Hello, I’ll start today with PASOK because I think the story of the day came from there and not from New York—we’ll get to the goings-on there a bit later. So, the other day Geroulanos said it straight to Androulakis: “we’ve got a problem if the needle (of the polls) doesn’t move in the next two months.” Yesterday it was Diamantopoulou’s turn to… tell him off, accusing him clearly and directly that he “turned PASOK into Karystianou and Konstantopoulou” over the xylol issue and the Tempi disaster. The result? After a million-strong rally, Konstantopoulou is catching up to PASOK in the polls.
So the question now is: what will happen, and how—and if—our leader Nikos will react, given that PASOK’s needle simply isn’t going to move, at least not seriously upwards, under the current conditions. Meanwhile, the political “bundle” of Zoe (Konstantopoulou) and Karystianou, whether together or separate, will always sell better with their audience—and certainly not with the audience of the systemic center-left that PASOK represented from 1985 onwards. I don’t have an answer, because obviously at this stage there is no answer: Nikos isn’t budging, and as if he ever would. But then again, neither is the needle.

New York

• As estimated by members of the Greek delegation in New York themselves: “since Erdoğan found a good excuse to postpone his meeting with Mitsotakis, he decided not to do the appointment.” I asked what this nearly half-hour meeting would have been (translation time included), and got the answer: “certainly not a proper Greek-Turkish meeting like in Athens or Ankara with coordinates, a proper agenda, etc., but surely a sign of goodwill that when we’re near each other at an international forum, we talk and follow the rules of good neighborliness.” Fine, we get it, Erdoğan didn’t want it, his right, moving on—we look after and will always look after our own national interests. “There are plenty of opportunities for meetings in the near future,” they added, concluding with: “to put it another way, we’re not going to chase him.”

What they heard from the Germans

• These days, a delegation of ND officials and MPs visited Berlin as guests of the Hans Seidel Foundation, affiliated with the Bavarian Christian Socialists. They went to the Chancellery, the Bundestag, and also met German industrialists. From the latter they heard very positive words about the country’s economic comeback and felt that the Germans now treat us as a serious country. On migration, the Germans seemed happy we’re doing the job at the borders. As for the SAFE program, that still needs work. On the Greek side, the MPs present were Chatzivasileiou, Syrigos, Stamenitis, Oikonomou, Kefala, Alexopoulou, Mantas, and Fortomas, along with ND’s general director Giannis Smyrlis.

Vivartia restaurants up for sale

• CVC’s effort to sell DELTA is ongoing, with the main interested party still being MEVGAL with Spyros Theodoropoulos. As always, the sticking point is valuation, and for news we’ll need to wait until the new year, since this year’s financial results will set the price. Meanwhile, Vivartia’s catering arm has also been put up for sale, as some entrepreneurs have already looked over the numbers. Restaurants are not easy to sell since it’s not a business for everyone. We’re talking about five restaurant chains (Goody’s, Flocafe, Everest, La Pasteria, Olympus Plaza), ten individual restaurants (Kuzina in Thiseio, souvlaki It’s All Greek etc.), plus Hellenic Catering and Olympic Catering. In total, 560 outlets employing around 5,000 people. Big numbers in a demanding sector, which make quite a few entrepreneurs hesitate before moving forward.

Suspension for Liakounakos in Mykonos

• At the last moment—yesterday afternoon, in fact, as this column learns—the auction scheduled for today, Thursday, September 25, concerning the villa of businessman Thomas Liakounakos and his wife Natassa Katsarou in the Tourlos area of Mykonos, was suspended. The property: a plot of 9,336 sq.m. with a two-story house—269.17 sq.m. basement with utility rooms and water tank, 124.55 sq.m. ground floor, 169.55 sq.m. first floor, 22.58 sq.m. semi-open spaces, and 102.36 sq.m. of parking. Plus, a 145 sq.m. pool and a small 20 sq.m. chapel. The property sits 200 meters from the sea with unobstructed views. The foreclosing party was doValue, and the initial starting price had been set at €4.025 million. However, after a September 12 ruling by the Syros Court of First Instance, it was raised to €5.52 million.

Revenue and net profit up over 50% for AVAX

• Today, before the opening of the stock exchange session, AVAX will announce financial results. Exact numbers aren’t out yet, but everything points to positive surprises, chiefly revenue and net profit growth above 50%. Debt remains stable, while the EV/EBITDA ratio is around 5x. The results will confirm what AVAX’s management has been saying, though the value still hasn’t shown up on the trading board.

