Hello, before we move to the “war-zone news,” which unfortunately is abundant and, judging by the signs, will remain so for weeks, I’ll briefly go to the trial of Golden Dawn. Not to comment on the Court of Appeal’s decision (42 guilty of criminal organization), but on a tweet by Nikos Plakias, the father of two girls tragically lost in Tempi. He writes: “And suddenly, all those who for three years have been asking us whether we believe in Greek Justice and kept saying that it doesn’t exist and that we shouldn’t believe in it and shouldn’t make statements in its favor, suddenly after the decision on Golden Dawn became its biggest supporters. Laughable and heartbreaking.” I don’t think it needs any further comment from me.

War zone…
-As the days and hours pass, I think it becomes clearer than the sun that, by virtue of its geographic position, Cyprus—and given that it is a country with allied bases—could not possibly avoid becoming involved. And when we say Cyprus, we automatically mean Greece as well, and anyone who has… finished primary school or at least is an adult understands that. Except for the Left, which is not that it doesn’t understand, but the truth is that… since 1974 it hadn’t been given the opportunity to show that it doesn’t take Cyprus into account in the face of its ideological rigidity and also its hatred for the government—at least, not to mention anything Western. These people side with Putin, Maduro and the Cuban dictators, with the mullah-torturers and a little (or a lot) with the Chinese. What more can one say. Yesterday, in fact, Koutsoumbas told journalists in Parliament that two of the four drones that left Lebanon were targeting Souda (the other two Cyprus). Of course he didn’t say his source, but he probably took some satisfaction in the harm that theoretically might have come our way. Now, don’t imagine that the far right is not also in… despair over developments that clearly help the government and especially Mitsotakis consolidate the sense that there is nothing and no one else to handle such serious matters. Hence Velopoulos says the usual things incomprehensible to sensible people, while those who also hate Mitsotakis say that “it was Dendias’s idea, which Mitsotakis adopted, to send the Belhara” (tremendous argument, right?) and other such picturesque things. Which, however, reflect a political climate of rather unprecedented morbidity. At least in 1974 there was no one in Greece (not even the traitors of the Junta) who disagreed with defending Cyprus.

The cake after the morning coffee
-I’ll leave the war news for a moment. Yesterday K.M. was in a birthday mood, and after the “morning coffee” at Maximos I hear that the door opened and the women from his office brought in an almond cake with a candle for him to blow out. Mitsotakis in turn treated them mainly to savory things, an assortment of little sandwiches from Da Capo, Alfiere and Apollonion, while in the evening he had a dinner planned at his home with his very close circle, his friends from school. In general yesterday was a day of cake, because at his office in Parliament when K.M. arrived he found in front of him his director Elina Kypraiou with her colleagues and an individual cake with a candle.

The treats in Parliament and the poisoning
-I’ll stay in the birthday mood, because yesterday Mitsotakis invited MPs to drop by his office to be “treated” to sugar-free sweets, after he received Nikitas Kaklamanis’s wishes from the floor. Indeed, in his office there were sugar-free truffles from Fresh and a similar cake, but also xerotigana so we wouldn’t forget Crete either. Velopoulos inquired in case the sweets were with stevia, while there was much discussion about Zoë’s remark from the benches that “you will poison us.” Our president, however, later appeared in a spring dress with blue little boats, like the little boat of Plefsi sailing on the sea. Magic and beauty—our Zoitsa!

The four-hour briefing of the NCFA
-For more than four hours at the Foreign Ministry, Gerapetritis briefed party representatives within the framework of the National Council for Foreign Policy. I’m told that the discussion was serious, as several serious professors also took part (Petros Liakouras, Konstantinos Filis, Sotiris Roussos, Maria Gavouneli and others). At some point, of course, President Zoë, who appeared with a delay, began to complain that the meeting could not be held without taking into account her parliamentary obligations, because she had a speech in Parliament. In any case, this time she didn’t stay very long—and perhaps that was for the best, because at some previous meetings she had made a fuss for an hour that Netanyahu’s plane should land in Athens so the arrest warrant could be executed. As for the meeting itself, Gerapetritis asked for low tones and caution regarding leaks about the operations to repatriate Greeks from Gulf countries. It was pointed out that something might possibly move along the axis of the US–Iran negotiation, although the Israelis are also acting independently; operational matters regarding Cyprus were discussed; and it was clarified that Israel will proceed with ground operations in Lebanon up to the river. As for the economic side, uncertainty is a given, and regarding migration nothing particular was highlighted beyond some concern about what will happen with Lebanon.

