Greetings, we are smoothly approaching the holidays with good weather and finally a bit of Christmas chill, lots of people and traffic in the market, bookings everywhere at sold-out levels, from winter resorts to nightclubs and restaurants. The farmers’ problem of course remains, with road blockades, but we shall see for how long, since when a government invites them to the prime minister’s office for dialogue and they do not go (this happened for the first time in the political history of the country), you can hardly call it normal. So, when from this coming Friday onward and gradually until Christmas Eve people will start leaving for their villages, some to be with their families (during the holidays), students to return home, and shops in the provinces to do good business, let’s see what the farmers at the blockades will be telling them. I point out that farmers and livestock breeders receive European — and a bit of national — subsidies of around €4 billion annually, so there should also be some sense of proportion, because no other professional sector has such support.

Demands…

In the meantime, I read various theories about their demands, although let me clarify that no one really knows who represents exactly which farmers at the blockades; in general the representation is somewhat blurred, which is why they do not go to Mitsotakis for dialogue. Fine, brother, at least go argue, say that he doesn’t give us what we want and we’re leaving empty-handed. In any case, I read for example that they are asking that the control of European subsidies not be transferred to the Independent Authority for Public Revenue (AADE), but I wonder where it should remain then — with OPEKEPE, which distributed them so well? Or maybe the feeding trough was simply cut off? At the same time they say they want the names of those who illegally received subsidies to be made public. No objection, but I think there will be laughter, since those subsidized illegally or improperly amount to about 15% of the total, that is roughly 150,000 tax ID numbers. Whatever, right? Oh, and let me not forget: our farmers are also asking that there be no cuts to the CAP in favor of “war preparations.” Let’s not forget Mother Russia!

Retailers on tenterhooks, hoteliers on the brink

At the same time, the agricultural blockades are the reason retailers are sitting on burning coals because of the farmers. Chains fear problems in the supply chain at a time of high demand. Keep in mind that many chains have centralized logistics rather than dispersed ones, such as Masoutis, which supplies from Thessaloniki. The trade bodies issuing statements fear for exports and imports under the threat of blockades at customs offices, ports, and so on. After all, it is no coincidence that yesterday all the institutional bodies of Thessaloniki (EBETH, BETH, SVE, SEVE), in their joint statement, noted that “refusal of dialogue does not constitute a form of claim but a choice of dead end.” At the same time, economists are beginning to mutter that if this continues, it could trim the growth rate. At the same time, concern is also growing among hoteliers for mountain destinations across Greece, as “the consequences of road blockades are already evident. Booking cancellations have begun,” as they state in their letter to the Ministers of Citizen Protection, Infrastructure and Transport, and Rural Development. As the Hellenic Hoteliers Federation (POX) states in its letter: “The majority of hotel units support local production, procure products from agricultural businesses, and actively strengthen the local economy”… “However, we consider it critical that forms of mobilization do not cause disproportionate impacts on other sectors of the economy and on local society.” Take this opportunity to note that the majority of hotel businesses in mainland Greece consist of very small and small units, which have nothing to do with the more… fat cows of the islands during the summer season, operate mainly in winter, and rely on domestic tourism, with the Christmas–New Year–Epiphany period in particular generating their highest revenues. However last-minute Greeks may be, the coming week is the last for holiday bookings (which, incidentally, were going very well before the agricultural mobilizations), hence hoteliers are now also pressing for the roads to be opened. And I close by rendering unto Caesar what is Caesar’s, saying that the first from the business world to point out the risk to the market from the agricultural mobilizations was Apostolos Vakakis, on 9/12, expressing through his statements his concern about the impact on Jumbo.

The Budget and the meeting

Let me tell you, however, that on Tuesday, during the Budget debate, Mitsotakis will outline a series of positive interventions concerning farmers, for example regarding electricity or even the subsidy limits for agricultural diesel. Obviously there are also issues the government does not discuss, such as minimum guaranteed product prices, which exist nowhere in Europe. In any case, the window for dialogue is not closing, because even though Mitsotakis will leave for Brussels from Wednesday through Thursday, the following weekend there is some room, provided the farmers also act more intelligently.

