Hello, you can’t complain—yesterday, from 7 in the morning until late at night, protothema.gr posted 19 articles and just as many videos, not counting the reports with the reactions, about the book of our leader Alexis. The product of hard and methodical work by many journalists and technicians throughout the weekend. Heaven forbid we didn’t honor the man who—being carried away, according to his own words, by Mitsotakis—also honored us in the fury of his five-year term. But that’s all in the past; we recorded his version and of course… as if we wouldn’t. As we predicted yesterday, Ithaca has been read like crazy, is selling like crazy, and is lighting fires, as the folk song says.

Do’s and Don’ts

I’m writing impressions from the streets, political and journalistic, freely, from the book. First of all, as I told you, a general impression was that Tsipras in his book does not apologize, nor does he regret anything he himself did, not a single apology in 700 pages, says spokesperson Marinakis. But of course, I find Adonis’ brief comment spot-on: “he comes to tell us that the people he chose are useless and he wants to become prime minister again.” I wasn’t surprised that Varoufakis contradicts him and that Zoitsa and Lafazanis insult him. But I was surprised that Othonas calls him a liar, saying he offered the late Fofi to participate in the government. I was surprised that he expects us to believe that Kammenos became his co-governor and minister twice because the first time he went up to Koumoundourou by elevator and managed to get there before Theodorakis who went on foot, and the second time Panos-Zervas managed to climb onto the Zappeion stage and raise his hands first (who can forget the sweaty armpits…) with Alexis-Velouchiotis. I was also surprised at how he recounts that on that fateful morning wake-up at 6 a.m. in Mati, there was a raging west wind blowing. Incidentally, I was told that Mitsotakis himself commented on this, because that morning he was returning from Tinos with a rigid inflatable boat “and it was absolutely calm.” I was not at all surprised that in his book he praises Dora, in contrast to Kyriakos whom he blames for everything. Well, come on, it’s obvious why: the man has an issue with the person who beat him so many times. I was also not surprised by Polakis’ response because I believe Polakis is extremely consistent in his positions—he has always been like that. I’ll finish, for now, with how I wasn’t surprised about Alexis’ catfight with Kasselakis and vice versa, with the incident at his house and the Betty–Tayler dialogue, because when it comes to… family meltdowns, leftists are specialists.

Media reactions

Now, as you understand, the first thing I did yesterday was call Tsipras’ opponents and ask what’s going on. I’m not exaggerating, but honestly, they—led by K.M.—couldn’t hide their joy; they’re saying here we are, Alexis is back, exactly the same as we knew him and loved him.

In memory of Vardis I. Vardinogiannis

This time last year, the great Greek businessman Vardis I. Vardinogiannis passed away. Today his family is organizing a memorial event in honor of its Patriarch, attended by personalities and friends from across the political, business, and social spectrum of the country. The prime minister will also attend.

Mitsotakis–Tasoulas

Let me tell you two behind-the-scenes details from yesterday’s private meeting between K.M. and Tasoulas. I’m told they did not discuss at all the issue of whether the President should intervene or not, and it is officially communicated that the matter is considered closed. Besides, K.M. never conveyed any annoyance, not even in his private communications with the President. Otherwise, as soon as the cameras left, the conversation focused on Epirus. K.M. wanted to know what the local officials are saying and which villages were most affected by the rainfall.

VDL in Athens

We’ll have high-profile arrivals at the end of the week in our parts, as I hear that the president of the Commission, VDL, is coming for some inauguration and of course she will also meet with K.M. Notably, with the schedule and the chaos of these days regarding Ukraine, I understand that the schedules of all leaders are volatile. Anyway, everyone is waiting to see whether white smoke will appear.

Kotsovolos preparing acquisitions

We move on to news from the market, with Kotsovolos which, according to information, is moving toward acquiring its competitors at the local level in order to obtain larger market shares and give some tone of growth to the difficult home-appliance market. According to the same sources, Kotsovolos is planning a series of acquisitions of competitors at the local level, as we said—that is, to buy electrical-goods chains in significant provincial cities. The plan will shake up the market, but the difficulty Kotsovolos must overcome is the Competition Commission, since these acquisitions may create local monopolies, given the strong market shares Kotsovolos already holds.

E. Vrettou: We’re looking at insurance companies, mutual funds, brokerage firms, tech companies

And since we started with acquisitions, let’s continue in the same vein with Credia Bank. “We clearly want to grow our size even more, and I think we’re proving that by finding smart acquisitions. I consider the acquisition in Malta extremely smart and not just financially.” So said yesterday at the Fortune conference, the CEO of Credia Bank, Eleni Vrettou, who continued by talking about the bank’s interest in acquisitions: “On the other hand, what we need to strengthen are things like fee income. So I made it clear that anything that can give us more fees. Obviously in areas like insurance—that is, bancassurance—mutual funds, brokerage, everything, that whole field. But also perhaps outside of that field we may find smart digital applications, not always with a small share, but something that could give us a truly digital, technological product that differentiates us from the competition.”

