Hello, before I get into the current developments, let me tell you some news from the reporting I did on Samaras’s party. My source tells me that he will delay it for as long as possible, without, of course, that meaning he is still thinking about it. No — I am told there are no second thoughts; he will do it, but… as is well known, Samaras is no newcomer, so he knows that there is a difference between anticipation and intrigue on the one hand, and what happens once it is announced and pollsters start measuring it on the other. Besides, as a party, it will have to present a team, people, positions, etc. Difficult things, and with a significant degree of uncertainty. Of course, my same source tells me, “We said he would take his time, but not until Christmas.”

K.M. on the Thessaloniki International Fair

Now to the day-to-day matters: during these first few days, K.M. is dealing almost exclusively with the Thessaloniki International Fair, both with his speech and with the substance, the content of the announcements. Yesterday he met with Pierrakakis and Petralia — not that this is… any great news, because, as is well known, Mitsotakis concerns himself with every last detail, especially on economic matters. Let me also raise a question — although it is not exclusively an economic one, but an environmental issue. In the recent bill concerning construction near the seashore, it is stipulated that you can build 25 meters away. In the rest of Europe, if I am not mistaken, construction is permitted 100 meters from the seashore. Shouldn’t they take another look at this?

A meeting with a menu — and fuel

Yesterday at noon at the Ministry of Finance, Pierrakakis and Theodorikakos had a detailed working discussion about what is called the “cost of living,” as there is concern within the government about how the winter will unfold and about rising fuel prices. Given that the situation in the Gulf is not improving, meaning that pressure on prices at the pump will continue, the government is discussing extending the fuel subsidy at least through September, while discussions are also “underway” these days with the refineries (Helleniq Energy and Motor Oil) to continue their own contribution, which has kept prices at more manageable levels.

Communication “accelerator” for the Recovery Fund

K.M. has instructed his ministers to start talking more about the Recovery Fund and explaining its benefits for the Greek economy. That is why government spokesman Marinakis spoke about it yesterday on SKAI, and other ministers will continue to emphasize this issue in the coming period. It is nevertheless a given that all ministers need to be sending the same message, at least that is K.M.’s view. From October onward, there will also be a major event presenting and reviewing the results, at which the President of the European Commission, Ursula von der Leyen, may also be present.

No meetings

And since I am on Mitsotakis’s schedule, let me tell you that no meeting with Erdoğan is planned in New York on the sidelines of the UN General Assembly. Likewise, no contact between Gerapetritis and Fidan is planned. And what would they say to each other anyway at this stage, given where things stand, with an autumn expected to have quite a few incidents? K.M. will go to New York around September 20, while after his meetings and contacts he will also spend a few days in San Francisco, where he will meet with big tech companies.

What applies to salaries at the Presidency

As we get closer to the elections, a lot of fake news will circulate; that is the only certainty. But some have also targeted the Presidency of the Republic with reports about the granting of an allowance to its employees. As clarified by the Presidential Mansion on Herodou Attikou Street, this is neither a new benefit nor a “20% increase,” but the restoration of an allowance that was abolished in 2014 in the core public sector. According to the same briefing, this particular allowance has already been restored over the past five or six years in most public-sector services. Essentially, therefore, this is a restoration — after 12 years — to almost the same level as the rest of the public sector, and not a “20% increase.” The Presidential Mansion also emphasizes that its employees are normally covered by the Unified Pay Scale and do not enjoy any special or preferential salary regime, as the Unified Pay Scale of the Public Sector is fully and consistently applied. Apart from the position allowance for directors and supervisors, which applies throughout the public sector, there is no other allowance. In other words, the Presidency’s position is that this is a salary restoration after 12 years and alignment with what already applies elsewhere in the public sector. After all, the Presidency’s employees are not some privileged class, but ordinary public servants who simply happen to serve the country’s highest institution.

Patelis Macro

In a LinkedIn post, former director of K.M.’s economic office Alexis Patelis announced the launch of his company, Patelis Macro, which will specialize in investment advisory services and wealth management. He already has strong connections with former clients and major family offices, while the offices will be in Athens. The client list will not be allowed to “stretch,” and as he himself writes, access will be limited, while the focus will be on global macro.