The happy K.M. and his enemies…

Now, I return briefly to the issue of the Eurogroup presidency and its aftermath. First of all, Mitsotakis appears to be… sailing in seas of happiness over this, and he shows it at every opportunity, expressing it to his interlocutors. Obviously he considers it a great success and strong promotion for himself and his government, at a time when such a victory was needed amid the grim picture surrounding OPEKEPE. The “vertical corridor” with energy matters and this outcome “fixed the situation” in the government’s image, at least temporarily, and we’ll see. As for the political points gained by Pierrakakis for the future vis-à-vis the “hypothetical suitors” within New Democracy, such as Dendias, I think it is entirely theoretical, because quite simply there has truly never been an issue of Mitsotakis within ND to date. And who would raise such an issue when ND is hovering around 30% 18 months before the elections and the second party — PASOK — at 15%? You’ll say, Karamanlis, Samaras, Venizelos and the bloc of “Mitsotakis must go and let anyone come” say these things. So what?

Pierrakakis

As for the acceptance of Pierrakakis’s presidency of the Eurogroup as a good and nationally beneficial development, indeed I must confess that I did not expect such generosity from the enemies or opponents of ND, nor of the minister himself. If you exclude Polakis and Varoufakis, whose negative reaction I consider absolutely normal (they have a different audience and that’s how their audience wants them), and Akrita, who is often captivated (as a journalist) by inaccuracies, since she wrote that he would receive a high salary and without accountability as Eurogroup president (the position is entirely unpaid), almost everyone had a good word to say. Geroulanos publicly congratulated him, although a little later… complained whether he would manage with so many obligations, and PASOK as well, through its spokesperson, said good things, as did SYRIZA under the courteous Famellos. More demonstrative, of course, were Tsipras, who called him and congratulated him, as well as G.A.P. and Venizelos. Naturally, almost all of ND and Karamanlis (Rafina), as well as Dendias — they are bourgeois people and civilized.

MPs at the Maximos Mansion

Before leaving for Brussels, as mentioned earlier, K.M. will see ND MPs, many of whom are grumbling about the mobilizations. After the Budget is passed, the MPs have been invited on Wednesday at 13:00 to the Maximos Mansion for a relaxed wine and bonding. This is a repeat of last year’s scene with wines, relaxed discussion, and canapés.

Theodorikakos and the shipbuilding industry

Yesterday afternoon Takis Theodorikakos arrived in Greece from the U.S., where he had serious contacts with a series of important officials. Where I learn that “serious ball will be played” is in the shipbuilding sector. Beyond the Port of Elefsina, the Americans are interested in significant investments, while Koreans, who have made important strides in this sector, also enter the equation of contacts. So do not rule out synergies between Greeks, Americans, and Koreans. In general, the message the Minister of Development received from the Americans is that… they mean business, while he saw John Catsimatidis — who has a serious relationship with Trump, Archbishop Elpidophoros, etc. — met with the head of the Office of Management and Budget of the shipbuilding industry, Mr. Henry Hendricks, as well as Mr. Robert Andrews, director of shipbuilding at the National Security Council.

Marinakis, investments, and Monopoly

The climate in Parliament “heated up” on Saturday when spokesperson Marinakis went to speak about the budget. He posed certain basic questions, such as how 500,000 jobs were created and how revenues are increasing while taxes are reduced and returned to citizens. “With an increase in investments,” Marinakis stressed, noting that from 2019 through next year investments increase by 96%, as opposed to Europe’s 5%. “For many years in this chamber, parties were playing ‘Monopoly,’” the spokesperson said, stressing that while the money in that game is fake, some “believed they weren’t playing a game.” We lived it and we remember it.

Hatzieminas deal with Vardinogiannis–Tambakakis

And we move to the business news of the market, starting with a deal in the defense sector that — barring the unexpected — will be announced in the coming days. Well known and much discussed is Christian Hatzieminas for Theon, but the group also includes another significant company, EFA Group, which has offices in Neo Psychiko and is involved in various sectors of electronic applications and equipment for defense use. The column’s information is that EFA is expanding its activities and for this reason will proceed with a share capital increase of around €80 million. Half is said to be covered by Hatzieminas, while the rest will be covered by Giannis Vardinogiannis and Apostolos Tambakakis. Logically, A. Tambakakis participates through a fund of EOS Capital. For G. Vardinogiannis it is not known through which company he participates. Information also indicates that in the background of this cooperation looms the Athens Stock Exchange, in the Euronext era. Relations between Hatzieminas and Bouznas have been cultivated for some time, with the Frenchman’s declared intention to introduce new sectors that will be traded on “Euronext Athens.”