Appeals over Mati

• With the Implementation Urban Plan (R.S.E.) for Mati—where 104 people lost their lives in the deadly 2018 fire—the government last March presented how the fire-stricken area would be rebuilt. The total reconstruction includes five Planning Units, today outside city plan, creating 1,832 stremmata (183.2 hectares) of buildable land, with 152 stremmata for public use (120 green, 32 squares and gathering points, 109 public facilities, 105 pedestrian streets, 29 stream buffer zones). The road network is more than doubled, with escape routes to and from the seafront—which is being fully upgraded—and the main roads. This plan took 5 years to complete, with 11 special studies and the involvement of 25 agencies, ministries, and municipalities. Not a short time, but given that similar processes in Greece usually take 20–30 years, it’s something. Due to the environmental, urban, and legal complexities, there was exhaustive dialogue in public consultation, with citizens and local associations. Objections were raised, examined one by one on urban planning and legal grounds. Still, this column learns that many appeals have been filed, causing new delays. According to a decision of the Green Fund of the Ministry of Environment and Energy, the Office of the Sec. Gen. of Spatial Planning and Urban Environment, Efthymios Bakogiannis, requested funding from the Fund to support the process of countering these appeals. Specifically, several appeals have been submitted to the competent authorities seeking annulment or delay of the plan’s implementation, which could seriously hinder progress. To effectively defend the public interest, specialized technical consultants are needed to collect and scientifically substantiate the state’s claims. The Green Fund ultimately approved €30,000 (€37,200 with VAT) for this support. But the question remains: when will this ambitious plan finally become reality…

Marielena Prokopiou and the new generation of shipowners

• Yesterday, Marielena Prokopiou, daughter of George Prokopiou, made a rare public appearance at the Tradewinds conference, where she laid out her philosophy on shipping. Together with her husband, Konstantinos Lampsias, they have founded Delos Navigation and Akrotiri Tankers—two companies that, as she stressed, combine traditional values and a human approach with modern tools and technology. She emphasized that for her, shipping is not just a family legacy but a personal choice, with an emphasis on trust, reliability, and timeless care for her people and her team. Marielena Prokopiou reiterated that the new generation of shipowners continues to respect the family’s traditions and values, while at the same time realistically facing today’s and tomorrow’s challenges, with a strategic outlook to 2030, in an environment of constant change and regulatory demands.

Intralot: Oversubscription for the bond – Next comes the Golgotha of the share capital increase

• With an interest rate of 6.75%, according to reports, and offers exceeding €3 billion, the target was met for Intralot’s €850 million bond maturing in 2031. The order book was fully covered by “special institutional dealers.” This now opens the road for the third stage of the effort, which is the €400 million share capital increase starting Wednesday, October 1. The market now fears short-term stock liquidations so that capital can be gathered for the increase.

Updates on the Kambas, Gournes Heraklion and former FIX in Thessaloniki projects

• By late 2028–early 2029, based at least on current data, DIMAND’s management estimates that the group’s two major projects will be ready. These are the much-discussed developments at Kambas, with direct access from Attiki Odos, and at Gournes in Heraklion, Crete, with easy road and air access from the new Kasteli airport.
  As deputy CEO Nikos Dimtsas said in his speech, at the Kambas site the main use will remain office space, but there will also be food and entertainment areas, while a small section near the Kambas villa will be residential. “For Gournes, the main use is tourism–recreation, while there is also the right—not the obligation—for a casino, for which the Gaming Commission is competent. Obviously, we are planning hotel facilities there, and there is also a 30-stremma plot for commercial use.”
  He also referred to the landmark project at the former FIX on Thessaloniki’s western entrance, which is now starting: “We aim for the permit to be issued, conditions permitting, this year for a project to be completed by the end of 2027, maybe early 2028. Part of the complex already hosts cultural uses, while in the rest we’ll add around 30,000 sq.m. of new mixed-use buildings, with apartments and a hotel, while the second listed complex will feature food and recreation. Along with the square and the office complex already operating, this will create a new important hub. The key is to impact the neighborhood and generate a positive micro-economy and development in local communities.”
  The deputy CEO emphasized DIMAND’s focus on redevelopments. Regarding Thessaloniki versus Athens, he noted there has indeed been growth in the co-capital recently, but it still has a way to go: in a new office building, rent costs €18/sq.m. in Thessaloniki, compared to €30/sq.m. in Athens.

Professor by morning, politician by night (no job is shameful)

• Former Minister of Economy Christos Staikouras was unanimously elected Professor of Finance at the Athens University of Economics and Business. The image of the “professor-minister” may well become his new political identity.

Final conviction

• On 13 May 2025, the 6th Criminal Division of the Supreme Court heard the appeal by K. Karafotakis against decision no. 5931/2024 of the Athens Court of Appeal (Misdemeanors), which had found him guilty of, on 4 July 2017 and 24 October 2017, through multiple acts constituting continuation of the same crime, engaging without special permit or approval of the shareholders’ general assembly in stock market transactions in which he was the seller of his own shares and the company of which he was CEO (OLYMPIA GROUP S.A.) was the buyer. A few days ago, decision no. 1128/15.9.2025 of the Supreme Court’s 6th Criminal Division was issued, rejecting the appeal and thereby confirming and rendering final the conviction of K. Karafotakis for the above acts.

