Hello, some thoughts on today’s anniversary of the Polytechnic uprising. Usually, all over the world, after a few years have passed from a historic event for a country, the state, the protagonists—if they are still alive—and society honor that very event with ceremonies of remembrance and respect, some tributes, but generally with peaceful demonstrations of collective memory. In Greece, 52 years later, the day of the uprising of students and other citizens against the Junta becomes an occasion to smash and wreck Athens, to destroy with paint the…martyr-like (in every sense) façade of the Polytechnic and, by the end of the day, to burn…a few shops in the center of Athens with Molotov cocktails, right in front of the eyes of thousands of stunned tourists who are still enjoying—mid-November—the blessed Greek weather. If this is what we want half a century later, let us reflect on it. But I think that the overwhelming majority of people do not want this, without it meaning that they do not honor the people who rose up then against the Junta and who either risked or lost their lives.

Business and Pax Americana

Beyond that, everything we have seen for the past 15 days happening in Athens regarding the geopolitical and business agreements with the USA was completed yesterday with the arrival of Zelensky, who came to sign that Ukraine will procure—via Greece—American LNG. As for the rest of what he is asking, mainly in weapons and such, I don’t think he will get it, and I think the most substantial meeting he had here yesterday was with Ambassador Guilfoyle regarding the agreement, and not only that, since of course he is very interested in the direct and effective access she has to the President of the United States. In any case, let me repeat that for the last three weeks the “American factor” has been steadily here, building deals and business agreements, and is not in Turkey, with whatever that implies. But mainly, what interests everyone is the security of the country against Turkey, which, of course, is primarily ensured by the Americans. That “I am here” which Guilfoyle said recently at the Greece Talks conference last Friday, when she was asked about the Eastern threat, is currently linked with the “Vertical Corridor,” which not only passes through Greece but is the entry gate for American natural gas into Europe.

Sea bass and LNG

I should tell you that the atmosphere yesterday at the Maximos Mansion was very warm, while K.M. had also planned to host Zelensky and the Ukrainian delegation. After the statements and the signing of the gas agreement, there was a lunch for the two delegations, with a menu of sea bass with greens and bouillabaisse, and I hear that Zelensky didn’t drink wine. Now, I don’t know whether he liked the sea bass, but the agreement for the supply of gas was certainly crucial for him, as winter in Ukraine is baring its teeth. This agreement was essentially the follow-up to the agreement announced at P-TEC for the AKTOR–DEPA partnership for LNG transport, and it will go into operation at the end of December.

Immediate profits from LNG for AKTOR

Taking the opportunity from what we said earlier, let me add an important business tip. As announced, DEPA Commercial and Naftogaz of Ukraine yesterday signed a Declaration of Intent for the supply of natural gas to the Ukrainian market for the winter period, from December 2025 to March 2026. The agreement stipulates that the transport of LNG from the USA will be carried out via “Route 1,” which has been allocated to the Transmission System Operators (TSOs). If we “translate” the announcement in business terms, it means that the interstate agreement will be executed via Atlantic-See LNG Trade (of Venture Global, AKTOR, and DEPA). Consequently, the trade of American LNG starts immediately, from mid-December, and not in 2030—something that means that AKTOR’s 60% subsidiary will already begin to produce results for its balance sheet from early 2026, since the results of Atlantic-See LNG are consolidated into those of AKTOR. In other words, the AKTOR group begins to record profits from the new activity much earlier.

Kimberly and the drones

As for energy matters and Greece’s decision to play the card of this agreement, do not overlook the role of Kimberly Guilfoyle, who has come to Greece with a clear agenda, which she described last Friday at Greece Talks. Let me add, parenthetically, that her interview generated a lot of discussion and she herself was satisfied because she conveyed clear messages. Beyond that, this time there was little discussion about weapons in the foreground, but something is moving in the background. For example, I do not consider it coincidental that the Chief of the Hellenic National Defense General Staff, Choupis, was present yesterday at noon at the Maximos Mansion, as he participated in the extended meeting of the delegations. The Ukrainians are definitely asking for weapons that we cannot provide, such as Patriots. But we do have some “decommissioned” Russian weapons that have not been supported for some years now. I hear that the Ukrainians have begun to put on the table the provision of Ukrainian drones to our country in return, but an agreement is still a way off.

The interview on ERT

Before departing for Singapore on Wednesday (he will return on Saturday), K.M. is expected, as I hear, to give an in-depth, wide-ranging interview. It will be on the morning show of ERTNews (Papachlimintzos–Douka), his first appearance on public television since the launch of the new news channel. Whether it will be Tuesday or Wednesday will likely be “locked in” today.