Double pressure (from the Government and the Bank of Greece) on servicers

Servicers are currently under double pressure. On the one hand, servicers have not come to terms with the idea that they will pay double ENFIA in 2026 on properties they own that remain closed and unused. This is a provision that was voted at the end of 2024. For the time being, they have been given some breathing space because, in order for the double ENFIA to be applied, the Ministry of Economy must issue a ministerial decision. Once this is issued, the Independent Authority for Public Revenue (AADE) will immediately carry out the first official recording of closed properties belonging to the financial sector, in order to assess the relevant tax. The ministerial decision may prove to be the key to an informal extension, shorter or longer, since servicers do not delay putting properties on the market solely through their own fault, but also because of exhausting and time-consuming legalization procedures, despite improvements in the operation of many services, such as, for example, the Land Registry. This issue is one of those that servicers and banks will raise before the committee of the Bank of Greece. The next meeting of the committee has been scheduled for today, 15 December. At the same time, the Bank of Greece is preparing a round of inspections of servicers to ascertain compliance with the EBA rules on loan classification. Yannis Stournaras believes this is an important step toward a return to normality, since if it is found that EBA rules on loan classification are being observed, the way opens for the return of cured loans to banks. In general, as recent experience shows (with Swiss-franc loans and step-up loans), supervision places particular emphasis on loan classification by banks and servicers.

“Swiss scissors” by the hand of…PWC

Before the end of 2025, the arrangements for Swiss-franc loans will have been submitted to Parliament and will concern loans totaling €2.5 billion. However, one obstacle to the immediate implementation of the institutional framework from the new year is the platform that will calculate the haircut on the loan, which will be carried out on the basis of the exchange rate of the Swiss franc against the euro. The exchange rate will be adjusted based on the income and asset criteria of borrowers, and its construction has been assigned to PricewaterhouseCoopers, which will follow the well-trodden path of the out-of-court mechanism in creating it. Completion of the platform will take at least two months, say those familiar with such tools. It is recalled that, as regards the regulation of Swiss-franc loans, the cap that linked the haircut to the value of the collateral was removed.

F. Karavias packs his bags for India

Eurobank continues its penetration of the Indian market. The bank obtained the long-awaited license to open a representative office in Mumbai. In fact, the opening of the office is scheduled for next February, at which the bank’s management, under CEO Fokion Karavias, will be present. At the same time, the bank has already created a technology hub in the city of Pune, where it employs around 150 programmers and IT engineers. Pune is one of the largest and most important technology centers in India. The city is known as a major IT hub and hosts many large technology parks, such as the International Tech Park Pune and Magarpatta CyberCity. The broader ties, due of course to a shareholder, between Eurobank and India were also evident from F. Karavias’s presence at the recent reception of Indian businessman Taizoon Khorakiwala at the Ekali Club for his 10 years in Greece.

Citi on Greece: You’re doing well

From a LinkedIn post by Citi’s Vice Chairman for Banking and Public Sector, Jay Collins, we learned what was discussed at his recent meeting with Kostis Hatzidakis in New York, in the presence of the bank’s CEO in Greece, Aemilios Kyriakou. The Citi executive notes in his post that he acknowledged the significant reforms the country has undertaken in recent years, such as in taxation, fiscal policy, digital transition, and privatizations. He makes special reference to the country’s ability to attract foreign investment, adding that the reforms undertaken have borne fruit in an impressive way, and concludes that this is a significant outcome, since six years ago no one could have imagined Greece borrowing at the same levels as Italy.

