Hello, I told you this yesterday as well, this is our week, great days since there is nothing more playful for the columns than a reshuffle, where names are played and changed, every half a day, ministerial chairs. So, we continue the reporting, you read, and I think by the weekend we will sum it up, as they used to say in the old days.

My life goes in circles…

So, the president of the government continues his contacts, thinks things over, hides thoughts, changes opinions, and tries to create something more functional but mainly more impressive, with an element of surprise, something for the media to write about on the day of the crisis. I hear something about groups of related ministries, something about mergers—mergers, as they call them in English—I just hope we don’t get ministerial acquisitions as well, because with what I’m hearing… Anyway, the constant of the reshuffle is Hatzidakis, while I insist that they haven’t yet found his replacement. Now, the rest of the names, which are many, I won’t rewrite because you read them everywhere, so I won’t waste your time unless I have something important.

Communications got tangled…

Now I hear that K.M. is not at all happy with M.M.’s communication—not with Marinakis, with whom he gets along well and who is “on his own,” as my source says. Experienced journalists from the field are therefore being sought to rebuild M.M.’s press office; some approaches were even made to executives of major media outlets, but as you can understand, who would go (and for how long?) when they have a stable job? I would say that M.M.’s complaints about communication are somewhat excessive, because when the whole team isn’t performing, it’s not the trainers’ fault. On the contrary, what is probably missing is strategy in communication, not just someone to call the media and give the line. My opinion: being a good strategist is a very tough job, and the last good one I knew went to work for a contractor.

No more morning coffee?

I’m also told that Mitsotakis is tired of hearing everyone’s long-winded opinions in the morning coffee meeting—turned playground—and is thinking of cutting it down, keeping only two or three key people inside, e.g., Kostis, Pavlos, and maybe a journalist or someone from social media. I find this logical because, in front of the boss, large meetings tend to turn into a show rather than substance. Not just at M.M., but almost everywhere.

The reshuffle and the ND secretary

Keep in mind that the reshuffle may also affect developments regarding the new secretary of ND, who will emerge from the party’s next congress. With Sofia Zacharaki’s position being “fluid,” some estimate that she could take on this role, given that she is part and parcel of the party. Other names have also been heard in the background in recent times. For example, Thomas Varvitsiotis would not be indifferent to the position, but at the same time, he wants to run in the South Sector of B’ Athens. Some have also mentioned the possibility of the current general director of ND, Giannis Smyrlis, who is one of K.M.’s close associates in the party, but he, too, is preparing to “descend” into Eastern Attica.

The “slaughter” of deputy ministers and the MPs

If there is one characteristic of the reshuffle, it will be the “slaughter” of the deputy ministers, with sweeping changes expected, leading many of the current ones to the exit door. On the other hand, several ND MPs are in the “waiting room” for entry, but they will have to wait until the last moment—they are informed at the last minute. Among the names “in play” are Makarios Lazaridis from Kavala, Sevi Voloudaki from Chania, Anna Efthymiou from Thessaloniki, Kostas Katsafados from Piraeus, Christos Boukoros from Magnesia, Giorgos Stylios from Arta, while also in play are former minister Evripidis Stylianidis, Fontas Baraliakos from Pieria, Anna Karamanli, and others.

A party of lunatics…

Now, I can’t help but comment on that crazy guy who stormed into the National Gallery and wrecked the place because, quite simply, this man is an MP. And if you take a look inside Parliament, you’ll find plenty of such material—flammable and dangerous—not only in the party of the religious zealots but also on both the right and the left. God help us…

Kallikantzaroi with…hoods

The scene with Nikos Papadopoulos, an MP of Niki, storming into the National Gallery like a possessed kallikantzaros—to recall his past statements—and breaking everything in sight because he was offended by the presence of exhibits he considered blasphemous was first learned by those of you constantly glued to protothema.gr. What hasn’t been widely reported is that the MP’s actions caused greater irritation within his party’s leadership than among the artists. Nikos Papadopoulos has long had one foot out of Niki. He is accused of acting independently, operating on the borderline of eccentricity, being an extreme activist of zealotry. In essence, he is no different from the party’s other MPs, but in practice, he is uncontrollable and exposes them. What truly infuriated them, however, was not an issue of morals or faith but of political survival. Nikos Papadopoulos called for his legal defense the independent MP and lawyer of the Novartis hooded witnesses, Pavlos Sarakis. Within Niki’s inner “priesthood,” they believe that Mr. Papadopoulos and some other MPs, such as Nikos Vrettos, who challenge Natsios’ leadership, are in talks with a group of independent MPs to form their own parliamentary group.

