Hello, I think the most serious issue these days is neither the one about Routsis nor what Varras said in Parliament about OPEKEPE. It’s what will happen to unblock the system so that OPEKEPE can start paying the thousands of farmers who, if things continue like this, will… crash down on the government’s head. And as everyone knows, money is no joke. At the Maximos Mansion, those who know what’s going on — essentially, at the moment, there’s an inability to manage farmers’ payments in the way the Europeans demand — are particularly anxious. Yesterday, Tsiaras went to see Mitsotakis; I haven’t learned the details, but a solution still hasn’t been found. Nor will it be easy. But thousands of unpaid farming families (owed around €2 billion) are no small matter, especially those who aren’t to blame because they didn’t cheat — and they’re the vast majority.

Voridis, Varras, and the Inquiry Committee

Since we’re talking about OPEKEPE, Makis Voridis waited a few hours to fully learn and assess what Grigoris Varras said to the Inquiry Committee, and I must say, those who have spoken with him have heard very interesting things. To start, let me tell you there’s no scenario where Voridis won’t be called to testify before the Committee, even if he’s not currently on the witness list. Makis is capable of going on his own, in order to raise a series of concerns, mainly about what Varras said without providing evidence. For example — how can you claim that a company has a “front man” and an “executor” who’s a minister, without substantiating it? Because Varras didn’t present any evidence; he just expressed his opinion. Also, from Varras’ memorandum to Mylonakis — which, you should know, Voridis was aware of before it was submitted — other things emerge that Varras attributes to Voridis: not that he consented to the “technical solution” (which Varras himself implemented), but that Voridis tried to appear as the one pushing for the appointment of the OPEKEPE technical consultant. However, Varras mentioned nothing about this in his statements to the European Public Prosecutor’s Office, which led to Voridis’ name being drawn into the case and his subsequent resignation. Furthermore, from Voridis’ public post in response, I sense he has a different interpretation of the real reasons behind Varras’ resignation and the actual events — but he’ll say those when he’s called before the Inquiry Committee. Here, of course, arises a simple question about Varras and the Maximos Mansion: how can someone who’s an employee of the Prime Minister’s Office witness “signs and wonders” happening, not inform the PM, and after saying all he’s said, still remain an employee there? The human soul is an abyss…

Blue Books

Now let’s move to last night’s “blue” (i.e. New Democracy) event for the presentation of MP Stylianidis’ book. As you can imagine, the only reason all those blue party figures showed up wasn’t their deep interest in what Evripidis had to say about AI — it’s not like John McCarthy himself was there! They went because, well, it’s like attending a family function you have to go to — not quite a wedding, more like a mild memorial service — so you won’t get scolded by the relatives. The fact that Samaras didn’t show up, for whatever reason, needs no comment — either way, let’s leave the man in peace; he doesn’t even formally belong to New Democracy anymore. In any case, the government won’t gain or lose points because of books, Rafina gatherings, or Karachalis appearances. If they focus on hard daily work, something might get done…

The Substitute Teachers

A bit after 4 p.m. yesterday, there was a meeting at the Maximos Mansion between Mitsotakis, his associates, Sofia Zacharaki, and officials from the Education Ministry about the issue of substitute teachers. It’s a serious matter, as many schools have gaps, and Zacharaki also needs funds to proceed with the third hiring phase for substitute teachers to fill the remaining vacancies from previous rounds. From what I understand, the Prime Minister’s Office intends to find a solution, because complaints are piling up.

