Hello, today we have a journalistic celebration because, whichever way you look at it, we realized from our leader Alexis’ book, which has just come out piping hot, that in the end God does exist and of course so does the Virgin Mary. Apart from the fact that even Tsipras invoked Him in difficult moments (in Mati), we also understood it ourselves from the way we survived after the SYRIZA five-year period. So what the wise people say — “Holy Mary, help” and “God protect us” — somehow… exists, hidden as a wish deep in time, and perhaps it even holds true. To be honest with you, I leafed through the book Ithaca and I’m conveying to you whatever I understood subjectively. Tsipras, it is certain, did not write this book to apologize for anything, or almost anything. If one considers that the pivotal point of his term was the referendum, the negotiation, and its outcome — yet another memorandum worth 80–100 billion euros — for this Tsipras does not seem to repent at all. On the contrary, he considers it the correct political move which benefited the country. Meaning that if you asked him today whether he would do it again, or whether he would “take” the alternative solution the Europeans were offering him from the spring of 2015, he would obviously answer in the affirmative. Nor did I read him admitting mistakes in other critical issues, except for Zoe and Varoufakis, with whom, however, he untangled things early, since the summer of 2015. The one he utterly humiliates, clearly intentionally, is poor Kasselakis, although he does not accept that he “foisted” him onto SYRIZA. And really, if you sit and write that Tyler was asking Betty how they would raise his children with Stefanos when they go to the Maximos Mansion… you understand!

Novartis-families

Generally speaking I didn’t see him admit to having made a mistake, not even in the historical Novartis frame-up. There he says that “we shouldn’t have taken politicians to their natural judge but to a Preliminary Committee,” as if the Justice system were more controlled compared to the parliamentary majority he fully controlled. Even in his… attempt to make a supposed self-critique about the constant attacks on Mitsotakis’ family, he gives a completely ridiculous explanation regarding his wife, Mareva. Mitsotakis, he says, swept us away into mistakes with his communication mechanisms, resulting in “a state of siege and under the sway of anger, we adopted a tactic of highlighting scandals that concerned not only Mitsotakis but also the business activity of his wife…”. The truth of course is that he cultivated an entire media system to attack families, journalists, political opponents, etc., from the first to the last day of his term. These things of course sometimes go wrong in life — not to say almost always — and today his opponents will be enjoying his misfortunes with popcorn.

Small first conclusion

Nevertheless the book is very interesting because it is living history, and it will be read whether it enrages you or makes you happy because you are on the Left and nostalgically remember how lovely things were with Dritsas, Tasia, Filis, Zoe in her… right mind, and the rest of the crazy gang who brought us one step before the drachma. The book will get enormous publicity, it will raise limitless dust and disputes on both sides. It will… inevitably also assist the deeply wounded relationship of Samaras with ND, and ultimately it will benefit — gift, once again — Mitsotakis.

And lastly: newspapers and shop windows

Naturally I will return more analytically after I study the leader’s book, but I want to close today’s commentary with something I read that touches me in the job I’ve done for 40 years. Tsipras recounts his famous meeting with Psycharis in a mutual friend’s house, shortly before taking power. The late Stavros, after starting off with the theory that they had to come to an understanding because DOL always belonged to the… Democratic Camp, told him that at that time (DOL) was facing major financial problems, obviously implying that the new SYRIZA regime could help them. Then Tsipras, according to his own narrative, countered that they (DOL) were politically attacking them, etc. And Psycharis replied with the line: “Look, Alexis… newspapers are like shop-window displays. One time they have summer clothes, one time winter clothes. The shop is the same. The display changes.” What Psycharis told him — in truth, in a very digestible and vivid way — was, is, and I think will be the norm between power and the media, regardless of whether the (transaction) did not flourish at the time. With exceptions, of course, that stand out…

Cabinet meeting

The Cabinet meeting scheduled for Tuesday was moved to Wednesday afternoon, as the funeral of Nikos Hardalias’ father intervenes. It has several items, from Justice issues regarding inheritances and Environmental provisions concerning spatial planning, and generally K.M. will give the final guidelines to the ministers for the year’s end.

