Hello, then. In the midst of a heatwave we have nothing else to occupy ourselves with, and naturally, while we await to see how the OPEKEPE scandal will unfold, let’s turn to our beloved Alexis. I’ll pass over the… brave, yet in my view incomprehensible, efforts he’s making now—ten years later—to convince us that the referendum was the right decision because it supposedly strengthened the country’s negotiating power. Not even Prokopis, so to speak, believes that. It’s like what government spokesman Marinakis said yesterday: people didn’t really understand what was happening during the first six months of 2015 with all the clownish antics; they waited to draw conclusions from the leaders’ meeting, and that was after the referendum. It seems more like our leader… Alexis thought the good old Greeks would understand and reject the proud negotiation by voting YES, but instead… they were roasting under the July sun, plus it helped a bit that they hadn’t even received their tax clearance notice (ENFIA etc.) by then, so they figured, “this is it.” “I won’t pay, I won’t pay,” Alexis the giant, end of story.

SYRIZA of the interior etc.

Now, let’s suppose that Alexis finally makes the decision and forms his much-talked-about party, the one everyone’s been waiting for with great anticipation—among them Mitsotakis himself, who has his own storms with the OPEKEPE people and maybe with a little migration issue, I hear. Can you imagine the day Tsipras announces the party? What will happen to SYRIZA? How will the face-control be done? Who will be turning away the Syriza members who will be begging to return to the arms of their natural leader? Because, between us, if you exclude three or four who had proper fallouts with Tsipras (e.g. Polakis), the rest are desperate to come back, hoping they might still have a shot at getting elected. And what will the kids of the New Left do, I wonder? Will they be drifting along with that wooden character Haritsis, who can’t even fill a room? A difficult equation, truly, even for Tsipras himself, who is naturally looking for around forty new faces to put on the marquee up front to be seen. Not to mention the Kasselinia strays, Vaggelis Antonaros, Nikos Karanikas, and many others. I foresee us ending up on the same historical paths, like KKE Interior vs. KKE Exterior.

The wave from Libya

It should come as no surprise that the migration wave threatening to “drown” Crete originates from Libya. As long as smuggling networks see that there is some mobilization in Greece and Europe to deal with the new route of mass illegal migration from North Africa to Europe, the flows will intensify, as everyone wants to cross into Europe before the “tap” is shut. The visit of Gerapetritis on Sunday to Benghazi and that of the European Commissioner for Migration, as well as the Greek, Italian, and Maltese Ministers of Migration to Tripoli and Benghazi on Wednesday, set off alarms for the smugglers, who are now trying to push as many migrants as possible toward Crete and Gavdos before any decisions are taken. We hear the situation is explosive, with about two million Sudanese, displaced by civil war, heading through Egypt to the Libyan coast. To these must be added thousands of Egyptians seeking a way into Europe, creating suffocating pressure. And if this route isn’t shut, a few more million displaced by civil war in Sudan and conflicts in the Sahel zone may follow. The question is whether visits and the “study” of measures and provision of incentives to Libya are enough to stem this flood of desperate people trying to reach the shores of Crete… Or if, at least in an initial phase, Athens must send a practical message that the corridor smugglers are opening toward Greece does not lead to Europe, but to closed detention centers until deportation decisions are executed.

Plevris’ mission

This morning, along with the European Commissioner for Migration Brunner and his counterparts from Italy and Malta, Thanos Plevris will be in Libya—in Tripoli and Benghazi. The visit is important for the Libyans, as it’s the first time in many years that a European official is visiting the country, but in Athens, there are no illusions about the blackmail involving migrant boats. In any case, in Libya’s case, the pre ssure lever—as I wrote yesterday—seems to be money, specifically European funds and support for infrastructure. Also, the Europeans are discussing the scenario of an asylum application processing center in Libya, so that screening takes place there and only legal migrants are admitted to Europe. This discussion isn’t easy, as the Libyans are under pressure, mainly from Sudan.

