Hello, we are heading toward the Christmas holidays with relative calm in politics—at least in the front-line issues concerning the government—because in the Left opposition there’s the usual commotion; they’ve all become…a tangled mess after Tsipras’ book. It seems logical to me that these people have lost their compass, given their past, which, between us, never showed even the slightest sign of serious structure. Most of them were some politically-minded jokers in cafés, trying to grab onto something—now once again onto Tsipras—in hopes of managing to keep or regain some sort of paycheck. All of this is, between us, a bit depressing, but since there is no real opposition and these types are also entering the “political equation” of a future government, they become dangerous. I read yesterday that the director of Avgi resigned—or was made to resign—I don’t know the man, but I wonder: in such a tangled mess, how is a journalist supposed to imagine what the party line is? I also read Tsipras’ non-paper and barely understood… what exactly the poet is trying to say; basically they’re writing something to justify the balcony, since it proved too heavy for the Left. Honestly, did nobody in SYRIZA or the New Left think to ask where they would be seated, or at least did nobody from their own side tip them off before they entered the hall? Silly questions, I have, right?

Blockades and PASOK

– Now, the issue of the moment remains the farmers and the road blockades. There’s plenty of discussion and noise but, in my opinion, nothing unprecedented—although this year conditions truly are harsher due to the problems with OPEKEPE subsidies and the sheep pox; indeed, farmers are much more squeezed than in the past. The government, however, methodically and calmly intends to handle this without allowing certain extremes (which do not appear for now), because they know that when the money comes before Christmas, and when work in the fields restarts in late January, the situation will calm down. In this landscape I observe PASOK’s stance, which is absolutely telling, because the needle simply isn’t moving. Ten MPs have come out and said… one of everything about the blockades. One is in favor, another is covertly against (in favor of “society as a whole”…), and another simply denounces any journalist asking about provocateurs—and all of them denounce Mitsotakis. Okay, you’ll say, what are they supposed to do? For as long as I can remember, the opposition climbs onto the tractors every Christmas.

Final stretch for Pierre

– Let’s move on to the serious stuff. On Thursday, the 20 European finance ministers vote for the president of the Eurogroup, where Pierrakakis is fighting to defeat his opponent, the Belgian who comes from the same party (EPP), and to secure an extremely important position both for the country and for himself. Since last night, Pierre is in Paris, and it seems he is completing his campaign there by speaking with Macron’s senior officials. There is optimism, but the match ends in extra time and is usually decided by details. Still, the mobilization and effort of the Greek side is significant, and of course it is led by Mitsotakis himself. If achieved, it would be something important for the country, considering what has happened and what we have heard over the last 15 years from our partners: From Juncker’s “game over” to the inept Papakonstantinou, from Sarkozy’s epic line to G.A. Papandreou when he told him he wanted to hold a referendum—“you are a f…ing psychopath”—to that “wow” from Varoufakis to Dijsselbloem; well, it’s not a small thing that we are now vying for the presidency of the Eurogroup.

Parliamentary Group

– In other news, Mitsotakis’ dinner with ND MPs, which was supposed to take place last Thursday at “Karavitis”, now seems unlikely to happen due to scheduling. Instead, I hear that on Friday morning, since he will already be in Parliament for the start of the budget debate, K.M. is planning a meeting of the parliamentary group, so he’ll have the chance to talk with all MPs. And probably to hear from some of them as well.

Meeting of Presidents

– Around this time, K.M. is also planning to… warm up the party mechanism. Also on Friday he will meet in Parliament with the newly-elected presidents of ND’s regional organizations. And over the weekend the so-called meeting of the presidents will convene at OAKA—the assembly of the new regional and municipal organization presidents of ND who emerged from the recent internal elections. Mitsotakis and all ministers will be present.

“Massaging” the Mayors…

– Staying with ND matters, on the 17th of the month the general assembly of KEDE will convene, with the agenda being the resolution on the new Local Government Code and the new electoral law that Livanios is introducing. I must tell you that the party has begun to seriously work on preparing the mayors, because last time in Alexandroupoli, when they were left… relaxed, quite a few of them got up and left, and the Doukas faction ended up “matching up against” the faction of President Kyrizoglou, who actually controls two-thirds of the mayors. So now is not the time for laxity.