A party with a pulse

There may not have been many local derbies in ND’s Prefectural and Local Organizations, but Piraeus headquarters mobilized strongly yesterday and counted its members ahead of the elections. The mechanism warmed up a bit; 122,000 people entered the process to pay and register, and indeed at a time when internal party matters are not at their peak. What they retain in ND is that the mechanism showed vital signs ahead of the congress to be held after Easter and of course ahead of the elections. Not to mention that the numbers for ND’s Prefectural elections are larger than the internal elections for the Presidency in other parties.

Geopolitical stress tests are coming to the banks

The SSM is attempting a closer approach regarding geopolitical risks for European banks. And because measurements in this case cannot be precise, it is virtually impossible for corresponding forecasts to be made. They would cost billions anyway. But although the approach seems somewhat lighter, in the end it becomes an additional headache for the banks. As far as our country is concerned, even without being in a red-hot zone, it constitutes a geopolitical area of increased priority for supervisors. Thus supervision is insistently asking Greek banks as well to “stress” similar data in the exercises they conduct, such as ICAAP for example, which is the Internal Capital Adequacy Assessment Process. This is an internal procedure banks apply to assess how resilient they are to adverse scenarios and how effective their risk-management processes are. To prove the point, JP Morgan’s Managing Director Kian Abouhossein raised the issue on Friday at the firm’s London road show, “interrogating” Pedro Machado, member of the ECB Supervisory Board. And he, among other things, answered that the thematic stress test for banks in 2026 will be an “inverse” exercise evaluating geopolitical-risk scenarios separately for each bank and their potential impact on each bank’s solvency. After all, this is the first priority of the SSM for the period 2026-2028: how banks will continue to strengthen their financial resilience in the current macroeconomic and geopolitical environment. Overall, discussions with banks, as he said, regarding the management of geopolitical risks continue and include the whole range: identifying these risks and of course taking the necessary actions to make banks more resilient to precisely these conditions.

Signatures within the week for Ethniki Insurance

The transaction for Ethniki Insurance is expected to be completed within the week. This means that the final signatures will be placed so that Piraeus Bank acquires 100% of the insurance company. And since the “what comes next” is always interesting, developments in the insurance scene around the country’s leading insurance company are expected. It is considered almost certain that sooner or later Ethniki Insurance will cooperate exclusively with its new shareholder. The above developments themselves set in motion the corresponding moves by National Bank to find a new insurance partner. Signing the agreement this week sets a milestone in that direction. The evolution at the level of bancassurance for all parties involved will become known in 2026.

The ECB asks for more capital buffers from Revolut

The SSM released the results of the stress test on Pillar 2 capital buffer requirements for all major European banks, and the Greek ones have among the lowest requirements, below 3%. National Bank at 2.50%, Eurobank at 2.75%, Piraeus and Alpha at 2.90%. The requirements relate to how banks operate, how they comply with SSM rules and controls. The logic is that those who do not comply are more vulnerable and therefore more capital requirements are imposed on them. There were also banks that saw an increase in their Pillar 2 required capital, such as Revolut, which became a systemic bank last year, but for next year its Pillar 2 capital requirement increased by 80 basis points to 4.50%, the highest among the 105 banks.

Turnover party today at the Stock Exchange

It is not unlikely that the value of transactions in today’s stock-market session will reach even 1 billion euros, due to the MSCI index rebalancing. We will have an explosive increase in turnover in the Metlen Energy & Metals stock, which is leaving the MSCI Greece Standard to join MSCI Europe, and in addition we have the entry of Viohalco and Cenergy Holdings into the Small Cap. The game professionals have played lately was classic: pressure on the stocks that are leaving MSCI until the rebalancing is completed, and an upward push on the stocks entering the MSCI indices so they are bought at high prices on rebalancing day. All this in a market that is yielding three times more than any other European market (General Index +40.28%, Banking Index +79.67%, FTSE 25 +46.08%) and with heavyweight stocks (e.g. Alpha Bank +123%, Piraeus +82%, National Bank +70%) that are flooding foreign investors’ portfolios with profits as they close out for 2025, right after Black Friday.

