Hello. Now, anyone who tells you that the government’s handling was correct or even appropriate regarding the farmers’ blockades simply does not want to tell the truth, since life itself proved that things developed badly. Mind you, I am not saying that the government should have satisfied their last demand just so that they would open the roads. Because, given the way things evolved, the majority of these unacceptable types who torment their fellow citizens and damage professionals who were waiting for the holidays to work clearly are not interested in “demands.” Most of those who today… do not listen to a word and do not engage in dialogue are unionist “farmers’ leaders,” anarchic troublemaking youngsters, so-called farmers, or party stooges. Therefore, the M.M. should have ended it one way or another by December 20. Why they did not, there is of course an excuse: that “in the current circumstances, when farmers were late being paid due to OPEKEPE, we did not want to escalate.” But as you understand, there is always (in history) an excuse for everything.

What the M.M. is saying now

Yesterday there was quite a bit of discussion in the M.M. on this issue. Some said that even now the Authorities must act and impose administrative fines on those who close the emergency lanes, obstruct transport, etc. Others wondered why the Justice system is not moving (there are 200 case files ready for related offenses of obstruction), but no decision was taken. Mitsotakis, from what I learned, does not want to take the issue to extremes, but the specific farmers who are at the blockades are not interested—as we said—in a solution. Of the 57 blockades, the 18 that wanted to come to dialogue the day before yesterday (mainly from northern Greece) were bullied by the rest and did not remove their tractors from the blockades. I foresee that in the end no solution will be given during the holidays, so the inconvenience will continue and fines will be imposed, as well as prosecutions, the way things are going. I hope it changes.

Karystianou’s preparations

These days, however, the talk of the town at invitations and dinners with a political aroma is whether Maria Karystianou will form a party. Everyone now takes it for granted that she will, while various willing people appear ready to do backstage work. One person, however, is genuinely close: the remarkable Patras politician Nikos Nikolopoulos (for friends NikNik, “oh elder,” the blessing, etc.), who served as a captain under Karamanlis, then as a Samaras supporter, and later as a friend of Kammenos and SYRIZA, until they fell out and he went his own way. If some are waiting for Karystianou to announce her initiative immediately, they are probably mistaken, as she wants to wait for a year closer to the elections. Also note that a Karystianou party could essentially put the brakes on a Samaras party, who in any case is maintaining a wait-and-see stance and has not made substantial preparations beyond conversations with various friends around Greece. In any case, I asked my (good) polling source where Maria draws votes from. The answer was clear: “Don’t talk to me about votes because Karystianou hasn’t formed a party yet, but her reservoir is from everywhere except ND, and she doesn’t seem to take from PASOK either. However, she takes quite a lot from Tsipras, a lot from Zoe, and from Velopoulos.” This does not surprise me at all, especially when I read that she herself states (Estia) that she will form a party with the goal of the “seizure of assets of corrupt politicians.” This particular “position,” as you understand, sticks everywhere, from the far Left to the far Right—from the “clean hands” operation to Michaloliakos.

Close to a Kotsovolos–Amoiridis–Savvidis deal

Let me move on to market news, with the column revealing today the latest deal that was “cooked” in 2025 and—barring surprises—will be one of the first we hear about in the new year. According to information, it seems a decision has been made and white smoke will come out regarding Kotsovolos’ acquisition of the company Amoiridis–Savvidis. It is a well-known and reputable company that has been in the market since 1989 and is active in the import and distribution of electrical and electronic appliances. Amoiridis–Savvidis, among other things, is the representative and distributor of Morris, F&U, United, Miyato General, etc. The deal has been in the works for quite some time, but now it seems the time for decisions has arrived. PricewaterhouseCoopers has an active role in the process. Further details, e.g. about the next-day business plan, the column does not know, but if it proceeds, synergies through Kotsovolos will obviously be utilized.

The Filippou family put €9.5 million into Hellenic Quality Foods

Hellenic Quality Foods of the Filippou family increasingly resembles a bottomless barrel. Not because there is no money, but because new capital keeps going in and still is not enough. Specifically, during 2025, the shareholders reached into their pockets three times to strengthen the cash position: it started with €4 million in February, then another €2 million was needed in September, and now there was another capital injection of €3.5 million. That is a total of €9.5 million in fresh money in less than a year. Thus, the brands KANAKI and MIMIKOS continue to “run,” share capital now stands at €156 million, but the much-desired stabilization is still being sought.