DIAS and the abolition of ATM fees

At the same conference, DIAS CEO St. Kampouridou said that this year the flow of money through DIAS reaches 560 billion. Of that, 15 billion occurred through IRIS, which has reached 4.2 million users and is generally growing at impressive rates. I wonder if the explosion of transactions via DIAS is due to the abolition of ATM fees that the government imposed on the banks.

The Hellenic Capital Market Commission among Euronext supervisors

The market is beginning to operate in Euronext mode. The chair of the Hellenic Capital Market Commission, Vasiliki Lazarakou, was invited on Thursday 27/11 to participate in the meeting of the College of Supervisors. This body consists of the heads of the corresponding supervisory authorities in the now eight stock exchanges that make up Euronext. The College of Supervisors meets regularly to coordinate supervisory authorities.

Capital increase of 9.5 million at REGENCY

At “REGENCY Entertainment Leisure and Tourism,” by decision of the Extraordinary General Meeting of shareholders held on October 31, 2025, it was decided to increase the company’s share capital through cash payments by the amount of nine million five hundred fifty-five thousand euros (€9,555,000.00) with the issuance of thirty-one million eight hundred fifty thousand (31,850,000) common registered voting shares, each of a nominal value of thirty euro cents (€0.30). Thus, today the company’s total share capital equals ten million five hundred fifty-five thousand euros and twenty euro cents (€10,555,000.20) and is divided into thirty-five million one hundred eighty-three thousand three hundred thirty-four (35,183,334) common registered voting shares of nominal value thirty euro cents (€0.30).

The…reassignments of “Helios”

Three interesting decisions concerning reassignment of claims between companies of the tourism group “Helios,” owned by the Mantzounanakis family, were made by the General Assembly of shareholders. Specifically, in the “extraordinary, spontaneous, and universal” General Assembly of “Helios” held on October 8, 2025, it was decided to draft a claim reassignment contract “by which Helios is reassigned from the company ‘Kritikes Diakopes S.A.,’ in which it holds the majority of the share capital, a) a claim of 5% of the principal and interest from Arbitration Decision 1/2020 against ETAD S.A., which it had assigned as security under the contract dated 30.09.2022, b) a claim of €2,000,000 of the principal from Arbitration Decision 2/2020 against ETAD S.A., which it had assigned as security under the assignment contract dated 05.01.2023. These claims are part of the 95% portion that has been assigned as security from ‘Attikos Helios’ (which manages Grand Resort Lagonissi) to ‘Helios,’ under the private security-assignment agreement of 28.11.2019.” Similarly, it was decided to draft a contract by which it is reassigned, from the company “Kritikos Helios S.A.” where “Helios” holds 97.53% of the share capital, a) a claim of 15% of the principal and interest from Arbitration Decision 24/2019 against ETAD S.A., which had been assigned as security under the contract dated 30.09.2022, b) a claim of €2,000,000 of the principal from Arbitration Decision 2/2020 against ETAD S.A., which had been assigned as security under the contract dated 12.01.2023. The reassigned claims are part of the 97.53% portion that has been assigned as security from “Attikos Helios” to “Helios,” under the same agreement. From the same General Assembly, it was also decided to draft a similar contract “by which it is reassigned from the company ‘Argolikos Helios’ (which manages the group’s hotels in Nafplio), a claim of €300,000 from the awarded claims in favor of ‘Attikos Helios’ under the principal of Arbitration Decision 2/2020 against ETAD S.A., the reassigned amount being part of the 95% portion that has been assigned as security from ‘Attikos Helios’ to ‘Helios,’ under the same (28.11.2019) private security-assignment agreement.” In other words, Pantelis Mantzounakis… is gathering at the parent company the claims pursued against ETAD which had been assigned to the subsidiaries…

Tsakos is building 20 new ships

In a year when tariffs, geopolitical tensions, and the uncertainties of the International Maritime Organization (IMO) have confused even the toughest Wall Street traders, Tsakos Energy Navigation seems to be enjoying the… swell. The analysts in New York, who have now learned to look at shipping companies the way they look at tech stocks, note that TEN of Nikos Tsakos is playing on another level. While other shipowners are trying to see what the market will do “after the next crisis,” TEN is literally building, with 20 new ships under construction and a fleet worth over $6 billion. And it’s not only the size that impresses market observers. It’s also that the oil majors seem to be lining up for long-term contracts. As George Saroglou, president and COO, says, TEN “is increasing its critical mass,” leaving behind its “first-generation” vessels and setting course for a more stable and predictable profitability.

Oikonomou, Fragkou, and the Stock Market Activists

In the world of shipping, where decisions are often made behind closed doors and interests are intertwined, the topic of shareholder activism returns to the forefront, this time featuring Giorgos Oikonomou. The experienced shipowner mentioned that Navios Partners, led by Angeliki Fragkou, could become the target of a future activist campaign. Of course, he clarified that he “does not have the time” to play the role of activist himself. A statement that sounds more like “don’t look at me, look around” than genuine distancing. In the international market, they now speak of two types of activism. The “big A” activism, which shakes up boards of directors and turns strategies upside down. And the “little a,” milder, which doesn’t shout but hints and sends messages. The new trend analysts are observing is the following: more and more shipowners are buying equity positions in their listed competitors. Officially, for investment reasons. Unofficially, however, discussions in brokerage offices are heating up: Are these positions neither passive nor activist? Could they be a prelude to acquisitions? History has shown that in shipping, the biggest deals start quietly, with a small equity stake that gradually turns into control. Investors building positions in listed shipping companies may see a purely investment opportunity, want to push for management changes, hope for a “greenmail” payout—that is, payment to… step aside—or lay the groundwork for a future acquisition. In practice, no one knows the real intention until the move everyone expected or feared actually happens. And thus, shareholder activism in shipping may not have the intensity of Wall Street, but it moves at its own pace: slowly, steadily, and with a destination often revealed when it’s too late for the rest.