Full steam ahead for IASO

Discussions over the deal for the acquisition of IASO by Strinx Holdings (25% controlled by Piraeus Bank) are at an advanced stage, with sources estimating that the agreement will be completed by the end of the year. Naturally, additional time will be required to obtain approval from the Competition Commission, as the ultimate objective is to vertically integrate the services following the acquisition of National Insurance by Piraeus Bank as well, in order to create major synergies and added value.Henry Dunant Hospital and Euromedica’s clinics belong to HMITHEA Medical Group, which is controlled by investment fund Blantyre Capital and Piraeus Bank. Of course, competitors, particularly in the healthcare sector, do not view the development involving IASO favorably, so they will presumably seek to make approval by the Competition Commission more difficult.As for the earlier scenario concerning the acquisition of Bioiatriki, it remains at an early stage. It would probably be wrong to say that it has been shelved, but it has been frozen, and no one is expressing certainty that it will ultimately go ahead. It should be noted that the Bioiatriki Group has significantly improved its financial figures, so if the deal proceeds, it will also involve a different price.

Restaurants–supermarkets, score 2 (but tourism is changing)

The “democratization of air travel” has filled Greece with visitors from abroad, but it has limited the spending power of their wallets. In all of the country’s popular tourist destinations, the conclusion is the same. More visitors, lower per-capita spending. Spending has moved from local tavernas to the refrigerators of accommodations. Local supermarkets experienced their “golden age” this summer. In Mykonos, six new “souvlaki shops” opened this year, betting on value-for-money tourists. According to Nielsen IQ, 65% of holidaymakers prepare their own snacks and 27% even prepare their own dinner. Restaurant turnover fell for the second consecutive quarter, to €5.30 billion in the six-month period, compared with €5.42 billion last year. That means €122 million less in revenue, with prices up 6.4%. By contrast, the FMCG market is heading toward a new historic record, surpassing the €14.09 billion recorded in 2025, with island destinations showing the highest rates of growth in supermarkets. The summer of change has its own geography. Receipts from outside the EU increased by 19.7%, compared with 10.7% from the EU, with Americans spending approximately €1,190 per trip (+20%), while Germany, hit by the climate and economic crisis, showed the obvious strain on household incomes.

No Greek stock in FTSE Russell’s large-cap segment

Not one or two, but… 62 Greek stocks are entering FTSE Russell’s developed-market indices as of September 21. The news is well known, but what no announcement mentions is that no Greek stock is classified as large-cap in the index. The four systemic banks, OTE, and PPC are all considered Mid Cap. The entry threshold for Large Caps in Developed Europe is $29.1 billion in market capitalization. In Emerging Europe it was $4.5 billion. There, our banks were giants. Here, Greece accounts for 0.056% of the FTSE Developed and 0.050% of the FTSE All-World. A $10 billion portfolio tracking the index will put $5.6 million into Greece as a whole. The winners in this story are hidden in the comparison with the previous indicative list. In April, using December 2025 data, FTSE placed Cenergy, GEK TERNA, and Viohalco in Small Caps. Now all three have moved up into Mid Cap. Jumbo remained Small. New entrants that were not on the list then are AVAX, CrediaBank, ELVALHALCOR, Euronext Athens, and the entire group of 30 Micro Caps. The major absence from this list is Metlen, which chose London and has been a member of the FTSE 100 since September 2025.

Banking index at an 11-year high, reaches 3,100 points

Bank stocks maintained their leading role on the Athens Stock Exchange, driving the sector index to 3,100 points, a level recorded for the first time since mid-November 2015. Eurobank showed the strongest momentum, reaching an 11-year record by closing at €4.58, at August 2015 levels, after having broken through €4.60 intraday. This impressive rise lifted Eurobank’s market capitalization to €16.5 billion, widening the gap over National Bank of Greece, which is valued at €15.2 billion. CrediaBank also had a positive showing, continuing its strong upward move for a second consecutive day and managing to reclaim the psychologically important €1 level.