Allwyn–OPAP: The positive signal and the €14.8 billion valuation

We are approaching the milestone date for the Allwyn–OPAP deal, and ahead of the general meeting on 7/1 where shareholders will be asked to ratify the merger of the two companies, investors and analysts are taking positions on the prospects of the next day. Citi estimated the combined valuation of the scheme at €14.8 billion, which means that under current conditions it will be the second-largest listed company (behind Coca-Cola at €16 billion) on Euronext Athens. According to Citi’s projections, adjusted EBITDA is expected to approach €2 billion in 2026, recording annual growth of around 32%. A decisive role in this dynamic is played by the contribution of PrizePicks, which is estimated to strengthen the group’s figures by about €270 million. At the same time, the decision to cancel the issuance of preferred shares with enhanced rights continues to be positively valued by investment houses in the first reports published after the relevant announcement. Citi notes that the preferred shares were a key point of concern for investors and that their withdrawal significantly increases the chances of approval of the agreement. In the same vein, brokerages such as Eurobank Equities and Piraeus Securities point out that the modification removes key obstacles to the deal, reduces complexity, and enhances visibility of completion. Similarly, NBG Securities emphasizes that the Allwyn economic stake remains unchanged at 78.5%, with no impact on valuation. Alpha Finance, Pantelakis Securities, and Beta Securities also take a positive stance, underscoring that the new structure eliminates asymmetries in rights and control, reduces governance risk, and strengthens the confidence of the investment community.

Bulgaria, Greece and… the euro

Celebrations for Bulgaria’s accession to the euro have begun, and the European Central Bank will grandly welcome Bulgaria, which from 1/1/2026 replaces the lev with the euro. Thus, from tomorrow, December 31, until January 11, the ECB’s main building will be illuminated every evening from 17:30 to celebrate Bulgaria’s entry into the euro area. The country will become the 21st member of the eurozone. The previous accession was Croatia, which adopted the euro on January 1, 2023, becoming the 20th member of the euro area. For Greece, Bulgaria’s accession is of particular importance, as the two countries are closely connected economically and business-wise. According to data from the Bulgarian National Bank, Greece ranks third in net inflows of foreign direct investment into Bulgaria in the first quarter of 2025, with a total value of €115.2 million, behind only the Netherlands (€190.3 million) and Austria (€127.2 million). The total stock of Greek investments in Bulgaria amounts to approximately €4.415 billion. More than 18,000 Greek companies operate in the country, with total investments of around 6 billion leva (approximately €3 billion), which have created over 60,000 jobs. Greek investments in Bulgaria have increased impressively by about 466% in recent years, strengthening the close economic connection between the two countries. In the banking sector, Eurobank remains the main Greek player in the country through its subsidiary Eurobank Bulgaria AD, operating under the Postbank brand. The bank is one of the largest in the country, with a wide presence in both retail and corporate banking.

At COSCO they are getting nervous – traffic is falling

The decline in container handling at Piers II and III of PCT in Piraeus is not being treated merely as a collateral loss of the Red Sea situation. COSCO Shipping Ports’ data for the period January–November 2025—3,645,900 TEUs versus 3,861,700 last year, a drop of 5.6%—have already rung alarm bells for financial analysts and port-industry executives, who see that the narrative of a temporary dip is starting to become troubling. In the corridors, however, everyone whispers about a more specific reason: MSC’s decision to withdraw the mothership that was calling at Piraeus and send it to a Turkish port. A purely operational move, insiders say, but with a clear imprint on the numbers. “When you lose a mothership, you don’t just lose TEUs,” comments a port official with experience in Mediterranean hubs, implying that Turkey is gaining points as an alternative hub. Financial analysts point out that when COSCO’s competitors in the Western Mediterranean are posting growth, the problem is not only geopolitical. And indeed, the Spanish ports of Valencia and Bilbao ran at +12.6% in November, Antwerp and Rotterdam are rising, and overall COSCO’s terminals outside China are closing the eleven-month period at +10.7%. The message is clear: trade flows are shifting westward, where liner companies find stability, market depth, and fewer risks. At COSCO, however, they are keeping a low profile and betting on the return of routes through Suez in 2026. At the political-insider level, though, the question remains: if MSC and other major players get used to elsewhere, how easily does Piraeus return to their radar?

Egnatia opens the road for Elefsina and 22 airports

Today the financial transaction is being completed for Egnatia Odos to pass to the consortium GEK TERNA (75%) – Egis Projects (25%) for the next 35 years. Today’s signing opens the way for the next moves of the Hellenic Asset Development Fund, which has already proceeded with hiring advisors for the concession of the 22 regional airports and is expected in the first months of 2026 to present the final model for their utilization. The package includes the airports of Naxos, Paros, Ioannina, Alexandroupoli, Lemnos, Araxos, Syros, Milos, Chios, Kozani, Kastoria, and others. Information indicates that Fraport will be the first to appear as a bidder for a new concession. At the same time, large logistics parks are entering a development trajectory. The pivotal project is the port of Elefsina, which has firmly entered the American radar as a counterbalance to the “Chinese” Piraeus. The tender announcement by the Hellenic Asset Development Fund for the Elefsina Port Authority is expected in 2026, with the U.S. development bank DFC and the ONEX Group openly expressing their interest. The plan provides for the creation of a new port of 400 acres, with rail access, which will function as a commercial, energy, and transshipment hub of strategic importance. For the U.S. government, Elefsina constitutes a critical link in the architecture of energy and defense security in the Eastern Mediterranean, especially if there is a connection to the Thriasio Freight Center and LNG corridors. Privatizations with a strong geopolitical footprint.