Construction: Acquisitions and placement

Increased activity in the construction sector was evident during the exclusive negotiations period until April 30 between AKTOR and ELLAKTOR regarding the latter’s concessions company. Developments are also expected today from AVAX, as, barring any last-minute surprises (it wasn’t 100% certain), after the close of today’s session, a placement of 4 to 5% of the shares will take place, with the three main shareholders (Ioannou, Mitzalis, and Kouvaras) jointly selling to institutional portfolios.

How Line 4 of the Metro is progressing

Taking the opportunity as we opened the discussion about AVAX, I should mention that despite AVAX’s intention to accelerate the execution rate of Metro Line 4, the delay in the project continues due to the stations, especially with the well-known issues at Evangelismos and Exarchia Square. Moreover, the tunnel excavation is proving to be technically challenging. The tunnel boring machine “Athena” in Ilisia encountered a 50-meter-long hard rock formation, causing it to stop while a solution is being sought between the contractor and the designer. “Athena” began excavation work from Katechaki and has so far constructed a tunnel of approximately 3 kilometers. Recently, it reached Ilisia with the goal of approaching Evangelismos by the end of the year. However, AVAX is not worried and believes that in about two weeks, they will overcome the difficult geological conditions and continue at a normal pace. At the same time, the other tunnel boring machine, “Niki,” which is following the opposite route, having started from Alsos Veikou towards Evangelismos, is currently near Galatsi station, where it stopped due to a malfunction and is now undergoing repairs. The company refers to these as common problems that are under control and states that it is feasible for one tunnel boring machine to finish within the year and the other by 2026, according to the schedule.

The billionaire Safras went shopping and are acquiring banks

A few months ago, they appeared interested in acquiring EFG from the Latsis Group, but they turned their attention elsewhere and ultimately closed a deal said to exceed 1 billion euros. J. Safra Sarasin, owned by the Safra family, whose head is the richest Greek woman in the world, Vicky Safra, made one of its largest acquisitions, obtaining 70% of the well-known Saxo Bank. The agreement creates new conditions in the European financial services sector, as Saxo Bank, based in Copenhagen, has acquired a significant share in online trading and investments for private and institutional clients, currently managing customer assets worth approximately 118 billion dollars. The acquisition includes the purchase of 19.8% of Finnish Mandatum’s shares and 49.9% of Chinese Geely’s shares, while CEO Kim Fournais will retain 28% of his shares and remain in his position. The owners of the Swiss bank J. Safra Sarasin are Vicky Safra and her sons from her marriage to Joseph Safra, who passed away in 2020 at the age of 82. The Lebanese-born, world’s richest banker married her in 1969 when she was 17, and they had four children together. Her eldest son, 50-year-old Jacob, is responsible for J. Safra Sarasin, Safra National Bank in New York, and the family’s real estate holdings in the U.S. David manages Banco Safra in Brazil and the group’s Brazilian real estate portfolio, while Alberto has become independent in business after previously suing his family over his share in Safra National Bank. Esther Safra Dayan married Carlos Dayan, owner of Banco Daycoval. Today, Thessaloniki-born Vicky Eskenazi-Sarfati and her sons have a personal fortune of 20.7 billion euros, according to Forbes.

Two new real estate companies from Alpha Bank

New moves from Alpha Bank in the real estate sector, this time in residential properties, where market supply remains completely out of balance with demand, whether in sales or rentals. Thus, last Friday, March 7, Alpha proceeded with the establishment of two new companies, one in Attica and the other in the regions, each with a share capital of 10 million euros and with Giannis Gkanos, CEO of Alpha Real Estate Services, as president. The first company is Alpha Investment Property (AEP) Residential Real Estate Attica V, and the second is AEP Residential Real Estate Regions II, with a focus on buying, selling, leasing, and generally exploiting properties, including financial leasing agreements for professional use (leasing) and the “Sale and Lease Back” method for properties, buildings, or building complexes and holiday settlements (mainly in the regions), as well as the construction, expansion, and conversion of buildings or building complexes and holiday settlements on plots of land, etc.

CVC sees acquisitions worth 4.6 billion (and in Greece?)

CVC Capital Partners is preparing for new moves internationally as a few days ago it completed the fundraising process for its new fund, Strategic Opportunities III. It managed to raise a total of 4.61 billion euros, matching the size of the previous fund (CVC Strategic Opportunities II), attracting an increased number of investors. CVC announced that it will focus on investments in Europe and North America for its new fund, and it remains to be seen whether there will be new placements in Greece. It is noted that CVC recently proceeded with the sale of 60% of Hellenic Healthcare Group (HHG) to Abu Dhabi’s PureHealth Holding, Barba Stathis to Ideal Holdings, and is in exclusive negotiations with Piraeus Bank for the sale of 70% of Ethniki Asfalistiki, as well as Dodoni.

