Greetings, yesterday what was expected happened in Parliament regarding the farmers’ issue: Chatzidakis took charge of the benefits and the handling of the matter, while Mitsotakis confined himself to political observations and the easy “uprooting” of Androulakis, who, as is well known, whatever happens goes in to get wool and comes out shorn. It is noteworthy that that old needle is truly stuck when it comes to our leader Nikos. It doesn’t budge, the shameless thing (the needle), not with xylene and Tempi, nor with the OPEKEPEs, with NO-THING. In essence now, I think that every day the pressure on the farmers who are at the roadblocks will increase a bit, and of course they will also get something extra until we get to the other weekend and they start talking seriously. In yesterday’s discussion Mitsotakis spoke, as is customary, on all topics. I single out the proposal to all parties to do something substantive for the primary sector, although I have no hope for real work and cross-party understanding. I cannot fail to mention the jab at politicians who offer “criticism from the couch, but without counterproposals,” which was aimed at Karamanlis, Samaras, and Venizelos, who has recently been added to K.M.’s hate group, openly I would say, because I never truly believe there were traces of sympathy.

Budget

I listened yesterday to Pierrakakis’s speech on the budget; he said several interesting things, but I kept two points. The first concerns why the country insists on repaying public debt earlier. The counterargument of the opposition, Right and Left, is that “instead of giving the surplus to the people, we give it to the creditors.” Pierrakakis explained the simple thing: when you repay earlier you save on interest and at the same time you gain credibility with your creditors. That is why investment grades are now being recovered at normal rates. That is, how can a party (any party) not understand what even a simple household manager understands: that the earlier you pay off the installments of your loan (provided you have the money), the less interest you will pay. The second point, which N.A., the eagle on economic matters, also referred to (negatively), concerns private debt. That too was reduced by about 15 points, while the number of performing loans doubled. They may not make “communicative noise,” but for those who grasp basic economics they matter. One would expect at least some “political spaces” to grasp them. Or not?

Karystianou

Now with Karystianou you see what is happening daily; yesterday we had her public disavowal by the Association of Parents of the Victims of Tempi, and it is certain that as time passes things will become even clearer. I think that Karystianou, like every Greek citizen, has the right to stand for election. Let her say so clearly, when she herself wishes and not all of us or her political opponents, and let her proceed. However, the other 56 families who lost their children at Tempi also have the same right to say that this tragic event… does not have a political leader or party boss in Ms. Karystianou or anyone else. From what we know from reporting, the overwhelming majority of these families do not agree with Ms. Karystianou’s political career. One thing is a victim’s mother and another a party leader. I should also note that this sieve of full politicization and party politicization and, of course, political exploitation of everything was done only by the Left. It did not happen at Mati with the 105 dead, nor at Mandra, nor with the “Samina,” nor ever anywhere in the country.

OPEKEPE and polls

Since we are talking about party exploitation, let’s also go a bit to OPEKEPE. The day before yesterday two polls were released from which it follows that the only winner from the image of the Investigative Committee with “Frappe” was Konstantopoulou. She gained 1–2 points with those hysterics she was having on camera, calling 100 to arrest him (Mr. Frappe) because he threatened her, etc. This whole show went viral on TikTok and Zoitsa took off, as in the days of the xylene. For how long I don’t know, but she did take off in the percentages. Conclusion: when the people… want spectacle, they go to the original, and only Zoitsa sells original madness; the others, and especially the PASOK people, don’t get even a single point.

The cliff, the stream, and the expulsion (PASOK news)

Nerves are stretched—to the maximum—at Charilaou Trikoupi after the successive blows by the PASOK MP in border-region Lesbos, Panagiotis Paraskevaidis. One day (Monday) he came out and said something like “cooperation both with Tsipras and with Zoi.” The next day (yesterday Tuesday) he “hit” toward his namesake Doudounis so that the leadership would hear it too. They may be namesakes with Panagiotis Doudounis and he accepts that, of course, without a problem—but he does not want them to become co-candidates, and indeed with the blessings of President Nikos. “Mr. Doudounis is not known to the people, he has not lived a single day in Mytilene; it’s just that his father was from Mytilene and now he comes as a ‘parachutist’ because that’s how the president wants him,” declared (on Parapolitika 90.1) the sole green MP in the two-seat district of Lesbos, further irritating Charilaou Trikoupi over the welcoming to the outskirts of Mytilene of Androulakis’s close associate by Paraskevaidis. Doudounis is seeking a “move” from the electable State list position to Lesbos, where the same is desired by Giorgos Petrelis—he is also an Androulakis supporter, a member of the Central Committee, whose wedding this August Androulakis and members of his circle attended. Will Androulakis expel Paraskevaidis for his not-so-comradely statements with Doudounis as the immediate recipient, who however is running in the same district without the ballots yet having been announced? The hotheads proposed to Androulakis “expulsion, here and now, and you’ve already delayed too much… for some.” Yesterday the day was devoted to the budget—today, which it is not, do you think Androulakis will expel the Lesbos MP, who however would have no problem at all moving to Tsipras’s party? Ahead a cliff and behind a stream. And in the middle the… unmoving needle…

