Hello, before I get into the usual government news—what news, really, they’ve been bothering us about ELTA—I want to start today with Alexis Tsipras’ “much-anticipated” book. So I read the foreword, because for the book itself I’ll wait a few more days and I’m already preparing the 28 euros it costs. Okay, I don’t have a problem paying, but you can’t call it cheap either. So, in his foreword, Alexis “apologizes” in a way—not for what he did while in office, but because… he had good intentions, though the result, of course, was not always the best. As he probably realized afterward, along with… the whole country that paid dearly. Anyway, you should note that what he clearly wants to say is that he had noble and patriotic intentions for the good of the people, etc., etc.—or at least that’s how I understood it from his foreword, but I reserve judgment. However, I want to focus on one point that Tsipras mentions because I have a personal testimony. He says, in a way (in the foreword), that he could have waited for the memorandum to be completed with the famous Hardouvelis email and then taken office. That is, for SYRIZA to wait for the elections at their scheduled time, get elected, and not topple the Samaras government early by voting down the President of the Republic. Here’s the excerpt: “When I took responsibility for the country in 2015, the reality was relentless. Many urged me to avoid responsibility, to defer it to others, so that I could take over a completely exhausted country as a ripe fruit. I did not falter. I assumed responsibility when Greece was at one of the most critical junctures in its modern history. The decisions that had to be made were not only politically costly, they carried moral weight, social implications, historical dimension. I felt I was carrying on my shoulders the ghosts of yesterday’s unjust struggles, but also the hopes of an entire generation that dared to believe that things could change.”

But Nikos Pappas said something else…

I have no reason not to believe Alexis’ statements above, but at that time, just before the first 2015 elections, I had asked his (at the time absolute best friend) Nikos Pappas: “Why don’t you wait for the Hardouvelis email to be voted on, to implement the last act of the memorandum (I remind you, not even 1 billion euros remained), vote for Kouvelis as President, and take over the country ‘clean’ in a few months?” Pappas’ answer then was… even clearer (December 2014): “What are you saying, are you crazy? Now… that things are turning, we’ll topple them and become the government, and if the situation changes afterward, what will we do? Who lives, who dies…” As you can understand, we have another perspective—or at least another interpretation of the same event! I would say, haste makes waste, although in our case, they tripped the whole country.

ELTA – Hatzidakis

I won’t dwell much on the ELTA case because I think it has been exhausted, regarding the essence of the problem. Besides, I hear that today in Parliament, Pierrakakis will certainly address it. What I honestly don’t understand (or try to understand) is why there is so much intensity and eagerness from Hatzidakis to show that he is not at fault, not responsible, etc. An opposition newspaper, EfSyn… made it a front-page story. So what, so what happened? Small potatoes for a politician, especially when he’s not accused of any fraud; it’s just an issue. I think he is doing himself a disservice because Kostis has dealt with very difficult and substantive issues in the past, not nonsense, which I still believe the ELTA case is.

The message from New Democracy MPs

Otherwise, in Parliament, a mix of irritation, the disruption of the psychological bond with the media, and the stress of re-election make New Democracy MPs return to “rebellion” through questions. Of course, they don’t want it to appear or be said that they are rebelling, but when they challenge the whole electricity pricing model and “slightly attack” DEI, how should we put it? Obviously, the MPs’ stance is not productive, because they also have something to lose from dismantling the sweater. On the other hand, they feel that if they don’t push now and allow themselves to be taken for granted, their voters will chase them. With all this, it’s pointless to make Charakopoulos secretary of the parliamentary group, because the MPs have resumed the same behavior, just without his participation.

