-Greetings, dear readers!
The time has come for us to take a vacation too—today is our last edition until the end of August (around the 21st), when we’ll return. So, before signing off for summer, let’s set the record straight—at least as a seasoned old PASOK friend of mine put it—regarding the affair with Mavrakis’ “little gift,” etc., etc.
“Listen, let me tell you how it really went, because we lived through it: Andreas had fallen out with Mavrakis and kicked him out—not over a financial scandal—but the rumor about 500 million drachmas was cooked up by Tzoumakas, who hated him (Mavrakis) since their youth wing days. He even passed it on to one of your fellow journalists, who published it first, and that’s when all hell broke loose. The leak wasn’t true, and there was a very strong denial, but the damage had already been done. If you remember, there were even legal battles afterwards for Mavrakis to be vindicated,” said my (unrepentant) PASOK source, who called me in the middle of a fierce game of backgammon.
Now, I get it. Still, Nikos A. told us about the olive oil producer from Crete… who at least stole for himself and not on behalf of someone else. That we heard with our own ears.

Cat and Mouse
Now let’s move on to the late-night antics in Parliament the day before yesterday. Truth is, ND’s initial plan was to walk out of the Preliminary Investigation procedure. But they never said so—despite persistent calls from the opposition parties. What did they realize along the way? That if they walked out, PASOK and SYRIZA would withdraw their proposals for a probe, Parliament would break for the summer, and by September, ND would be dragged into the same process again. So, one way or another, they’d eventually have to vote. Sounds more like a game of cat and mouse.

Benny “I Change My Mind”
Meanwhile, after such a circus in Parliament, it was inevitable that… Mr. “all-inclusive” on constitutional matters, Evangelos Venizelos, would show up. So, he came out yesterday morning and opined that 151 MPs were needed for such an issue—but a few hours later, he pulled the classic move… “my name is Rizos, and I twist things how I please.” He made a slight backtrack, clarifying that quorum and majority are different things, so the late-night vote with 75 absentee ballots might actually have been okay after all. Sadly, even if he’s right, it’s hard to believe him anymore. Because he’s… Venizelos.

The absentee ballots
And since we’re on the topic of absentee ballots—ND mustered several of its own to reach the “magic number” of 75—what hasn’t been highlighted is that dozens of opposition MPs also voted by letter. We’re talking over 40 MPs. But when PASOK–SYRIZA–New Left & Co. walked out, the relevant staff went to the Speaker’s office and “collected” their ballots—so they never made it into the ballot box. On the other hand, this didn’t happen with some independents—e.g., Admiral Apostolakis. He voted as normal, and his ballot was counted—because no one went to withdraw it.

The Monastery and the instigators
Now, regarding the Sinai Monastery affair and the strange movements from monks aiming to overthrow Archbishop Damianos—both church insiders and diplomats believe a dangerous game is being played using the dissenters as a vehicle. Possibly even orchestrated by a foreign power. Keep in mind: the Sinai Monastery lies within the influence of the Muslim Brotherhood, and both Turkey and Russia are also “playing ball” in the area.

The Hatzidakis–Mylonakis lunch
A friend of this column happened upon an interesting lunch party the other day at “Papadakis” in Kolonaki. Deputy PM Hatzidakis was dining with Deputy Minister Giorgos Mylonakis. I’m told the atmosphere between them is very good, even within Maximos Mansion—they’re coordinating daily on a number of issues. Hatzidakis, being non-confrontational by nature, prioritizes good relations and coordination to get things done.