Green News

Now let’s turn to some PASOK news — not that anything big happened, but it’s been a while. Officially, we had last heard from “bravehearted Pavlos,” who said our dear Nikos’ (the “little leader’s”) needle has been stuck at 12–13% for two years, and if it doesn’t move by January, we’ll move him from his chair. Anna (the modernizer) had also said something like “PASOK isn’t Karysstianou’s,” but then got scared and backtracked. That’s about it. Now, how will Nikos be “unseated,” given that he’s no longer the “darling” of the establishment, I don’t know. Not easy — though no oligarch pays him any attention anymore. Still, Androulakis is lucky because: A) Pavlos the Lionhearted is thinking of triggering a leadership change process within the parliamentary group, but, I’m told, he can’t gather more than 10–12 MPs willing to replace Nikos. B) Anna says, “Hold on — we’ll replace one person just to put another? What about me?” C) Haris Doukas feels the same way — he says, “Guys, I’m a mayor, I’ve got work. You might not, but I do, so I don’t want Nikos to change.” Because, well, Nikos is like long-life milk — expires slowly, but eventually, the date comes. So the slogan “Nikos, stay strong — so the Right can go!” remains more relevant than ever.

Who the Allianz CEO Met in Athens and What Fairfax Was Doing There

People keep coming and going in Athens. About twenty days ago, the CEO of Allianz visited Athens and met with National Bank’s CEO, Pavlos Mylonas. What they discussed isn’t known, but we can all guess — since National Bank has been running a process to replace its cooperation with National Insurance. The agreement with Piraeus Bank is coming very soon; National will then announce its new partners, and by year’s end, National Insurance will have passed under Piraeus Bank. That will settle things — for now. As for other visits, information arrived that at the end of September–early October, Prem Watsa was in Athens — specifically at the One & Only in Glyfada — for meetings. Upon checking, it turns out Watsa was last in Athens in early August, just in transit from Canada to Sri Lanka for vacation. Once that rumor was cleared up, new info came in: around ten days ago, it wasn’t Watsa himself, but a group of his top executives who were at the One & Only. That’s confirmed, and the reason for their visit was to attend a Eurolife board meeting. However, only one of them — Wade Burton — actually sits on Eurolife’s board. So why they all flew from Canada to Athens together remains unknown.

GEK TERNA: The “Treasure” That Could Add €4 per Share

Only the formal procedures and approvals remain before the already-exercised put/call options take effect — the ones under which GEK TERNA will acquire 50% of the 730 MW pumped-storage hydro project under construction in Amfilochia. Under the agreement reached with Masdar for TERNA Energy, GEK TERNA obtains half of Greece’s largest energy-storage investment — and one of Europe’s most significant energy-infrastructure projects. During the group’s recent analyst briefing, management emphasized the importance of this investment. Based on that, AXIA Ventures went a step further: in a new note it highlights the project’s visible long-term cash flows and estimates potential value creation exceeding €4 per share — roughly €400 million for GEK TERNA. AXIA calculates that, for the Amfilochia project, GEK TERNA will enter at a valuation multiple of about €1.1 million/MW, while similar assets (with a life span of more than 100 years) are trading on the market at €2–3 million/MW, according to recent transactions in Spain and Portugal. In its current valuation model, AXIA assumes less than €100 million in value for GEK TERNA’s hydro-storage assets. It notes that its target price for the stock stands at €27.40 (vs. €22.52 yesterday’s close) and that it will update its models upward to reflect the added value.

Spanos Sells, Bioiatriki Buys

More internal transactions took place within the Bioiatriki Group. This summer, after board approval, the group bought for €500,000 the 250 shares (50%) of CrossBorder MedCare Europe A.B. owned by Chairman & CEO Georgios Spanos, thus taking full control of the company, which operates medical-care facilities in Sweden and Greece and functions as Bioiatriki’s International Patients Center. Recently, another internal deal was approved. On September 2, the board granted special permission for a real-estate purchase from the same CEO. The transaction involves a 422.5 m² first-floor property in Kifisia (225–227 Kifisias Ave., area “Kampos”/“Koimisi”) for a total price of €1.25 million. The price was deemed “reasonable, fair and beneficial” to the company. Payment will be made in two parts: €500,000 upon signing a preliminary contract, €750,000 upon signing the final deed before a notary. The property already houses a Bioiatriki+Derma dermatology center, in operation for several years.

