Hello, everyone. Since both life and journalism thrive on good stories, now that we’ve wrapped up with the President of the Republic, it’s time to start easing into reshuffle speculation. Will K.M. proceed with it now, or push it further down the line, now that the Parliamentary Group has turned into… yogurt seas? First of all, let’s clarify that all these scenarios start to count after February 12, when Tasoulas is expected to be elected. One school of thought (from the rumor mill) says the prime minister will push the reshuffle to summer, to avoid creating grumbles among MPs who don’t get ministerial posts. The other, more active school says he should do it now (always after the election of the President of the Republic), so that those who don’t make it can still hope for another chance in 2027.

Seats on the bus…

Now, you may ask if there are… empty seats on the government bus (a regular coach fits about 55-60 people, right?). The answer is “yes,” because, if I’m not mistaken, there are about 20 non-parliamentary ministers in this government, more than half of whom are just… flying kites. So, we could replace half of them (the kite flyers) with MPs from the Parliamentary Group. With that note, we hereby inaugurate the “reshuffle speculation of 2025.” Any contributions, suggestions, or information are welcome.

Tasoulas’ resignation

Initially, Kostas Tasoulas himself thought of staying in his role, even if his appearances at the Speaker’s podium became more sporadic, and resigning after his formal re-election on February 12. However, I’m told that yesterday morning he informed the M.M. that he would resign immediately, so that Nikitas Kaklamanis could take over. Interestingly, the M.M. wasn’t planning to announce Kaklamanis’ appointment immediately, but circumstances have now changed. Also, as a government source reminded me, the Speaker of the House formally announces the election of the President of the Republic to the newly elected president, so it would have been a bit awkward… Tasoulas hosting and Tasoulas being hosted. Another person familiar with New Democracy reminded me that both institutional figures are old “Averoff loyalists” – Nikitas, too, was a “protégé” of the former ND leader.

Averoff and “Fatsio”

An Averoff touch couldn’t be missing from the table where Kostas Tasoulas and Katerina Sakellaropoulou dined at the President’s favorite spot, “Fatsio” in Pangrati. I’m told the two accompanied their modest meal with a bottle of red wine, “Katogi Averoff,” and enjoyed the dishes of the day. Tasoulas, for instance, tried the chickpeas. I’m also told that they’ve dined at the same spot before, and yesterday’s meal was arranged during a congratulatory call Sakellaropoulou made to him.

Meeting with the new Chancellor

This afternoon, K.M. departs for Berlin to participate in the EPP leaders’ retreat, held at the headquarters of the Konrad Adenauer Foundation near Tiergarten. At this CDU think tank, center-right leaders are gathering to better acquaint themselves with and support Friedrich Merz, who aspires to win the February 23 elections and reclaim the Chancellorship after Olaf Scholz’s five-year term. I’m told K.M. has a good relationship with Merz, having recently met at a dinner in Belgrade. He’s also scheduled to meet with Maltese European Parliament President Roberta Metsola. Whatever the case, having direct access to the Chancellor – even if Germany isn’t currently at its peak – has its significance.

Ivan

Two nights ago, Open issued an announcement stating that it’s not for sale. The statement mentioned “many imaginative scenarios,” concluding that “it will continue to leave its independent and credible mark on society daily,” etc., etc. First, let me clarify: it’s Savvidis’ property; he can do whatever he wants with it. But I do have a few questions. First, rumors about discussions to sell Open to businessman Mr. Maris have been circulating for three weeks. If the owner of Open wanted to declare these “imaginative scenarios” as false, well, usually you’d do that within two or three days, not let it drag on… Second, when you’ve sent (via your legal representative) a pre-agreement to the other side, okay, you can say negotiations happen but don’t always conclude successfully, or something similar, but not dismiss them as imaginative scenarios. Third, over the last two years, with the complications brought on by the war, Ivan has negotiated with Exarchou, the three competitors (Mega, Antenna, and Alpha), Iliopoulos a few months ago, and now Maris. Again, it’s his right to talk as much as he likes about his business and ultimately not sell it, but complaining about media coverage when they report on it? Come on. In any case, we wish him good luck with the mysterious Dreyfuses.