Stamatis and Mitsotakis

Yesterday, after a hard battle with cancer, Dimitris Stamatis passed away—a modest, serious, and always conciliatory politician, a close friend of Antonis Samaras. I was struck by the excerpt in Mitsotakis’ condolence statement: “…when we served together in the government under Antonis Samaras.” A similar statement was made by Skertsos, referring to his presence in the 2012–14 government: “…when we kept the country together during the difficult years under the guidance of A. Samaras and E. Venizelos.” I have the impression that the entire New Democracy party, from K.M. down to the rank-and-file members, will view Samaras in a completely opposite way from how he views them—and especially the Prime Minister.

Pavlos Marinakis

Pavlos Marinakis’ bill regarding ERT, the media it regulates, their long-standing pending issues, and also the rule of law, passed triumphantly through Parliament’s competent committees on Friday, and all the relevant sector bodies spoke highly of it—even those… politically opposed. Tsapanidou from SYRIZA, as well as almost the rest of the opposition, were against it, proving why these people are “elsewhere” and generally unable to understand that blanket refusal leads nowhere.

METLEN submits an offer, PPC goes to London for the business plan

Moving on to market news—which today I assume will shift into a different pattern after the Fitch upgrade and the news from Euronext. The week begins with significant business developments from major groups and smaller listed companies. First of all, today METLEN submits its financial offer for the acquisition of the aluminum plant in Dunkirk. If the bet pays off, the profile of the metallurgy sector for METLEN will change, with the group adding to the sector (based on last year’s results) an annual EBITDA of about €300 million and net profits of €150 million. The baton is passed on Wednesday to PPC, which is presenting in London the business plan that is said to involve investments of over €10 billion for the period 2026–2028. The focus is on whether PPC’s announcements will confirm the recent market rumors of a roughly €1 billion capital increase at €14 per share, combined with interest from BlackRock in acquiring a significant stake.

Preliminary agreement between IKTINOS and a fund

Since I mentioned smaller listed companies earlier, let me add that the management of IKTINOS is taking steps to leverage its assets with the goal of freeing the listed company from debt. In this context, according to information, IKTINOS is said to have reached a preliminary agreement with a foreign fund for the 2,500-acre property it owns in the Faneromeni bay in Sitia, Crete. Developments are expected immediately.

National Insurance acquisition by December 5

The acquisition of 100% of National Insurance by Piraeus Bank is in its final stretch, as the Bank of Greece has granted approval and next week approval is also expected from the SSM. By December 5, based on the dates given by the authorities, the acquisition will have been completed, and the second essential chapter begins for the insurance company but also for the banks (Piraeus Bank and National Bank) in terms of bancassurance. I’m no prophet, but something tells me that this chapter will not be exhausted “from one moment to the next,” as we say. It will require a lot of groundwork both from Piraeus Bank and from the National Bank. It is a structural change that reshapes long-standing relationships with many technical and legal issues, and some time will be needed before it wraps up.

Hellenic Exchanges (ATHEX) in the arms of Euronext

Now regarding HELEX, which we mentioned above: last Thursday and especially Friday, individual small shareholders of HELEX showed that they are convinced by the Public Offer of Stéphane Boujnah and handed over their shares to brokerage firms, which in turn mobilized even more because of the special 0.4% commission they had on the transaction. Today at 2 p.m. the process formally closes, with the acceptance rate—according to market information—expected to exceed 55% and move toward 60%. Success is considered a given, but the column reserves judgment on the exact percentage. What is certain is that the strategy paid off: institutional investors—Greek and foreign funds that already held Euronext shares—hurried to exchange. For them, the transition was a simple administrative move without tax implications. Individuals acted on Thursday and Friday. The fact is that after the results are announced the day after tomorrow, November 19, the Athens Stock Exchange enters the pan-European network. On November 24, HELEX shares will be traded simultaneously in Amsterdam, Brussels, Lisbon, and Paris. The next chapter is the squeeze-out: Euronext will seek 90% or more so as to integrate HELEX into the group.

Byte: heading for EBITDA over €10 million in the 9-month period

Byte, as IDEAL presented last October during Investor Day, is transforming into the parent company for its IT investments, with subsidiaries Adacom and Bluestream. According to information, the picture of the 9-month results follows a trajectory similar to that of the first half. If we compare these figures, then we expect revenue above €75 million and EBITDA above €10 million. I hear that the company’s executives are very pleased because the gross profit margin is increasing by more than 7 points and the EBITDA margin is stabilizing at 15%, over 4% higher than last year. They also say that the contribution of projects carried out by the companies abroad is significant and represents a new pillar for future growth. IDEAL’s results on Thursday, 20/11, will likely confirm management’s expectations as presented in October. The next step is to see whether the strong results will be reflected in the share price and whether IT sector valuations will help IDEAL.