A story from Chania

Since Nikos Karahalis decided yesterday on Liagas to tell stories about his collaboration with Karystianou and revealed her plans to form a party—which she did not deny with a tweet—I’ll tell you another one. Last July, during the height of the cicadas, on the day of the anniversary of the restoration of Democracy, messages started arriving at many media outlets that Karystianou, who was to appear at an event in Chania, would make a weighty political statement toward creating a party. It was even linked to Eleftherios Venizelos, to cleansing, etc. The main distributor of the message was Karahalis, apparently not alone. Anyway, the channels went, interest rose, and Karystianou appeared—while a reception was ongoing at the Presidential Mansion—wondering who told the media about the party plans and of course firmly denying those scenarios…

P-TEC and the return of 3+1

Otherwise, after yesterday’s receptions of American officials at the Presidential Mansion and Jefferson House, the large P-TEC energy conference opens today. Host is Stavros Papastavrou, while K.M. will open the program on Friday. Naturally, there will also be one-on-one meetings with Bergam and Chris Wright, but the numbers are interesting: 300 companies participating and 1,200 delegates, a record for P-TEC conferences. At the same time, ministers from 25 countries are in Greece, who in the coming days will have opportunities for meetings, contacts, etc. However, the news is that on the occasion of the session, at Zappeion the 3+1 arrangement will be revived with participation from Greece, Cyprus, Israel, and the USA. From Greece: Papastavrou, Cyprus: Giorgos Papanastasiou, Israel: Eli Cohen, USA: Chris Wright. That is indeed significant.

Agreements, news, and Gilfoyle

This weekend, generally, we will have very interesting news from there. I am told that Exxon Mobil will announce the start of drilling in Greece, the newly established Aktor-DEPA joint venture will have a major collaboration with an American company for LNG transport via the Vertical Corridor, among other things. All of these are much more important for the country, not only economically but also geopolitically, but now we supposedly care about the ELTA issue. Let me tell you, these agreements are the largest ever in the history of Greek-American relations, and the “maestro” is none other than American ambassador Gilfoyle. She has been working on the project long before coming to Athens, and yesterday evening contacts naturally started between Greeks and Americans at the ambassador’s residence, where a formal dinner was held.

Kimberly’s acquaintances at the Maximos Mansion

And speaking of Kimberly, at her “first” visit yesterday at the Maximos Mansion she made new acquaintances: Marinakis’ representative, National Security advisor Thanos Dokos, Aristotelia Peloni, Giorgos Efthymiou, and Panos Amyras. Of course, she also met Pinat, who is everywhere.

Big Apple vs Red Apple

The election of Mamdani seems to have been a “shock” only for those who did not “read” the polls and did not have deep, multi-layered roots in New York’s market. Based on what has been officially disclosed, at least initially, 12% of tech companies from Silicon Alley (not Valley) already have plans to move their financial headquarters mainly to Miami, and later to New Jersey, also under a Democratic Governor. Among them, there seems to be a very prominent exit with Greek involvement, from the Real Estate and Supermarket sector. This particular group of companies, worth several billion dollars, appears to be already in the process of moving its headquarters as—according to Manhattan sources—“they had seen early what was coming and had openly spoken about their intentions.”

National Bank announces results without insurance agreements

Today at 10:30 a.m., National Bank will announce Q3/9-month results. Announcements regarding National Bank’s decisions on bancassurance and new collaborations with insurance companies, as the market expected, will not be made. The reason is that it is on track but the agreement for National Insurance with Piraeus Bank has not yet been completed.

The Backstage and Euronext’s Plans for EXAE

Let’s start market news with developments on the Euronext-EXAE front, as the time is near. We are therefore expecting Euronext to announce tomorrow, Friday, or at the latest on Monday, the new percentage with which it will proceed with the public offer. The 67% is now a thing of the past, and the threshold will likely be set around 50% +1. At the same time, brokers have received a letter informing them that they will receive a 0.40% commission on the value of the shares they submit for exchange. Euronext remains steadfast on the current size of its offer, but I don’t think we should rule out the possibility—especially if the match is tight around 50%+1—of a last-minute, that is, one or two days before the deadline, slight improvement in the offer. However, this is only a probability, and there is no certainty. Behind the scenes, there has been a major mobilization, many meetings, deliberations, and contacts, and it seems that the target for 50% +1 looks feasible. Banks, insurance companies, mutual funds, and institutional investors accept it. The key remains foreign institutional investors who hold significant stakes—for example, JP Morgan Chase with 3.52%, Morgan Stanley with 3.76%, etc. Meanwhile, Praude continues to increase its position (8.12%), but it is estimated that it is hedging to secure its options because it has purchases at higher prices. The situation with Sandgrove Capital, which holds equity swaps for 5.62% of EXAE, is less clear. Sandgrove, possibly with other funds, is doing arbitrage, going long on EXAE and short on Euronext. As the public offer evolves, with Euronext approaching 50% of EXAE, those in a difficult position will be those who refuse and become trapped after the offer with EXAE shares. In such a case, Euronext, having absolute control, will halt dividends and, most importantly—as noted in the public offer information—will have the ability to make decisions regarding EXAE’s subsidiaries. For example, the Depository may move to Italy, and shareholders will just watch…

Spyros Theodoropoulos: “I built a town planning office to get a permit – Which foreign investor could handle this?”