Upgrade of A. Vlades at Piraeus Bank

Last week, certain changes were made to the board of directors of Piraeus Bank. The most interesting was the promotion of Alexandros Vlades — the New Zealander who is the representative of the bank’s main shareholder, John Paulson — to the board’s vice chairmanship. He succeeded Karel De Boeck, who departed, as did David R. Hexter, having exceeded the nine-year limit provided for by the corporate governance framework. Both De Boeck and Hexter, who assumed their duties in 2016, left without being replaced, and thus the board is now composed of 11 members and has a three-year term. The boards of banks will gradually undergo similar lifting, as some members joined during the time of recapitalizations and the deep crisis of the banking system and are now closing their cycle.

Critical decisions for Viva Wallet

Viva Wallet is entering a period of crucial developments. Management has called shareholders to an extraordinary General Assembly aimed at taking decisions that will shape the company’s strategic course for the next three years. Given the hard confrontation that preceded between the Karoni side and JP Morgan, the stance the investment giant will take at the General Assembly is awaited with interest. The meeting, which takes place today, 15 December 2025, concerns issues of strategic development, operational strengthening, and international expansion of the group. Specifically, at the center of the agenda is the Strategic Review Period, as provided for by the Shareholders’ Agreement, with shareholders being called upon to evaluate proposals that will determine the future operating and development framework of the company. At the same time, the updating of the Business Plan will be discussed, which constitutes a key guide for Viva Wallet’s future development. Shareholders, in particular, will decide on new guidelines, taking into account market needs and technological developments. Of particular importance is the approval of the Strategic Framework 2026–2028, which is expected to reflect the company’s vision and investment priorities for the coming years, as well as the stock option program. Finally, one of the most important strategic directions is put on the table: the expansion of Viva’s activities into the United States, one of the issues at the heart of the hard confrontation between Karoni–Antypas (WRL) and JPM.

Milena Pappa considers ordering two more containerships

After seven years, the Pappa family is dynamically returning to the container market. Oceanbulk Maritime, under Milena’s control, after placing orders for the construction of two 3,100-TEU feeder vessels in China, with deliveries at the end of 2027 and the beginning of 2028, is already considering ordering another two ships at the New Dayang shipyard. The cost is estimated at around $46 million each, an investment that, as insiders say, is “heads we win, tails we win.” This return is no coincidence, as the charter market for smaller feeder vessels is performing extremely well. Rates for 2,800-TEU ships have climbed to $39,000/day, for 3,500-TEU ships to $44,200, at the highest levels of the last three years. In other words, whoever invests now is sitting on a golden chair. Milena is taking into her hands a part of the family empire that had been “frozen” since 2018, when Oceanbulk Container Carriers had sold or converted its large 10,000–11,000-TEU container ships. Now, however, the timing is different: demand for smaller vessels is skyrocketing, fleet renewal is becoming imperative. And while the feeder market is simmering, Oceanbulk does not forget bulkers: it recently closed three Kamsarmax deals, showing that the goal is clear — to have a presence wherever there is profit. In other words, the Pappa family is re-entering the game like an investor on Wall Street.

Why Ioannis Martinos is now looking toward dry bulk

Ioannis Martinos is making a move with a clear strategic imprint, with Signal Maritime Services crossing the threshold of dry bulk for the first time, through an investment in Bluepool. The company, which has been identified with its performance in Aframax tankers, is expanding its footprint at a time when the shipping market is steadily moving toward consolidation. Martinos is not entering to buy ships; he is entering to buy a “platform”: management, network, know-how, and technology. The move is anything but random. Signal Maritime Services, after establishing its name in Aframax tankers and seeing its pool post above-average market performance, is opening up to cargo vessels. And it is doing so at a time when the market is beginning to smell consolidation. According to analysts, this is a classic risk diversification move. Tankers had a strong year, but the cycle does not last forever. Dry bulk offers different exposure, different timing, and — above all — access to a broader investment story. The message of “strong cooperation” is addressed not only to the market but also to shipowners. Signal and Bluepool want to present themselves as the commercial managers of the upcoming consolidation: fewer pools, larger sizes, more transparency, and better tools. Those who cannot invest on their own in technology and data will go to those who can. Ioannis Martinos is betting that the future is not the lone shipowner, but strong schemes with critical mass.