Bid farewell to the Prodea you knew

Recent developments at Prodea with the simultaneous announcement of two agreements (Papalekkas and National) for the sale of assets worth €1.186 billion appear to constitute the first stage of a plan that will create not only new balances but also a trajectory for the listed company. After all, Prodea itself does not hide it. In the information memorandum for the extraordinary general meeting it convened, it states that “the company intends to continue the disposals of real estate assets that do not fall within the main pillars of its investments (logistics and hospitality), with the aim of reshaping the composition of its investment portfolio.” I pass over the market whispers that Papalekkas is in a deus ex machina role or that everything looks as if they rushed to finalize the agreements before the end of the year, because these are rumors without significance. But which Prodea are we talking about when the general meeting convened on December 29, with the sole agenda item being to approve the recent agreements and those of the previous two years (€1.186 billion in 2025 and €221.8 million for 55 properties in 2024, total: €1.4078 billion), states that the value of the assets being sold “represents more than 51% of the total value of the company’s assets”? In short, bid farewell to the Prodea you knew. The agreement raised questions at the Capital Market Commission as well, which asked—quite rightly—for clarifications. From these we learned that Papalekkas has already given Prodea €130 million and the remainder will be given in two installments in 2026, with the net price (for the company Milora, which has most of the properties) being €283.2 million. To soften impressions from the sale, in the relevant announcements Prodea states that assets under management, the commercial valuations of its properties, amount to €1.9 billion. But whom does that console, when the company itself declares that it “intends to continue the disposals of its real estate assets,” and when from the response to the Capital Market Commission we learned that the LTV ratio after the two latest transactions falls to 50%? I don’t know whether it is Euronext, conditions in the real estate market, or something else that triggers these decisions. But after these transactions (Papakelakkas and National and the sale of another 55 properties in Greece and Italy in 2024), as well as future sales since Prodea states it intends to continue, if after all this a good offer suddenly appears for the hospitality sector as well—e.g., from Papalekkas, who had sold it to Prodea, or someone else, since the sector is fashionable—will Prodea have reasons to continue being a REIC? Of course, time will show what will happen with Prodea. It remains to be seen whether other indications will appear as well, since usually such major shifts in an organization’s business focus are accompanied by changes in management too.

The special anniversary of Alpha Bank

Today is a special day for Alpha Bank, as at a special event at the Athens Stock Exchange the bank’s CEO, V. Psaltis, will ring the bell to open the session because Alpha Bank completes 100 years of continuous presence in the stock market. A 100-year anniversary is not something common in the Greek market, and the bank celebrated it, among other things, with the completion of the transaction for the acquisition of AXIA, while it has already moved on to the next deal—so more is to come…

Greece and illegal gambling: 11,000 websites with bets of €1.7 billion annually

The “blacklist” (Blacklist) of the Gaming Commission (EEEP) has reached the impressive number of 11,000 illegal gambling websites. These are domain names and internet protocol addresses that have been blocked by the Commission because through them illegal betting was carried out or attempted in our country. These are the latest figures from the EEEP, with the Commission’s services updating the Blacklist, which dates back to 2013. It is characteristic that in the latest revision (47th) last month, another 616 websites/domain names were added to the list of unlicensed gambling providers compiled by the EEEP. As the scourge of illegal gambling rages on, within the next few months the new legislative framework for the gambling market is expected, which—as announced by the Minister of National Economy and Finance, Kyriakos Pierrakakis—will be a holistic framework that will strike the problem of illegal gambling at its root. The data held by the government and the Gaming Commission show that approximately €1.7 billion is wagered in illegal gambling, which means a loss of state revenues of about half a billion euros, a figure that may be slightly higher, as a new updated study is expected.