Aegean’s surprises

Next Monday (17/3/25), Aegean Airlines will announce its 2024 results and its outlook for 2025. The management made sure to give the market a preview by announcing passenger traffic for the first two months of 2025, which is traditionally considered the weakest of the year. AEGEAN reported a +13% increase in international traffic and +3% in domestic traffic, with the load factor at the same levels as the corresponding period in 2024. The stock market pushed Aegean’s stock back close to 1 billion euros, as an +8% or +9% increase in profitability is now considered certain due to the spectacular increase in destinations and available seats. Additionally, in its 2024 balance sheet, AEGEAN will record one-off revenue from significant compensation paid by Pratt & Whitney for the grounding of 10 aircraft due to mandatory early technical inspections on GTF engines. The stock is at 11 euros, with Aegean’s market capitalization at 973.6 million euros.

AutoHellas stock packages

Yesterday at 13:42, and for half an hour, a small flurry of stock packages took place in AutoHellas stock, which today announces its annual results. The total of five packages, about 94,000 shares at a price of 11 euros, pushed the stock even higher to 11.18 euros, up +1.64%, with the company’s market capitalization at 543.6 million euros. It seems that some investors estimated that the company will surpass 74 million euros in net profitability, despite the auto trade sector going through a particularly uncertain period. However, AutoHellas management has ramped up long-term rentals as well as used car sales. Today we will find out.

Banking rotation on the Stock Exchange

The good news is twofold: Trading value is again at 200 million euros, and the General Index “turned around” from a negative sign at 1,619.42 points (-0.49%) to a positive at 1,627.94 points (+0.04%). Banks are in play. Since last week, following Morgan Stanley’s report, some investors have been replacing Eurobank with Piraeus in their portfolios. Thus, yesterday we saw Piraeus at 4.78 euros (+1.7%) and Eurobank at 2.425 euros (-2.61%). In an international environment that cannot be described as “investment-enthusiastic,” the Athens Stock Exchange is finding support from heavy index stocks such as OTE (+1.07%) at 15.1 euros, Metlen (+0.88%) at 36.82 euros, and Jumbo (+2.25%) at 26.4 euros.

Tomorrow’s “ECB and Its Watchers”

Tomorrow, a highly interesting meeting will take place in Frankfurt, a landmark conference titled “The European Central Bank and Its Watchers.” Around 400 “ECB watchers” (central bankers, major investors, managers, financial market participants, and academics) from all over Europe, North America, and Asia attend this conference every year to receive firsthand updates and engage in discussions with ECB Governing Council members, Eurozone central bank presidents, as well as representatives of international organizations and distinguished researchers. Tomorrow’s session will be opened by Christine Lagarde and closed by ECB Chief Economist Philip Lane, with Greece’s own Yannis Stournaras also participating. This year’s event is particularly interesting because views on the economy’s trajectory, the much-discussed “neutral interest rate,” the “consequences of the tariff war,” and many other topics not only do not align but in many cases are diametrically opposed.

Why is the world’s gold accumulating in the USA

January was yet another month in which there was an explosive increase in gold imports from all over the world into the USA. Gold imports into the USA reached a record $30.4 billion in just the first month of 2025. Not even during the pandemic had so much gold been imported into America. A remarkable coincidence is the fact that the US trade deficit with Switzerland reached a record $22 billion. This coincidence leads many to believe that the majority of the imported gold comes from Swiss vaults. Many believe that Americans are stockpiling gold to protect themselves from impending tariffs and the inevitable market turmoil. It is also logical that central banks are strategically accumulating gold reserves amid fears of inflation and trade wars. Over the past 12 months, the lowest price for gold was 1,977.19 euros. Today, it is soaring at 2,828.74 euros.

A bomb in the global bond market

Generally, one could say that investors worldwide are avoiding equity risk and seeking refuge in the (safer?) bond market. However, things are not so idyllic there either. In the massive Japanese market, the yield on the 10-year government bond reached 1.6% and is trading at its highest level since the Great Economic Crisis. In just two years, the yield on the 10-year bond has increased by 1.4 percentage points, and this is obviously due to a massive capital shift. Some analysts expect to see even 2.0% on 10-year Japanese bonds this year. The long-term (40-year) Japanese government bond has reached 2.85%, marking the highest yield in the country’s history. Japan’s advantage is that its debt is primarily in Japanese hands. On the other hand, however, the country has a staggering public debt of $10 trillion or—if you prefer—about 250% of GDP. It is the highest in the world. Additionally, there is a massive amount of leverage used in what is known as carry trade. Some investors borrow cheap yen and invest in risky markets.