AKTOR Group ready for a retail bond

The AKTOR Group is preparing to issue a series of bonds worth 200 million euros, with a five-year duration, in order to borrow from savers at an interest rate close to 4%. At the beginning of the year, AKTOR had completed a 200-million-euro share capital increase, which was oversubscribed, to finance investments amounting to 2 billion euros. AKTOR is closely observing the success of retail bonds in the Greek market, especially after Greece’s upgrade to investment grade. The 4% for a five-year horizon for a group with a backlog that will reach 6 billion in 2025 sounds attractive. Over the past month, AKTOR Group’s stock has gained more than 11%, and its market capitalization is moving towards the target of 2 billion euros (today €1.89 billion).

The difficult equation of the capital increase at ADMIE

Prime Minister Kyriakos Mitsotakis’ recent reference from Singapore to the possibility of a capital increase at ADMIE confirms the activity surrounding the capital reinforcement of the operator. The aim is to ensure funding for the large ten-year development program worth 6 billion euros without losing state control, with the state retaining its statutory minority, meaning it must remain at 34%. The government team is fully aware that the ambitious grid interconnection program of the coming years—almost 6 billion euros—cannot move forward solely with own funds and European resources. The entry of new investors is now considered the only way, provided that public control is not undermined. In the background, American pressure appears to play a decisive role in the shareholding developments. Diplomatic sources report that Washington and Athens have repeatedly discussed reducing Chinese influence over energy infrastructure. And it is no coincidence that among the contenders for ADMIE (besides Italian TERNA, which had been mentioned in the past), BlackRock has recently appeared, with market observers speaking of “multi-layered American activity.” Opposite these dynamics stands the Chinese giant State Grid, which with its 24% stake and enhanced rights acquired in 2017 remains a key factor. Sources familiar with the discussions claim that the Chinese do not desire conflict but request a “clear picture” of what the new shareholding structure will entail. The high quorum required for the capital increase essentially makes their consent necessary. According to information, the Maximos Mansion seeks to complete the process within the new year so that the investment momentum is not lost and uncertainty in the markets is not prolonged. The question is whether a formula can be achieved that keeps the State above 34%, brings in the American capital sought by the allies, and leaves China without reason to react. The backstage chatter says that a solution exists but requires delicate handling.

The Sarantis era in Ioannina

The new era of Hellenic Dairies at Dodoni formally begins. After the approval of the deal by the Competition Commission, the acquisition was completed, and already since last Friday the company’s board was radically reshaped. Thus, Chairman of the Ioannina dairy industry becomes Stelios Sarantis, son of Michalis; CEO is Giorgos Sarantis, son of Takis; Vice-Chairman and head of market supervision matters is Mr. Athanasoulas Georgios; and Deputy CEO is Mr. Konstantinos Chytas. Mr. Vlachos Nikolaos also participates in the board as a member. According to the Sarantis brothers, Dodoni’s integration into the Hellenic Dairies group will be accompanied by a series of investments. We shall see…

“Byzantino” returns to The Ilisian

A new gastronomic arrival—marking the first “opening” of the new destination to the general public—is in its final stage, namely the Japanese restaurant at “The Ilisian,” at the former Hilton Athens which closed in January 2022. The new restaurant, expected to become the city’s new gastronomic hotspot ahead of Christmas, has its entrance on Michalakopoulou Street, is housed in the new extension built onto the iconic property, and will overlook the impressive indoor pool of the new destination. At “The Ilisian,” the private members-only House of NYNN club has been operating since the summer, but now the destination is gradually opening to everyone—Athenians and visitors—as part of the major investment being carried out in the former Hilton building by the Konstantakopoulos–Olayan duo. The Japanese restaurant, with its impressive marble entrance on Michalakopoulou, is the first of the nine dining venues that “The Ilisian” will host, expected to open before the new year. From 2026 onward, the remaining venues will gradually follow: The emblematic Galaxy Bar on the top floor will be reintroduced as “The Galaxy Dispensary,” with a large collection of wines and premium spirits, and next to it “The Galaxy Supper Club,” a luxurious space that will elevate haute cuisine in Athens. Similarly, the “Byzantino” restaurant—a constant value from the past—will return in 2026 with a renewed appearance, while a Lounge Café Bar will operate from early morning until late at night in the hotel lobby.