Swiss-franc loans: institutionally yes… technically maybe

The Ministry of National Economy and Finance is working full-time on the institutional framework for the restructuring of Swiss-franc loans, listening to the banks but clearly keeping its focus on the borrowers. The legislative framework is expected to be ready by the end of the year. However, its implementation may require a longer time. The technical aspect of implementation is not the simplest. It is therefore very likely that the platform of the out-of-court settlement mechanism will be used for the Swiss-franc loan restructurings. The adjustments required to allow both vulnerable and non-vulnerable borrowers to enter are technically complex and may require some time. Even if a new application is developed to serve this purpose, it too will need time.

Giannis Mytilineos’ new companies

“Sea Front Bliss I” and “Sea Front Bliss II” are the names of the two new companies founded last Friday, November 14, and are owned by businessman Giannis Mytilineos. The purpose of the two companies, headquartered in Varibombi, is—among other things—the buying and selling and management of real estate and, in particular, the construction of buildings either for own use or for exploitation in any way, or for resale, located anywhere in Greece or abroad. Also, the construction, leasing, subleasing, renovation, repair, expansion, maintenance, exploitation, management and general utilization of all kinds of properties, urban or otherwise, owned by the company or third parties; the establishment, construction, operation, management and exploitation of all types of hotels and tourist units, housing complexes, sports facilities, etc. The initial share capital totals €3,300,000, specifically €2,200,000 for “Sea Front Bliss I” and €1,100,000 for “Sea Front Bliss II,” divided into shares with a nominal value of €100 each. The sole shareholder is the Cypriot company Nioval Ltd, whose sole shareholder is Giannis Mytilineos, who, as is well known, in addition to his other activities (shipping, etc.) also owns the emblematic Tatoi Club. The management of the two newly established companies includes Anastasia Mouchlidi as Chairwoman and CEO, Elisavet Paraskeopoulou, and Mytilineos’ two daughters, Amalia and Ioli, as members. They are the same individuals, in the same roles, who staff Tatoi Residences, the company founded last March.

The book of Odysseas Athanasiou

On November 25, the book “Why They Succeeded – 6 States from the Shadows to the Top,” written by Lamda Development CEO Odysseas Athanasiou, is expected to be released. The head of LAMDA, who has been at the helm of the group since the late 2000s, will speak at the launch event about his book, for which he offers an initial idea of its subject, stating that it is “a personal search regarding how small countries without natural resources or power managed to rise to the top. It is not a book about economics or politics. It is a book about how the right choices and faith in people can change a country’s future.” The presentation will take place on Tuesday, 2/12/25, at the National Gallery, and speaking about Athanasiou’s writing project will be the Governor of the Bank of Greece, Yiannis Stournaras, and EKPA professor Maria Efthymiou.

A Thessalonian at the World Bank

The information comes from reliable sources, although for now there is no official announcement. Antonis Kamaras, a scholar from Thessaloniki with a rich academic and professional background, will be Greece’s representative at the World Bank. It is a position held from 2013 to 2021 by Christos Papoutsis (former minister and European Commissioner under PASOK), and from early 2021 by a woman for the first time, economist Eleni Panagiotarea (daughter of journalist Anna Panagiotarea). For the past year, the position had remained vacant. Now it is being taken up by Antonis Kamaras, who studied at Connecticut College and the London School of Economics and has worked professionally as a consultant at the National Bank of Greece and the Municipality of Thessaloniki. He is a researcher at ELIAMEP and a founding member of the Greek Diaspora Project at SEESOX (Oxford).

The…crazy regulation that favors high-speed ships over conventional ones

A puzzle remains regarding how ferry routes are scheduled. Today two different rules apply: conventional ships must operate all year round, while high-speed vessels can operate for at least four months. However, the market picture has changed radically: 12 years ago there were just 13 high-speed vessels; today there are 34. This has two consequences:
a) Huge fluctuations in prices. On routes with competition, ticket prices can fall to €0.60/mile, while as soon as competition disappears they rise to €3.25/mile.
b) Conventional ships, which are obliged to operate in winter, are financially squeezed in summer by the high-speed vessels and struggle to make the year viable. The Competition Commission notes that if this asymmetry continues, there is a risk that winter routes will be reduced, something that would harm the cohesion of the islands.