Josh Huck comes to welcome Kimberly
We mentioned recently that right after August 15th, the new U.S. Ambassador to Greece, Kimberly Guilfoyle, will be settling in Athens and presenting her credentials to the President of the Republic in early September.
The new Deputy Chief of Mission—essentially the functional head of the U.S. Embassy—will be Joshua (“Josh”) Huck, U.S. Deputy Assistant Secretary of State for Southern Europe and the Caucasus. A seasoned diplomat with years of experience in sensitive State Department posts and previous oversight of relations with Cyprus, Greece, Malta, and Turkey.
Josh Huck is arriving in Athens these days to take over from Maria Olson, who served as DCM during George Tsunis’ term. Olson is being transferred to the U.S. Embassy in Ankara. In the past, she has served in Russia, Jordan, Syria, and Burundi.
Huck will handle preparations for Kimberly’s arrival and immediate activation. He’s a Johns Hopkins University graduate, with postgraduate studies in Japan and Italy (SAIS Bologna Center), and speaks Chinese, Japanese, Bulgarian, and Burmese.

Energean’s new moves and Rigas’ meetings
Energean will invest over $50 million in developing another gas field—this time in Croatia. It’s the Irena field, which won’t produce massive output (about 8–10 million cubic feet per day), but the economics are sound since the infrastructure—platforms and pipelines—is already in place in the Adriatic, and the Croatian company INA (which is also part of the investment) will purchase the gas.
Production drilling is expected to begin in 2026, with extraction starting in the first half of 2027. So, it’s “Go West” for Energean—but it may not be their only move in the region.
From Montenegrin government social media, we picked up that recently, Energean CEO Mathios Rigas received the Montenegrin Minister of Energy and Raw Materials, Admir Šahmanović, at the company’s Athens offices.
That meeting wasn’t made public—unlike the one a few days earlier with Egypt’s Minister of Petroleum and Mineral Resources—probably because there’s nothing concrete yet. But it’s worth keeping in mind, as Energean has operated in Montenegro before, including conducting a seismic survey for oil and gas six years ago…

How much is the Emfietzoglou villa in Anavryta worth?
The Emfietzoglou family’s entanglement with foreclosures seems never-ending. Just a few days ago, an old property of Prodromos Emfietzoglou in Neo Faliro was auctioned off and changed hands for €729,001.
That same day, the family’s large estate with its building complex in Anavryta went up for auction again—without success.
The creditor was Cepal, and the starting price for the 50% undivided share owned by Emfietzoglou was set at €4.815 million. For 100% ownership—including the other half belonging to his wife—the market value, according to an April 2024 appraisal, was €10.7 million.
Due to the co-ownership, this value was discounted by 10%, bringing it to €9.63 million (hence the €4.815 million for 50%).
However, a new auction was listed on the electronic platform yesterday, scheduled for November 26, with Intrum as the creditor.
This time, based on a newer appraisal (by a different appraiser) from April 2025, the market value of the whole property is estimated at €25.8 million. With the 10% co-ownership discount, that becomes €23.22 million—or €11.610 million for the 50% share (rounded to €11.6 million).
This €25.8 million valuation includes:

• 2,647 m² of residential space at €7,445/m² (€19.7 million),
• 1,416 m² of exhibition space at €3,723/m² (€5.27 million),
• 809 m² of auxiliary (underground) space at €1,000/m² (€809,000).
  Let’s be real—there aren’t many properties with a 50-stremma lot, a building complex with exhibition halls, a villa, offices, a swimming pool, and even a helipad.
  Still, the discrepancy between the two appraisals is… colossal. Unless the property somehow doubled in value in just one year.

Mr. Pantelis’ Sun isn’t shining
Pantelis Mantonanakis marches to the beat of his own drum—one that doesn’t sync with anyone else’s. His parent hotel company, Ilios S.A., just released financials for fiscal year 2023… in mid-2025.
The company operates Elounda Beach Hotel and Elounda Bay Palace. These were supposed to go up for auction last year by Eurobank, but the process was blocked. Performance-wise, revenue dropped to €21 million (from €23.6 million in 2022), EBITDA to €14.9 million (from €15.4 million), but pre-tax profits rose to €4.46 million (from €3.37 million). The management report says the company planned—and began—investments for a new conference center, construction of 29 villas for sale, and hotel renovations. However, these plans were “halted due to unlawful actions and practices by the Banks/Servicers,” causing serious financial damage—capital tied up, lost profits, and even risking the approved state subsidy under Law 3299/2004. The company reserves its rights. As usual, the financial report includes a lengthy chronicle of the epic clash between the Mantonanakis Group and the State, the Public Properties Company (ETAD), and creditor banks.
According to Mr. Pantelis, ETAD owes him €785 million, and although he owes banks over €360 million, he refuses to pay—claiming he’s pledged 80% of his ETAD claims as collateral.

