Hello there. After almost eight years, it would probably be rather excessive to hold Mitsotakis accountable, in substance, because a deputy minister appointed a year ago engaged in family favouritism. But politics is not only about substance, it is also about appearances, and in that sense Tsavdaridis was shown the door yesterday morning. The worst part, as far as I am concerned, is that before packing his things and leaving, he had to come out publicly the morning before yesterday and spout his nonsense, making matters even worse. Tsavdaridis was, in any case, another wrong choice, following an equally misguided recommendation made to Mitsotakis by people in his entourage. The incident was plainly a sign of decline, and they should never even have considered keeping him for another minute. None of this is good, and it all accumulates on the public’s “hard drive”, but I repeat that I do not believe there is a prime minister or government team anywhere on earth that could anticipate, monitor and then cover up this kind of ministerial behaviour. The damage, however, has been done.

The knock-on effects of the mini reshuffle

Mitsotakis decided on the minor changes to the government while on the plane to Ireland, the main one being the transfer of Vasilis Spanakis from the Interior Ministry to the Development Ministry, where he will now deal with supermarkets and open-air markets, an area that fits his profile. From what I understand, Theodorikakos and Mitsotakis had discussed this new arrangement some time ago, with a deputy minister for commerce rather than industry, so Mitsotakis decided to implement the recommendation. Besides, there was no real need for anyone to oversee industry, since Tsavdaridis was not actually doing the job anyway. Now, bear in mind another factor: Theodorikakos and Spanakis are elected in the same constituency, southern Athens. The former came second in 2023 and the latter fourth. They are going to have a wonderful time at the ministry…

Those left out

There is also the issue of those affected by the OPEKEPE affair who feel they have been treated unfairly when it comes to government appointments. Vartzopoulos has found his way back to the Health Ministry, Mitarakis has once again become a parliamentary spokesman, while Tasos Chatzivasileiou has also returned to the Foreign Ministry. Kostas Tsiaras and Giannis Kefalogiannis, however, have been left out in the cold. Both were ministers, and now that their cases have been shelved, there is no room for them to return to the government. Unless, of course, a ministerial position somehow opens up, which I do not think Mitsotakis would wish for.

I am who I am…

Otherwise, another Marc opinion poll was published yesterday on Antenna, from which we understood, and it was not difficult, that the PASOK spokesman’s statement that Androulakis would only enter a coalition government as prime minister is worth about as much as my saying I have bought the Financial Times. So our Nikos is all on his own, and from what I can see, his needle has become stuck once again at 12.5%, with our beloved Alexis at 15.8%. I repeat that if one considers that 36% assess the government positively, 70% of whom voted for it in 2023, Mitsotakis has reason to hope for a better figure than the 30.5% he has today.

Opinion polls and governments… with a calculator

So let us get our calculators out for a moment and do a few sums and extrapolations first thing in the morning, given that only on Tuesday K.M. declared, “I will only enter a coalition government with PASOK”, and only yesterday Androulakis said that he would not go along with it unless he himself were prime minister. Well, if New Democracy receives 30.5%, it will win 121 seats, Tsipras 47, PASOK 37, Velopoulos 21, the KKE 20, little Zoe 16, little Maria (Karystianou) 14, the Kasidiaris lot 12 and little Afroditi 12. Quite a political zoo, isn’t it? Do not imagine that even if New Democracy performs brilliantly in the elections, securing 33%, anything particularly spectacular will happen. New Democracy would rise to 129 seats, and all the others would have one or two fewer seats than we calculated above. A government still cannot be formed, unless Mitsotakis, who “does not go with parties to his right”, is prepared to go with MPs from parties to his right. Of course, there is also the scenario in which PASOK finishes a distant third, Nikos bids us farewell and a New Democracy-PASOK government is formed. A variation of that same scenario is that Nikos makes a virtue of necessity, swallows the minor detail that he came third in the election and becomes a coalition partner. He would be better off at home. Now, can governments be formed without the largest party? Let us see. If we add Tsipras and Androulakis together, we reach a maximum of 90 seats. Would you also like them to open the lunatic asylum by bringing little Zoe along? At a push, they might reach 115 seats. Likewise, a ragtag government from the right could never be formed, because all of them together cannot muster even 70 MPs. I asked my pollster about all this, my source, that is, because we are measured by our readers every day, and he replied that “at the moment, the people we are polling are not in an election mood, they are trying to get through the difficult winter, and then they will see what they want to do”. That’s that.

