Greetings, I’m starting with a “backwash” from Tsipras’s book, which I confess has impressed me a lot. At least until yesterday, I didn’t see any official announcement about this book from PASOK. A logical person, with even minimal political thinking, would say that this is the absolute opportunity for PASOK to inflict damage (in the political sense) on its rival in the Centre-Left. And what couldn’t PASOK write in an announcement about Tsipras and his ministers, who are now scattered across the entire opposition that competes with PASOK? Literally everything: that he… reminds us of the dramatic hours we lived through with SYRIZA and Tsipras, that they are the same people, that they lie, that… that… that… Let’s say that Mitsotakis didn’t make a statement himself, but the spokesperson Marinakis was particularly sharp about the book. Nevertheless, from Androulakis, total grave-like silence. Only one remark from Manolis Othonas, personal friend and close associate of the late Fofi, who denied Tsipras’s claim about an alleged proposal for co-governance. And then a few low-key statements from PASOK MPs, but the official party and the leader—NOT A WORD. Is there an explanation? Does Androulakis not want to upset Alexis because he’s been told that if we ever need to find a prime minister and all MPs need to put their shoulders to the wheel “as long as Mitsotakis falls,” Tsipras will help? I don’t know, I’m speculating, but let’s say I’m just being suspicious. What happened to him that he suddenly became speechless? Any explanation or interpretation is welcome…

The book is selling…

Anyway, Tsipras’s book—or Tsipras himself, if you prefer—is selling well, which is not necessarily good or bad, in my opinion, for his political future. But it certainly did not go unnoticed. The publishing house says that the 33,000 printed copies were sold out. I know that the TikToks that protothema.gr made about the book reached 2.3 million views and will soon reach 2.5 million. The site itself also did huge numbers, especially regarding how long people stayed on the articles. So they sat down to read what he wrote. Now, what he achieved or what he…ruined will show in time.

Dedicated to the Russophiles…

Regarding the book, there is something else that Tsipras mentions, without embellishment or frills, which is extremely “instructive” for the Russophiles and Putin-lovers across the country. When they asked for help—whether Tsipras from Putin or Lafazanis from Russia’s top officials—they were given…the award of the open palm, not to say something worse. Not only that, but Putin also took his buddy Angela and snitched that these… slow-witted people were asking them for money.

Pierr-Eurogroup

A full “barrage” of institutional meetings took place the day before yesterday in Berlin for Pierrakakis. First, the Minister of National Economy and Finance met with two federal counterparts—the Vice-Chancellor and Finance Minister Lars Klingbeil and the Minister of Digitalization and State Modernization Carsten Wüldberg. He met the German minister who shares the same portfolio with him, and the one who took on the (newly established in Germany) portfolio that Pierrakakis himself held from 2019 for four years. In addition, he was at the Bundestag, where MPs of the CDU/CSU coalition, who participate in the Germany–Greece friendship parliamentary group, were waiting for him. Present was also the group’s president, Thomas Rachel, with whom Pierrakakis spoke for quite some time, while just earlier the Finance Minister had been invited by the Konrad Adenauer Foundation, where he spoke with MPs about relations between the two countries. Now, if you’re asking me what is happening with Pierr’s battle for the Eurogroup presidency, I asked—and they tell me that the match continues, it’s going well, but it is by no means decided. In any case, the Eurogroup presidency was definitely on the main menu during his meetings.

They honored Vardis Vardinogiannis

Personalities from the entire political and business spectrum, as well as friends and companions, gathered yesterday in the “Alexandra Trianti” hall at the Megaron for the memorial event in honor of Vardis Vardinogiannis, as one year has passed since his passing. The event was opened by his son, Motor Oil Group president and CEO Giannis Vardinogiannis, who spoke warmly about his father. In the artistic segment, curated by director Giorgos Nanouris, Cretan songs were performed by Vasilis Skoulas, as well as marches of the Navy. After all, Crete and the Navy were defining elements of Vardis Vardinogiannis’s personality. Besides the entire Vardinogiannis family, present were the President of the Republic Kostas Tasoulas, Kyriakos Mitsotakis, Nikos Androulakis, former PM Kostas Karamanlis, Archbishop Ieronymos, dozens of current and former ministers and MPs from all parliamentary wings, as well as businesspeople, bankers, and media figures.