Particularly revealing, but also with a great sense of humor, was the president of SEV, Spyros Theodoropoulos, when asked about “how friendly Greece is to investment?” at an event organized by the Technical Chamber of Greece (TEE), as part of Green Deal Greece 2025. Using a personal example that drew attention, he described how a major investment in Stylida turned into a marathon of bureaucracy and how he literally had to “build” a new town planning office from scratch to get a permit. “Two years ago, I bought an old textile factory in Stylida to modernize it and reopen it,” said Spyros Theodoropoulos. However, when the company went to the Lamia Town Planning Office to get a building permit, they said they could not issue it because the office had been on strike for a whole year! The investment was “frozen” for months. Desperate, the businessman asked his contractor what they could do. “He told me: Leave it to me, we will get the permit from the Stylida Town Planning Office. To my surprise, as I knew Stylida had no town planning office. And he said: ‘We will build one!’” And that’s what happened: the contractor approached the mayor of Stylida, who, realizing the deadlock, created a new town planning office from scratch, transferring personnel from the municipality’s technical services. Shortly after, the new office issued the building permit, and the factory was completed. “The question is,” commented the SEV president, “which foreign investor could go through all this adventure? Who would have the patience and the connections to set up… a town planning office from scratch?”

The “Bribe” and Stasinou’s Revelation: €50,000 Envelope for TEE Permit

Equally revealing about town planning offices was the president of TEE, Giorgos Stasinou, who has publicly supported transferring YDOM from municipalities to the Land Registry. As he publicly admitted yesterday, a town planning office requested a €50,000 bribe for issuing a building permit for a building belonging to TEE itself! The TEE president revealed that when he asked the engineers why the permit process was stalled, they told him the head of the office demanded a “fee” of €50,000 to proceed. “Imagine,” said Stasinou, “asking for a €50,000 bribe not from a private individual, but from TEE itself, the engineers’ association supervising town planning offices!”

Dendias, Theodoropoulos, and 50 Entrepreneurs on Defense Business

Returning to Spyros Theodoropoulos, in the afternoon the SEV president invited Minister of Defense Nikos Dendias to a closed meeting with entrepreneurs—members of SEV—to have an open discussion on all issues and clarify roles and collaborations under the Greek Defense Innovation Center (ELKAK). I am told that around 50 entrepreneurs will attend this closed meeting, for which the SEV booked the amphitheater of the National Gallery.

Eurobank’s Plan for ATMs at ELTA

Eurobank is planning what to do with ATMs operating in ELTA branches whose operation is ending. First, a mapping will take place, followed by implementing a plan to serve customers. Eurobank’s collaboration with ELTA, though no longer exclusive, remains strategic, and many ELTA branches still operate the bank’s ATMs. The plan must be comprehensive, which requires a broad assessment of the landscape: what types of ATMs exist at closing locations, where they can be moved if needed, what services they provide, and how close other bank ATMs or branches are. Eurobank intends, where ELTA branches close, to maintain ATMs in the same location (if possible) or place them nearby. Eurobank’s relationship with ELTA originated from the legal merger with the New Postal Savings Bank (or the “good bank” of TT), which Eurobank absorbed at the end of 2013.

The Time of Bonuses at Intracom Holdings

After a sweeping transformation including the sale of subsidiaries such as Intrasoft International (acquired by Netcompany Group), Intracom Defense (to Israel’s IAI), the major deal for Europe Asfalistiki, and significant investments from INTRACOM VENTURES, it is now time for changes to the remuneration policy of the board and general managers. The new policy will be voted on tomorrow at an extraordinary general meeting and, if approved, will introduce a new compensation regime, including performance-based bonuses, profit-sharing, stock option plans, in-kind benefits, etc. Beyond cash compensation, company cars, corporate credit cards, life and health insurance, and retirement benefits may be provided. Executive board members receive fees for attending meetings (3,000–7,000 euros per month per person), lower fees apply for non-executive members, and general managers have a similar fixed-plus-variable pay structure. Strategically, Intracom Holdings’ key projects, particularly the VORIA project, have entered a maturation phase, while real estate investments continue dynamically.