Mitsotakis summons northern Athens mayors

I briefed you in detail yesterday about the issue of building coefficients. Today at 11:00, the mayors of Attica will gather at the offices of the Regional Union of Municipalities, under the president of PEDA, Giorgos Markopoulos, mayor of Galatsi. The new information I have for you, however, is that the six mayors of the northern suburbs who sent a letter to Mitsotakis, namely the mayors of Psychiko-Filothei, Kifisia, Papagou-Cholargos, Chalandri, Pefki-Lykovrysi and Nea Ionia, have received an invitation for Monday lunchtime to discuss the matter with Mitsotakis, with Deputy Prime Minister Hatzidakis, who is also elected in the northern suburbs, present.

A second roll-call vote from Pierrakakis

It is not exactly common for a finance minister to call a roll-call vote on a bill that the opposition denounces as anti-people. Still less common is for this to happen twice within a week. Yet Pierrakakis has done just that. Seven days after the previous law concerning loan servicers, most of whose provisions were approved by a majority of more than 200 MPs, the finance minister once again heard the opposition in Parliament yesterday, particularly PASOK, criticising the measures announced at the Thessaloniki International Fair. He therefore requested a roll-call vote on the articles, so that every MP’s vote on measures supporting families with three children, large families and pensioners would be recorded. As Pierrakakis said at the end of his speech, “The time for discussion is passing. The time for voting has come.” Really, which measure will the opposition refuse to vote for?

Hatzidakis and Papathanasis

Since I mentioned Hatzidakis, and because there will be political “duos” on the road to the ballot box, I find the event being jointly organised next Wednesday at the Chalandri Tennis Club by Hatzidakis and Alternate Finance Minister Nikos Papathanasis interesting. The subject is the challenges of 2030. In the previous elections, Adonis strongly backed Papathanasis. It is just that the challenges are now more difficult and the battle tougher, so alliances are broadening.

Agreement on the gradual reduction of Piraeus Bank’s cooperation with Ergo

Establishing the new partnerships that banks are launching with insurance companies is neither a simple nor an easy process. Hundreds of branches and employees need not only to coordinate but also to deliver sales, while new products with the appropriate adjustments are also required. This is the challenge facing National Bank of Greece and Piraeus Bank. For the former, the agreement with Allianz is expected in the first quarter of 2027, meaning that time will be needed before the real potential of the bancassurance business becomes apparent and the new partnership bears fruit. According to information, Piraeus Bank will not switch to the exclusive distribution of National Insurance products from 1 January 2027, nor will the separation from Ergo and NN, with which the bank currently cooperates, be automatic. According to the same sources, there is an agreement with Ergo for a gradual reduction in their cooperation until 2032. Presumably, something similar has been agreed with NN. The reason for choosing the gradual termination model may also be linked to the financial compensation Piraeus Bank would have to pay if it breached the terms of its agreements with the two insurers.

Paulson’s sales

While we are on the subject of Piraeus Bank, let me mention the bank’s major shareholder, John Paulson, who undoubtedly made some rather discreet share sales, to put it politely, given that his stake fell from 14.18% in December 2025 to 8.43%. Sources at Piraeus Bank say the matter was investigated by the Hellenic Capital Market Commission and that no violation emerged regarding Paulson’s disclosures, because the intermediate sales he made were below the 3% threshold required by law. Consequently, he reduced his position in a masterfully premeditated and systematic manner. Now, if Paulson wishes, as appears to be the case, he can reduce his stake from 8.4% to 5% without anyone in the market noticing once again.