Intense activity in second-hand sales and purchases

The presence of Greek interests in the secondary (second-hand) market was also strong. Greek buyers were behind the purchase of two under-construction Suezmax vessels, HD HYUNDAI SAMHO 8252 and 8253 (157,000 dwt), being built at a total price of $195 million, with delivery in June and July 2026. At the same time, Greek-interest Global Ship Lease acquired the post-Panamax containerships LOTUS A and CYPRESS, with a capacity of 8,586 TEU, built in 2010 and 2011 at Hyundai Samho Heavy Industries in South Korea. The price was set at $30 million per vessel, with the ships accompanied by existing charter contracts. On the sales front, Greek interests appeared particularly active across all segments. The Capesize MONTECRISTO (180,000 dwt, built 2005 at Imabari) was sold to Chinese buyers for $20 million. The Suezmax OLYMPIC FUTURE (155,000 dwt, 2004, Namura) changed hands at $30 million, while the MR AEGEA (51,000 dwt, 2008, SLS), equipped with a scrubber, was sold for $14.5 million. Additional sales in the dry cargo sector included the Panamax STAR EMILY (76,000 dwt, 2004, Tsuneishi) at levels slightly above $8 million and the IVESTOS 3 (74,000 dwt, 2007, Hudong-Zhonghua) at $9 million. The Supramax LEONIDAS (53,000 dwt, 2005, Xiamen) was sold for $8.5 million, while the Handysize BC VANESSA (31,755 dwt, 2010, Saiki) changed ownership at an undisclosed price. Finally, in the LPG sector, Greek interests were behind the sale of the LPG AEOLIAN PEARL (54,675 dwt / 82,461 cbm, built in 2016 at Hyundai Heavy Industries), which was acquired by Foresight Group Services Ltd FZCO, with the financial terms of the transaction not being disclosed.

The safe removal of explosive materials from Lavrio

At the Ministry of Defense, attention has been focused for weeks on Lavrio, where the project of decontamination and the safe removal of explosive materials from the old facilities site must proceed. The forthcoming tender is expected to open in the next period. The political leadership has requested a clear reduction in cost compared to previous procedures. At the Pentagon they say the project is critical: it requires specialized know-how, strict safety protocols, and full compliance with the legal framework. Thus, even before the call is published, a great deal of work has been done to rationalize costs and to set strict participation criteria. Within this framework, EAS – Hellenic Defense Systems is among those interested who are closely monitoring developments. The company, according to people familiar with the matter, is moving discreetly and institutionally, following to the letter the conditions and directions set by the ministry. From the ministry’s side, however, they are keeping a low profile. They want to see who will ultimately pass the required filters, as the technical specifications for the project are considered demanding. At the same time, the reduction of the budget has created additional pressure on all interested parties, who are being called upon to submit more economical and fully documented proposals. What is emerging is that the upcoming tender in Lavrio will constitute a small test for the new philosophy of the Ministry of Defense, which seeks to combine safety and technical adequacy with strict fiscal discipline. It remains to be seen who will meet the requirements and who will ultimately undertake the project, which is considered pivotal for the area — and for the leadership’s profile of effectiveness.

€70 million for the “greening” of Eleftherios Venizelos

Shortly before his departure from the helm of Athens International Airport (AIA), CEO Yiannis Paraschis — who also holds the position of president of SETE — presented last Friday AIA’s “Route 25” program, which was completed for the country’s largest airport 25 years earlier than the European target for airports. AIA announced the “Route 25” plan in December 2019, which constitutes its commitment to achieving net-zero carbon balance by 2025. From 1/1/2026, 100% of the airport company’s electricity needs will be produced within its facilities from photovoltaic systems, with battery energy storage for maximum self-consumption. This “green” energy supplies buildings, electric buses and operational vehicles, as well as heat pumps that replace natural gas. The result? The energy produced corresponds to the consumption of 22,000 households or to emissions reductions equivalent to a forest 1.5 times the area of the airport. “Route 2025” required an investment of approximately €70 million.

