Hello, the week that has begun will likely culminate in the much-anticipated reshuffle, which, to be honest, as always, has turned into something like a serial drama, with ministerial names “dancing” before us for days now but always with many questions about what will ultimately happen. This time, however, since it is likely the last one before the national elections and due to the Tempi incident, it seems logical that it will be extensive. I will lay out the information below, but first, I want to make a few observations—after all, this is a column, and we, too, have an opinion.

Do you remove the successful ones?

Listening to the scenarios about ministerial shifts, I notice that while this is a government where, in many ministries, the rotation of ministers compared to the first term did not go well, Mitsotakis seems inclined to change even those—few as they are—who are performing well. Not, of course, to send them home but to move them elsewhere, hypothetically to fill a gap there. And in doing so, he will create another gap, I would argue, in the ministry where this current minister is now doing well. You might say that any prime minister tries to utilize these executives in positions where they are believed to deliver the best results. The key is to find a capable replacement for the seat being vacated, considering that a new minister typically needs an adaptation period of about six months to learn their ministry.

New faces—new narrative

A second question is whether a reshuffle creates a new narrative and fosters public expectation that an effort is being made to fix what was left behind—such as public administration, trains and transportation, urban planning, environmental protection, etc. In the first four-year term, we had the digital state, which remained as the first government left it. What do we have now? Only one person has “emerged”—Pavlos Marinakis, who is doing well in his field, communication, in an exceptionally difficult period. Why shouldn’t Mitsotakis promote another two or three new MPs or officials to bring freshness? After all, if you don’t try, you’ll never know the result (even Mendilibar did the same, right?). In this sense, it’s a good idea that he is likely to throw a new deputy minister, Kyranakis, into the battle for the trains to fight for it. And by the way, if what the chairman of the Tempi investigation committee, Papadimitriou, told Danikas (yesterday, Proto Thema) is true—that remote control is not progressing after Daniel because they are following the classic procedures of public tenders to avoid accusations of corruption—then we should all consider leaving the country. If the same approach had been taken during the pandemic, waiting for tenders for ICUs and masks, we would all have died, right? Anyway, to wrap up this theory—I won’t teach K.M. his job, but it would be good if reshuffle day didn’t dawn with more of the same.

Names—Adonis

Let’s move on to the classic name game of the past days, although, as I keep saying, the prime minister’s notebook is likely full of crossed-out and rewritten names. By then, he will have had several more meetings with various people at the Maximos Mansion to hear opinions from associates and friends. On Saturday, for example, Adonis went to Mitsotakis’ office. I don’t know what they discussed, but I sense he will probably stay in his position. However, I must say that it would be a serious political mistake to remove him, given that he performed well as Minister of Health, especially since K.M. never initially decided to implement radical reforms in the outdated and corrupt NHS. To put it more bluntly, if Adonis leaves the government, it will be as if K.M. is accepting the entire opposition’s argument about Tempi. And let’s not forget—Georgiadis had no involvement in the accident case at any stage. Unless his crime was passionately defending the government’s positions.

Hatzidakis the Key

The key to this reshuffle goes by the name Hatzidakis because if he is moved from the Ministry of Finance, the rest of the government’s structure will have to be rebuilt. First and foremost, the same applies to M.M., since if he takes Hatz. next to him, he essentially takes a small (or larger) piece of power and influence from everyone there. From Skertsos, from Mylonakis, even from Marinakis, who is the spokesperson. Also, Kostis is a good Minister of Finance, so will the Prime Minister risk this crucial and pivotal ministry if he takes him? I don’t know who he will put there, but I don’t want to imagine the person being mentioned, because the reshuffle would be doomed from the start. I was also surprised to hear about the well-known intermediary of the “restless one” heading to the Ministry of Energy. I don’t believe it, but it circulated last night, so I pass it along, while until recently, I was told that Voridis was going to Energy. Makis is an excellent orator and lawyer, but I don’t know what connection he has to the subject. The Energy Ministry is a tough equation, as is Infrastructure, since the two ministers handle and distribute billions of euros in front of both old and new entangled oligarchs. And until today, the two ministers were chosen more for their integrity than their capabilities. I am very curious to see what will dominate Mitsotakis’ mind, given that both current ministers are on their way out for different reasons. In any case, returning to Hatzidakis, he is among those who managed his ministry well, he is trusted by foreign entities, so changing him carries risk. Not to mention that I don’t recall a Prime Minister ever bringing into his office a successor contender, even if he is “one of his own.” If it’s to help him and for the better…then so be it.