Skroutz exits, Avis takes the wheel at Cardom

Avis is now continuing the Cardom venture on its own, the digital platform for selling used cars that it created in 2025 in partnership with Skroutz. The platform is being transferred to a new company wholly controlled by Avis, with its value assessed by Grant Thornton at €732,000. This valuation indicates that the venture is still at a relatively early stage of development, despite the considerable ambitions with which the cooperation between the two major groups began. Indeed, last summer, Avis Greece chief executive Andreas Taprantzis described Cardom as a key part of the company’s strategy for expanding into the digital used-car market, a sector in which Avis is already showing strong momentum, with sales increasing by 16% in 2025. The change in the corporate structure is therefore interesting, as Avis has chosen to take full control of the platform and its further development. It remains to be seen whether the separation from Skroutz will also be accompanied by a new, more aggressive commercial strategy.

The lively Huang and his successor

Nvidia will announce its third-quarter results on Tuesday, 17 November, after the close of trading on Wall Street. It is not yet known which executive will give the presentation during the conference call, as changes have taken place at the top of the management hierarchy since yesterday. Huang’s departure opens a period of uncertainty for Nvidia, with consequences expected to extend much more widely. The Silicon Valley company is a central pillar of the development of artificial intelligence and ranks among the world’s largest listed companies, as it controls approximately 90% of the market for processors used in major AI projects that are driving the American economy. Few Silicon Valley executives, with the possible exceptions of Elon Musk of Tesla and SpaceX and Steve Jobs of Apple, have been so closely identified with their companies as the 63-year-old Huang. With a 3.56% stake, he is also its largest individual shareholder. His highly centralised management style meant that there was no clear successor.

Grigoris expands into… property too

As is well known, Vlasis Georgatos does not merely own the successful Grigoris coffee chain, but through VG Holding he also maintains an investment presence in various sectors of the market, from yachts and Aigli Zappeiou to car service stations, tourism, centred on Paros, and real estate. As of yesterday, Thursday 12 November, he acquired yet another investment arm in the property sector. This is RR2, a company based in Alimos whose purpose is the purchase, sale, leasing and management of property. Its initial share capital has been set at €300,000, fully paid in cash upon incorporation, divided into 30,000 shares with a nominal value of €10 each. The capital was provided by VG Holding, represented by Vlasis Georgatos himself, while Anastasios Chaskopoulos took over the management of the company.

Good news does not bring good returns

The Economic Analysis and Investment Strategy team headed by Ilias Lekkos at Piraeus Bank yesterday launched a new monthly tool called the Equity News Flow & Sentiment Indicator. It records corporate developments involving the 50 largest stocks in the S&P 500 and the 30 in the Euro Stoxx, then weighs them against returns. The first edition, covering 30 September to 30 October, recorded 499 news items. The finding is more interesting than the tool itself. Good news did not bring good returns. In the United States, 182 positive news items were recorded against 43 negative ones. The average return, however, was -2.60%, while 27 of the 50 stocks ended the month lower. The correlation between news and prices was just 11.7%. In the eurozone, 80 positive items against eight negative ones produced an average return of -1.42% and a correlation of -6.1%, effectively zero. On the other hand, bad news had immediate consequences. The four US securities with a negative news balance, Alphabet’s two share classes, Meta and Bank of America, lost an average of 15.1%. Intel fell 45.3% after a weak fourth-quarter forecast, while Lam Research dropped 27.2% and Applied Materials plunged 23.7%, despite strong results. In Europe, Santander fell 17.9% and Schneider 18.7%. Looking for the winners of the period, we arrive at the “boring” ones: Eli Lilly (+22.5%), Walmart (+18.9%) and Chevron (+15.3%). Piraeus Bank’s analysts conclude that positive news had already been priced in and that the real action took place at sector level. The evidence came on Wednesday, when one good quarter from CoreWeave was enough for every member of the Philadelphia Semiconductor Index to close higher, with the index up 5.7% and Intel gaining 7.52% to $62.50. When everyone is expecting good news, only bad news is news.