Hellenic Competition Commission: Meets today on Novibet

Regardless of the mess with illegal gambling, the legal market for online games of chance continues to grow rapidly. Specifically, in 2026 we will see new providers as well as possible changes to today’s landscape. Today, moreover, the Plenary of the Hellenic Competition Commission is scheduled to meet regarding the acquisition of Novibet by Allwyn International. In the market, however, it was discussed that for the examination of the deal the Competition Commission requested and received data from the Gaming Commission on market shares in the online gaming sector, but did not ask the opinion of the Hellenic Gaming Commission (EEEP), as the supervisory authority of gambling companies, as to whether the two companies will indeed have a high combined market share. As if two banks were merging and the Bank of Greece were not asked…

Kalantonis’s proposal for housing

At present there are approximately 10,000 available homes in the portfolios of servicers that have “pending maturation issues” (regularization of irregular constructions). In order for these properties to immediately enter the market and put pressure on prices by increasing supply rather than demand, the head of doValue, Theod. Kalantonis, has drawn up an—apparently reasonable—proposal. “Give us the right to sell these properties without having regularized them and establish an obligation for the new owners to regularize them within a reasonable period of time (1–2 years).” If they do not do so, there should be a penalty, e.g. a doubling of ENFIA. In this way, servicers will release thousands of properties onto the market at a low price (since their regularization will be pending), market prices will fall, while the new owners will rush to renovate the homes because they will have an immediate benefit, together with whatever assistance they receive from the State through renovation programs. For the time being, the proposal is receiving positive comments, but in practice not much is happening.

Preferred shares excluded from the OPAP–Allwyn deal

A very significant development occurred in the major deal for the merger of OPAP and Allwyn, which came as a result of the feedback the two companies received from the investment community. It was therefore decided to change the structure of the transaction and not to carry out the preferred-share issuance leg, a change that aligns voting rights and economic rights for shareholders—an outcome that underscores the commitment of Allwyn and OPAP to continue the long-term relationship with existing investors. At the same time, as expected, the invitation was published for the convening of OPAP’s Shareholders’ General Meeting, which will take place on January 7, 2026. In view of the GM, during which shareholders will be asked to approve the Allwyn–OPAP merger valued at €16 billion, Allwyn International is stepping up purchases of OPAP shares from the Stock Exchange. From December 1 and within two weeks it has purchased blocks with a total value exceeding €48 million. In the last week alone it acquired shares worth €13 million, at prices of €18–18.52 per share. Allwyn’s mass purchases send the message that it shows confidence in the valuation and supports the venture that will create the world’s second-largest listed gaming group.

Greek ports in the American backstage

Greek ports are entering ever more deeply into the geopolitical game, away from the public spotlight. For Washington they are no longer simple commercial infrastructures, but critical “buttons” in a planning framework that connects energy, defense, and transport security. And Greece is now in a key position. Behind the scenes, American circles are pressing for the creation of alternative and reliable corridors to Central and Eastern Europe. The war in Ukraine acted as an accelerator: the U.S. wants ports outside the Straits, with political stability and direct access to land networks. Greece ticks all the boxes. Alexandroupoli has already “locked in” its role. Military transport and LNG coexist, creating a dual-use model considered successful. Souda remains the stable reference point, with continuous upgrades that indicate permanent presence rather than a temporary need. Interest, however, does not stop there. Other hubs are entering American planning: Kavala and Volos function as reserves, offering flexibility. And in the background Elefsina stands out. The upgrading of the shipyards, the potential utilization of the port, and proximity to Thriasio create a new player that, behind the scenes, is also discussed as a geopolitical “counterweight” to Piraeus. The common denominator is energy. American LNG needs ports with special infrastructure and rapid distribution. At the same time, military needs require security and institutional readiness. That is why the same locations keep recurring in discussions. In Athens they know the game is played on two levels: investments and geopolitics. The question that remains open is whether the country will manage to turn this intense backstage interest into a clear national benefit or whether it will be limited to the role of a useful corridor. That is where the next moves will be judged.