What the M.M. Poll Shows

Now, on Saturday, an M.M. poll was completed, showing that in the past month, from the first protest over Tempi until today, there has been a drop of about 3.5%, placing it at 25% without adjustments. With adjustments, it goes to around 28%. The hairdryer assistant of Zoe, the great Nikola, is doing remarkably well, PASOK stands at 11.5% without and 14% with adjustments. The queen Zoe is galloping at 11%, meaning that with adjustments, she reaches 13%, while Velo is at 8.5%, close to 10%. After that, chaos reigns—Famellokasselakides and other democratic forces.

The Dreyfus Family Insists on OLTH and Prepares

Moving straight to market news, with the business transaction update: Do you remember the Dreyfus family, which, through LeonidisPort BV, made a public offer for OLTH, which was completed on February 21, having acquired 2.58% of the port’s shares? It seems we will be hearing from them again soon, as my sources say that the Dreyfus family has not abandoned its plans for OLTH. Quite the opposite, relevant processes for the next steps are underway in London. At the moment, there does not appear to be a dialogue with the Savvidis side, though that possibility is not ruled out in the future, nor can we predict the outcome.

Piraeus Bank Wraps Up with National Insurance

Not that we had any expectations for something different, but negotiations between Piraeus Bank and National Insurance are progressing positively, and everything indicates that by the end of the month at the latest, the agreement will be announced. Meanwhile, in the U.S. and Canada—where the bank’s management teams were for the Piraeus Bank roadshow (successfully completed on Friday)—they were flooded with questions about the National Insurance acquisition, credit expansion, and dividends.

The Sale of Hellenic Dough

The sale of Hellenic Dough by CVC comes with a price tag of 350–400 million euros, according to sources directly connected to the seller. The price sounds excessive to me, but buyer interest is a given, and founder Michalis Arabatzis, after purchasing real estate from the company, is feverishly preparing his new venture—a new bakery industry mainly aimed at exports.

The Sarantis Family Denies but Ultimately…Buys Dodoni

And since we are talking about CVC…the future of Dodoni has turned into a saga over securing the right selling price. Although the Sarantis family of Hellenic Dairies (Olympus) insists they are not interested in acquiring the dairy company from Ioannina, more and more sources claim that not only have negotiations taken place, but an agreement has already been reached, with a deal worth 200 million euros! Of course, sources from Vivartia say that no binding contracts have been signed yet, but this will happen in the coming days. The market seems to have already factored it in, while in Trikala, they continue to claim ignorance… Let’s see.

Theodoropoulos Eyes a Food Company with Over 100 Million in Revenue

And since the “deal meter” appears to be approaching 600 million euros with the two cases above (Hellenic Dough, Dodoni), let me add that Spyros Theodoropoulos is also “cooking” something. Last week, he told journalists that his priority is to stabilize the Bespoke Group before proceeding with its stock market listing, but sources indicate that he has already made exploratory moves toward acquiring a food company with over 100 million euros in revenue. In fact, someone with direct knowledge of the negotiations explained that such a deal would push the relatively new group’s turnover to 600 million euros, creating the necessary size for the planned stock exchange listing. That’s also why, as he explained, the sale of Nikas is out of the question! If nothing else, the timing for the food sector is extremely interesting.

The Laptop Vouchers and the Tangled Mess with Suppliers

At this point, let me share a market issue affecting all companies that sell computers. The retail market for laptops has completely frozen because the government announced a voucher-based replacement program in November 2024. We’re now in March, and the program still hasn’t started. Companies stocked up in anticipation of the vouchers, suppliers are demanding payment, sales haven’t been made, and the situation has become a tangled mess. Has someone in the government forgotten about this?

New Listings on the Stock Exchange

The mood in the stock market remains positive, and new IPOs as well as corporate bond issues for trading on the Athens Stock Exchange are already under consideration. This week, the prospectus of Fais Holdings, which aims to raise 50–70 million euros from the market, is expected to be discussed. If everything proceeds smoothly, the public share offering is expected around the 20th of the month, followed by the listing after the March 25th holiday. Additionally, interest in the stock exchange listing of Orestis Tsakalotos’ Qualco appears to be advancing, as the holding company Qualco Group was established just a few days ago. We will also see whether the plan for Korinthian Foods to join the stock exchange will materialize.

