, reduce dependence on Russia, and secure stable flows toward Europe. In this context, Greece plays the role of a safe LNG transport and transit hub, offering strategic flexibility without the need for direct involvement in geopolitical confrontations. At the same time, the strengthening of Maran Gas Maritime’s fleet confirms that Greek shipping is not confined to traditional cargo transport but is becoming a pillar of international energy strategy.

Foresight and growth mindset from Tsantanis

Seanergy has just entered the Capesize game even more dynamically, with its first newbuilding order under the leadership of Stamatis Tsantanis. Although the market has seen investments in newbuilding bulkers, the fact that a smaller NASDAQ-listed company decides to pay 75 million dollars for a newbuilding Capesize with a scrubber at a top-tier Chinese shipyard is a clear signal: the company is not thinking about short-term freight rates but positioning for 2027 and beyond. The parallel sale of an older vessel before drydock shows discipline in capital management — maintenance CAPEX is reduced, fleet efficiency is improved, and room is created for newer, more “premium” assets. Seanergy is putting itself in a position to benefit when freight rates become more favorable for Capesizes, while simultaneously strengthening its ESG profile with scrubbers and modern vessels.

The quiet rise of a new player in the Ultramax market

In the world of international shipping, there are Greek shipowners who operate with the precision of a capital-market fund manager. Kostas Delaportas and DryDel Shipping follow exactly this logic. The recent delivery of the M/V Gloria del Mare, an ultra-modern Ultramax bulk carrier of 63,300 dwt from the Japan-affiliated Tsuneishi Heavy Industries shipyard, is a clear indication of a strategic modernization and renewal program that positions DryDel as an emerging high-tech player in the bulk-carrier market. Gloria del Mare is the second of five Ultramax vessels ordered by the company, incorporating the TESS64 AEROLINE design, one of the most advanced design approaches in the Ultramax category globally. This investment is not just about the vessel’s size or power: it focuses on energy efficiency, improved hydrodynamic performance, and significant fuel savings, which reduce operating costs and enhance fleet competitiveness in an environment of rising fuel prices and volatility in the dry-bulk market. The choice of Tsuneishi Shipbuilding Co. Ltd. is not accidental, as the Japanese shipbuilding industry remains a leader in technology and reliability. For financial analysts, this move is a clear sign that DryDel is establishing itself as a new and reliable player in bulk carriers, with the market now watching DryDel as a rising star in the Ultramax category.

ATHEX: Too early to talk about an “all-clear”

While everyone yesterday had their “finger on the trigger,” ready to issue stop-loss orders if they saw the market falling for a 4th consecutive session, plans suddenly changed in the morning as shares of the “real economy” (industrial companies, energy firms, refineries, construction) attracted buying interest from both Greece and abroad. Thus, the market recovered 30% of the losses recorded in recent sessions, with the General Index standing respectably away from the 2,000-point threshold and closing at the session high of 2,035.57 points, up +1.15%. It is too early to talk about an “all-clear,” but the movement of industrial stocks is noteworthy, with Metlen (+3.69% at €42.20) rebounding with… European-level trading volumes, GEK TERNA (+2.74% at €24.04), Motor Oil (+2.51% at €28.60), HelleniQ Energy (+2.29% at €8.27), Aegean (+1.97% at €13.46), and Aktor (€9.25 +0.98%). The stability of Alpha Bank at €3.52, the strong comeback of Piraeus (+3.3% at €6.88), National Bank (+1.5% at €12.80), and Eurobank (+0.90% at €3.35) provided a solid base for the remaining blue chips to move upward without haste or excess. Transaction value reached €246.89 million, of which €41.1 million in block trades, matching the activity of the previous downward session. PPC (+1.56% at €16.96) had a “London breeze” and high trading volume, while the big “game” of yesterday’s session was played by Cenergy, which started strong (+3.43%) but ended with a significant drop (-2.91%) at €14.7 — obviously to “deflate” the excessive expectations built up in recent days. Everything happening in recent days around the Port of Elefsina has hurt the share of OLP (Piraeus Port Authority), which fell -3.38% to €40 and completed 5 consecutive declining sessions with cumulative losses of -6.2%.