Papastavrou at the Kennedy Center Honors

– Stavros Papastavrou received a very honorable invitation from the U.S. government and attended yesterday the event at the John F. Kennedy Center for the Performing Arts, along with 500 other distinguished guests, among whom were members of the Cabinet, top American businessmen, executives of multinational companies, Senators, and of course President Trump himself, who also happens to be Chairman of the Center’s Board. At the event, the U.S. President awarded artists and groups who have consistently supported American art, bringing it around the world and still heard today on our radios. Among them were Kiss, Gloria Gaynor, and others. I see that the Papastavrou–American relationship has moved to another level…

Upheaval at National Insurance

– The CEO of National Insurance, Dimitris Mazarakis, is entering the new environment of Piraeus Group with enthusiasm, seeking to upgrade his company’s operations to meet modern customer needs and challenges. So we should soon expect new entries at National Insurance, as Stavros Karagrigorios, Director of Financial Services, and Sales Director Heraklis Daskalopoulos are expected to complete their tenure at the end of this year. Both positions are very important for the next day, when everything in the company and in the insurance market is changing. Something will remain the same, though: the brand name, since it represents the history of the country’s most important insurance company—as confirmed by Piraeus Bank CEO Christos Megalou at the general meeting when asked. However, changes in the group are expected to be broader, considering the operational transformation brought by the merger of the holding company with the bank. Restructurings and consolidation of similar departments are expected to give new momentum to the group—which it seeks anyway.

On the contractors’ radar

– The construction companies that completed the Patras–Pyrgos project—whose last 10 km were delivered last Thursday—are now looking for the “tail end” of the Olympia Odos. GEK TERNA, Aktor, and AVAX, which sprinted over the last three years to complete the project, are now turning their attention to the major unfinished part of the road axis: Pyrgos–Kalo Nero–Tsakona, about 90 km long, which would complete Olympia Odos and the Peloponnese road ring. The task, however, is anything but simple. The project was “frozen” in 2010 after the cancellation of the environmental permits for the route near Lake Kaiafas. According to the Council of State’s ruling, widening the existing road would seriously burden the lake ecosystem and the protected Natura area, already damaged by the 2007 wildfires. The court accepted objections from residents and landowners in Zacharo, ruling that the route had not been sufficiently evaluated regarding its effects on flora, fauna, and nearby settlements. Today two alternatives are being examined: a new eastern route through Lapitha in Zacharo with a tunnel up to 10 km (technically safe but expensive), or upgrading the current route with two lanes and a median barrier (much cheaper and with lower environmental impact). The cost is estimated at €700 million to €1 billion depending on the technical solution—an amount difficult to finance given the low traffic volumes. Filing and evaluation of the dossier by the Commission is expected to begin in 2026, with the Patras–Pyrgos experience serving as a “guide”. But since these procedures won’t be fast, construction firms are turning to the next major contracts: flood-control works along the Olympia Odos corridor, which are expected to provide significant workload in the coming period.

The Indian’s party

– The “square”… and the “balcony” together appeared Friday night at the annual reception hosted by Indian businessman Taizoon Khorakiwala of the Switz Group at the Ekali Club, celebrating 10 years in the Greek market—also fueling the chatter in the groups discussing the events on the Left. Alexis Tsipras may not have attended this year to avoid triggering discussion, but he was “represented” by close associates such as Dimitris Liakos, now a member of the Scientific Council of the Tsipras Institute. Present were also SYRIZA president Sokratis Famellos, Nikos Pappas, Olga Gerovasili, and others. From the government, among others, were Adonis Georgiadis, Makis Voridis, Grigoris Dimitriadis, Lefteris Oikonomou, and Giannis Smyrlis. There were PASOK representatives too—Odysseas Konstantinopoulos and Dimitris Mantzos—and also Andrikos Papandreou. From the business world, attendees included Fokion Karavias of Eurobank, Nikos Karamouzis of SMERC, Giorgos Chatzinikolaou of Piraeus Bank, Periklis Mazarakis of Golden Age Capital (where Mr. Khorakiwala has invested), Giannis Papadopoulos of EOS Capital, Takis Solomos of Elikonos, Giuseppe Ziano of Euroxx, Thanasis Papanikolaou and Panagiotis Throuvalas of Vivartia, Giorgos Skouras, the management of Optima Bank, Giorgos Portokalidis of Ioniki Sfoliata, the Benaki family of Olympus Foods, and many others. The head of the Switz Group noted that this year the Group’s revenue across the 11 countries in which it operates will exceed $700 million, with an EBITDA margin of 15%. The European division, led by Greece and headed by Elias Davos, is expected this year to exceed €300 million in revenue, according to Davos himself.