Valentios Valentis Buys 3 Ships

In a time when Wall Street applauds anything that moves, and even more anything that floats, Valentios Valentis decided that the markets are treating him unfairly. A classic shipowner complaint, one might say, except here there’s a twist: instead of complaining, he initiates purchases of ships and shares. A double bet, a double message. With liquidity reaching $114 million, Pyxis is preparing to acquire three new ships, while simultaneously putting $3 million on the table for a buyback because, as the shipowner says, “the stock does not reflect its true value.” On Wall Street, this translates as: if you don’t lift us, we’ll lift ourselves. And while daily freight rates have dipped slightly, the CEO sees “positive surprises” on the horizon. He speculates that trade flows could turn again in ways that ultimately benefit carriers. In short, Pyxis is doing what Wall Street analysts love: buying at market lows, selling at the ceiling.

What Pier Saw in German Energy Prices

Yesterday, while Finance Minister Pierrakakis was visiting Berlin to meet his counterparts, the cost of electricity in Germany had skyrocketed to €132 per megawatt-hour—triple that of Spain (with abundant solar energy and interconnections with North Africa) and 75% higher than France (abundant, cheap nuclear energy). After Russia’s invasion of Ukraine, the Germans decided on the “Energiewende,” i.e., the transition to renewable energy sources, reducing dependence on Russian natural gas, while also deciding to close nuclear power plants. The consequences for German industry were and remain disastrous. Chemical giants like BASF are relocating production to China and the U.S. Steelworks are closing. The energy-intensive automotive industry is bleeding as it loses competitiveness against Chinese and American producers enjoying cheap energy. Chancellor Friedrich Merz announced that he has reached an agreement with other leaders of the governing coalition to introduce an electricity price of about five euro cents per kilowatt-hour from January 1, 2026, until 2028, in order to “support companies that use a lot of electricity and face international competition.” He said that relevant discussions with the European Commission for approval have “largely been completed” and that the measure will target large energy-intensive industries. In Greece, the wholesale electricity price remains above €150/MWh. This means that for medium industrial consumers, the cost was €0.13/kWh (130 €/MWh) in December 2024. Italy has received European Commission approval to implement a “special electricity tariff” for industry but has not yet applied it. In Greece, a new pricing framework similar to Italy’s has been announced, but we are still waiting for specific announcements.

Stock Market: Trading Value Did Not Reach €1 Billion

With Wall Street counting down the hours until the “sacred” Thanksgiving holidays, the rest of the world counting the last bombs before the Russia-Ukraine treaty is signed, and foreign institutional investors closing their books for this year in Athens, interest in yesterday’s trading activity on the Stock Exchange was limited to the MSCI Index restructuring. During the regular session, trading value was €161.8 million, with €12.2 million in blocks. After the auction process ended, trading value jumped to €875.18 million, with €482.8 million (55% of turnover) related to Metlen stock (-1.21% at €42.28). Such high trading activity had not been seen on Athens Avenue since November 28, 2024, when trades reached €1.72 billion due to the acquisition of TERNA Energy by Masdar. The rebalancing of the MSCI Standard Index benefited Cenergy, which rose (+0.92%) to €15.40 with a trading value of €38.8 million. The General Index moved between 2,078.68 (+0.82%) and 2,056.73 points (-0.24%), finally closing at 2,065.42 points (+0.18%). The positive sign of the General Index was supported by Coca-Cola (+1.55%) at €41.96 and OTE (+0.47%) at €17.28, while banks remained steady to indifferent. Major support came from Aegean (+2.96%) at €13.90 and TITAN (+2.18%) at €44.50.

In the UK, They Discuss Raising the “Most Hated Tax”

The serious problems with the UK Labour government’s budget deficits are well known. That is why they are even discussing a “special tax on the wealthy.” However, the “most hated tax” in the UK is the Inheritance Tax. It is even more unpopular than VAT. Established in 2009, it had a maximum tax-free threshold of £325,000. Since then, over the past 15 years, property prices have skyrocketed, inflation has soared, but the threshold stubbornly remains at £325,000. According to the British press, Rachel Reeves, the Finance Minister, in the budget she will present tomorrow, has included a plan—not to increase but to reduce the tax-free threshold for Inheritance Tax. In 2009, revenue from Inheritance Tax was approximately £2 billion. Now it exceeds £14 billion. The question is whether the “left-wing” government, since it does not dare to tax the ultra-wealthy, will tax British inheritances to cover “increased social spending.”