GEK TERNA sets its sights on historic highs

The GEK TERNA share is once again displaying strong momentum, managing to reclaim €46. With this move, it came notably close to its all-time high of €47, which it recorded at the beginning of last July, confirming its long-term upward trajectory. Investor confidence remains elevated, as both domestic and international firms place the group’s fair value significantly above current levels. Characteristically, UBS maintains a “buy” recommendation with a €55 price target, seeing strong growth prospects. Along the same lines, the analysis by AXIA – Alpha Finance, which set the target at €55.20, anticipates steadily increasing dividend returns of up to €0.60 per share by 2030, with strong fundamentals and major concession projects serving as catalysts.

Allwyn: “Sees” €15 again ahead of results

Strong buying interest is emerging in the Allwyn share, recording a three-day positive streak that peaked with yesterday’s gain of around 2.75%. In this way, it moved above €14.50, reaching a new four-month high and setting its sights on the critical €15 level, where it was trading at the beginning of last April. The investment community’s attention is turning to the second-quarter financial results, which will be announced tomorrow before the opening of trading on the Athens Stock Exchange. Attention will focus on the scheduled conference call with analysts and investors that same day at 16:00 Greek time, where management will present the group’s financial figures and outlook, setting the tone for the stock’s future course.

A man who “built” the banks’ images is gone

Loukas Petrounias lost his life last Saturday, August 22, after falling into a ravine on Mount Olympus while returning from Mytikas. The market knew him as Chief Marketing Officer at Piraeus Bank. Few remember that he had worked for the bank even before he was hired. In 2013, as Executive Director of Solid, he signed off on the campaign for the Olympiacos F.C. MasterCard, at a time when Piraeus Bank was absorbing ATEbank, Geniki, Millennium, and the Greek networks of the Cypriot banks. He joined the bank in 2015, the year of the third recapitalization, and rose to the top of marketing when Piraeus had fully returned to the private sector. In between, he worked across Customer Experience, Loyalty, and Marketing and found himself at the heart of the bank’s biggest image transformation. When, in May 2024, “Piraeus Bank” became “Piraeus,” the winbank app was renamed Piraeus app and the three diagonal lines in the logo changed direction, from left to right, signaling a bank that was now looking ahead. He worked at Solid for more than 11 years, building the digital department from scratch in 2011, at a time when most advertisers were cutting their advertising budgets. He taught Communication Strategy, Storytelling, and Digital Marketing at Panteion University. He built brands that looked ahead. He left while looking toward the summit.

Significant developments at the Banks of a United Europe

For many years, Europe sold its banks far too cheaply, particularly compared with American banks. Today things have changed, and Bloomberg — with a simple chart — shows that markets are “seeing” a wave of mergers and acquisitions, with high expectations. Bloomberg’s chart describes things that would not fit into 10 reports. European banks (STOXX 600 Banks) are valued at 1.6 times their book value, while US banks are at 1.79x. In spring 2020, Europe was trading below 0.4x and the US close to 1x. The gap has narrowed sharply, and this points to high expectations. Based on European Central Bank data, price-to-book (P/B) ratios for eurozone banks have been rising since the end of 2022, with the largest increase occurring in 2025. By February 2026, they had reached a level not seen before the global financial crisis, before declining because of the war in the Middle East. Markets are “sniffing out” developments that have not yet materialized. The sector closed 2025 with stock-market gains of +65%, its best year since 1997. The second quarter of 2026 added +21%, making it Europe’s second-best-performing sector after technology. Nevertheless, the index is trading at a forward P/E of 10.1, only slightly above the long-term average of 9.5. Greek banks are following closely behind. According to AXIA, Greek and Cypriot banks are valued at 1.45x P/TBV and 9.2x P/E based on 2027 figures. NBG Securities sees a premium of approximately +8% versus the Stoxx 600 Banks on 2026 P/E, but a discount of -9% versus the European periphery. Greece has overtaken the average, but not yet the banks of Southern Europe. Banking consolidation in Europe is constantly being announced, but has still not materialized in practice. Attempts have been made — Mediobanca/MPS, UniCredit’s attempts regarding BPM and Commerzbank, BBVA/Sabadell. What has not emerged is cross-border consolidation. Markets, however, are pricing in significant developments.