The non-succession of Marinopoulos

Panos Marinopoulos, who passed away recently, at the end of November and prematurely, had left his mark in various sectors of business. Among other things, he was also the main visionary behind bringing the Starbucks coffee chain to our country. Although in recent years he had withdrawn from the forefront, he continued until his death to be a member of the Board of Directors of Marinopoulos Coffee Company, which manages the network of the American brand in Greece. As the column learns, immediately after the passing of Panos Marinopoulos, the company’s Board of Directors convened and decided on the “continuation of the management and representation of the company without replacing the deceased member, Panagiotis I. Marinopoulos.” In the company’s articles of association there is a relevant provision stating that “in the event of the death of a member of the Board of Directors, the remaining members may continue the management and representation of the company without replacing the deceased member, provided that their number exceeds half of the members prior to the death of the member and is at least three.” Given that these conditions were met, the Chairman proposed (and the Board decided) to continue the management and representation of the company, until the expiry of the term of the Board, without replacing the deceased member, by the remaining three with the same signing and representation powers as defined by the decision of the Board of Directors of 14.07.2025. Thus, the Board of Directors of Marinopoulos Coffee Company now consists of Stefanos Marinopoulos (son of Ioannis) as chairman, Panagiotis Marinopoulos (son of Dimitrios) as vice-chairman, and Ioannis Marinopoulos (son of Stefanos) as member.

The new investment in Crete

Tourism continues to attract new projects — after all, investments in the sector in hotels, rentals, and all kinds of accommodations are estimated annually at 5 billion euros, as mentioned at the general assembly of Athens hoteliers, based on data from the Institute of the Greek Tourism Confederation (INSETE). In the “flagship” of the industry, Crete, investments continue at an unrelenting pace, and within this framework another tourism investment is progressing through the licensing process by a group with a history in the island’s hospitality sector and 5-star resorts in the Georgioupolis area. This refers to the project of around 50 million euros for the new hotel complex by ANAX Hotel Company, which is connected to the Vantarakis group. It is a 5-star hotel with a capacity of 499 beds at the “Tzougaris” location in the Municipal Unit of Georgioupolis, municipality of Apokoronas, in the prefecture of Chania. For the project, the Environmental Terms Approval Decision (AEPO) has now been issued. The investment is planned on an area of over 63 stremmata, with a building area of 12,778 sq.m.

The visit of the U.S. diplomatic mission to Heraklion port

The visit of the American economic mission to the Port of Heraklion, even if officially presented as a routine informational meeting, carries its own political interest. And this is because the port, as well as that of Igoumenitsa, now falls under the control of the Italian Grimaldi Group, which has a systematic presence in Greek coastal shipping and regional ports. Behind the scenes, many see the American visit as a “mapping” exercise of the new landscape forming in the country’s strategic ports. Washington closely monitors developments in the maritime infrastructure of the Eastern Mediterranean, especially when they are linked to international groups with significant influence on commodity flows and transport. There are quite a few who argue that the Americans wanted to gain a clearer picture of how the Italian group plans the next phase for the ports of Heraklion and Igoumenitsa, what projects are being promoted, and especially what opportunities for cooperation or influence may arise in the context of the energy transition, digitalization, and cruising. Another factor also enters this “mosaic”: the American side has shown increasing interest in recent years in infrastructure with geostrategic significance — and Greek ports are no exception. The fact that Heraklion has been upgraded into a major hub for cruising and trade, while simultaneously building green infrastructure and strengthening its role in the Mediterranean supply chain, makes the presence of the American delegation even more… interesting.

The strategic moves of shipowners

Greek shipowners are moving with strategic maturity and not with chaotic expansion, as analysts and shipbrokers point out at every opportunity. They are shedding older vessels as long as selling prices remain high, investing in newer and more efficient ones where fundamentals are strong, and maintaining a balanced fleet ready to capitalize on a medium-term positive cycle. They continue targeted investments while beginning to receive newbuilds, young second-hand vessels, and also branching into different ship types beyond those in which they currently operate. GasLog, owned by Peter Livanos, has received the new LNG carrier “Woodside Barrumbara,” with advanced high-energy-efficiency technologies, strengthening its fleet at a time of increased demand for safe and sustainable transportation. The new Kamsarmax “Gallia Graeca II” joined Angelakos (Hellas) S.A., owned by Captain Stefanos Angelakos, as the first of eight environmentally friendly Kamsarmax vessels, creating one of the largest and most environmentally advanced Kamsarmax fleets globally. At the same time, Element Shipmanagement, led by Alexandros Lemonides, is expanding from containerships into dry bulk with the acquisition of M/V “Union Groove,” marking a strategically calculated entry into a growing sector. Alimia, owned by Thanasis and Odysseas Laskaridis, placed an order for two LR2 vessels for delivery in the first half of 2027, bringing its fleet close to 40 ships, while Minerva, owned by Andreas Martinos Jr., is receiving its first LR2 tanker for delivery in January 2027.