Why Greek Shipowners Are Lining Up for the Chinese Shipyard Hengli

The explosive rise of Chinese shipyards Hengli has caused a stir in the shipping market, entering the bulk carrier order market rapidly—and notably with a Greek “signature.” Hengli, primarily known as an energy and petrochemical giant, seems to treat its shipyard as a “grain of sand” relative to its overall finances. Yet, this “grain” is causing waves. As one market insider noted, “Hengli builds ships at a pace others need decades to achieve.” The story began simply: the company, after acquiring a shipyard close to closing, started constructing Kamsarmax bulk carriers for its own account. When potential buyers appeared, Hengli did something unprecedented: it sold the already-built ships. Production now runs like an industrial line, not a traditional shipyard. Star Bulk of Petros Pappas placed an order for three bulk carriers, EastMed Group of Thanasis Martinos, and Efnav of Philippos Efstathiou, reportedly signed for four and six ships, respectively. Deliveries are set for 2026–2027, with prices around $36 million per ship. Including the latest deals, Hengli now has over 50 Kamsarmax ships in its global order book—nearly 1/8 of the total market. Other Greek-owned shipping companies, some listed on Wall Street, are also in discussions. Hengli openly declares ambitions to expand influence in high-end international projects, with ships meeting IMO emission standards and prepared for eco-fuels. Considering Cosco Shipping’s chairman Wan Min closely monitors the group, this is not just a shipbuilding success but a Chinese geo-economic strategy to tie shipping more closely to its network.

Costamare Plays Defense Consistently

Costamare Inc. shows once again why it is considered one of the most disciplined and long-term thinking shipping companies on the Wall Street board. While other players in the sector are tested by freight rate volatility and new balances in container transport, the Konstantakopoulos group continues to invest methodically—this time adding two new 3,100 TEU containerships to its shipbuilding program in China. With this move, the series of new ships now reaches six, all secured with eight-year charter contracts to “blue-chip” clients in the liner market. Deliveries of the first four ships are expected in 2027, while the two new ones will follow in 2028. The cost per unit is estimated at $50–55 million, levels that confirm the shift of investment interest toward “feeder” and “Bangkokmax” sizes of the category. Despite a small drop in net profits ($99 million in Q3 versus $111 million in 2023), Costamare remains in excellent financial condition: liquidity of $569.6 million, no significant debt maturing until 2027, 100% coverage of charter contracts for 2025 and 80% for 2026, and total contracted revenue of $2.6 billion. For Wall Street investors, this means one thing: predictable cash flows in an otherwise volatile sector. It is no coincidence that Jefferies remains positive on the stock, emphasizing that Costamare “plays defense with precision… and buys time for the next upward phase of the cycle.”

Market Hopes Rest on TITAN

TITAN’s market capitalization climbed again above €3 billion (+1.16% to €39.3), as the company announces nine-month results today. The stock surpassed €39, while most Greek market analysts set a price target well above €50. Of the 18 analysts covering the stock, the overall recommendation is “Buy,” with 6 giving “Strong Buy,” 10 “Buy,” and 2 “Hold.” No one recommends selling. The projected earnings per share (EPS) for the next fiscal year are estimated at €3.69 per share. All analysts remain optimistic based on strong first-half results, the successful listing of Titan America on the NYSE in February 2025, steadily rising profitability, and low leverage. Now that banking stocks are under pressure from liquidation of profitable positions, market expectations rest on TITAN.