The talk-of-the-town Christmas party of Kim

And since the days are approaching, let me mention that a frantic race, without limits, has been underway over the last 24 hours. Many are trying to find a ticket to the Megaron Mousikis for the Christmas concert, others to get into the Vienna Opera, while others are making plans to go to the expensive Alpine resorts. But there are also those—men and women—who are pulling out all the stops to secure an invitation to the Christmas party being hosted this week by Kimberly Guilfoyle at the ambassadorial residence. Any such effort, however, is futile. As I learn, a very high percentage of GDP and of the Greek business scene is expected to be present. Among those who have received the… magic email there is anxiety about festive attire. Attire: Festive, the invitation says. As I learn, there will also be strong representation from the Greek political scene at the event.

The shipping revelry at the Meat Market

And to continue with the festive mood, let me say that at the Meat Market of the Varvakios Agora, Cass Technava of Phaidon Tomazos held its Christmas party. A large percentage of global tonnage was there and enjoyed the loud music with incredible flavors and the hospitality of the Tomazos family. Among them were Petros Pappas with Emi Livaniou, Antonis Komninos, Billys Panagiotidis, Thanasis Samios, Captain Stefanos Angelakos, Panagiotis Madias, Giorgos Souravlas, and many other shipowners alongside bankers and executives of Greek shipping.

Mattresses and the holding company

What connection could… mattresses and holding companies have? The column knows at least one… The holding company founded the day before yesterday, Monday December 15, by Georgios Niarchos, principal shareholder and one of the executives of Athenian Mattress Manufacturing, known as Media Strom, of the Niarchos family’s interests. The new company is named “GN Symmetochon Single-Member P.C.” and is headquartered in Markopoulo, that is, in the area where Media Strom’s large factory is located. Its initial capital is €1,792,560, divided into 1,792,560 corporate units of capital contributions, with a nominal value of €1 each. Georgios Niarchos paid €5,000 in cash and received 5,000 corporate units. At the same time, he contributed 14,500 shares of Athenian Mattress Manufacturing, with an appraised value of €1,787,560, corresponding to 1,787,560 corporate units. According to what is stated in the deed of incorporation, the 14,500 shares have a fair value of €123.28 each, “which arises from the fair value (net position) of ‘Athenian Mattress Manufacturing S.A.’” The management of the company, the handling in general of corporate affairs, and judicial and extrajudicial representation were assigned for an indefinite period to Georgios Niarchos himself.

Why Vafeias’s move is not just a cash grab

Haris Vafeias of the New York–listed Imperial Petroleum recently completed a direct capital increase of $60 million to two institutional investors, opening the way for further fleet expansion. The Nasdaq-listed company’s announcement clearly sends a message to the market: Imperial is not stopping at conservative steps, but is preparing for strategic growth in both bulkers and tankers. If one looks more closely at the deal, the move resembles a smart capital raise. That is, the company secures liquidity without excessive leverage, keeping the balance sheet lean, while retaining flexibility to exploit opportunities in secondhand or new tonnage. The choice of institutional investors also shows that Imperial is building a strong investor base before proceeding to larger shipping bets. The shipping market is watching: with freight rates in many bulker categories showing upward signs and global oil markets remaining volatile but profitable, Imperial appears ready to capitalize on long-term structural trends. This strategy is clearly financially savvy: high leverage of opportunities, but with measured risk. In short, Vafeias’s move is not just a cash grab. It is a signal to the market that Imperial Petroleum is entering an expansion phase with capital, a strategic plan, and readiness to maximize returns for its shareholders—while at the same time keeping its Greek shipping finesse on Wall Street.

PPC and Titan set up a “bulwark” against banking pressures

The bank-centered decline of the Athens Stock Exchange did not prevent certain heavyweight stocks from “shining,” as they reached new peaks. PPC breached the “castle” of €18 that it had been besieging since the end of last October. Specifically, yesterday it closed at €18.01, while it reached as high as €18.3 at the day’s highs. These are prices last seen in August 2008. At the same time, Titan continued on a trajectory of historical highs. After surpassing €46, the cement company’s share also conquered the €47 peak. In PPC’s case, a recent positive catalyst is the report by Pantelakis Securities, which raised the target price to €23.7. For its part, Titan is moving to the rhythm of its acquisition of Turkey’s Traçim Cement, which is estimated to significantly strengthen the group’s financial figures. A common denominator for both listed companies is data centers. Regarding PPC, the giga factory in Kozani is in the works. Pantelakis also made special reference, stressing that the creation of a data center will be positively received by the market. At the same time, Titan recently announced that it serves 80% of the data center projects currently being built in Greece.

