Hello there, it was a weekend of positive publicity and pleasant news for Thessaloniki and the government. Of course, we also experienced the first severe winter weather with flooded streets and destruction in various parts of Greece, but such things are part of the plan; they happen everywhere, so let’s not overdramatize. Now, the fact that Thessaloniki’s Metro—after 18 years since its construction contract was signed (the project was first included in the 1976 state budget, imagine that)—finally appeared before us the other day is a positive development in itself, and everything else is just talk. The journalistic dismissal of the project by certain media outlets was a very bad, miserly idea, but it’s their media, and they can write what they want; they’re judged by their audience. I don’t usually comment—unlike them, who comment on what we write almost daily—but I find Karameros and Notopoulou’s approach much smarter: publicly acknowledging that half the Metro work was done under SYRIZA, paving the way for its completion. I asked the relevant officials how much work was done on this project during the 2015-19 government, and since I like to be accurate, I’ll provide an information note given to me by a government source. However, dear readers, as you know, credit for public works goes to those who complete them, not to those who only deliver blueprints. Moreover, the New Democracy government has been in office since 2019, so if the project were almost complete, they would’ve finished it much sooner. Anyway, let’s not grumble—everything’s fine. Hopefully, they’ll inaugurate the extensions next year as well.
What the Government Says About Thessaloniki’s Metro
SYRIZA’s criticism of the Metro project “lit a fire” under the Government. A source told me, “They accuse us, but they were the ones who, without studies, approvals, or environmental permits, made massive extensions, surface excavations, and construction changes to the contract? Since 2019, we’ve been paying the price for SYRIZA’s bad decisions on the Thessaloniki Metro. Did they forget? In 2015, HELLENIC METRO issued a negative recommendation, and KAS (Central Archaeological Council) decided not to proceed with the Venizelos station by removing and relocating the antiquities. In 2016, the Minister of Culture set up a five-member Working Group to draft a study for showcasing the antiquities at Venizelos station. In January 2017, HELLENIC METRO provisionally decided to ‘change course’ from the previously approved ‘removal and relocation’ by KAS, the Ministry of Culture, and the Council of State (CoS), opting for in-situ preservation, which was not communicated to the contractor. In February 2017, they issued a Ministerial Decision for Venizelos station, and the ‘construction study’ bore no engineer’s signature! In June 2017, they ordered the contractor to start studies for in-situ preservation at Venizelos, initiating a costly Supplemental Contract. A year later, they decided the Metro would operate from Pylaia to Sindrivani while beginning (again!) a Supplemental Contract process. Two years later, in March 2019, they ordered the contractor to conduct archaeological excavations at the South access point and construct perimeter diaphragm walls without approved studies.”
Only 20% of the Rails Had Been Laid
“Our Government, along with HELLENIC METRO, reviewed the Removal and Relocation method. In December 2019, KAS approved the studies, and Minister Mendoni issued a decision, initiating legal proceedings at CoS. In 2021, we began the temporary removal and safe transfer of antiquities to a specially designed, sheltered site in Kalohori (unlike St. Sophia’s relics dumped in random Kalohori plots) and then, in August 2022, started station construction. In 2023, we commenced reinstallation, preservation, and eventual showcasing of the antiquities. That’s how it stands, without even mentioning that if the project isn’t completed by March 2025, the EU will demand repayment for all three Programming Periods. SYRIZA should explain how they’d have ‘finished’ the Metro by 2020 when: there was no approved completion timeline, only 20% of the rails (trackwork) had been laid; when we took over, 29% of architectural work and about 69% of electromechanical tasks were incomplete. There was no electrification necessary for trial runs, no cables in tunnels and stations. Over the last five years, kilometers of cables (of all kinds) were installed, and countless other tasks not mentioned here. As for the Kalamaria extension, what we inherited were merely Civil Engineering works—no contracts for E/M systems. HELLENIC METRO drafted, tendered, and awarded contracts for all E/M systems, signaling, BACS, etc., and began installation. Similarly, with the 15 additional trains needed for smooth system operation.”