Optimism for 2026 early bookings

Based on early bookings for the 2026 season, Greek tourism appears to be moving positively, although—according to many in the sector last weekend at Xenia—it is currently running on “autopilot.” Nearly 85% of hotels, which are small and medium-sized businesses, “cannot secure financing, and access to capital is the exception,” said Giannis Chatzis, president of the Hellenic Hoteliers Federation, during the 13th general assembly of the Hellenic Chamber of Hotels last Saturday. Tourism stakeholders are awaiting on Wednesday the Ministry of Tourism’s event for the sector, attended also by the Prime Minister, and whether Kyriakos Mitsotakis will make announcements. Note that according to data from the Bank of Greece announced last Friday regarding the travel balance, even though September “slowed down” compared to last year—with 3.42 billion euros in revenue this year versus 3.55 billion last year during the same month—the nine-month period exceeded 20 billion euros for the first time, specifically reaching 20.13 billion euros, up 9% compared to the 18.47 billion in the January–September 2024 period.

Wall Street is tightening for shipping companies

The latest developments on Wall Street for shipping companies show that the game is changing—and in a way that resembles a silent shift rather than a dramatic maneuver. At the annual Marine Money Ship Finance Forum, the message was clear: the market for listed shipping companies in the U.S. has shrunk by nearly half over a decade, the result of a dual “cut” from mergers and privatizations. And even if the framework seems strictly technocratic, the essence is simple: companies that remain public have two choices—either grow or leave the exchange. The pressure stems not only from low valuations or compliance costs, but also from the fact that institutional investors are looking elsewhere. With less appetite for smaller shipping firms, well-established family-owned groups often choose to depart and return to the safety of private equity. Yet, even as the American market “tightens,” Greek shipping continues to maintain a notable presence with 31 listed companies. This is not only a matter of numbers but of stability in a market that is becoming increasingly selective. Greek shipowners, through smaller listings or larger structures, maintain their footprint, consistently seizing opportunities in public markets. At the same time, the major players who remain listed—especially in the tanker sector—now function as the “flagships” of Wall Street: large market caps, high liquidity, and greater support from the investment community. It is an environment where scale becomes a strategic advantage and where, in the future, we may see only a few strong players per sector.

Aramco, the Americans, and Greece in the background

Aramco’s recent moves in the U.S. are not simply business announcements; they indicate that the energy game around LNG is entering a new phase, with implications stretching from the Gulf to the Eastern Mediterranean and Europe. Aramco, traditionally oil-focused, has begun systematically expanding its presence in natural gas, signing agreements with American producers such as MidOcean (Lake Charles LNG) and Commonwealth LNG in Louisiana. These are projects totaling more than 25 mtpa, a scale capable of influencing future power dynamics in the global LNG market. Saudi Arabia is attempting to diversify its energy identity at a time when Europe and Asia seek stable LNG suppliers following the disruption caused by the war in Ukraine. With more than 200 mtpa of new projects entering the market by 2030, whoever locks in strategic positions now will determine the future rules of the game. Moreover, strengthening U.S. production through foreign investment boosts America’s role as an energy superpower. This carries political weight in the Middle East, where Washington wants to maintain influence, and in the Eastern Mediterranean, where energy developments (Cyprus, Israel, Egypt) are at a critical point. And it opens a cycle of competition and opportunity for countries like Greece, which sees LNG taking a central role in its infrastructure—from Alexandroupoli to Revithoussa—making it a hub for flows toward the Balkans.