VIOHALCO’s early Christmas

You add the daughters, subtract 30%, and you have the value of the mother. This seems to be the logic behind the crazy rally of VIOHALCO’s share, which yesterday easily surpassed a market capitalization of €3 billion, recording a +75% rise since the beginning of the year. The Stasinopoulos family’s industrial flagship is climbing steadily through a rare combination of fundamental and technical catalysts. NBG Securities had warned the market back in November, announcing that it was initiating coverage with an “Outperform” recommendation and a target price of €11.30, which has already been exceeded. National Bank analysts were saying—then—that the €2.46 billion market capitalization was only 5% higher than subsidiary Cenergy Holdings, leaving out of the valuation the value of ElvalHalcor, Sidenor, and Noval Property. Shortly thereafter Goldman Sachs predicted inflows into the stock following inclusion in the MSCI Small Cap Greece index, a prediction that was also confirmed, with transactions of €2.9 million per day, multiples of this year’s average of €1.1 million. The 9-month results support the valuation, with €1.4 billion of investments over the last five years bearing fruit. The relative reduction in energy costs by 70% and the EU’s protective measures on steel act as reinforcing catalysts. With free float at just 16% and dividend yield of 2.3%–3.1%, the stock combines a growth story with a value play.

Lemos “strike” on…land

A “strike” in the real estate market, with a… scent of the sea, is foreshadowed by the recent incorporation of a new company. The company is named “Pyrsos Ilysia P.C.”, headquartered in Psychiko, and its purpose is the purchase and sale of real estate, plots of land, residential buildings, etc. The initial share capital amounts to €2,750,000, divided into 2,750,000 corporate units of capital contributions, with a nominal value of €1 each. Of these, Markos John Lemos, son of Ioannis, paid €27,500 in cash and received 27,500 corporate units (a 1% stake), while the company “Biquiti Corporation”, headquartered in Liberia, paid €2,722,500 in cash and received 2,722,500 corporate units (a 99% stake). The management of the company, the general handling of corporate affairs, and its judicial and extrajudicial representation were assigned for an indefinite period to Sinti Tsara. Markos John Lemos comes from the family of Captain Giannis Lemos, the self-made shipowner from Oinousses, with strong clout not only at sea but also in real estate, with many expensive properties in Monaco, London, and Athens. Now, evidently, new investment placements are also being prepared.

Underground maneuvering for Trump’s “shadow” central banker

Wall Street knows that President Trump intends to announce a “waiting-in-the-wings” central banker to pressure Jerome Powell in the direction of rapidly cutting dollar interest rates. Already the euro–dollar exchange rate stands at €1 = $1.1750. Wall Street also knows that the first name of the “shadow” banker will be Kevin. The game is being played between Kevin Warsh and Kevin Hassett. Over the last 48 hours, Kevin Warsh moved from a 13% probability of taking the role to 47%–48%, overtaking Kevin Hassett, who had reached 85% in early December. Kevin Warsh (54 years old) is the person Wall Street considers “one of its own.” A graduate of Stanford (1992) and Harvard Law (1995), he began his career at Morgan Stanley before becoming an economic adviser to George Bush and, at just 35 years of age, a member of the Federal Reserve’s Board of Governors. During the major crisis of 2008 (Lehman Brothers), he became the Fed’s main intermediary with Wall Street and its representative at the G-20. He resigned in 2011 because he was fundamentally opposed to the QE2 quantitative easing program (purchase of $600 billion in bonds). He is a proponent of shrinking the Fed’s balance sheet, thereby creating room for lower interest rates. Wall Street fears Kevin Hassett because it considers him “excessively obedient” to President Trump. CNBC said on Monday that “close associates” of the POTUS shifted the balance in favor of Warsh. Jamie Dimon of JPMorgan, in a closed meeting with asset managers, spoke openly in favor of Warsh, predicting that Hassett would be more willing to implement drastic interest-rate cuts. The Financial Times wrote that bond investors expressed concerns to the Treasury about the effects of the aggressive rate cuts advocated by Hassett. New York’s society columns note that Kevin Warsh is married to Jane Lauder (granddaughter of Estée Lauder) and is connected by family ties to Ronald Lauder, a close friend of Trump. The serial continues…