Maria Angelicoussis raises the Greek flag in her latest bet

The delivery of Maran Myrsini is not just another routine addition to the fleet of Maria Angelicoussis. The 155,500-ton Suezmax, delivered on August 20 by New Times Shipbuilding, is the fourth of the eight LNG dual-fuel tankers in the program and sails under the Greek flag. It was preceded by Maran Morpheus, Maran Myrto, and Maran Menelaus, while four more deliveries remain. The significance lies in the consistency of the choice. At a time when much of the market is waiting for the regulatory landscape and the future of fuels to become clearer, Maran Tankers is creating a homogeneous series of modern Suezmaxes, with a more efficient hull, energy-saving systems, and the ability to burn LNG. It is not just buying ships; it is buying operational uniformity for the next decade. There is also a second message. At a time when many Greek companies are choosing flexible international registries, Angelicoussis is placing one of its most advanced newbuilds under the Greek flag. With Maran Tankers having 51 vessels and another 12 under construction, the move indicates that the Greek flag remains part of the group’s strategic identity and not merely a symbolic choice.

The $4.4 Billion That Buys Fragou Time

The most consequential move by Angelic Fragou is not hidden solely in the new orders, but in the way she is reshaping the fleet of Navios Maritime Partners. On the one hand, the company has agreed to sell a 2008-built containership with a capacity of 4,730 TEU for $34.5 million. On the other, it is directing capital toward larger, newer vessels that can benefit from the lengthening of trade routes. The real “cushion,” however, is the $4.4 billion in contracted revenues through 2037. In a market where the Strait of Hormuz, the Red Sea and the Black Sea are constantly redrawing the maps, Fragou has chosen not to rely exclusively on peaks in the spot charter market. She is locking in multi-year employment, renewing the fleet and selling older tonnage while values remain strong. The behind-the-scenes reading is that Navios is not trying to guess how long the crisis will last. It has created a mechanism capable of generating revenue whether the disruption continues or the market normalizes. And this backlog gives Fragou the most valuable advantage in shipping: time.

The VLCC That Doubled in Price After Leaving Greek Hands

An old VLCC with a Greek past offers today perhaps the market’s most instructive behind-the-scenes story. The 23-year-old Hellstugutinden, formerly Chandris’s Australis, is reportedly changing hands for $57 million. As recently as March 2025, the Greek company had sold it to Middle Eastern interests for an amount close to $28 million. In less than a year and a half, its valuation has essentially doubled. The easy reading is that Chandris left almost $29 million on the table. The substantive one, however, is more complex. The company exited a 2003-built vessel and returned to the VLCC sector with the 2020-built CSSC Liao Ning, renamed Australis and costing approximately $112 million, while it is also awaiting the newbuilding Ellinis from Hanwha Ocean. Today’s buyer is paying a premium not only for the ship, but for the scarcity of older, unsanctioned tonnage with a clean history, in a market where freight rates have soared. So this is not necessarily a failed prediction. It is the price of choosing to leave the extreme risk to the next owner and shift capital into a newer fleet.

Waiting for NVIDIA

NVIDIA is announcing its second-quarter results today, Wednesday, August 26. The results are expected at approximately 23:20 Greece time after the close of Wall Street, while the conference call begins at 00:00 Greece time. Consensus stands at approximately $2.08 per share, with revenue close to $92 billion. The company has guided for revenue of $91 billion, plus or minus 2%, so a small beat of estimates is more or less already priced in and, by itself, would be unlikely to trigger a significant reaction in the stock. What the market is really waiting for is the outlook for the next quarter, as that will largely determine the debate over whether a period of payback on the enormous investments is beginning and how sustainable the momentum in Artificial Intelligence spending remains. The first quarter, meanwhile, was exceptionally strong. Revenue came to $81.6 billion, up 85% year over year, with the Data Center segment contributing $75.2 billion and adjusted gross profit margin holding at 75%. Management raised its guidance for the second quarter and, particularly importantly, did so without factoring in revenue from sales of computing systems to data centers in China.