Data centres: €20,000 for the local community for every MW

Among the 20 points through which Minister Stavros Papastavrou presented the electricity market bill, the compensatory benefit from data centres occupied barely half a line. It provided for €15,000 for every 1 MW, every year, for the benefit of the local community. In the plenary session, where the bill was passed this week, the amount was increased to €20,000. The increase was made known by New Democracy MP for Kozani Stathis Konstantinidis, who had requested it from the floor of Parliament. This concerns Article 27, which provides for an annual special levy benefiting household electricity consumers and municipalities where data centres are installed. This means that a medium-sized 50 MW data centre leaves €1 million a year in its local area. PPC’s major project with Amazon at Agios Dimitrios in Kozani, with an initial phase of 300 MW and delivery by the end of 2028, leaves €6 million. When it reaches 1,000 MW, or 1 GW, as planned, it will pay €20 million every year. Kozani Municipality’s budget for this year is €113 million, so the amount corresponding to 1 GW is equivalent to 18% of it. To be precise, the money is divided between the municipal treasury and residents’ electricity bills. As for the fairy tale and the supposed “concern” of some people about water consumption, PPC estimates 203,000 cubic metres of water per year for the first phase. The Kardia power station alone, when it was operating on lignite, used approximately 12 million cubic metres in 2018.

A battle for the top spot on the Athens Stock Exchange?

The inversely proportional performances of the Athens Stock Exchange’s two most valuable listed companies are reshaping the balance at the top. Coca-Cola HBC remains under pressure because of the uncertainty surrounding its Russian operations, while Eurobank continues its upward streak, approaching its annual highs. Coca-Cola HBC fell 3.1% yesterday, closing at €50, while during the session it slipped to €49.80, approaching its six-month lows. Concerns about the company’s operations in Russia continue to affect investment sentiment and keep the share on a path of pronounced volatility. By contrast, Eurobank completed four consecutive rising sessions, with cumulative gains of almost 9%. The share ended yesterday’s session at €4.883, having touched €4.928 during trading, and came very close to its annual closing high of €4.94. Coca-Cola HBC’s market capitalisation fell to €18.66 billion, with the company retaining first place on the Athens Stock Exchange, while Eurobank’s rose to €17.62 billion, leaving it in second place. As a result, the gap between the two largest listed companies has narrowed to approximately €1.04 billion.

MSCI delivers a five-month high rally for ElvalHalcor

ElvalHalcor’s inclusion in the MSCI Greece Small Cap Index gave its shares a strong boost, with the company recording yesterday its best daily performance in five months. This was the biggest rise since last June’s rally, when management presented the new 2026-2030 investment programme and set in motion a €250 million share capital increase. The share gained 4.77%, closing above €3.60, with trading activity reflecting the strength of buying interest. More specifically, the value of transactions exceeded €5 million, while trading volume surpassed 1.4 million shares. The MSCI inclusion has brought ElvalHalcor back into the investment spotlight, increasing the company’s visibility among international investors.

Two Greek groups that do not need Greece, but invest in it

A remark by Nikos Tsakos at the inauguration of work on the photovoltaic park in Domokos perhaps captured better than anything else the image of two Greek business groups with a global presence. “We do not depend on the Greek economy, but we contribute to the Greek economy,” he said, referring to the Tsakos Group and Evangelos Mytilineos’s METLEN. Two business families that have built their presence in international markets, with activities and investments worth billions, are meeting on a Greek mountain to invest in Greek sunshine. One group transports energy across the world’s seas, while the other has developed a strong international presence in energy and industry. Both are choosing to link their business development to a project in the Greek regions. The message also has its own business significance. The cooperation does not arise out of necessity, but out of a shared strategy, an outward-looking approach and mutual trust. As Nikos Tsakos said, the two groups share the same values and goals. And so, in Domokos, shipping met energy, with an interesting reversal of roles: the people who have become accustomed to seeking opportunities all over the world have, this time, found them on Greek soil.

Maria Angelicoussis and the Greek flag

Maria Angelicoussis has placed the Greek flag on three new Maran Tankers vessels this year: Maran Menelaus, Maran Myrsini and Maran Melina. From the summer until the end of September, there were three deliveries and three registrations in the Greek shipping register. And to understand what this means in practice, more than eight out of ten vessels in the group sail under the Greek flag. In the wider Greek-owned fleet above 1,000 GT recorded by the London-based Committee, the proportion is approximately one in ten. The Shipping Ministry therefore has a good reason to ask Angelicoussis what works in practice when she takes delivery of a vessel and registers it under the Greek flag, and what should change to encourage other Greek shipowners to make the same choice.