Glamorous appearances…

Key figures from the political and cultural spheres attended the presentation of Stefanos Kasselakis’ “book of life” yesterday. I’ll list them casually, not in order of importance: Anna Vagena, Dimitra Papandreou, Spyros Bibilas, Argyris Papargyropoulos, Dimosthenis Vergis, Vangelis Antonaros, Evangelos Apostolakis, Kyriaki Malama, and many more. I didn’t see Anita or Katman…

K. Hatzidakis: 3% surplus in 2024 and a near-zero deficit

At the inaugural event for Synergia’s think tank, K. Hatzidakis stated that 2024 would close with a 3% surplus, a near-zero deficit, and €2 billion in revenue from tax evasion – figures that exceed the budget estimates. Of course, he added, “we’re waiting for formal confirmation at the end of February.”

The SSM chief in Athens on 25-26 February

For the second time since taking office, SSM chief Claudia Buch is coming to Athens. The visit is scheduled for February 25-26. During this period, banks will present their 2024 results and revised business plans. These topics, along with interest rate cuts, dividends, deferred taxes, and non-performing loans, will undoubtedly be on the agenda during her discussions in Athens. Analysts also expect the ECB to announce a further 0.25-point interest rate cut on January 30. Buch’s previous visit to Athens took place on January 11-12, 2024.

OPAP, the €16 Mark, and the Dividend

OPAP reached a 4.5-month high during yesterday’s session. The stock traded at €16.15 before closing at €15.92, as the market succumbed to profit-taking tendencies. It’s clear that OPAP is testing higher price levels, with the market attempting to price in the organization’s significantly positive 2024 performance, marked by growth in both its online operations and its physical network. Moreover, OPAP remains one of the top dividend plays not only in the Greek market but also in the European market—a status expected to be reaffirmed in 2025. For the past year, OPAP distributed a total of €1.45 per share to its shareholders (€0.60 in final dividends in May, €0.25 in capital returns in July, and €0.60 in interim dividends in November), with procedures for the remaining dividend expected soon. Recently, Wood & Co. issued a “buy” recommendation with a target price of €18.9 for the stock.

A Poker Game at Thessaloniki Port Authority (OLTH) and a 5.5-Year High

The market is now awaiting the next moves from the Dreyfus family (LeonidsPort) and Ivan Savvidis’ side (Belterra) regarding Thessaloniki Port Authority (OLTH). Yesterday, the stock hit €29.30 (a 5.5-year high), well above the €27 per share offer from LeonidsPort to acquire up to 21% of OLTH. The plan for the French billionaires who suddenly appeared in Greece seeking a stake in Thessaloniki Port remains to be seen. Prices are soaring as the Savvidis family (and others) buy shares above what the Dreyfus side offers. It remains to be seen if the Dreyfus side will join the bidding war. Current data shows Dreyfus has acquired just over 2.6% of OLTH. Even with that stake, they can still play a role in OLTH—if that’s their intent—but it’s unlikely they woke up one morning in Switzerland and decided to become minor shareholders in OLTH. The true reason for their interest in the port, whether they act independently or in coordination, as well as their plans for increasing their offer or addressing those who sold at €27, remain unclear. Meanwhile, Savvidis’ side, with purchases above €27, has slightly increased its stake to 5.51% (from 4.85%). The South Europe Gateway Thessaloniki (SEGT), where Savvidis’ group holds 67% and French operator CMA CGM owns 33%, maintains a 67% stake in OLTH.

Discussions with Major Shareholders at PPC Headquarters

In recent days, there’s been noticeable activity around PPC’s stock, though the price hasn’t significantly risen. Yesterday, PPC’s management announced that between January 9 and 15, it purchased a total of 368,200 treasury shares through the stock market, bringing its ownership to 5.4305% of its share capital. It appears other major PPC shareholders are following the same strategy of increasing their stakes. At €12.50, the stock is 5% higher than a month ago and about 8% above its level six months ago. Yesterday, Piraeus Securities raised its target price for PPC stock to €19.10, surpassing the previously ambitious target of €18.50. Coincidentally, this new target aligns with discussions at PPC’s headquarters with major foreign investors who believe PPC’s market capitalization could easily rise to €6 billion from the current €4.6 billion. Piraeus Securities justifies its optimism by citing an attractive combination of growth and dividends, referencing the management’s new business plan, which predicts a 50% increase in operating profits by 2027 and a €1 dividend by the same year—targets deemed entirely achievable.