Polys Hadjioannou Expands into Tankers

Polys V. Hadjioannou, recently elected President of the Cyprus Shipowners Association, is expanding beyond dry bulk into the tanker market. His private (non-listed) company has ordered two MR-type tankers from Cosco Shipyards in China. Cosco had two vacant slots and made an attractive offer, which Hadjioannou accepted. Until now, Safe Bulkers’ fleet consisted solely of dry-bulk carriers. As the Cypriot shipowner joked: “With five children entering the business, we don’t want them competing only in the narrow dry-bulk market!”

Why George Prokopiou Is Furious (and Has 103 Ships on Order)

Next week in London, at the International Maritime Organization (IMO) headquarters, a crucial debate begins on adopting new measures for full decarbonization of shipping. The proposals require vessels to use alternative fuels that don’t yet exist in sufficient supply — and, failing that, to pay a levy per ship. A segment of shipowners is up in arms. “We are outraged,” said George Prokopiou in a side discussion during the reception hosted by the President of Cyprus last Sunday for Greek and Cypriot shipowners, as part of the Maritime Cyprus Conference. The measures are seen as tax-heavy, with the added costs ultimately passed on to consumers. Prokopiou — like Donald Trump, a strong opponent of such regulations — urged IMO Secretary-General Arsenio Dominguez to pause the process until conditions mature. He even revealed the scope of his current shipbuilding program to underscore that his view stems from hands-on business experience: “I have 103 ships on order — I’m asking only for the best available solution.”

Thanasis Martinos and the Paradoxes of the EU

And I continue from Cyprus, where Thanasis Martinos, being in Limassol, explained the paradoxes of the European emissions trading system (ETS). It concerns ships that approach European ports. Pay attention to what happens in practice. A 100,000-ton tanker that departs from the Arabian Gulf and reaches Europe travels for a total of 90 days. Of those, only 10 are spent in European waters. Nevertheless, the ship is charged taxes for the entire voyage. The same happens with ships that travel to Africa, Asia, or America — companies are charged for emissions that are not produced in Europe. This entire situation leads, in a textbook way, to higher prices for European citizens.

Departure after 17 Years at the Eurobank Group

After 17 years in the Eurobank Group — the first 5 at Eurobank Equities and the last 12 at its Luxembourg subsidiary — information indicates that Pietro Corpi, Head of Private Banking and International Operations at Eurobank Luxembourg, is changing course. The Greek private banker of Italian descent has decided that the future belongs to shipping. I would say “fair winds,” but that’s been overused lately.

The Premiere of Intralot

Today, trading begins on the Stock Exchange for Intralot’s new shares, following the completion of its capital increase, from which it raised about 420 million euros at a price of €1.10 per share, along with the successful bond issuance. Market sentiment toward the share is particularly positive, especially after the announcement of the prominent names now included in its shareholder register. Intralot has secured loans of €660 million and, together with the bond, another €850 million. The new Intralot will start with net debt corresponding to about 3.2 times its pro forma operating earnings, with management estimating that 95% of EBITDA will be converted into free cash flow. The South Korean Soo Kim now appears as the main shareholder of Intralot with 60% of the new entity. Yesterday, the stock closed up +0.17% at €1.16, bringing its market capitalization to €700.7 million.

The Banking Party Gives an Opportunity for the Dance of the “Smalls”

The climate in the major European capital markets was not suitable for Athens to celebrate its reclassification into the Developed Markets of FTSE Russell, nor the enthusiastic report by JP Morgan on the prospects of our banking sector. As expected, after the good news, the General Index began yesterday’s session in high spirits, reaching just a breath away from 2,100 points — specifically 2,098.36 points (+1.39%). However, after midday, the Greek market looked around and saw that the other stock exchanges did not share its enthusiasm, so the session closed with the General Index at 2,083.59 points (+0.68%). The value of transactions reached €237.7 million, of which €129.3 million concerned the banking sector and €27.5 million were in 20 block trades, of which only 4 involved a single banking share (Eurobank). The significant rise of banking stocks gave the opportunity for the small, very small, and mid-cap companies to dance freely on the board. We saw the IT company Ilyda (+14.19% at €4.99) continuing its wild party (+33.78% in 7 days), EKTER (+6.19% at €2.49) reaching a capitalization of €67 million, Proodeftiki (+8.05% at €0.51) valued at €12.4 million, and Daios Plastics (+6.02% at €7) with a market capitalization of €105.7 million.