Lavipharm

Lavipharm’s market capitalization today is just under €140 million after a months-long period of “consolidation” with the share price hovering between €0.80 and €0.85. At next Monday’s Athens Stock Exchange event for small- and mid-cap companies, the Group’s management will need to present its targets and yearly figures to analysts. Reliable information indicates that Lavipharm will close this year with operating profitability of around €15 million, compared to €10.4 million last year. However, the market says the real interest lies in the Group’s next moves, which will be announced in the new year.

A new protagonist in the global olive-oil market

Global olive-oil production is estimated at 2.7 million tons, while consumption demand is expected to exceed 3 million tons this year. Suddenly it was announced that Tunisia, in 2025, will achieve a record olive-oil production of 500,000 tons. Greece remains stable at just over 250,000 tons. Tunisia is emerging internationally as the player that will cover the 10%–12% gap between global production and demand. The prolonged drought and adverse climatic conditions affecting Spain — traditionally the world’s top producer — are creating new market equilibria. The North African country aims to claim the world’s No. 2 spot in both production and exports. Tunisian olive oil is widely used in blending operations, where its addition improves the quality of other oils — a practice reflecting the high organoleptic characteristics of the Tunisian product. Greece, despite its renowned premium-quality extra virgin olive oil, cannot achieve the critical mass needed to compete effectively. Olive-oil exports represent over 40% of Tunisia’s agricultural income, making the sector vital for the national economy. At a time when the country faces increased food imports and a depreciating dinar, this record harvest will act as a crucial stabilizing factor. Greece, while maintaining strong prestige in the premium category, is excluded from the role of “swing producer” in the global market due to its limited production scale.

Trump pressures again, “in his own way,” on interest rates

As the Federal Reserve’s two-day FOMC meeting on interest rates approaches, the American President thought it appropriate to state that he has “already selected the next Federal Reserve Chair,” but “some people are preventing him” from removing Jerome Powell from the position. The truth is that the legal framework protecting the Fed’s independence — the Federal Reserve Act — makes it extremely difficult to remove the Chair before the end of his term, which expires in May 2026. Powell has repeatedly clarified that he does not intend to resign, even if pressured politically. Rumors are circulating in New York, and speculation has peaked. Names mentioned include Kevin Warsh (former Fed governor) and Kevin Hassett (former economic adviser), as well as more extreme choices such as Stephen Miran, who has advocated lowering the neutral rate through stablecoins. History teaches us that central banks under “political guidance” usually lead the economy into inflationary spirals, resulting in a loss of investor confidence.

Stablecoins are reshaping the geography of finance

Stablecoins are digital cryptocurrencies designed to maintain a stable value, pegged to a traditional asset, almost always the U.S. dollar. Unlike other cryptocurrencies (Bitcoin, Ethereum, etc.) whose prices fluctuate sharply, a stablecoin aims to maintain a fixed 1:1 value with the dollar (or another currency). Stablecoin issuers hold reserves in dollars, U.S. Treasuries, or other liquid assets equal 1:1 to the circulating stablecoins. Holders can redeem their stablecoins at any time for the equivalent dollar value. The stablecoin market today has a capitalization exceeding $300 billion. It has risen +150% in two years, while monthly transaction volumes have soared to $1.5 trillion. The secret behind this new dynamic market is that stablecoin issuers have become major holders of U.S. government securities. Tether alone holds 1.8% of all U.S. Treasury bills. Last July, the Trump administration passed the GENIUS Act, requiring all stablecoin issuers to maintain 1:1 backing with safe assets. Now, U.S. Treasury Secretary Scott Bessent predicts stablecoin capitalization will reach $2 trillion by 2030 — which, “coincidentally,” could absorb a large part of the increase in federal debt. Trump-appointed Fed Board member Stephen Miran publicly claims that stablecoins could lower the neutral interest rate through “global excess savings.” So while stablecoins are marketed as financial innovation, in essence they function as a mechanism for financing the U.S. government by private issuers, with minimal capital and questionable oversight.