Sunlight Acquires Stake in a German Marine Battery Company

Sunlight is charting a new strategic course after canceling its major Gigafactory project for lithium cell production. The company, a leading manufacturer of industrial energy storage solutions, is now pursuing a new investment in the maritime sector. According to reports, Sunlight will acquire a strategic stake in a German marine battery company, collaborating with a family with a long-standing tradition in the field. This will allow Sunlight to enter a rapidly growing sector with increased demand for sustainable solutions, including electric and hybrid systems that reduce emissions and promote sustainability. Meanwhile, in Greece, Sunlight continues to strengthen its industrial unit in Xanthi. At Sunlight Technosystems in Kilkis, the company is investing €100 million to expand production of raw materials and components for energy storage systems. Over the last five years, Sunlight has invested over €500 million, most of it in production facilities in Greece and acquisitions for expansion abroad. Today, the company operates in 14 countries with 35 facilities, generating over €1 billion in revenue and employing 3,600 people.

Banking Stocks Hit Record Highs on the Stock Exchange

Banks led yesterday’s rally—the third consecutive—on the Athens Exchange, with the banking index closing above 1,370 points for the first time in over nine years. Specifically, the index rose by +0.68% (+2.48% over three days and +6.95% in 2025) to close at 1,375.41 points. The last higher close was on November 25, 2015, at 1,405.80 points. Eurobank extended its nine-year record, closing at €2.382, the highest since November 17, 2015, when it was at €2.40. Its market capitalization now exceeds €8.75 billion, making it the second most valuable listed company on the Athens Exchange. Piraeus Bank also hit a 10-year high, closing at €4.215. The next closest figure is €4.218 from March 4, 2024. If it breaks this level, the next target is €4.784, last seen in April 2021. Lastly, Bank of Cyprus shares jumped by over +3.5%, nearing new record highs. The stock surpassed its €4.78 IPO price and nearly reached €5, a peak it touched during its debut on the Athens Exchange on September 23, 2024.

With Banks and Coca-Cola, the Market Held 1,500 Points

While block trades are increasing, share prices are not. As mentioned earlier, there’s a growing consensus in the market that banks will distribute substantial dividends this year, which is why the banking index has climbed to nine-year highs. Piraeus Bank has announced an increase in its profit distribution ratio to 35%, while for Eurobank, the market is almost certain of a “surprise” revision of its dividend target to 50% from 40%. Even for the non-index-listed Bank of Cyprus, expectations of a 50% payout pushed the stock +3.53% close to €5, with 894,000 shares traded. With the help of banks and Coca-Cola (+1.68% at €32.76), the General Index held the 1,500-point mark yesterday (1,506.83 +0.24%) in a market that clearly lacks upward momentum. This was evident from the trading volume, which totaled €116.3 million, with €32.4 million in block trades. Moreover, declining stocks outnumbered rising ones yesterday, 83 to 44. Everyone seems to be waiting for something, but no one is taking the initiative to set a direction.

A Promise of Thessalian Sheep

A lot was said during yesterday’s press conference by Thessaly Governor Dimitris Koureta at a central Athens hotel, where he presented a review of his first year in office and outlined his vision for regional development. One standout idea was his unusual proposal for a genetically engineered livestock breed he dubbed the “Thessalian Sheep.” Koureta stated that the region is collaborating with a leading agricultural university to create a new sheep breed tailored to the needs of Thessalian farmers, aiming to reduce uncontrolled imports from third countries. The Harvard-educated governor promised to make formal announcements by March.

The Crypto Game Begins

Donald Trump’s election victory sparked a meteoric rise in bitcoin and other cryptocurrencies, fueled by his campaign promise to make America the “crypto capital.” Gradually, however, more specific policy directions from the new administration are emerging, centered on the “America First” doctrine. According to Trump’s team, plans include creating a Crypto Reserve Fund that will prioritize U.S.-founded digital currencies. The New York Post reported on this yesterday. U.S.-founded digital currencies include Solana, USD Coin (essentially the digital dollar of the U.S. Federal Reserve), and Ripple. Following the Post report, Solana’s value jumped by 15%, with its market cap surpassing $100 billion. In contrast, bitcoin fell by 2% to $98,000. Trump’s plan aims to prioritize U.S. innovation and protect the country from foreign digital dominance. This somewhat limits the ambitions of other cryptocurrencies, like bitcoin, which are open-source products mined globally.

Did Jamie Dimon Change Sides?

The head of the world’s largest bank, Jamie Dimon of JP Morgan, seems to see the balance of power shifting in Washington and is quick to adjust his rhetoric. Yesterday, he stated that the tariffs announced by the new American President will obviously cause short-term costs but could lead to “long-term benefits for the U.S., promoting prosperity and fair competition.” This statement may also serve as a warning to the average American citizen about the painful short-term consequences of tariff policies.