Hello, generally the case of Nikos Androulakis, as leader of PASOK, now presents almost negligible journalistic interest, which is why, as regular readers will have noticed, we don’t concern ourselves with him much. The man is dry and uninteresting as a political persona—whether he’s good company over raki I don’t know. But what he did yesterday is indicative that, as a politician, he is simply indefinable. So, PASOK posted yesterday morning a collage photo showing Kyriakos Mitsotakis next to the famous “Frapé,” known in everyday life as Giorgos Xylouris of OPEKEPE, with a title above the collage: “Mr. Xylouris is the best man of Kyriakos Mitsotakis.” When Androulakis himself realized that his party had made a crude blunder with this post, instead of apologizing or at least… burying it to put an end to the matter, what do you think he did? He took a 2004 article from a local newspaper (Crete) which had a wide-format report with photo and headline informing the public that “Konstantinos Mitsotakis married, on Friday 11 June 2004 in Crete, Manolis Xylouris,” and submitted it to Parliament as evidence. Now, how the nonexistent relationship of Kyriakos Mitsotakis in 2025 is connected with Manolis Xylouris, brother of “Frapé,” whom the late Konstantinos Mitsotakis married 21 years ago, you tell me. Xylouris may be “Frapé,” but when it comes to “frappés,” Androulakis takes the prize.

Eurogroup – The candidate Pierre

This afternoon the candidacies for the presidency of the Eurogroup are submitted. One of them is Greek—the Minister of Economy and Finance, Kyriakos Pierrakakis. Another one is considered certain, that of the Belgian Finance Minister, who belongs to the European People’s Party, while one is also expected from the Socialist Party, from Spain. I’m told that today, as the process begins, we may also have two or three more from smaller parties. The votes are 20, just as many as the member states, and the process will conclude in about two weeks. Let me say that our candidacy appears—and is—more attractive than the Belgian one, because quite simply Greece has the most recent success story in its economy and Pierre enjoys the most goodwill. But the match still has a long road ahead; it has only just begun. I note that yesterday the EPP president Weber came to Athens and had dinner with Mitsotakis. They must have talked about something…

The Budget and the “gas pedal” for the Recovery Fund

Let me take you to yesterday’s Cabinet meeting, where there was considerable discussion about the Budget, which will enter Parliament in a few days. What was emphasized is the 98% increase in investments from 2019 to 2026, which means that the pie is growing and the state’s revenues and job positions are increasing. Also, in response to the argument about why more money isn’t given to society instead of repaying the Memorandum debts earlier, the answer is that such a thing is not allowed by the expenditure ceilings set by the Commission. I also hear that K.M issued one last but clear warning to his ministers to speed up the milestones connected to the Recovery Fund, emphasizing that it is forbidden for any of the pending projects not to be completed. With all that this implies for the evaluation of ministries and ministers.

Balance for the Collective Agreements

Another topic discussed in the Cabinet was the announcement of the reinstatement of Collective Agreements. Kerameos briefed in detail, and everyone agreed that even the image of the social partners together was very important. Of course, in the discussion that followed, many opinions were heard, as some ministers pointed out that balance is required, especially for small and medium-sized enterprises, so that we don’t end up with closures and a new wave of inflation due to a disproportionate increase in labor costs. I hear that K.M. announced that there will be filters and safety valves, especially regarding the issue of post-expiration validity and the extension of Collective Agreements.

For lamb chops at Karavitis

Yesterday the message reached the ND MPs who serve on the Committee on Economic Affairs, whom Mitsotakis will host next Thursday. The meeting was set at “Karavitis” in Pangrati, which has incomparable lamb chops and nice burgers—a classic old taverna of Pangrati. The order is set for 19:30, so that K.M. can arrive right after his obligations at Maximos Mansion, and I foresee that, aside from the Budget, there will also be discussion about Tsipras’s book, which will have been presented the previous day. In general, note that K.M.’s contacts with the “blue” MPs will become more frequent.