Mitsotakis in Rome

The heat may have “tightened,” but K.M. still has international obligations. On Thursday, he’ll be in Rome for the summit convened by Meloni for the reconstruction of Ukraine—a large and complex project in which there is considerable interest from Greek companies with extensive experience. Greece also wants to be present in Ukraine for historical reasons. Along with K.M. will be the new Deputy Minister of Foreign Affairs, Haris Theocharis, who has taken over the portfolio from Tasos Chatzivasileiou, who had previously laid the groundwork with a business delegation to Ukraine weeks ago.

Pierrakakis

A discussion of its own special interest took place at yesterday’s Eurogroup, regarding the union of savings and investments in the EU. The head of the European Investment Bank, Nadia Calviño, presented the EIB’s priorities to the Eurozone Finance Ministers, emphasizing securitizations, technological investments, and the need to create a European platform for capital mobilization. The importance of the EIB’s role is evident from the funding Greece receives, which consistently ranges between €2.3–2.5 billion annually, and this year it is expected to exceed €3 billion. According to information, in his statement Kyriakos Pierrakakis thanked Calviño for the EIB’s supportive stance during the financial crisis, during which the European Investment Bank played a pivotal role in funding and creating the Greek innovation and startup ecosystem. But he didn’t stop there—he also referred to the upcoming acquisition of the Stock Exchange by Euronext, calling it a “vote of confidence” in the Greek economy. He also emphasized that the acquisition of a stake in Alpha Bank by Unicredit is a tangible application of the Greek government’s will to work toward European financial integration and the creation of the Union of Savings and Investments.

Euronext–HELEX: The Advisors and the Fairness Opinion

The countdown has begun for the Euronext–HELEX deal. Euronext has appointed Deutsche Bank as financial advisor and the Lambadarios law firm as legal counsel. On its part, HELEX has hired Morgan Stanley. With the share price at €6.94, an improved offer is a given. HELEX should already have hired two top-tier banks—preferably not investment banks because they engage in trading—to work on the fairness opinion, as these tasks cannot be completed overnight. With three foreign institutional investors each controlling slightly more than 5% and a 84.5% free float, reaching 90% ownership is no easy task.

They Rescheduled for the Analysts’ Sake

Three banks had scheduled the announcement of their first-half (second quarter) results on the same day, specifically July 31. Namely, Piraeus Bank, National Bank of Greece (NBG), and Eurobank had planned to release their results on the same day, while Alpha Bank was to release its results on August 1. Analysts complained that it is practically impossible to follow three banks in one day, so Piraeus Bank moved its announcement one day earlier, to July 30. Thus, Piraeus Bank will announce on 30/7, NBG and Eurobank on 31/7, and Alpha Bank on 1/8.

They Will Be Left Without a Job

Sources familiar with the matter argue that the vast majority of borrowers in Swiss francs will accept the solution proposed by the government. A solution that offers both a haircut and a fixed interest rate for the entire duration of the loan. They estimate that those who do not wish to pass undefined burdens to the next generation, and those who have been seeking a settlement all this time, will accept the solution. Who won’t accept it? Those who believe the courts will provide a solution, even though this has not happened to date. If the estimates prove correct and the overwhelming majority of Swiss franc borrowers accept, it will mark the end of an era for a segment of “professionals” who built careers on these specific loans.

DoValue: As Big as a Bank

DoValue manages a loan portfolio in Greece exceeding €30 billion. Specifically, at the end of the previous fiscal year, during which it posted net operating income of €184 million (down from €196 million the previous year) and pre-tax profits of €72 million (down from €79 million), the company managed 23 portfolios with a total value exceeding €30 billion. In addition to its collaboration with Eurobank, DoValue Greece manages the securitized loan portfolios under the “Hercules” scheme, as well as loan portfolios belonging to international investors. In the first quarter of 2025, it completed the integration of the remaining Alphabet portfolios—Alphabet Retail Secured and Alphabet Corporate—worth approximately €1.4 billion and €2 billion, respectively. Furthermore, according to its financial statements, two months ago it completed the integration of the Frontier III securitization (part of the HAPS state guarantee scheme) of National Bank of Greece, a portfolio comprising all categories of loans including large and medium-sized enterprises, mortgage, and consumer loans, with a total value of approximately €600 million. It also completed the sale process of the Mariachi portfolio from the Mexico securitization.