The EU, new sanctions and the Greek group

At a time when the United States has brought Russians and Ukrainians to the same table in Abu Dhabi, Brussels is maintaining its tough line towards Moscow. The ambassadors of the 27 member states have agreed on sanctions against 145 individuals and entities, including 50 Russian banks and companies facilitating the operation of the shadow fleet. Formal approval is expected on Monday, 16 November. The news lies in the names. A tanker can be outside the list and still become entangled in a charter if the company that booked the cargo or the bank through which the freight payment is to be made is placed under sanctions. In October, tankers under Greek management transported 8.3 million barrels of Russian crude, down from 17.3 million in September. The Greek interest is therefore considerable. Whether the new sanctions affect a particular Greek group remains to be seen from the final list and the transactions it covers.

Another move into property by Mr Tanweer

Joseph Saman, head of Tanweer, the diversified media group with a presence in 37 countries and activities in film and television content distribution, cinema operations, film production and other sectors, has established a new company. The new company is called Istorea Properties and is based in Koropi, while its stated purposes include buying and selling property, providing strategic management consultancy, multimedia software support services and other activities. The initial share capital amounts to €150,000 and has been paid by City Dynamics, a company based in Glyfada that also operates in the property market. City Dynamics is managed by Joseph Saman, his son Andreas and Georgios Papantakos. The first board of directors of the new company, Istorea Properties, consists of Joseph Saman as chairman, Georgios Papantakos as chief executive officer and Georgios Papadopoulos as a member.

The US pushes up borrowing costs, Europe follows, and crypto pays the price

The United States is pulling government bond yields upwards, and everyone else is following. On Tuesday, US inflation for October came in at 0.4% month on month, against a forecast of 0.3%. It was the third consecutive unpleasant surprise. The 10-year bond briefly moved above 5% and closed at 4.98%, 79 basis points above the beginning of the year. The 30-year yield rose to 5.35%. The two-year yield jumped 17 basis points to 4.74%. The market is now fully pricing in another US interest rate increase, potentially followed by another two by June. Europe is paying the same bill, but at a discount. The German Bund is trading around 3.30% and is heading for a weekly increase of five basis points after four declining weeks. The market assigns an 80% probability to an ECB interest rate increase in December, while some are forecasting two increases by mid-2027. The first victim of this new market environment is bitcoin. At $73,300, it is 42% below its record of $126,000 and has lost 12.3% over 30 days. A total of $1.44 billion flowed out of US spot ETFs between 5 and 11 November. The new situation became clear on Wednesday, when the S&P 500 rose 1.3%, but cryptocurrencies did not follow. It makes sense. When the US government pays 5% a year without risk, an asset that pays nothing has to rise considerably to be worth the trouble. And when it does not rise, patience costs exactly 5%. “Digital gold” has no coupon. Bonds once again offer attractive yields.

The cleverest and most macabre business idea

Barcelona has found the last customer it was missing. The fanatical supporter who will never go to the stadium again. “Memorial FC Barcelona” will have 26,000 spaces for funeral urns inside Camp Nou, with the first phase of the facility opening in late 2027. The price list is revealing. Ten years of storing ashes at Camp Nou costs €2,490. Fifty years costs €6,000, while a space without a time limit costs €10,000. For the “permanent” residents, there is also an additional €490 charge for a memorial plaque. An annual maintenance fee of €70 is also provided for. More than 1,000 supporters have already made reservations. If all the spaces are filled at the cheapest price, the club will receive €64.7 million. At the highest price, €260 million. And €70 a year multiplied by 26,000 produces €1.8 million in annual income, from customers who ask neither for transfers nor for a better view. In the 2025/26 financial year, Barcelona’s ordinary revenue reached a record €1.06 billion, exceeding €1 billion for the first time. Ordinary profit, however, was minimal, just €200,000. After extraordinary expenses and taxes, the financial year closed with a loss of €18 million. On 30 June, net debt stood at €607 million. For the reconstruction of the stadium, €1.24 billion has been raised through the Espai Barça securitisation vehicle. The 2026/27 budget forecasts net financial expenses of €67 million, up from €37 million. In other words, a club that brings in €1 billion and is left with just €200,000 has no choice but to sell whatever can be sold. Spotify secured the naming rights. Eternity was all that remained. In football, they say you never take off the shirt. Barcelona has just put a rental charge on it too.