Body-to-Body Battles Around the 2,000-Point Stronghold

With the help of Coca Cola (+2.26% to €39.9) and Cenergy (+2.07% to €14.8), the Athens Stock Exchange General Index once again fended off forces trying to break the psychological stronghold of 2,000 points. With trades of €199.4 million and prearranged block trades totaling €26.5 million, the General Index, after dipping to 1,996.5 points (-0.85%), managed to rise to 2,017 (+0.18%) and finally closed slightly positive at +0.04% at 2,014.47 points. AKTOR (+4.18% to €8.48, due to news on the partnership with DEPA) and Metlen (+1.20% to €45.6) offered significant support throughout the session. DEI (+0.5% to €15.95) continued steadily toward a market capitalization of €6 billion. The announcement of National Bank’s Q3 results yesterday boosted its stock +0.69% to €13.18, while Piraeus Bank shares came under strong pressure, closing down -1.79% at €6.79 with heavy trading. Jumbo (-2.15% to €27.3) lost part of recent gains, while EYDAP and OTE dropped over 1%. Despite the General Index’s positive close, yesterday’s battle between buyers and sellers ended in a stalemate.

The “Greening” of the Skaramagas Shipyards

The Skaramagas Shipyards, owned by Giorgos Prokopiou, are officially included in the international Green Award program as an Incentive Provider, enhancing their role in promoting environmental excellence and sustainability in shipbuilding. The official acceptance ceremony will take place on Friday, November 14, 2025. Attendees include Captain Dimitrios Matthaiou, President of the Green Award Foundation, Jan Fransen, Executive Director of the Foundation, and Miltiadis Varvitsiotis, Vice President and CEO of Skaramagas Shipyards. This recognition marks another step in the shipyards’ effort to improve environmental performance and support the shipping industry’s transition toward greener practices.

The Glorious Days of the Turkish Defense Industry and the Secret

Aselsan, a publicly traded company on the Turkish Stock Exchange, is an advanced defense technology group. It announced Q3 results with net profits of 4.76 billion lira, far exceeding market expectations of 3.07 billion lira. Headquartered in Ankara, Aselsan specializes in the development and production of defense systems, electronic warfare, radar, and telecommunications. Revenue from sales rose +14% year-on-year, reaching 33.1 billion lira. The secret? The domestic market (Turkish military) accounts for 94% of turnover. The gross margin remained very healthy at +29%, while EBITDA soared to 8.2 billion lira with a 24.7% margin, improved by 210 basis points. Second secret: Aselsan is exempt from corporate tax until 2029 due to government R&D incentives. The most impressive figure is the order book, reaching $17.9 billion—a historic high for the company. New contracts worth $5.7 billion were added in the nine months, with $1.45 billion from international markets. 98% of orders relate to defense programs, 52% in dollars, 40% in euros, and only 8% in Turkish lira.

The Virus of Pessimism Hits the Japanese High-Tech Market

SoftBank Group shares recorded a dramatic 15% drop in a single session, extending two-day losses to 22%. The Japanese tech company’s market capitalization shrank by $32 billion within hours, causing concern in Asian markets. Led by the charismatic Masayoshi Son, SoftBank is one of the largest tech groups globally. Its investment portfolio ranges from telecommunications to AI, with the Vision Fund holding stakes in hundreds of high-tech startups. Notable investments include Alibaba, Arm Holdings, WeWork, and DoorDash. The stock fell from ¥27,200 to ¥23,000, with analysts attributing the collapse to potential losses in the Vision Fund portfolio and broader AI sector uncertainty, where SoftBank has major exposure. SoftBank manages over $150 billion in assets, but faces pressures from $160 billion in total debt.

Who Is the World’s Largest Gold Buyer? (Not China or India)

India has traditionally been one of the world’s largest gold buyers. China has systematically invested in gold in recent years, aiming to undermine the dollar’s dominance in a multipolar world. This year, however, the world’s largest gold buyer was… Poland, which is stacking gold bars in its vaults as if preparing for a new Cold War. Poland acquired nearly 67 tons of gold this year, surpassing every other country. “Gold is the only safe asset,” states the central bank governor Adam Glapiński bluntly. Warsaw has set a target of 30% of its reserves in gold. Currently, it is at 24%. Simple arithmetic shows it will buy another 150 tons to reach its goal. Poland is concerned not only about Russia, but also the FED and the ECB. Geopolitical uncertainty at its eastern borders combines with suspicion of the dollar and the euro. Warsaw is building its own wooden—actually, golden—walls, seeking financial independence.