Waiting for the acquisitions
-The three-year business plan (2026-2030) of Piraeus Bank will be presented today by the bank’s management in London during the Capital Markets Day it organized. Interest is focused on whether, along with the business plan, Piraeus Bank will also present its new acquisitions, Bioiatriki, etc.

One (billionaire?) fewer in Athens
-After several years, during which he had almost become integrated into the city’s social life, Beni Steinmetz left Greece and returned permanently to Israel, where his family also lives.

Prodea: They’re thinking about it
-Since we mentioned Steinmetz, who played a leading role in the early steps of Prodea—then Pangaia—it is being heard in the market that the company’s management is considering leaving the Stock Exchange. In the meantime Prodea continues to sell prime real estate, as shown by the sale of the Interior Ministry building on Vasilissis Sofias. Also of great interest is the package of 100 properties that National Bank bought relatively recently from Prodea. There are sources claiming that the contracts between National and Prodea ran until 2038—and not 2028—with rents agreed during the crisis at levels that even today are out of touch with reality.

Metlen and international aluminum prices
-Aluminum prices on the LME stood at 3,342.50 dollars per ton. These are prices aluminum had not seen for years. Analysts believe the rise is mainly due to two factors. China hit the production cap of 45 million tons last year, while a series of smelters in Iceland, Mozambique and Australia suspended operations due to high energy costs, equipment failures and geopolitical risks. In this environment, every ton of production that remains on-stream is worth more than yesterday. “Aluminium of Greece,” the industrial backbone of Metlen’s Metals sector, produces 240,000 tons annually, in one of the few facilities in Europe that remain fully operational. The arithmetic is simple: every increase of 100 dollars per ton translates into additional revenues of around 24 million dollars per year, before any hedging. From the levels of 2024, when aluminum prices were around 2,400–2,600 dollars, today’s gains in value are significant. According to estimates by Alpha Finance, the integrated aluminum production system is expected to contribute 44% of the group’s turnover and 51% of EBITDA by 2028, with Metlen having turned metallurgy from a historical legacy into a strategic weapon. All this will be seen in the Group’s preliminary annual results for 2025, on March 31.

The Novibet–Allwyn divorce
-The cancellation of the sale of Novibet to Allwyn is the second major deal to collapse for Rodolfo Odonni. Four years earlier there had been the attempt to list the game-tech company on the New York Stock Exchange, specifically on Nasdaq, through a merger with the American special-purpose company (SPAC) Artemis Strategic Investment—an undertaking that ultimately did not materialize. Two years later came the agreement for the acquisition, for an initial amount of 217 million euros, of 51% of the company (Longflex MT Holding) by Allwyn of Karel Komarek. However, the deal ran into the supervisory authorities, specifically the Competition Commission, which from the outset had expressed doubts, stating that in the event of an acquisition there would be a significant strengthening of Allwyn’s dominant position, with shares exceeding 70% in the broader online betting market and the online casino market. The so-called remedies—commitments and concessions that would have been undertaken as a counterbalance to ensure conditions of sufficient competition in the market—were judged disadvantageous and, in the end, it was decided to cancel the agreement. In any case, all this and much more about the next day of Allwyn is logically expected in about 15 days, after the announcement of the financial results and the briefing of analysts.

The great shareholder “awakening” of EYDAP
-All eyes, therefore, turned yesterday to EYDAP, which became the field of an emblematic shareholder reshuffle. The news of the sale of 9.71% of the water company’s share capital marks the end of one era and the beginning of a new, strategic approach for the infrastructure sector in Greece. The buyer of the package, GEK TERNA, through its subsidiary Urban Services, caused a sensation in the market, confirming that “water” is now becoming the new central pillar in the group’s strategy. This move is not interpreted as a simple portfolio placement, but as a vote of confidence in EYDAP’s prospects, especially in the context of the major PPP projects for networks and water resource management that are coming to the fore. For GEK TERNA, entry into EYDAP completes the “puzzle” of concessions and critical national infrastructure, creating strong synergies. On the other hand, the transaction sealed the definitive zeroing of John Paulson’s participation. The American investor completed his divestment, closing a cycle that lasted more than a decade. The market welcomed the replacement of a “passive” institutional investor by a strong domestic strategic player with positive signs on the board. EYDAP’s share reacted with a double-digit rally and increased trading volume, as investors estimate that the presence of the GEK TERNA group will act as an accelerator for the modernization and further utilization of the company’s investment plan. In particular, it “soared” by 17% to 8.55 euros, closing at the highest level of the last five years. At the same time, it significantly “cut” the distance from 10 euros, that is, the price at which the deal was made. Let us also add that EYDAP’s capitalization now stands at 910 million euros, heading rapidly toward the milestone of 1 billion euros.