Desperate for a time limit (“cutter”)

A wave of desperation has spread among the MPs who serve on the Inquiry Committee for OPEKEPE, since in recent days a steady member of the proceedings has been Zoe Konstantopoulou, as she is entitled as a party leader. And while due to the time limit in the Plenary she is now precise and respectful of the allotted times, in the Inquiry Committee—where there is no time limit—she goes all out, while also clashing with the Presidium that attempts to cut her microphone. Thus many MPs are asking for the time limit to be introduced in Committees as well, with the Parliament’s services responding that such a thing is not feasible, even for technical reasons.

Mission accomplished

Many doubted that the government would pay the advance subsidy to producers at the end of the month, but it has been set in motion. What’s critical is that beyond the payment, an important reform is being promoted that changes the subsidy system. And here is the crucial part from yesterday’s announcements by Chatzidakis (who worked extensively with Brussels), Tsiaras, and Pitsilis of AADE: emphasis is placed on audits, hence the amount is 25% smaller than in 2024, but the money will not be lost, as honest farmers will receive the difference through a new allocation.

Qualified opinion for ERT

In the latest balance sheet of ERT that was recently published, the auditor states a “Basis for qualified opinion” concerning the amount of revenue from the broadcasting fee and the adequacy of the provision for covering losses from non-collection of claims from the broadcasting fee. Specifically, it is stated: “It was not possible to gather sufficient and appropriate audit evidence to verify: (a) the exact amount of revenue from the broadcasting fee under Law 4173/2013, which amounts to €228.06 million, an amount which the Company records based on the clearings of electricity providers and the accrual principle, and (b) the adequacy of the formed provision of €60.4 million for covering losses from non-collection of claims from the broadcasting fee totalling €126.1 million.” Fortunately, with the recently passed Marinakis law for ERT, an end is put to this mess.

Praude versus HELEX in a legal “bras de fer”

We have mentioned before lawyer Massimo Malvestio, who is emerging as one of the most successful fund managers in Europe, managing Praude Asset Management Limited. The investment company, based in Valletta, Malta, carefully built a large position (9.15% of the voting rights) in HELEX, awaiting developments with Euronext. Reliable information indicates that Euronext representatives met with Malvestio to secure his participation in the share-exchange process. They even left the meeting with the impression that Praude would contribute positively to the effort. Ultimately, as officially announced, Praude Asset Management Limited informed the Athens Stock Exchange that it now controls—indirectly—9.15% of HELEX’s voting rights. This means that when the exchange deadline expired, Malvestio chose to remain a shareholder of the Athens Stock Exchange. Praude has in the past demonstrated its capabilities in the notorious “legal arbitrage,” implementing investment strategies that exploit legal and regulatory asymmetries. It is worth noting that the Hermes Linder Fund of the Praude group has shown a performance history of 600% since its inception and ranks in the top 1% of Small Cap funds in Europe. Obviously, Praude is preparing to use legal arguments to increase the price it will receive for the 9.15%. The squeeze-out that Euronext is preparing means compulsory acquisition of the remaining shareholders. Praude will seek a better price and will likely rely on the argument of an “in-motion change of the institutional framework” to turn its minority stake into a lever of added value.

Intralot…

The UK gambling sector knew that a tax increase was imminent, but expectations were that it would be relatively mild. They did not expect the high 40%, and this triggered sell-offs in all the sector’s shares, pulling Intralot down as well. People panicked from the strong pressure on the stock to the point that they leaked, from the afternoon, the announcements they were going to make the next morning with the results, so that the market would learn the company’s official assessment and mount a defense (as indeed happened) in yesterday’s session. Moreover, information suggests that retail investors did not sell and that the -17% in the stock was mainly caused by market professionals. In the information memorandum for the public offer to Intralot shareholders, there is no reference to future risks, since that obligation applies only to prospectuses.