Silent Chinese wave at the Port of Piraeus

The US and China may have temporarily buried the hatchet in their business-trade war, but each continues to keep a close eye on the other. The news that the Americans are planning a strategic investment to create an alternative commercial corridor to counter COSCO and the Port of Piraeus—by promoting Elefsina—did not go unnoticed in Beijing. At Greece’s main port, a plan has long been sitting in the drawers: the construction of a fourth pier, in the space between the car terminal and Pier I. This project is not part of COSCO’s mandatory commitments. Piraeus, due to the large volumes it handles, is running out of vital space, approaching its ceiling of 5.5 million TEUs. A fourth pier would give the Chinese operators the ability to increase container throughput by at least one million TEUs. However, without the authorities’ green light, the Chinese cannot move forward, so they are keeping a wait-and-see stance, monitoring developments. “There’s a certain silence,” people from the port told me.

Greek shipping at full throttle

Greek shipping groups continue to sweep both the shipyards and the secondhand market. On the newbuilding front, Thenamaris (Nikolas Martinou), StealthGas (Harry Vafias), Venergy (Byron Vasileiadis), and Akrotiri Tankers (Marielena Prokopiou & Konstantinos Lampsias) led the way with fresh tanker orders, investing in modern, scrubber-fitted vessels—an indication that the major players are looking long-term and betting on cleaner, more efficient shipping. Meanwhile, Costamare and Latsco remain active in containerships, strengthening their presence in East Asian shipyards. In the secondhand market, Greek activity was visible on both the buying and selling sides, especially in dry bulk. Aegean Bulk stood out by selling the Supramax Anemos (2011), while another Greek group acquired the Isolda D (Handysize, 2011). Overall, over the last twelve months Greek shipowners have signed 43 new tanker orders, 6 bulk carrier orders, and conducted 41 tanker acquisitions and 98 bulker purchases in the resale market. Greece thus comfortably maintains its global lead in S&P activity.

Trek enters the Athens Exchange Alternative Market

Today marks the start of trading for Trek Development on the ASE Alternative Market. The Papapolyzos family company is active in infrastructure project development and construction, with a focus on energy, environment, water management, and Smart City applications. After 30 years of operations, the company is moving to its next phase, planning an investment program of €4.6 million, financed by €1.9 million from the listing and €2.7 million from internal funds and projected profits for 2025–2027. About 30% of the plan concerns organic growth—primarily staffing and upgrading the operations of its Munich subsidiary—while 70% will go toward acquiring specialized companies in Greece and the EU.

Four stocks looking for new highs

The Titan share has been unstoppable for the past five sessions, rallying from €40 to nearly €44 and inching closer to its record of €45.8. The driver is the cement group’s four-year plan, involving investments up to €4 billion and EBITDA of €1 billion by 2029. Also on the table is the acquisition of the French company Vracs De L’Estuaire, with Titan in exclusive talks. Analysts reinforce the positive mood: Citi has set a target price of €56.1, S&P upgraded Titan’s rating to BB+, and Fitch raised its outlook to positive. Motor Oil exceeded €28 intraday over the last two sessions, closing just below that mark. With six consecutive gains, the stock would hit a new all-time high with an additional 2.2% rise. It’s a remarkable comeback for a share that had dropped below €20 seven months ago, with the interim dividend of €0.35 providing momentum. Viohalco remains in the spotlight, hitting a new high and approaching €10. Its subsidiary ElvalHalcor is following suit, extending its multi-year high and aiming to reach €3.5 for the first time since November 2007.

A new era for EY Greece, in a historic Thessaloniki landmark

The historic Matarasso–Altshech building—one of Thessaloniki’s most iconic Art Deco structures—will now house EY Greece’s administrative base in the city. Designed in the 1930s by architect Moshe Kazis, and once home to the Athens Stock Exchange’s local branch, the building has been transformed into a modern, flexible, and inclusive workspace while preserving its original identity. The renovation respected the building’s historic architecture, retaining signature elements of the era while adapting the space to the needs of a modern international consulting organization. The new facilities will host teams serving clients across sectors from finance to technology. On 22–23 November, the public will be able to take a look inside as part of EY’s Open House.

A flood of money in the markets

The terms are Money Supply M2 and M3, referring to the total money circulating in an economy at a given moment. Globally, this money stock reached $142 trillion in September 2025—an all-time record that reveals a fundamental shift in the world economy. The +9.1% increase in 2025 alone represents around $12 trillion. Over the past 25 years (since 2000), global money supply has grown at an average 7% CAGR, with only brief pauses during the 2008 crisis and the 2020 pandemic. After each crisis, the rebound was rapid and monetary expansion even stronger. Central banks face a dilemma: interest rate hikes since 2022 should have restricted liquidity, yet money supply continues to expand. The 2025 depreciation of the US dollar is the hidden key: as money loses value, investors are forced to shift into assets that protect against inflation. Capital seeks refuge from devaluation—and investing becomes not a choice, but a survival necessity for capital.