Who Gained and Who Lost After the FTSE Russell Upgrade

Yesterday, the systemic banks “locked in” at new multi-year records, with the sector index stopping above 2,400 points for the first time in almost 10 years — specifically since November 18, 2015, when it had closed at 2,713.40 points. Also at their highest levels since November 2015 were Eurobank (€3.565), National Bank (€13.65), and Alpha Bank (€3.79), with the first breaking the “barrier” of €13 billion in capitalization. Piraeus Bank (€7.544) rose to its highest level since March 2021. The returns of the systemic banks this year range between +59.8% and +134.3%. However, there were also stocks that recorded strong declines after the FTSE Russell decision, closing at multi-month lows. Jumbo retreated to around €28 — a level not threatened since the end of last June. Yesterday’s “dive” of 2.8% was accompanied by high trading volume for the stock, about €14.6 million. Among the big losers was Athens International Airport, which moved further away from the psychological limit of €10. It has seen only negative signs during October, completing six sessions of cumulative losses exceeding 5%. At the same time, the Eleftherios Venizelos airport stock closed at its lowest level since mid-July, while the €3 billion valuation is under threat. EYDAP also recorded new strong losses, widening the gap from its recent peaks, closing at a three-month low (a negative record since last July). The ADMIE share is “flirting” with prices below €3, ending at its lowest point since June 19, as it continues to be weighed down by its dispute with Nicosia over the Greece–Cyprus power cable.

The Next… Investment Moves of the PotUS

Times have changed. In the old days, stock market analysts began their day by reading analyses about companies’ figures, the interest rate environment, inflation, etc. Today, Wall Street brokers start their analyses… trying to predict… in which stock the American State will invest today in order to give it momentum. Yesterday, all analyses began with President Trump’s statement (October 6) that “the U.S. power grid is old and tired.” They combined this statement with the executive order signed by the PotUS on April 8, 2025, for the strengthening of the reliability and security of the power grid, in which it was emphasized that there are currently about 80 million transformers in the U.S., with an average age of over 40 years, and that their renewal is of vital importance for the network’s operation. Thus began the game of “hide and seek.” In which company will the U.S. government invest? In a large public utility company (NextEra Energy, Duke Energy, Southern Company, American Electric Power (AEP), Electric Utility Companies)? Or perhaps in a network infrastructure company (Quanta Services, Eaton Corporation)? Trump himself declared that he would make such deals “all day,” and economic advisor Kevin Hassett said that it is likely the government will take stakes in more companies, as it has already done with Intel – 9.9%, MP Materials (rare earths), Lithium Americas – 5%, Trilogy Metals – 10%, and U.S. Steel with the “golden share.” Stock analysts in the role of the Oracle of Delphi…

The Best Business Schools in the World Are French

The French economy may be facing serious fiscal problems, but in the field of education it records impressive first places. The Financial Times, after an extensive annual survey, recently published the global ranking of postgraduate programs in the field of Business Administration for 2025. At the top of the list, French business schools dominate — something that reflects France’s leading role in the European educational scene, especially in the field of business management. HEC Paris, ESSEC Business School, and ESCP Business School occupy the top three positions, securing the outstanding reputation of the French management education system. Among the top 12 positions, 6 belong to French educational institutions that are pioneering in innovation, attracting international students, and connecting with the labor market. There are surprises in the list: the Nova School of Business and Economics from Portugal and the Rabat Business School from… Morocco occupy high positions in the ranking. Nova SBE stood out for its international profile and strategically designed links with businesses, while Rabat makes its mark as a dynamic, emerging center of educational excellence in North Africa.