The outperformance of “stationery” stocks, the two “explosive” mid caps, and what is happening with water companies

Shares of the Viohalco group have embarked on a sustained rally, constantly reaching new peaks. The parent company has achieved an 8×9 streak with cumulative gains of nearly 19%, leading it for the first time to the vicinity of €12, while its market capitalization now exceeds €3 billion. ElvalHalcor has recorded gains of 13.6% over the last three trading sessions and is setting course for €4, a level it has not seen since October 2007. Two mid-cap stocks also closed at record levels. AVAX reached €2.7 for the first time in about 16 years, specifically since January 2010. The strengthening of the share in 2025 is impressive, approaching +77.5%. Buying interest is strong, with turnover exceeding €1 million over the last three sessions. In addition, the construction company’s market value exceeds €400 million. Profile closed at a new all-time high, recording its best session of the last 17 months with last Friday’s +6.4%. It closed at €7.81 and nearly touched €8 at the day’s highs. Strong gains were recorded by the shares of water companies, which resurfaced due to the government plan to address water scarcity. At the same time, they are benefiting from moves to strengthen their free float, with a characteristic case being the placement carried out by EYATH for 5% of its share capital. There is also intense rumor-mongering about increases in tariffs, which have not risen for more than a decade. Based on the above, EYDAP rose by 3.9% to €7.75, a price that constitutes a three-year high. EYATH returned above €4 with a jump of 7.25%, its best daily performance since last July.

The Christmas miracle for the “small” players of the market

Alongside the confidence radiated by the +42% return of the General Index since the beginning of the year, the first moves have appeared in small- and mid-cap stocks on the Athens stock market. These moves sometimes reflect genuine investment interest and concern companies and sectors that are growing, while other times they stem from market lobbies seeking to exploit the generally positive climate in the markets. There are also mandatory moves to improve liquidity and free float, while all this is linked to the coming Friday of the “three witches,” with the expiration of December derivatives (Triple Witching) and the rebalancing of the FTSE and EuroStoxx indices at the close of the session. The European Central Bank’s announcements next Thursday do not appear to hide any surprise regarding euro interest rates. By contrast, the Bank of Japan has much to say and to warn about the future of the carry trade in global markets (the end of cheap borrowing in yen for investments in stock markets). From the day after tomorrow, Piraeus Bank shares will not be traded due to the corporate transformation of the merger of the subsidiary into the parent company. The new shares will begin trading shortly before Christmas, next Monday, 22 December.

The most profitable investment of 2025

As this year comes to an end, reviews of investment strategies and choices begin. It was a year full of upheavals in the world’s stock markets. The absolute winner of 2025 is silver, which this year records an impressive rise of +113% since the beginning of the year, leaving behind even the much-discussed gold, which also posted a notable return of +63%. Shares of rare earths and uranium recorded impressive gains of +87% and +75% respectively. Geopolitical tension and the efforts of Western economies to reduce dependence on China for rare metals further strengthen this sector. By contrast, Bitcoin this year and to date records losses of -3%, while the U.S. indices S&P 500 and Nasdaq 100 are limited to moderate returns of +16% and +20% respectively. One should not ignore the outperformance of emerging stock markets (+31%), which may signal a shift in global investment flows. As for silver, markets highlight its dual nature not only as a precious metal but also as a raw material for modern industrial production — especially in the field of renewable energy sources and more specifically for photovoltaic panels.

Halcyon days for bank stocks on the NYSE

Last week was disappointing for the much-vaunted technology stocks on Wall Street. The Nasdaq Composite ended the week down -1.6%, following Friday’s plunge of -1.1%, triggered by Oracle but with consequences across all technology stocks. Suddenly, there appears to be a reversal of the trends of the entire year. The heavyweight industrial index, the Dow Jones, gained 503 points, or +1% on the week. Three stocks in the financial services sector stood out: Goldman Sachs, Visa, and American Express. Their upward movement was attributed to the FED’s interest rate cuts but — mainly — to the promise of easing supervisory regulations by the Trump administration. Bank of America’s share recorded its first record close since the… distant… 2006, when we had the halcyon days of the banking sector just before the real estate bubble burst (subprime). The Trump administration’s willingness to relax bank supervisory rules, lower capital requirements, an environment favoring large deals, and the broader macroeconomic backdrop have triggered an explosion of optimism among analysts in the banking sector.