The golden mean in banking

The weakening of the distinction between global and regional banking groups was highlighted in the interesting discussion between Piraeus Bank CEO Christos Megalou and ING Bank UK CEO Alexandra MacMahon at the Financial Times “Global Banking Summit,” which was held in London last week. The panel was titled “Global vs. regional banks — Does scale still determine success?” and in his remarks, Mr. Megalou emphasized that winners will be those who manage to combine the strong infrastructure and breadth that scale ensures with the flexibility and local expertise typical of regional institutions. “The key is the combination of scale and agility,” he stressed, noting that “mid-sized banks are the golden mean, as they are large enough to innovate, yet flexible enough to respond quickly.” He even cited as an example the acquisition of the Athens Stock Exchange (ATHEX) by Euronext. “The integration of ATHEX into Euronext’s pan-European network not only strengthens the group’s footprint but shows how regional advantages can be multiplied when linked with stronger platforms,” he said, adding that “it serves as a model for how mid-sized organizations can retain their local expertise while leveraging broader resources and deeper liquidity pools.” We do not know what Mr. Megalou has in mind as a dealmaker, but responding to questions about possible mergers and acquisitions, he also referred to the recent acquisition of National Insurance, saying that “the opportunity to acquire the No. 1 insurance company in the domestic market does not come often.”

The Hellenic Holding and Property Company (HCAP / ‘Superfund’) in the spotlight

The Prime Minister has summoned today to his office the Minister of Shipping and the leadership of the Hellenic Holdings and Property Company (Superfund) to present the final plan they have prepared and are recommending for the new upgrade policy of the country’s ports. These interventions aim to strengthen and change the management model of the ports in order to improve their competitiveness against private ports. At the same time, the relaunch of the tender for the property in Markopoulo reveals yet another strategic shift by the Superfund’s leadership. After the cancellation of the initial tender by the Council of State in 2024, the new preparatory tender announced on Friday constitutes a substantial reformulation aimed at avoiding new legal pitfalls.

Central bankers’ days

Tomorrow and the day after, the Federal Open Market Committee (FOMC) of the FED meets, and Wall Street is certain that another quarter-point rate cut will be announced. Next week, the European Central Bank takes its turn. In Frankfurt, they eagerly await Jerome Powell’s press conference at 14:30 on Wednesday to shape their strategy. The U.S. Consumer Price Index remains at 2.8%, well above the Fed’s 2% inflation target. This means that the American central banker will announce the rate cut, but at the same time warn that this decision does not signal further cuts early next year. The current Fed chair emphasizes, at every opportunity, that there are risks on both sides of the Fed’s dual mandate — stable prices and maximum employment — and monetary policy must reflect this risk. However, at the same time, the “shadow” central banker whom Trump will announce soon (and whose name will certainly be Kevin) will be pushing for larger rate cuts…

The new — long-running — Netflix series

On Friday, Netflix surprised Wall Street by announcing that it intends to buy Warner Bros. Discovery’s film studio and streaming platforms for 83 billion dollars, including its debts. Until a few days ago, this acquisition was considered an unlikely scenario, despite Warner Bros.’ anxiety to sell. In the end, Netflix offered a large amount which, at least for now, erased the chances of another Warner deal with Paramount Skydance. The truth is that Netflix’s announcement did not excite its shareholders, and the stock fell by –2.9% on Friday and –6% over the past week. Most analysts believe that Netflix is paying an excessively high amount for the assets it will acquire, which include the Warner Bros film studio, HBO, and HBO Max. In their joint press release, the two companies promoted nearly 90 years of media franchises, from The Wizard of Oz and Casablanca to Friends, The Sopranos, and Harry Potter. Combined with Netflix’s major hits, such as KPop Demon Hunters and Squid Game, the two companies appeared convinced that they would “define the entertainment narrative for the next century.” However, Warner Bros. Discovery’s stock closed on Friday at 26.08 dollars, below Netflix’s offer of 27.75 dollars. This means that the market retains doubts about the completion of the deal. Additionally, it may take 12 to 18 months and significant questions will need to be answered regarding government approval both in the U.S. and in Europe.