– Greetings,
As we said yesterday, we weren’t going to get any wiser about the OPEKEPE scandal from the parliamentary debate—unless someone actually bothered to watch it (and honestly, who in their right mind would do that at the end of July?). But if they did, they’d have come away with two things crystal clear.
First: not one of the accused admitted that there was—or is—anything fishy going on with farmer and livestock subsidies, whether under this government or previously, at least since 2014, when the technical solution was put in place. In other words, neither PASOK nor SYRIZA can accuse each other of misappropriating subsidies for farmland and livestock—because they’ll both get tangled up once the Parliamentary Inquiry and audits begin. Let’s say it again: 100,000 tax IDs have illegally pocketed money—are we really saying they’re all New Democracy voters?
Second: I’m told that the PASOK and SYRIZA MPs who did bother to attend the session probably realized that all this talk about “criminal organizations,” felonies, and political money doesn’t hold water. It’s one thing to turn a blind eye and let some voters or little cliques of crooks cash in—and a whole other story to claim someone’s pocketing cash on a minister’s orders and kicking back bribes. That’s unfortunately what Androulakis implied the other day, in a stunning display of sleaziness—especially coming from a PASOK guy. I mean, even Tsipras himself, back when they cooked up the Novartis case in Parliament, played the “neutral observer” just so it wouldn’t land squarely on his shoulders.

PASOK glory days – Koutsoukos
Let’s move on to lighter stuff—it’s almost August after all.
Yesterday, the likeable former MP, former minister, former ADEDY unionist, but always-PASOK man Yiannis Koutsoukos took a jab at us for our piece about the Papandreou era, the DEI’s Mavrakis, and the 500 million drachma “gift” scandal.
“You guys at protothema went overboard with Andreas and that Mavrakis gift back in 1986, just to make Mitsotakis look squeaky clean,” he wrote.
To which we reply—with love:
Dear Mr. Koutsoukos—PASOK, those were the days—your party leader himself talked about olive oil producers in Crete getting a bit extra from the EU funds. So how exactly does that whitewash Mitsotakis?
In any case, we’re not offended, and no—we didn’t go overboard. If we had, believe me, you’d know.
But since you’re keeping score—and if I’m not mistaken, you’ve been with PASOK for over 30 years—maybe you can shed some light on that Mavrakis story. Did Andreas really kick him out over a rumored 500 million drachma gift, or is it just an urban legend? And if anyone else knows more about that saga, we’re all ears.

Determined to back their stocks
From where I’m sitting, it looks like the bankers are dead set on backing their own stocks—and by extension, the stock market itself.
In yesterday’s analyst briefing, Piraeus Bank CEO Christos Megalou revealed something noteworthy: the bank plans to launch a share buyback in Q4, using €100 million of the €500 million total payout to shareholders from the 2025 earnings. The bank’s leadership decided to bring forward part of the distribution plan and will proceed with the buyback in 2025. The goal is for buybacks to become a permanent fixture in the shareholder reward program.

PPC invests in garbage
It’s not just water that PPC is eyeing as a strategic asset—or at least, one the government sees as a plus in the water management project.
The utility is moving quickly with its redevelopment plan in Western Macedonia, rolling out two major investment initiatives: massive data centers and waste-to-energy (WtE) projects.
Capitalizing on the energy transition, which is sending lignite to the history books, PPC is shaping a multi-layered energy and environmental footprint in the region, aiming to build new infrastructure and create jobs.
The plan is already taking form, with the first steps toward building a WtE unit—set to serve as a pilot in circular economy practices in the former lignite region.
I hear they’ve already hired a consultant and are exploring national and EU funding sources, including green investment tools.