And a Political Message
Now, K.M., already in London since Saturday night for a stock market roadshow, seized the opportunity during an interview with Hatzinikolaou (Antenna) at the stunning Venizelos Metro station backdrop, quashing rumors (spread by his opponents) that he plans to flee—without elections—from the ND leadership by 2027, implying elections under a new leader and prime ministerial candidate. You may ask, “Does K.M.’s declaration matter? Can’t he change his mind if 2027 doesn’t work out, regardless of this 2024 statement?” The answer is: it matters now and for the foreseeable future, as it sends a clear message: to his party’s ranks, discouraging those who think they’re the next leader based on polling (though, to be fair, Dendias—leading in internal polls—acts courteously toward Mitsotakis, which even the PM acknowledges). If Dendias harbors ambitions for leadership post-K.M. and insists he’s not interested in the Presidency, that’s his right. More importantly, K.M.’s declaration—aiming for a third term, “God willing,” as he said—targets some spoiled businessmen or oligarchs furious at him, either out of spite or delusions of grandeur, believing they run the country. Of course, on one hand, they oppose him, but on the other, they constantly seek favors and preferential treatment, like most of their ilk. Ah, the Balkans! In any case, power dynamics always come with such entanglements. It’s Mitsotakis’ job to handle this; we merely observe and comment…
Mitsotakis and the Billionaires
As of yesterday, K.M. is in London. Today’s agenda includes business meetings, while tomorrow he’ll visit Downing Street to meet with Starmer. Besides the classic Morgan Stanley event, a notable highlight is the luncheon organized by the Indian Embassy in London, coordinated with M.M. Attendees include wealthy Indians from London’s financial hub, among them four billionaires.
Rebrain Greece and Kerameus
Yesterday’s Rebrain Greece event in Amsterdam drew a large crowd, with Niki Kerameus as the keynote speaker. 1,100 people attended, many standing due to a lack of seats. The Labor Minister faced tough questions, as many asked why they should return to Greece when they enjoy a comfortable life in the Netherlands. Kerameus shared her own experience of returning, emphasizing that Greece is undergoing significant change.
The Mysteries of Douzoglou
Brace yourselves for major surprises as authorities once again investigate the enigmatic financial movements of Theodoros Douzoglou. His unusual business maneuvers raise significant questions, not only for the Anti-Money Laundering Authority but also within the market. The Venezuelan businessman has perplexed banks with his peculiar and often incomprehensible behavior. During the Troika’s austerity push, when banks were urged to sell assets, Douzoglou approached ALPHA BANK to buy the Village Cinemas complex in Faliro Bay. He added other properties, such as the Tsantilis villa in Filothei and several assets in Santorini, closing the deal at €41 million. However, the sale collapsed after three months when the bank discreetly withdrew due to concerns over Douzoglou. Despite having finalized the agreement, he returned to the negotiation table, proposing, “Add something more, let’s round it up to €50 million.”
Why He Spooks the Banks…
This wasn’t the first time Douzoglou’s behavior alarmed banks. In 2019, he sought loans from another bank using properties as collateral—a seemingly straightforward process. Yet the deal fell through because the bank’s compliance department couldn’t determine who actually owned the borrowing company. The documents provided by Douzoglou’s team failed to clarify ownership, prompting the bank to think, “Why risk it?” Understandably so, as Douzoglou had been on a real estate shopping spree since 2015, during the First Time Left administration. He bought the Pentelikon Hotel in 2015, promising the staff it would reopen within six months after renovations. Nine years later, it remains closed. Similar patterns followed with other acquisitions: in 2016, the old OTE building on Stadiou Street and the Letos Hotel in Mykonos. Neither was transformed as promised—the first remains shut, and the latter embroiled in legal battles with its tenant. In 2017, he acquired the Mistral Hotel in Piraeus, villas and land in Mykonos, and other properties in Athens and the provinces.
The Anti-Money Laundering Authority and the Trail of Millions
During this time, Douzoglou cycled through directors, dismissing one after another. Initially, his close associate was G. Trepeklis, followed by L. Alvertis, and then others. Meanwhile, his investment plans grew increasingly ambitious: pledging €30–40 million for Greece’s largest storage facility, 140 underground bungalows in Elia, Mykonos, €12 million for Pentelikon’s renovation, another €10 million to convert the OTE building into a hotel, a 2019 listing on the Cyprus Stock Exchange, and deals with Hilton (still pending) to manage two of his hotels. Yet, inexplicably, his projects stalled—even as American funds, Israeli firms, international chains, and Greek entrepreneurs were launching new hotels across Greece. Everyone, that is, except Douzoglou, who owns the properties and theoretically the funds. Meanwhile, the Anti-Money Laundering Authority examines the trail of millions: Douzoglou’s capital flows from Caracas, through exotic Miami, to UBS in Zurich, and finally lands in Athens. The authority is investigating his transfers, account movements, and financial routes in the U.S., Switzerland, Cyprus, the Virgin Islands, and Greece. Ultimately, Douzoglou’s file remains wide open, with growing questions. Who will provide answers?