Three-Player Game Now in the MSCI Review for August 7
The review of MSCI indices with regard to Greece has turned into a derby featuring three main contenders—where all three, two, or even none might win. Entering the race are TITAN and Motor Oil, both aiming for a comeback, as well as the Bank of Cyprus, making its debut attempt. The main eligibility criterion for MSCI inclusion is market capitalization, with a minimum threshold of €2.9 billion. Only Bank of Cyprus currently meets this. However, the valuation of free float is also taken into account. According to this criterion, the value of the free float must exceed half of the market capitalization. Bank of Cyprus has a free float of nearly 78%, MOH just about makes it at 59%, and TITAN stands at 51%. MSCI also considers additional factors, such as “competitive market” standards. It’s a tough battle. Inclusion in the MSCI Greece Standard means substantial institutional placements from international funds and ETFs that track the index. In addition to passive fund demand, trading activity by institutional and retail investors intensifies in anticipation of capital flows—making these stocks more attractive due to increased international visibility.

Why Everyone’s Talking About EVROFARMA Again
Over the past quarter, EVROFARMA’s stock has surged more than +40%. Yesterday, it topped €2.75/share, pushing its market capitalization above €37.6 million—its highest in 21 years. EVROFARMA is a frontier-region dairy company based in Didymoteicho, Evros, with a presence both in the Greek market and in dozens of European countries. It operates its own farms, supports the local agricultural economy (with 500 partner producers and 220 feed farmers), and employs 160 workers in Evros. At its shareholders’ General Assembly on August 5, a dividend of €0.05/share for 2024 will be approved, driven by a +125% surge in exports and a -28% reduction in debt (now at €13.4 million). The company’s shareholder base is led by its founding families (Papazilakis/Papadimitriou) and a few institutional players, with relatively limited free float. The company’s management has denied market rumors about an impending deal with an Israeli fund, yet the stock continues to climb steadily. Among small-cap companies making waves on the trading board lately, EVROFARMA stands out—with substance, turnover, and an export footprint.

Nine Months of Labor for the 2,000-Point Mark
July 2025 will go down in the history books of the Athens Stock Exchange—not only as the 9th consecutive rising month for the General Index (+6.78%) but also as a period rich with major corporate developments: acquisitions, public offers, alliances, and, of course, the formal “engagement” between the Athens Stock Exchange and the Euronext Group. It’s a month of budget surpluses, falling unemployment, and steadily growing profitability among listed companies. At the start of yesterday’s session, nothing hinted at the wave of buying interest that hit post-noon. Initially, there was constant back-and-forth in market direction, with the General Index sliding to 1,974.86 points (-0.11%). After 2 p.m., buying interest surged in heavyweight stocks, pushing the index to 1,995.26 points (+0.92%). The regular session closed with the index at 1,988.04 (+0.56%), but the auction phase pushed it up further to 1,994.63 points (+0.89%). Total transaction value stood at €241.11 million, including €26.1 million in block trades. Star performer: National Bank of Greece, not just for its +3.19% rise to €12.29 but also for its €45.2 million turnover. Alpha Bank followed with €39.3 million and +1.69% to €3.30, closely trailed by Eurobank (+0.56%) at €3.238. Piraeus Bank (-0.65%) lagged at €6.77. Metlen hit a new all-time high (+1.72%) at €48.39. Surprise of the day: OTE stock rose +1.66% to €15.90 with clear signs of international investor interest. TITAN also showed strong demand (+2.39%) to €36.35. GEK TERNA (+1.21%) kept climbing to €21.66, and PPC (+1.21%) hit €14.25. Declines in the Viohalco Group and EYDAP were more due to lack of buyers than actual selling pressure.