The “blue tables” begin

December is the month of the budget—but also of holidays—so it’s suitable for social contacts and strengthening relations. That’s how they see it at the Maximos Mansion as well, and they are planning, for next week—likely 4/12—the first dinner of Mitsotakis with ND MPs. The first “lucky” ones will be the MPs of the Economic Affairs Committee, who have the Budget ahead of them, and logically the venue will be a taverna like Karavitis or Mavros Gatos near Maximos. In no case a “fancy” restaurant.

Thanksgiving Dinner

I don’t know if you’ve put it in your schedule, but on Thursday the Americans celebrate Thanksgiving, and for them it’s a big holiday. The impact of Thanksgiving reaches Athens too, as yesterday a big dinner was held at the Grande Bretagne, organized by the Hellenic American Chamber of Commerce, with many businesspeople and prominent members present. Ambassador Kimberly Guilfoyle also made an appearance, continuing to be tireless.

Tasoulas’s “jab”

Politically interesting was President Tasoulas’s speech yesterday at the 251 Air Force Hospital, at an event for the donation of a spatial disorientation device from Parliament. And that’s because he left insinuations about politicians of image, something that some interpreted as a jab at Tsipras—although Tsipras did send him his book with a dedication. “Reality does not change for the better through public relations, or photos, or the whole arsenal of political marketing or the technology of politics,” said the President, who seems he will continue to speak his mind.

Rendezvous in Ancient Olympia

Meanwhile, today the journey of the Olympic flame for the winter Olympics in Milan and Cortina in 2026 begins again from our country. Present, of course, will be the president of the Hellenic Olympic Committee Isidoros Kouvelos and IOC president Kirsty Coventry. President Tasoulas will travel by plane from Athens to Andravida and later will meet Coventry. Due to predicted rain, the event was moved inside the Olympic Museum in Olympia; otherwise, the local schools were scheduled to attend. According to the program, the Olympic anthem will be recited by coloratura soprano Christina Poulitsi, and actor Giannis Stankoglou will recite Takis Doxas’s poem “The Light of Olympia.” A little later, the high priestess Mary Mina will hand the Olympic flame to the first torchbearer, rowing Olympian Petros Gaïdatzis.

They’re rolling out dough

There is significant activity in the dough market, as related products appear to be showing strong demand. Of course, negotiations between companies do not always yield results. According to information, the negotiations that Chrysi Zymi/Vivartia held with the sector company “Rodoula” ultimately did not proceed, as it is said that the two sides did not agree on the business plan they would implement if the acquisition went ahead. Chrysi Zymi/Vivartia is reported to have knocked on other doors in the sector as well, though without any result, even though high prices were offered.

100% of Hellenic Lotteries to OPAP

OPAP’s nine-month results exceeded expectations, even though last year’s results for the same period had been strengthened by Joker’s performance, in an excellent year also due to Euro 2024. Therefore, the increase in this year’s nine-month period carries greater weight, highlighting the momentum the organization has developed. Significant, of course, was the boost from the giga jackpot last August, which was the largest in the game’s history, leading to increased traffic in the retail network, higher visits to the online platforms, and generally greater player activity. Thus, gross gaming revenue (GGR) for the nine months of 2025 reached €1.77 billion (compared to €1.64 billion last year), up 6.5%, while EBITDA was strengthened by 4.4%. OPAP’s organic growth is also evident from the fact that the online gaming segment recorded a 10.8% increase in GGR and a 4.8% increase from the store network. Beyond that, the tender for the State Lotteries is progressing, with OPAP running alone in the race. After the opening of the financial bid it submitted (through its subsidiary OPAP INVESTMENT), it was asked to submit an improved financial offer, which was submitted a few days ago, on 21/11. But there was also another development, as OPAP decided to acquire the share (16.5%) held by Scientific Games Global Gaming in Hellenic Lotteries S.A. The purchase price will be paid in cash by OPAP INVESTMENT upon completion of the transaction (i.e., with the transfer of shares) and amounts to a total of €49.5 thousand, while obligations of about €2 million are also assumed. After the completion of the transaction, OPAP INVESTMENT LTD will hold 100% of Hellenic Lotteries.

Changes in the ATHEX Board of Directors

Euronext is taking the reins of ATHEX and is starting with changes to the Board of Directors. Specifically, the ATHEX Board is convening to decide on calling an extraordinary General Assembly that will change the Board. According to information, the CEO remains, as his contract expires in June 2026, while 3–4 Board members will be replaced, with Euronext appointing people of its own choosing, marking the new era of the Athens Stock Exchange. Expected, but still of interest.