Acquisitions and investments by Enel – Macquarie
Big plans for Greece are in motion at Principia—a joint venture between Enel and Macquarie Asset Management.
Amid the volatile and shifting renewables landscape, Principia has aggressively expanded, acquiring four operational wind farms in Greece with a total capacity of 150 MW from EDP Renováveis for €200 million.
But here’s the kicker: the deal also includes management of two high-voltage substations—adding depth to the acquisition.
Over the last 8 months, Principia has boosted its installed capacity by 50.21%, reaching 727 MW. This fall, it plans to complete Greece’s first battery energy storage system (BESS), a 49MW/98MWh project in Mount Vouno, Halkidiki.
What’s more, in 2026, it’s planning to start construction in Crete on a large hybrid project combining 70MWp of solar with a 111MW battery (BESS).
The EDP Renováveis deal is being funded with Principia’s own capital and loans from Greek banks.

M. Stassinopoulos and Metallurgy of Epirus
Michalis Stassinopoulos continues to dip into his own pockets, raising the share capital of Metallurgy of Epirus by €1 million to cover losses from previous years.
It’s worth noting that he did the same thing last July—adding €1.5 million.
Besides minting coins, the company also produces shell casings—defense being a particularly hot sector right now.

The OPAP game
It may sound repetitive, but the Tzoker jackpot streak has hit 38 consecutive rounds—which, as you can imagine, means big bucks for OPAP.
The jackpot has soared past €18 million, and OPAP is raking in an extra €2 million in revenue thanks to the hype.
The organization is capitalizing on this unprecedented public interest by pushing the digital transformation of its retail network—with tools like the OPAP Store App and beefed-up loyalty programs.
At HQ, the focus is now on AI and machine learning to deliver personalized customer experiences.
Meanwhile, the OPAP stock has climbed past €19, with a market cap over €7 billion, making it the 6th biggest on the Athens Exchange—just behind Alpha Bank (€7.5 billion).

Aegean under strange pressure
Yesterday marked Aegean’s seventh straight losing session. The stock dropped from €12.90 to €12.50, defying the general market uptrend.
Clearly, there’s a heavy seller at play—odd, given that Aegean is flying high:
It’s in a strong market position during another booming tourist season.
Athens remains a hot destination even off-season.
Favorable exchange rates and fuel prices are working in its favor.
And the airline has a clear expansion strategy, increasing fleet size and targeting promising new routes (India, etc.).
The weak dollar is especially helpful, lowering the cost of future aircraft lease payments.
Plus, Aegean offers one of the highest dividend yields not just for 2025, but beyond.
All analyst reports are bullish: Alpha Finance has a €14.60 target, Eurobank Equities €15.60, and Barclays is at €16—projecting much higher annual EBITDA after a stellar Q1.
The company is expected to announce Q2 results in September (last year it was Sept. 11). If the first-quarter trend holds—which was its best Q1 EBITDA ever—then an upward rerating is likely.

ADMIE leadership hits the road
ADMIE Holdings’ market cap is closing in on €800 million, and the holding company’s leadership is gearing up for a broad and ambitious roadshow in September—not to talk about the power grid operator’s potential, but about the stock’s prospects.
The first dividend will be cut on August 25, with a second one likely to follow.
ADMIE is rolling out a bold €6 billion investment program through 2030, fundamentally changing its operations.
The plan, backed by regulators, focuses on upgrading electrical infrastructure, strengthening energy security, and pushing Greece’s energy transition.
Island interconnections (Dodecanese, Crete, Cyclades, Attica) are part of the program’s ambitious timeline.

Record runs for Metlen, Aktor, GEK TERNA (and Frigoglass, Kyriakoulis for connoisseurs)
From banks to heavy industry—that’s where investor interest has shifted on the Athens Exchange, keeping it close to its yearly highs and the 15-year record of 2,000 points.
With a buyer surge at the close of trading, Metlen hit a new record above €47.5, just ahead of the August 4th dual listing in London and Athens.
It gained 3% yesterday and closed the seven-month stretch with nearly 42% gains.
GEK TERNA returned to its yearly highs, helped by a bullish report from Piraeus Securities, setting a price target at €31 (a 45% upside).
The stock shook off last week’s profit-taking and is heading toward €21.5 and 25-year highs. Its next highest prices were seen back in January 2000. It’s up 15.8% so far this year.
AKTOR also hit a record, touching €6.2 for the first time since October 2009.
With small gains over the last six sessions, it keeps pushing multi-year highs—up more than 26.7% in 2025. The completion of AKTOR ATE’s acquisition has boosted investor sentiment.
That said, the main index’s green close doesn’t reflect the session’s tone—banks came under pressure, and the action was in small caps.
EYDAP fell 1.96% after five straight gains (+28.2% total), closing at €7.49 on thin volume.
OLP rose 2.99% to €48.25.
Big moves (for market connoisseurs only) happened in micro caps: Frigoglass soared 12.3% to €0.566 and Kyriakoulis rose 2.9% to €2.49.