Departure

With the overwhelming majority of non-performing loans sold and the contract expired, Giorgos Christopoulos, head of the Transaction team at Piraeus Bank and advisor to the management, is leaving. He had been with Piraeus Bank since May 2017 and managed some of the bank’s most critical projects concerning loan, real estate, and private equity portfolios. Thus, after 8 years, the collaboration has come to an end.

RAAEY is Looking for…Power

Although RAAEY, as the competent independent Authority (also) for the energy market, is the regulatory “eye” overseeing everything related to electricity and natural gas, it too needs its own power supply. As I’ve learned, an electronic tender has been announced for the procurement of electricity for the needs of the building of the Regulatory Authority for Waste, Energy & Water located on Piraeus Street. It should be noted that until now, RAAEY has procured electricity from ZENITH. The new contract duration is set at 12 months from the signing date, with an option to extend for another 12 months. The estimated value of the contract (for the 12 months) is €150,000 plus applicable VAT. The option for the additional 12 months is of equal value, bringing the total estimated contract value, including the option, to €300,000 (plus VAT). It is emphasized that the value of the contract does not include regulated and other charges, nor are these calculated in the financial offer. The contract will be awarded based on the most economically advantageous offer, based on the electricity supply price. The deadline for receiving offers is July 17, 2025, and the opening of the bids will take place the following day, July 18. It should be noted that RAAEY falls under the category of Non-household – Large Customers – Medium Voltage with a supply exceeding 250kVA. For the awareness (and… compliance) of interested parties, it is emphasized that the contractor’s offer must relate to a Medium Voltage consumer with a special tariff tailored to RAAEY’s load characteristics and consumption behavior. Furthermore, it is stated that “the supply tariff must be presented in a precise, understandable, clear, concise, and user-friendly manner to facilitate comparison among suppliers’ offers by customers,” according to relevant decisions. Thus, “each element of the tariff must be presented in a way that allows for easy and absolutely clear calculation of the corresponding charge.” I imagine that any suppliers submitting offers to supply electricity to RAAEY will be… exemplary in these respects… Beyond that, it is also interesting to see what the Authority actually consumes. Regarding its building’s consumption, it is worth mentioning that in 2021 it was 612,383.80 KWh, in 2022 it was 588,989.84 KWh, in 2023 it was 568,976.79 KWh, and in 2024 it stands at 547,629.87 KWh. Last year, the lowest consumption was recorded in February at 34,172.52 KWh, while the most energy-intensive month—obviously due to high temperatures—was July, with 67,589.28 KWh.

Why Investors Are Overlooking EYDAP

It is common for the utilities sector to underperform during periods of strong market rallies, as investors tend to turn to stocks with greater growth potential. In the case of EYDAP, however, there are a number of additional factors keeping the stock away from the market party. The General Index has recorded gains of around +30% since the beginning of the year, while EYDAP’s stock has underperformed by -3.19%. EYDAP is currently implementing a €2.1 billion investment program for network replacement and water and sewage projects in Eastern Attica. However, it has been waiting for months for decisions from the regulator (RAAEY) regarding the allowable revenue for regulated services—in simple terms, the restructuring of its pricing. During the current period, it is difficult to make decisions about water tariff increases, despite the rise in operating costs, payroll expenses, and maintenance costs. There is interest from foreign institutional portfolios wanting to invest in what is clearly an undervalued utility stock—currently worth only €613 million—but the low dividend yield and the overall underperformance of the stock do not favor such placements.