The shortest conference call in history

The third-quarter profits of ATHEX were historic in size. So was the duration of yesterday’s conference call between management and analysts. It did not last more than 15 minutes. Management presented the net profits, which skyrocketed +103% to €26.8 million, and turnover +62.6%, reaching €64.7 million, with 73.4% coming from trading activity and post-trading services. The CEO thanked the analysts for their cooperation, the share price on the Exchange was sliding to €6, and the modest ceremony wrapped up quickly without a single question about the future, about Euronext (incidentally, Stéphane Boujnah is coming to Athens tomorrow), or anything else. No questions were asked about the explosive increase in personnel costs (+27%) or operational costs (+33%). Naturally, nor about management bonuses.

A new banking license for Alpha Bank

Meanwhile, Alpha Bank is making significant moves in the area of wealth management. This specific activity of the bank is gaining a strong international footprint, with Unicredit helping in this direction by promoting Alpha Bank’s high-level services and products in other markets—as Alpha Bank does as well. At the same time, the development of a strong Alpha presence in Cyprus now plays a major role—Cyprus being a bridge market toward the Middle East and beyond. In addition, Alpha Bank holds a banking license in England, a benchmark country for wealth services. However, I saved the new development for last: Alpha Bank is expected to obtain a banking license in Luxembourg, a market also with a strong footprint in wealth-management services, where the bank currently has a presence as a branch.

Strong demand in the green-bond market

Piraeus Bank was not alone yesterday in the markets with a green-bond issuance, as demand for such bonds is skyrocketing. Alongside the Greek banking institution, the Danish Danske Bank also proceeded yesterday with a similar €750 million green issuance, while Banque Postal also issued a senior bond. Thus, the Greek bank preferred to wait for the announcements of the other two banks before opening its own order book. And despite coming third in line, it managed to gather demand four times higher than the €500 million issuance. The result should be attributed to the broader demand for green issues, as well as to the bank’s strong ESG performance. Earlier, MSCI upgraded the bank’s ESG rating to ‘AAA’.

Black Friday in loans (for whoever can stand it)

The advertisement catches the eye. A large red velvet armchair, the “Black Friday” logo, and beneath it the invitation: “CONSUMER CREDIT with excellent conditions.” Postbank, Eurobank’s subsidiary in Bulgaria, is advertising its consumer loans these days at… Black Friday prices. On the bank’s website there is also a “loan calculator.” You can borrow 23,000 lev (about €11,760) for 96 months—eight full years of payments for the purchases of a single week—at an interest rate not exceeding 7%. Postbank is currently the fourth-largest bank in Bulgaria with a market share of around 12%. Its consumer-loan portfolio strengthened after the acquisition of BNP Paribas Personal Finance in 2023. The Bulgarian consumer-loan market is growing (as happened in Greece before the adoption of the euro), with fierce competition between UBB, TBI Bank, DSK, and Postbank. All of this in the neighboring country is reminiscent of Greece during the era of lobster-pasta and vacation loans. I hope the Bulgarians have better luck.

From auction to…auction

A permanent spot on the lists of electronic auctions has been taken by the unique 50-acre plot with the building complex of the Emfietzoglou family in Anavryta. Having been targeted by both Intrum and Cepal, it repeatedly reaches the brink of the hammer, but either the auction ends fruitless or the process is suspended at the last moment. On October 15, the 50% undivided share belonging to Prodromos Emfietzoglou went up for auction, with Cepal as the foreclosing party and with a price that, after objection, stood at €12.5 million, but there was no interest. In the repeat auction held on November 20, at the same price, the process was suspended. For today, November 26, a similar auction had been scheduled with Intrum as foreclosing party and a starting price of €11.6 million, but that too was suspended. According to information from the column, however, the next one has already been scheduled, with Cepal as the foreclosing party, for December 19, but with a 20% “discount,” meaning the bar has been lowered to €10 million. As everything indicates, the series will have many more episodes…