Foreign Management for Aegean Baltic Bank by Mystakidis

Telis Mystakidis, the new majority shareholder of Aegean Baltic Bank and the second-richest Greek according to Forbes, is attempting to introduce a completely new management structure. The new CEO he has selected is not of Greek origin, and Greeks will be a minority on the new Board of Directors. Mystakidis’ plans extend far beyond Greece, and he wants to give ABB a distinctly international character. If his vision for ABB truly lies abroad, then that makes sense. However, historically, foreign bankers in Greek banks haven’t had much success. The founding family of Theodoros Afthonidis still holds a 27.5% stake, and shipping magnate Nikos Tsakos maintains a smaller share. The Afthonidis family will continue to be involved in management, with Tasos Afthonidis already taking on the role of Deputy CEO.

MEVGAL: AI, the First Fiat, and the Boarding Student

Last Saturday, MEVGAL celebrated its 75th anniversary with a grand event in Thessaloniki attended by about 600 guests, including many food industry executives. One of the highlights of the event was an AI-generated speech by founder Konstantinos Chatzakos, which moved many in the audience. Another notable moment was the public discussion between Mary Chatzakou and her children, Kostas and Marianna, who are now taking the reins of the dairy company. Spyros Theodoropoulos, who pledged to continue supporting the new generation of the family, revealed a personal story: his relationship with the late Chatzakos dates back to the 1970s when the Theodoropoulos family business, REcor, distributed MEVGAL products in Attica. He even shared that his first car, a Fiat, was bought when he was 20 years old with 100,000 drachmas given to him by Chatzakos as a reward for securing two distributors in Crete! Another touching revelation came from Popi Kalaitzi, wife of Finance Minister Kostis Hatzidakis, who grew up in Koufalia (MEVGAL’s headquarters) and was a boarding student sponsored by MEVGAL at Anatolia College. She delivered a deeply emotional speech.

Rushed Activity at the Ministry of Finance Ahead of the Cabinet Reshuffle

Today and tomorrow, Finance Minister Kostis Hatzidakis is attending Eurogroup and ECOFIN meetings, where the main topic on the agenda is the fiscal management of new defense expenditures. Immediately afterward, likely on Wednesday, he will present the new bill on donations to the state, unclaimed inheritances, foundations, and public-benefit assets. There are an estimated 7,000 unclaimed inheritances, mostly real estate, but also mobile assets such as cars, yachts, valuables, and even high-value artwork. The new legal framework simplifies procedures, introduces AI for identifying rightful heirs, and changes how foundations operate—turning them into private legal entities with less bureaucracy and more transparency. A key example of the new legislation will be the operation of Zappeion Hall. As for the bill on capital market modernization, the public consultation is wrapping up, and it will be submitted to Parliament in March to be passed before Easter. However, before that happens, the government reshuffle will have taken place.

Frustration Among Listed Companies Without Free Float

The new stock exchange regulation regarding listed companies that fail to meet minimum free float criteria will be strictly enforced this summer, warns the management of HELEX. At least 15 listed companies must expand their shareholder base (25% for companies with a market capitalization below €200 million and at least 15% for larger ones), but they are delaying decisions. There is anxiety, as most management teams do not want to offer shares at a discount and are hoping for a continued stock market rally. Many also refuse to make the necessary preparations and investments, as increasing shareholder base requires improved investor relations, regular audits, and corporate presentations.

All Eyes on the Fed

Markets have abandoned any expectations for a U.S. interest rate cut in the upcoming Federal Reserve policy meeting on March 18-19. According to CME FedWatch, the probability of a March rate cut is only 3%. Optimists place a 40% chance on a rate reduction in May, up from 31% last week. However, most investors expect the first rate cut in June but will closely watch Jerome Powell’s speech on Friday. Powell recently stated that despite rising uncertainty, the U.S. economy remains strong. He also mentioned that the Fed is closely monitoring the effects of Trump administration policy changes, noting that their economic impact will likely be “significant.” After a weak start, Wall Street closed positively on Friday. The S&P 500 rose 0.6%, the Nasdaq Composite gained 0.7%, and the Dow Jones Industrial Average increased by 223 points (+0.5%). However, all three indexes ended the week lower, with the S&P and Nasdaq experiencing their worst three-week decline since fall 2022.

U.S. Senators Push for a 10% Credit Card Interest Rate Cap

American consumers are increasingly relying on credit cards to cover daily expenses, with outstanding balances exceeding $1.2 trillion and average interest rates surpassing 25%. Last Friday, Senators Anna Paulina Luna (Republican) and Alexandria Ocasio-Cortez (Democrat) introduced a bill to cap credit card interest rates at 10%. Luna stated that “for too long, credit card companies have exploited working-class Americans with unreasonable interest rates, trapping them in nearly insurmountable debt.” Ocasio-Cortez added, “High-interest credit cards regularly trap workers in endless debt cycles. At a time when families are struggling, we cannot allow big banks to exploit our communities for profit.”