Aristides and the… Pittas Fund

While the major players in containerships worry about the orderbook-mountain coming toward 2027, Aristides Pittas seems to be following a different strategy — one Wall Street describes with a single phrase: “locking in the upside before the music stops.” In the last quarter, the head of the U.S.-listed Euroseas did something reminiscent of a hedge fund manager in “protect the portfolio from any possible storm” mode. Four newbuild vessels that haven’t even hit the water yet secured four-year charters at $35,500 per day, and a fifth one, already at sea, locked in close to $33,500. Some in New York would call it “building my yield before the correction begins.” He believes the big wave of new capacity will pressure the mega-ships, but not the feeder containerships. In other words, he is positioning himself in a segment that is shrinking — therefore becoming increasingly scarce and, consequently, more profitable for those who already have exposure there. At the brokers’ tables, people comment that Pittas “closed his 2026 books before they even opened.” With already 70% coverage of the 2026 operating days, the model looks more like a tech company locking in recurring revenue than a classic shipping company playing spot-to-spot.

The best quarter for HELEX and Bouzna’s plans

This afternoon, after the close of the session, HELEX will announce its Q3 results. Information converges toward the estimate that net profit for the third quarter will easily exceed €8 million — making this HELEX’s best quarter in the past 12 years. The HELEX share, at €5.96, trades at a discount of about -8% relative to its now-parent company, Euronext. For his part, Stéphane Bouzna has been giving interviews to international media in recent days, explaining Euronext’s broader plan. Of particular interest was his interview with CNBC, where — after praising the reform momentum of the Greek economy and reiterating plans to create a new technology and support hub in Athens now that the Athens Stock Exchange will migrate to Euronext’s advanced Optiq trading platform — he spoke about the broader strategy. Euronext is ready to contribute to the next level of market integration in Europe, creating a deeper liquidity pool for financing European entrepreneurship. He spoke about his contacts with the London Stock Exchange but did not hide that he also held discussions with the Frankfurt Stock Exchange, explaining that it would be interesting for Deutsche Börse if it were willing to sell — in response to Chancellor Merz’s call for the creation of a pan-European stock exchange.

The Trojan horse of… socialism in… golden California

In California, 200 billionaires have been counted, with combined wealth estimated at $2 trillion.
California’s budget is on the edge of a cliff, especially after President Trump’s federal government decision to cut healthcare spending by at least $30 billion. Suddenly, someone threw out the idea: Let’s impose an extraordinary one-off 5% levy on the wealth of California’s 200 billionaires so we can all live better. The Medicaid cuts threaten 145,000 jobs in the healthcare sector. The truth is that today, 1% of California taxpayers pay over 40% of the state’s income taxes. If yet another — “extraordinary, but who can be sure?” — 5% tax is imposed, how will the 200 billionaires react? Some will choose relocation to “friendlier” states such as Florida, Texas, or Nevada. Others will transfer ownership rights to trusts or offshore structures. Some will suspend planned investments in California, and others will reduce philanthropic and institutional funding. Triggered by the victory of the “socialist” Mamdani in New York, the debate is hot on California’s TV networks. The proposal faces constitutional obstacles, while previous similar initiatives were abandoned. California governor Gavin Newsom strongly opposes it. The healthcare workers’ union ignores him and pushes the vote forward.

Ray Dalio no longer believes in bitcoin

Billionaire investor and founder of Bridgewater Associates, Ray Dalio, gave an interview to CNBC and revealed that he now holds only 1% of his portfolio in bitcoin. It is a position that resembles more a safety valve than an investment conviction. Dalio argued that bitcoin will never become a reserve currency for major countries because, after spectacular developments in quantum computing, the cryptocurrency can be detected, controlled, and — most importantly — compromised. That’s why Dalio again believes in gold. The truth is that in the past Dalio said quite the opposite about bitcoin (“it has proven its value… it hasn’t been hacked… it has stood the test of time”). But now that bitcoin’s exchange rate is collapsing, and after Google’s presentation of its quantum supercomputer, Dalio’s stance has changed dramatically… Yesterday, the bitcoin price had plunged to as low as $84,600 before recovering later above $86,700.