…and the bill

A barrage of questions, as expected, came during yesterday’s Intralot teleconference, as analysts sought more details on the impact of the increased tax on online gaming in the UK. The new CEO, Robeson Reeves, asked analysts to focus on page 4 of the presentation, where the estimated impacts up to 2027 are shown. From there it appears that if the measures the company will take—€50 million in 2026 and €30 million in 2027—bear fruit, operating profitability will be €422 million compared to an initial estimate of €435 million, and for the following year (2027) the forecast is operating profitability of €449 million. Overall, the estimated impact from the increased taxation will amount to €46 million in 2026 and €31 million in 2027. The company head reiterated that the level of taxation was higher than expected, predicted that in the new landscape the strongest will survive, and announced that Bally’s will move toward increasing its stake, while share buybacks are also on the table.

Morgan Stanley with Mytilinaios, Rigas, and Stathopoulos on geopolitics

The time for the 4th Greek Investment Conference—held every year in London by Morgan Stanley and the Athens Stock Exchange—comes next Monday, December 1st. This year the interest is expected to be even greater than usual. The conference opens with Prime Minister Kyriakos Mitsotakis, as last year, which alone gives weight; but right afterward follows a discussion on geopolitics with super participants: Evangelos Mytilinaios of Metlen, Mathios Rigas of Energean, and Nikos Stathopoulos of BC Partners. An interesting discussion is expected during a period of great interest for energy and investments in our wider region. Moderator will be Massimiliano Ruggieri, Head of EMEA Investment Banking at MS.

New members on Viva’s Board

There is mobility at VIVA, as two more members were added to the Board of Directors, making it nine members. On the Board, where G. Antypas remains president and Ch. Karonis CEO, now also serve John Coulter—selected by JP Morgan as an Independent Non-Executive Member—and Theodoros Katsas as a Non-Executive Member.

The dynamic comeback of Peter G

Amid the tumult of the VLCCs that steal the limelight, the Greek players in product tankers seem to be moving more… quietly, with one exception: Peter Georgiopoulos, who is returning to the forefront of sale-and-purchase activity with renewed force. United Overseas Group–UOG, which has already “offloaded” three MRs this year, is now preparing to add a fourth to its fleet, the UOG Syros. In fact, it is said to be closing the deal at USD 21.5 million, one million above market estimates. Rumor has it in the corridors that “Peter knows when to enter and even better when to exit.” The fact that the vessel has passed its inspections probably helped, but the market climate plays an even bigger role. At the same time, other Greek shipowners appear more cautious, leaving the MR dance floor to the Danes, the Scandinavians, and Middle Eastern funds. Greek MR owners are “measuring” their moves while Torm, Maersk, and UAE-based companies push prices higher with impressive en-bloc deals. And while the Greeks choose a low profile, China’s CDB Leasing is reported to have received USD 130 million for five MRs with Trafigura charters, reminding everyone that international appetite for product tankers has truly awakened. Perhaps, in the end, the Greeks are waiting for the next more favorable market phase. Until then, the only one moving with confidence is Georgiopoulos, keeping Greek MR tankers at the center of attention—even if the others prefer to play defense.

Poly V. Hadjiioannou’s manual

On Wall Street, where narratives often overshadow numbers, Safe Bulkers once again gave the impression of a company operating with cold discipline, almost mechanically. This is no coincidence. It reflects the philosophy of shipowner Poly V. Hadjiioannou, who does not chase impressions but timing. The background behind this year’s sale of two aging kamsarmaxes is rooted precisely in this logic: when the market rises, you don’t indulge emotional attachment. You sell. And President Loukas Barmparis said it plainly: “When the market moves upward, you have the opportunity to sell at higher prices.” The philosophy is that you do not resist the cycle—you use it. Fund executives in New York like to say that PVH runs fleet renewal “like a portfolio manager.” The company has not simply offloaded two old Japanese bulkers; it is replacing them with a newbuilding program of 18 ships, progressing at a pace that exudes certainty, not risk. Already 12 are in the water, while four more kamsarmaxes are on track for 2026. And there lies another side of his philosophy: while he changes the fleet, he does not change the company’s character. Low dividend, steady repayments, loans linked not to promises but measurable environmental performance. The new USD 75 million sustainability-linked facility (a bank loan whose interest rate depends on sustainability indicators) is exactly the kind of move institutional investors appreciate.