TIF front and center for… TIF
Even though Helexpo management is keeping this year’s honored country at the Thessaloniki International Fair (TIF) under tight wraps—a month before the official opening—it seems the government’s plans for the fairground’s redevelopment have been finalized.
At the Prime Minister’s speech during the 89th TIF, the complete urban renewal plan for the city center site will be announced.
The government took seriously the concerns of local groups asking for more green space and less concrete.
Sources say the area will retain its exhibition function, but a massive 200-stremma (20-hectare) metropolitan park will be created.
Gone are the hotel and shopping mall from the original blueprint.
Half the total area will become green space, with added expansion using land from the Third Army Corps and Agia Fotini.
As for the honored country of the 89th TIF—negotiations with the folks in robes (read: Gulf states) aren’t easy and still involve many moving parts.

The Frankfurt Stock Exchange brazenly ignores fundamentals
Yesterday, official data was released showing that the German economy contracted again in the second quarter of the year. German GDP fell by -0.1% on a quarterly basis, following a -0.3% drop in the first quarter.
In stark contrast, the DAX index on the Frankfurt Stock Exchange continues its impressive rise in 2025, demonstrating strong resilience and trading at new all-time highs. The DAX is soaring around the 24,250-point level, with a 12-month return of approximately +32% and a 2.44% gain in the last month. The index hit its all-time record of 24,639 points on July 10, 2025.
According to the German Ministry of Finance, investment in the real economy is declining—both from the public and private sectors.
The DAX’s surge is driven by a handful of strong-performing stocks like SAP, Siemens, Deutsche Telekom, Rheinmetall (boosted by defense spending), and Allianz.
This upward momentum remains fragile, however, due to external geopolitical and macroeconomic challenges.

Beef becomes a luxury item
It’s not just happening in Greece. Nor just in Europe. It’s happening everywhere.
The famous “New York Steak,” the iconic American cut, has now been bumped into the luxury goods category.
Never before has beef been so expensive.
In the U.S., retail beef prices have hit a record high of $6.10 per pound—about €10 per kilo—based on official data from the Department of Agriculture.
Over the past three years, beef prices have increased by more than +50%, due to a severe shortage of cattle.
Ranchers have downsized their herds due to high interest rates, expensive feed, and ongoing drought conditions.
As of July 1st, the U.S. cattle inventory stood at 94.2 million head—the lowest midyear level since records began in 1973, according to the USDA.
There are suspicions of oligopolistic behavior in the American economy: just four companies now control 85% of meat processing.
Processors now influence 62% of the final retail price—compared to just 36% in the 1980s.
Ranchers are getting poorer with meager earnings—and consumers are suffering from inflated grocery bills.

China dominates rare earth exports
CNBC revealed that in June, China exported 3,188 tons of rare earth permanent magnets—marking a +160% increase compared to the previous month, May.
The famed “rare earths” have now become a strategically critical market for the global high-tech industry and for the green transition.
Permanent magnet rare earths are vital materials for a wide range of advanced industrial applications, including electric vehicles, wind turbines, high-efficiency electric motors, and telecommunications systems.
With more than 80% of the global supply, China holds a hegemonic position in the rare earth value chain.
This explosive +160% jump in June exports may be due to short-term moves by Chinese companies to take advantage of favorable prices or to get ahead of upcoming regulations and tariffs.
The issue is that international demand is growing exponentially—and for now, only China can meet it.