Inside the mind of Semiramis Paliou

Semiramis Paliou’s move to submit an official offer, through NYSE-listed Diana Shipping, to acquire the remaining stake of Genco for 750 million dollars is being interpreted on Wall Street as a message with multiple recipients—not only toward Genco’s management but also toward the broader shipping community. In the offices of investment groups, it is being commented that Paliou is attempting to “lock in” her company’s position in a sector—the dry-bulk shipping sector—that is entering a period of reconfiguration. Diana already owns 14.8% of Genco, and the fact that it is moving from the stage of minority participation to a proposal for full acquisition is considered a sign that the company is not simply seeking strategic presence but active control. The premium of the offer, 15% to 23% depending on the reference point, is interpreted by market participants as an attempt to accelerate the process and limit possible resistance. In the close circle of shipping analysts, it is pointed out that the pricing is aligned with the highest levels of Genco’s stock over the last decade, something that gives the offer a character of “argumentation” toward shareholders, not a simple approach. At the same time, Paliou’s reference to loan financing for the transaction and to subsequent targeted divestments draws attention. Behind the scenes, this is read as an intention to reshape the structure if the acquisition is completed, with a more concentrated and flexible form, selecting executives from both sides and with a clear decision-making center. On a symbolic level, the move sends the message that Paliou is positioning Diana as a front-line player in a phase of dry bulk where scale and speed of change are gaining increased weight. The interest now shifts to Genco: whether it will view the offer as an opportunity or as a starting point for negotiation. Whatever its response, Semiramis’s initiative has already created a fact the market cannot ignore.

Turkish shipping companies in Greece

I hear that a major discussion has opened within circles of the Turkish shipping industry regarding the relocation of shipping-company headquarters to the wider Athens area. Business conditions are considered favorable, and many companies are thinking about it. The beginning has already been made with the largest Turkish shipping company, Ciner Shipping, which has offices in Glyfada, and others are expected to follow. The Turkish owner of the group, Turgay Ciner, was the owner, besides the shipping company, of very large media outlets such as Haberturk and the Turkish Bloomberg, which he sold in 2024. The company has a large shipbuilding program underway for 28 bulkers in various Chinese shipyards that will increase its fleet to 49 ships. Since the beginning of 2024, it has already taken delivery of 15 of them and the remaining 13 are expected by 2028. The parent company, Ciner Group, is a Turkish multinational active in the fields of energy and mining.

Shipping under pressure from green billions

Shipping is entering ever more deeply into a new era, with heavy cash obligations. The Emissions Trading System (EU ETS), combined with the upcoming FuelEU Maritime (for the use of alternative fuels) and OPS obligations (onshore power-supply infrastructure) of European ports, leave little room for relaxed moves. The 2.9 billion dollars that shipping companies are expected to pay this year is only the beginning: by 2026 the cost may reach 7.5 billion, with the full emissions regime applying to all greenhouse gases. The biggest “losers” are containerships, which account for one third of emissions, while RoPax and passenger ships see costs reach 1 million dollars per vessel. Port authorities, for their part, are required to spend millions on onshore power supply, creating networks that often correspond to the consumption of a small city. Behind the scenes, shipowners say that Europe is moving at the speed of light in environmental measures, while other regions of the world remain more relaxed. The result is an asymmetric economic field: increased operating costs and investments in technology, while international competitors exploit the “European punishment.” No matter how much large shipping companies try to pass the cost on to customers through “green” products, the reality is that Europe is creating a new economic environment for the sea, where ecological awareness is paid for dearly and geopolitical reconfigurations make emissions even more expensive.

Coca-Cola HBC’s triple board (and Russia in the background)

Yesterday’s upward move of Coca-Cola HBC pushed the market capitalization of the world’s third-largest Coca-Cola bottler above 16 billion euros. Behind the share’s movement are expectations of an end to the Russia–Ukraine war—markets in which Coca-Cola HBC had significant activity as Coca-Cola. Twelve years ago, in 2013, in the midst of the Greek economic crisis, Coca-Cola HBC’s management chose London as its primary trading market and Athens as secondary, while the company’s headquarters were moved to “safe” Switzerland. Last month, Coca-Cola HBC decided to attempt a landing on the Johannesburg Stock Exchange as well. It agreed to acquire 75% of Coca-Cola Beverages Africa (CCBA) from Coca-Cola Company and the Gutsche family for 2.6 billion dollars. The deal is expected to close by the end of 2026. The plan is clear: Athens preserves the historicity of the share, London offers abundant liquidity and trading depth, and Johannesburg symbolizes growth in the promising African continent. All of this at 16.11 billion euros.