Tension in Washington, concern among shipowners

Let me take you to the other side of the Atlantic, to the USA, where shipping has focused its attention lately following geopolitical developments and changes to the energy map. The developments surrounding Senator Mark Kelly—a symbolic figure for American naval strength and architect of key legislative initiatives to revive the U.S. shipbuilding industry—have introduced an air of worry in Washington. The Pentagon’s warning that he may be recalled to active duty to stand trial, following the video in which former military personnel refused to obey allegedly illegal orders, is creating concern about the plan to rejuvenate the U.S. merchant marine. Greek shipowners are watching closely, not out of curiosity but because the Ocean Belt initiative dubbed “U.S. Shipping Revival” directly affects geoeconomic balances: investment flows, cargo routes, shipbuilding schedules, competitive conditions. Kelly, together with Republican Todd Young, is behind the most ambitious bill ever advanced in the modern American maritime scene: the SHIPS for America Act. A plan promising a strategic commercial fleet of 250 ships, mandatory carriage of government cargo exclusively under the U.S. flag, and the gradual “repatriation” of part of the cargo transported from China. The question is whether a country rediscovering its shipbuilding identity can change the rules of the game—or whether the political storm will halt the effort before even the first new ship is launched. The picture becomes even murkier after the recent suspension of the targeted Section 301 port fees, the government’s main pressure tool on the Chinese shipbuilding system. Their one-year postponement, as part of the Trump–Xi agreement, leaves the U.S. shipping support program without its commercial backbone. Unions speak of self-sabotage, analysts of a “strategic mistake,” and R&D of a new period of uncertainty.

Titan’s new “Ukrainian” dreams

Titan’s market capitalization has surpassed EUR 3.5 billion, having gained one-fifth of its value in the past quarter. Sufficiently internationalized with a presence on major stock exchanges, it is seeking a share of the new major market emerging from the upcoming reconstruction of Ukraine. Many even whisper that Titan has set in motion the creation of a cement plant in the Black Sea region. For now, the Group’s management remains committed to its five-year strategic plan aiming to close 2029 with EUR 4 billion in turnover and EUR 1 billion in operating profitability. Meanwhile, executives of the Group point out that “the cash register is full,” allowing them to seize market opportunities for new investments and acquisitions.

Stock market: Another profitable month comes to a close

With the General Index at 2,099.8 points, November closes today with gains of +5.25% and an average daily transaction value of EUR 267.8 million. To find such high average daily value, one must look back to the glory days of October–November 2009. Last month, October, broke the undefeated streak of 11 consecutive rising months, as it ended in negative territory, but November brought the market back into a festive expectancy for a year-end rally. Without American support, yesterday’s trading activity was subdued at EUR 133.08 million, with EUR 10.12 million in block trades. In a Thanksgiving-like mood yesterday, only those with absolute need were selling, as buyers were scarce. Alpha (-1.95% at €3.56) seems to have had impatient sellers, as did Eurobank (-1.5% at €3.47). National Bank, from which we expect announcements about its partnership with a major Insurance Group—NN, according to the market—slipped -0.48% to €13.54, and Piraeus, which closed the matter of Ethniki Asfalistiki, fell to €7.12 (-0.97%). Metlen (+2.09% at €45) continues its revenge run, while GEK TERNA (+1.55% at €24.88) soars to unprecedented heights. Also standing out due to water shortage issues was EYDAP (+1.7% at €7.16). Noteworthy from yesterday’s session is the stock of Intralot, which followed the rebound of other global companies in its sector (+7.07%), but still remains below €1 (€0.985) with high trading volume.