Bartholomaios’ Hearing
As required, the hearing of Antonis Bartholomaios for his appointment as President of the Hellenic Gaming Commission (EEEP) took place in the presence of Finance Minister K. Pierrakakis. Bartholomaios, speaking in a mostly empty room to members of the Parliamentary Committee on Institutions and Transparency, emphasized that his tenure at EYDAP (“I’m the longest-serving head of a public utility,” he said, referring to his two stints there) has given him extensive experience in defending the public interest. As a technocrat, he stated, he will focus on drafting a set of immediate priority actions and hinted at possible changes in the Authority’s strategic directions. On the major issue of gambling addiction and illegal betting, the new EEEP president stressed that this deeply concerns him, especially regarding young people, and that protecting vulnerable groups will be a top priority. Minister Pierrakakis echoed these concerns, announcing plans for stricter legislation and targeted measures to combat illegal gambling and safeguard minors. He also mentioned the use of AI tools to support these efforts.

Four Seasons to Assess Astir Hotel Staff
Next week, a special team from the Four Seasons hotel chain is expected in Athens. Their mission: to move into the Astir Palace – Four Seasons in Vouliagmeni and evaluate the hotel staff in action. If the assessment is positive, the staff may have the opportunity to work during the winter season at other Four Seasons hotels in exotic destinations.

Honored Country at the Thessaloniki International Fair (TIF)
As we mentioned yesterday, the 89th Thessaloniki International Fair is just under 40 days away. Planning is well underway, but there’s still an issue with selecting the honored country—a tradition every year. Last year it was Germany, the year before Bulgaria, and in 2022, the United Arab Emirates. While this is usually announced months in advance, this year’s choice has proven difficult. Various scenarios have circulated—from the Andean Community countries and Chile, to more recently Saudi Arabia. However, recent reports suggest that due to the death of Al-Waleed bin Khaled bin Talal—great-grandson of King Abdulaziz and widely known as the “sleeping prince,” having been in a coma for 20 years following a car crash—Saudi Arabia is no longer in the running. Still, sources close to the Helexpo management are distancing themselves from that narrative, saying that no final decision has been made yet. Qatar is also rumored as a possibility—but nothing has been confirmed so far.

New Board of Kalamata Airport
Following the completion of the concession tender, the company “Kalamata Airport S.A.” was established on July 7, headquartered in Maroussi. The initial capital is €100,000, and its main activity is airport operations (excluding cargo handling). Yesterday, the first Board of Directors was formed, consisting of Holger Schaefers as President, Maria Papatsoni as Vice President, and members Charles Weinland and Athanasios Vassilopoulos.

New Trend in Manhattan: Massive Investments in Security Services
The fear industry is on the rise. The bloody attack on Blackstone’s headquarters in New York on July 28, 2025—leaving four dead, including a high-ranking executive and an on-duty police officer—shocked the financial and business circles of Wall Street. Despite strict and costly security systems and the presence of armed guards, top executives from major corporate groups are now doubling down—investing in even more expensive, heavily staffed, and complex protection protocols. According to ISS-Corporate data, the average cost of CEO protection in S&P 500 companies has jumped from $15,700 to $28,400 annually. One well-known security tech company, Johnson Controls, has seen its stock surge +32% since the start of the year, with Q2 earnings beating analyst expectations due to ever-growing demand for security technologies and climate-control systems in data centers. Another company, ADT, posted a 6.8% increase in Q2 sales and an all-time high in recurring revenue, with its stock up 20% so far this year. The big winner: the digital sector. The Global X Cybersecurity ETF (BUG) is already up +25% since the start of the year, as cybersecurity is now seen as just as strategic as physical protection.