CENERGY’s dense stock-market activity

Haris Iliadis of Goldman Sachs has long maintained a close friendly relationship with Giannis Stasinopoulos, who is particularly involved with Cenergy. Michalis Stasinopoulos oversees more VIOHALCO and ELVALHALCOR. Lately, Goldman Sachs has been paying special attention to Cenergy, whose market capitalization has surpassed 3.2 billion euros. Large blocks of Cenergy shares are being traded daily. Yesterday, shares worth 22.2 million euros changed hands. Early in the morning, two blocks of Cenergy shares worth 17.5 million euros crossed the market. Obviously, institutional investors are buying at a price lower than the market price (a 5.5% discount compared to the previous closing price). A little later, at 11:30, another block changed hands at a price of 14.86 euros per share. The total value of the three blocks is estimated at 18.16 million euros. All this at a time when Cenergy’s share price (15.08 euros) is 79% higher than the corresponding value last year.

Metlen gave courage to the entire market

The release of Metlen’s share (+5.25% at 44.50 euros) from the short-term strategic moves imposed by the MSCI index rebalancing sent a message of relief and optimism to the Stock Exchange. The General Index closed with gains of +1.05% at 2,087.20 points, with transaction value at 225.3 million euros and block trades worth 47.6 million euros. After midday, and once the market was convinced that Metlen was returning to its old, good self, a buying breeze began that swept along even the sluggish bank shares, while it put wind in the sails of Aegean (+3.6% at 14.4 euros), PPC (+2.94% at €17.5), Coca-Cola (+2.91% at €43.1), as well as TITAN (+1.24% at €45.05), OPAP (+1.11% at €17.45), Sarantis (+1.14% at €12.4), and ELVALHALCOR (+1.72% at €3.25). The banks did their duty by maintaining the General Index’s positive momentum, but without many transactions: National Bank (+1.16% at €13.16), Alpha (+0.56% at €3.60), Piraeus at 7.02 euros, and an indifferent Eurobank at €3.40 (+0.06%).

Trump’s big trick with the Debt

America carries an unfathomable debt burden. It’s not only the 38 trillion dollars of public debt. It is the 130 trillion dollars that include corporate debt, consumer debt, and pension obligations. Donald Trump believes he has found the solution: devaluation of the Debt through inflation. The less the dollar is worth, the smaller the weight of the debt becomes. The recipe resembles losing weight by redefining what “kilogram” means. For the plan to be implemented, the Central Bank, the FED, must lower dollar interest rates. The President does not want to become involved in yet another constitutional crisis. He will wait for Powell’s term to end. At the same time, however, he has decided to appoint a “shadow” FED chair. It will be an alternative narrator of monetary policy who will systematically undermine Jerome Powell’s positions before his term ends in May 2026. As Treasury Secretary Scott Bessent stated yesterday, the President will announce the name before Christmas. Trump knows that markets look ahead—they discount. When Powell’s successor is officially announced, someone who will promise much lower interest rates, the yield curve and long-term rates will fall, even before he officially takes office. Markets will begin to “price in” the new policy as early as January. The goal is ambitious: for dollar interest rates to fall by 3 percentage points by the midterm elections, on November 3, 2026. If he succeeds, Americans will get cheaper mortgages, businesses will refinance their loans at lower cost, there will be liquidity in the markets, and an atmosphere of prosperity before the polls. The obvious natural consequence—the new reality—will of course bring a weaker dollar and the return of inflation. But that will happen after the midterms. Meanwhile, bond and currency markets will operate with two conflicting narratives simultaneously. Fed policy by proxy.

China hits Trump where it hurts

Tariff negotiations continue, but China is implementing—at high speed—its strategic plan for new monetary balances. In just the last quarter, Beijing “unloaded”—literally—U.S. bonds worth 32 billion dollars, reducing its total position to 700.5 billion dollars, the lowest level of the past 17 years. At the same time, the Chinese are investing massively in gold. Chinese flows into gold ETFs (exchange-traded gold funds) skyrocketed to 4.5 billion dollars in October, with total assets under management reaching 29 billion—an all-time record for that month. In simple terms: China is reducing its exposure to potential American sanctions and geopolitical blackmail. It is turning to assets not controlled by Washington. It is using gold as a reserve currency and as a transactional currency precisely at a time when Russia, India, and other emerging economies are seeking—and openly stating so—alternative settlement systems.