AS Company’s “Extracurricular” Activities Are Paying Off

The day after tomorrow, AS Company will distribute a dividend of €0.17 per share (net amount €0.1627). The company continues to expand its operations, thereby enhancing the value of its stock as it tries to keep pace with the rise of the General Index. AS Company is continuously expanding its product portfolio (toys, cosmetics, baby care products, adult board games, etc.) and increasing the share of its own brands, which reached almost 45% in the first four months of 2025. At the same time, it is strengthening its presence in Romania and testing expansion into new markets such as Spain. The Group’s profits will be boosted this year by €3 million from the sale of certain tourist properties in Crete, which it had purchased three years ago at 40% less than the price agreed upon for their sale. With revenues around €35 million and gross profitability close to €17 million, AS Company is now valued at €51.7 million—30% more than it was worth 12 months ago.

The Continuous Rise of the ASE Left “Smart Money” Out of the Market

The truth is that very few foresaw the General Index rising above 1,900 points halfway through the year. Even the loyal supporters of the banking sector saw stocks going up and were looking for a reason to sell. Those who sold Alpha Bank shares at €2.4–2.6 now see them at €3.16 and don’t know how to react. They respond with abstention and patience. Of the six most highly capitalized stocks on our market, four are the country’s systemic banks (Eurobank, National Bank, Piraeus, Alpha), with OPAP surpassing Alpha in fifth place by a few million euros. American investors returned from their four-day summer break with little appetite to invest in Europe, as they face their own issues: the S&P 500 index has reached a record market capitalization of $55.7 trillion—up $11.4 trillion from its April lows. Nvidia alone has added about $1.6 trillion to its market cap since April, reaching a record $3.9 trillion. The dollar is weakening, Wall Street stocks are rising, and U.S. asset managers are not currently looking toward Europe. European managers have their own concerns ahead of the tariff announcements, so trading volume on the Athens Stock Exchange remained low at €148.9 million, with block trades worth €10.4 million. The General Index slipped to 1,906.54 points (-0.60%), climbed to 1,922.93 points (+0.25%), and finally closed at 1,919.22 points (+0.06%).

The 2+2 That Brought New Records

Two large-cap stocks and two mid-caps contributed with their own record highs—or near-records—to the levels the Greek stock market has not seen since April 2010. PPC made a decisive move toward its yearly high of €14.4, reaching €14.35 yesterday. It has run a three-day rally that has cumulatively boosted it by 3.8%, and this year it has gained about 16.3%. The stock is close to levels last seen 16 years ago, in November 2009. GEK TERNA hit a new 25-year high and is now firmly established above the €20 threshold. Yesterday, it closed at €20.38—also the day’s high—while the next closest highs date back to February 2000. The group’s market cap now exceeds €2.1 billion. With a three-day rally yielding a 4.65% gain, ADMIE reached €3.26 for the first time in its history. It is up 26.6% this year and is valued at €756 million. Quest Holdings also hit an all-time high, rising 4.5% over the last three days. It closed at €7.42, is up 23.9% this year, and is €5 million short of reaching a market cap of €800 million.

Large Buildings and Homes Now Built with 3D Printers

One of the most serious problems large construction companies face today in delivering their projects is the shortage of labor. In the U.S., some builders have solved this issue by investing $500,000 in a giant machine that literally “prints” houses using concrete. The giant robot builds walls with perfect slots for pipes and wires, insulation, and steel reinforcements for added strength. No workers, no coffee breaks, no rest periods. The machine works nonstop and reduces construction costs by up to 45%. 3D-printed homes are safe: they use reinforced concrete and execute precise plans that meet ISO / ASTM and fire safety standards, with durability that—according to manufacturers—can last up to 300 years. The technology complies with the strictest specifications, minimizing risks such as human error. It “prints” not only homes but also multi-story buildings and infrastructure. This technology is expanding from eco-villages to wind turbine bases, in the U.S., Africa, and beyond.