Business landing in Egypt

With 107 million inhabitants, according to the official estimate for 2025, Egypt is the most populous (though not the richest) Arab country. Representatives of 20 Greek businesses will visit Cairo on Monday as part of a business mission organized by SEV, EVEA, SEVE, and Enterprise Greece. The entrepreneurs cover many sectors—from technology and pharmaceuticals to construction and defense. Leading the mission will be Deputy Foreign Minister Haris Theoharis, who will speak at a Business Forum in Cairo. Preparation for the visit began last July with the “Discover Egypt” event at SEV’s offices. There, we learned Egypt’s priorities: Energy (the GREGY interconnection for the transfer of green energy), infrastructure (where Greek construction firms have a technical edge), and high technology, since Egypt’s relatively low-cost and educated workforce offers incentives for outsourcing.

The U.S. moves toward deregulation for banks—panic in Europe

After the 2008 crisis—remembered by all as the Lehman Brothers and subprime mortgage crisis that turned into securities and contaminated the global financial system—banking oversight rules worldwide became extremely strict. Capital adequacy rules, supervision, and obligations made a banker’s job particularly difficult. The Financial Times reveal that Trump has decided to relax these rules; the UK is considering it, and Frankfurt is reacting with panic. The new American head of Banking Supervision, Michelle Bowman, has already begun loosening regulations by freeing up USD 2.6 trillion in lending capacity and establishing rules allowing American banks to keep fewer emergency cash reserves. Unsurprisingly, this development excites Wall Street traders. In Europe—first in London—there are banks officially “leaking” their intention to move their headquarters to the U.S. Yet many believe that with the “bubbles” present in nearly every market, the relaxation of bank supervision rules is simply the spark that may trigger the next major financial crisis.

Europe’s coldest country is heated by Data Centers

In a few days, on St. Nicholas Day for us, Finland celebrates its Independence Day, marking its secession from Russia in 1917. Today, Finland stands out in Europe for its innovative initiatives across many fields (industry, education, healthcare, etc.). The country’s latest achievement is the “thermal utilization” of Data Centers. These “Data Centers”—housing servers of Google, Microsoft, and Amazon—produce enormous amounts of heat. Traditionally, this heat is wasted and released into the atmosphere. Finland, however, has found a way to capitalize on this “waste.” Instead of complex electric heating systems or conventional fuels, Helsinki “loads” the underground heat produced by servers directly into the urban heating network. This reduces the capital’s dependence on imported fossil fuels. For their part, Google, Microsoft, and Amazon present their Finnish data centers as climate-neutral, even though their operation consumes as much electricity as a medium-sized city. The secret lies in pricing: the tech giants sell the heat they produce at preferential rates—much cheaper than traditional energy—while simultaneously gaining tax incentives and expansion permits.

A Turkish defense investment record of USD 1.5 billion

Aselsan, listed on the Istanbul Stock Exchange, has announced a grand investment of USD 1.5 billion for the strategic “Steel Dome” program. On a massive 6,500-acre site in the Oğulbey area of Ankara, the largest industrial investment in the history of the Turkish defense industry is being created. A new technological hub for the “steel dome,” the ambitious national multi-layered air- and missile-defense system of Turkey. Erdoğan secured long-term low-cost loans from the Ministry of Industry and Technology and simultaneously introduced significant tax breaks, using all investment incentives and effectively exempting companies from tax. Aselsan is capitalizing on the increased global demand for air-defense and sensor systems (due to Ukraine, the Middle East, and the Pacific), pursuing aggressive penetration into international defense markets by offering cutting-edge products on a global scale. Reports already indicate export contracts have been secured in the UAE, Malaysia, Indonesia, Romania, and other Gulf markets. The Turkish government is building its own Iron Dome on a scale of a “national shield” and is shifting its defense doctrine toward network-centric operations. Aselsan is transforming into a geoeconomic instrument of Ankara’s power. Alongside Baykar drones, Turkey’s defense-technology exports exceed 1.8% of GDP.