The Small Margin Is Key

What differentiates Nvidia is that it is growing faster than almost any other large company while simultaneously maintaining exceptionally high profit margins. It is this combination that justifies its valuation premium. In the earnings announcement, therefore, gross margin may prove even more important than revenue. A strong revenue beat accompanied by a decline in margins would immediately raise questions about whether competition, product mix or the rising cost of systems is beginning to weigh on profitability. Conversely, maintaining gross margin close to 75% would significantly facilitate an upward revision of the current valuation. The most obvious risk comes from memory, which now accounts for approximately 40–50% of the manufacturing cost of Nvidia systems, versus just 15–20% a relatively short time ago, while prices are rising. Nevertheless, the market estimates that gross margins will decline slightly over the long term, toward 73–74%, with the help of long-term supply agreements.

Bitcoin Returned to $80,000, With Bessent’s Help

The price of bitcoin returned above $80,000 in recent days, a level it had not held since May, completing its second-best week since the beginning of 2021. Yesterday, it was trading around $78,900, with a market capitalization of $1.58 trillion, up 22.9% in just seven days. The overall cryptocurrency market gained 20.4% over the same period. Bitcoin nevertheless remains 36% below its all-time high of $126,200 on October 7, 2025. Seven months ago, on February 5, bitcoin had plunged to $60,062, a 16-month low, recording a decline of more than 50% from its peak. For months, the price remained trapped in the $60,000–72,000 range. In June, it broke below $60,000 for the first time since late 2024. The shift in cryptocurrency dynamics came from… the U.S. Treasury Department. On August 19, Scott Bessent announced the doubling of long-term Treasury buybacks, from $2 billion to at least $4 billion per operation, effective September 9. The move pushed bond yields lower (and prices higher) within a few hours and rekindled risk appetite. The price jumped from $62,800 on Tuesday to $80,000 on Friday evening, with more than $2.7 billion in short positions liquidated. Overall, more than $4 billion in short positions were hurriedly liquidated over the following days. U.S. spot bitcoin ETFs attracted net inflows of $1.92 billion in the week through August 21, their strongest since October 2025, with BlackRock’s IBIT absorbing $1.33 billion over five consecutive trading sessions. August has already brought in $2.38 billion and is, so far, the best month of 2026. The U.S. Senate has scheduled a procedural vote on the CLARITY Act for September 15. The bill will establish the boundaries of jurisdiction between the SEC and CFTC, placing a large part of the industry under the oversight of the Commodity Futures Trading Commission, the independent U.S. federal agency that oversees derivatives markets. Republicans control 53 seats, but 60 votes are required to overcome the filibuster. According to Reuters, a failed vote could effectively “kill” the bill.

The 12.8% Is Not What You Think

A percentage is making the rounds on the internet in America. 12.8% of outstanding U.S. credit-card balances are more than 90 days delinquent, up from 7.6% in 2022. If it meant what it appears to mean, it would point toward the Great Depression. However, the New York Fed, which published the figure, warns against reading it that way. The rate of new delinquencies has remained relatively stable for almost two years. The “stock” is rising because banks are now keeping old, already charged-off debts on credit reports for longer. Excluding charged-off debt, new delinquencies have been running at around 3% of outstanding balances since 2024, with the latest reading at 2.95%. The behind-the-scenes explanation, therefore, is accounting-related. The same debt is being counted twice, by Equifax and by the banks, under different rules. This does not, of course, mean that everything is fine. It reflects the “K-shaped economy.” Millions of households are living on the edge, month to month. Of the 175 million Americans with credit cards, approximately 60% carry revolving debt. New delinquencies on auto loans and credit cards remain at elevated levels.