Stock market: Alpha Bank takes the lead

• In the absence of major corporate news (other than results), the market abounds with “information,” scenarios, and speculation. Those active on the Athens Stock Exchange recycle their gains. Yesterday it was again the systemic banks’ turn, with Alpha (-0.28% at €3.53) taking center stage, as the stock traded €67.6 million—one-third of the significantly increased total turnover. National Bank (-0.24% at €12.27) and Piraeus (+1.16% at €7.34), with €27.8 million and €29.1 million respectively, also stood out for their high volumes. Eurobank, with €16.4 million in trades, gained +1.23% at €3.36.
  Those selling the systemic banks bought the non-systemic ones, all of which closed with good gains and heavy trading. The money stayed within the banking sector. The General Index closed at 2,065.36 points (+0.11%) but was in negative territory throughout most of the session. Turnover was impressive at €227.72 million, though €61.2 million were in block trades (mainly banks), confirming the view of “profit recycling.” Lamda continues to enjoy its revenge, with a fresh upward move of +4.84% to €7.8 and trades nearing €10 million. TITAN raises questions with a further drop of -1.4% to €35.3, while AKTOR stock resists strongly, easily holding above €8, and Motor Oil benefits from refineries’ high profit margins, rising +1.85% to €26.44. Other moves—e.g. OTE (-1.2% to €16.48), Coca Cola -0.72% to €41.50—matter, but on relatively light trading.

Absences in Hamburg

• Yesterday, Wednesday, with a grand ceremony, the exhibition “Das Meer verbindet – The sea unites: Greek shipping and the German economic miracle” was inaugurated at the International Maritime Museum of Hamburg. It is an important collaboration between the museum and the Greek non-profit foundation Navira. The exhibition, based on years of research by historian of Greek international shipping George M. Foustanos, highlights how Greek shipowners’ orders at German shipyards after World War II supported not only the reconstruction of shipping but also the “economic miracle” of West Germany. However, yesterday the physical presence of the Greek state and the shipping leadership was missing. The absence was evident and a reminder that the international projection of Greek shipping requires not only historical memory but also tangible symbolic political and business support. Saving appearances were the Greek consul—an ardent supporter of this collaboration—and the consular Harbor Master.

What’s a general doing on Mount Athos?

• A few days ago, retired General Alkiviadis Stefanis, speaking in Piraeus at a Propeller Club event, told the audience: “Many ask me what a general is doing on Mount Athos.” He continued, hearing spontaneous laughter. “Before you laugh too much, let me explain.” The general highlighted the basic similarities between monastic life and military service, stressing that both are focused on a higher goal: monks on spiritual exercise and service to the church, soldiers on the security of the homeland. The comparison extended to uniforms, protocols, and discipline. Monks, like soldiers, wear uniforms, follow rules, and uphold traditions with consistency and respect. At the same time, love for homeland and community is expressed with devotion, strictness, and discipline.

Cryptocurrencies in U.S. Pension Funds. An earthquake is coming

• For those unfamiliar with the U.S. retirement system, the famous 401(k) accounts are employer-sponsored retirement savings plans and the main savings tool for American workers’ pensions. They are somewhat like our occupational pension funds and today cover more than 60 million U.S. workers, managing $12.5 trillion.
  On August 7, President Trump signed an executive order titled “Democratizing Access to Alternative Assets for 401(k) Investors.” In simple terms, he opened the door for American pension funds to invest in cryptocurrencies. The total market capitalization of all cryptocurrencies today exceeds $4.1 trillion. Moreover, a recent Bank of America survey revealed that 75% of investors have no exposure to crypto. Last week, nine members of the Congressional Financial Services Committee, led by chairman French Hill, sent a letter to SEC Chairman Paul Atkins, demanding immediate implementation of the executive order.
  Behind this entire effort lies a $5 trillion industry—Private Equity Funds—that for decades has sought access to pension funds. For 401(k) plans to invest in crypto, SEC and Labor Department rules must be revised, savings products must be created by asset managers, and the necessary technical infrastructure must be in place, given the extreme volatility of the crypto market. But if all this happens as fast as U.S. lawmakers want, a tectonic earthquake will hit the markets…

New Trump intervention in the stock market

• Another major shift is underway on Wall Street. From the traditional American “free market” approach, we are moving full speed toward a model where the state becomes an active investor in critical sectors. Yesterday, a rumor (Reuters report) spread that the Trump administration is considering acquiring a 10% stake in Lithium Americas. Overnight, before Wall Street opened, Lithium Americas stock skyrocketed +77%. The acquisition seems part of the renegotiation of the $2.3 billion government loan for the Thacker Pass project in Nevada. The Thacker Pass lithium mine is expected to be the largest lithium source in the Western Hemisphere when production begins in 2028, producing 40,000 tons of lithium annually—enough for 800,000 electric vehicles.
  The key, however, is that the Trump administration’s new strategy seems aimed at acquiring government stakes. Just a month ago, the government acquired a 10% stake in Intel worth $8.9 billion, turning government grants into shares. Meanwhile, semiconductor giants NVIDIA and AMD agreed to pay the government 15% of revenues from chip sales to China in exchange for export licenses. Treasury Secretary Scott Bessent confirmed the government is considering similar deals in other sectors, including shipbuilding and defense. In PotUS’s new capitalism, the state moves from regulator to active investor.