A “royal” landing

Not one, not two, but four new companies were set up yesterday by the Vasilias family. This is the family of Loukas Vasilias, who was active in the automobile market—he had also served as president of the Association of Automobile Dealers in the past—but later moved from cars to… real estate, which is obviously far more profitable. According to information, he holds a large real estate portfolio in the southern suburbs (Alimos, Palaio Faliro, Keratsini, Piraeus, etc.). Yesterday, therefore, four companies were established with his children as shareholders, all based in Alimos, with purposes including holding-company activities, working-capital (liquidity) management consulting, as well as services for the exploitation and management of assets of legal entities. Specifically, KLV Holdings S.A. with initial share capital of €7,470,000, divided into 747,000 corporate units of capital contributions, with a nominal value of €10 each. Here, Kreon Vasilias paid €11,413.88 in cash and received 1,141 corporate units, while contributing in kind shares and participations with a total value appraised at €7,458,586.12, corresponding to 745,859 corporate units. Dimilucia Holdings has initial capital of €4,400,000, divided into 440,000 corporate units of capital contributions with a nominal value of €10 each, and Dimitra Vasilias paid €13,823 in cash and received 1,382 corporate units, while contributing in kind shares and participations with a total value appraised at €4,386,177, corresponding to 438,618 corporate units. The management of the company was assigned to Fani Vasilias. She herself proceeded with the establishment of Holon Holdings, with capital of €4,400,000 divided into 440,000 corporate units of capital contributions, with a nominal value of €10 each. Fani Vasilias paid €11,855.31 in cash and received 1,186 corporate units, while contributing in kind shares and participations with a total value appraised at €4,388,144.69, corresponding to 438,814 corporate units. In addition, CVL Holdings was established, with capital of €7,320,000 divided into 732,000 corporate units of capital contributions, with a nominal value of €10 each. Chrysanthi Vasilias paid €8,534.25 in cash and received 853 corporate units, while contributing in kind shares and participations with a total value appraised at €7,311,465.75, corresponding to 731,147 corporate units. Let me remind you that last March Loukas Vasilias—who is a football supporter of the yellow-and-black colors and in the past had shown interest in acquiring a majority stake in AEK FC—had established the company Southern Riviera Properties with share capital of €500,000, with the purpose of leasing and managing owned real estate, while a few months earlier he had opened another eight companies for the exploitation of real estate assets. We are talking about a… royal landing…

When the Wall Street ticker disagrees with Net Asset Value

On Wall Street, big stories often begin when the market “sees” less than what the assets are worth. The listed Imperial Petroleum of Harry Vafias is such a case. With a market capitalization of about $171 million on Nasdaq and an estimated Net Asset Value (NAV) of over $508 million, the stock is priced at roughly one third of its net value. The recent $60 million capital increase via Maxim triggered a sharp correction, proving that the market fears dilution. At the same time, however, the Greek shipowner maintains 30% of the common shares and has not sold a single one. In the language of Wall Street, this translates into confidence in the narrative. The NAV is based on a fleet of tankers and bulkers, participations and cash, without including seven vessels under acquisition. With new capital in the treasury and a strategy of radio silence regarding upcoming purchases, Imperial is playing the long game. The question is not whether the stock is cheap, but when the market will admit it.

The silent advance of Peter G

For those who follow shipping, the latest moves by Peter G carry a clear message: he is present, he moves fast, and he is taking up space. The acquisition of Norvic’s dry bulk segment by United Overseas Trading was interpreted not as a simple commercial transaction, but as a move of control. Peter G did not simply buy contracts and vessels. He acquired a team, know-how, and a ready-made machine that works from day one. In a market where many are still searching for direction, this counts more than the price, which in any case was not announced. Norvic had for some time been moving out of the dry bulk picture: fewer deals, desk closures, departures. The exit was only a matter of time. Peter G entered at the right moment, without noise, without leaks, and took whatever had value. A classic move by a player who knows how to wait. At the same time, P.G.’s $230 million SPAC in New York shows the other face of the same strategy. Public money, an international audience, and freedom of choice for the next two years. Officially it is not connected to Norvic. In practice, however, it shows that Peter G wants to have both private tools and public ammunition.

Rendezvous in Paris

Piraeus Securities is preparing its own roadshow with many companies listed on the Athens Stock Exchange, in Paris. The dates 30–31 January 2026 have been locked in, and the first participants include FTSE 25 companies with an emphasis on the industrial sector, such as Motor Oil and Athens International Airport. This roadshow comes at a time when international houses (JP Morgan, UBS, Bank of America, Goldman Sachs) are placing Greek stocks high—once again—for 2026, with particular emphasis on banks, energy, and industrial shares. Despite five consecutive years of gains, the Greek narrative remains positive in international markets.

TITAN carries heavy weight on its shoulders

The TITAN giant of the Athens Stock Exchange comfortably surpassed a market capitalization of €4 billion, with the share price at €52.3, that is, +42% higher than the stock price three months ago. The density of trading and the steady upward movement of the share are attributed—among other things—to the apparent intention of the parent company to proceed with a placement of shares of its American subsidiary. The information has not been confirmed so far by management; however, a few days ago Pantelakis Securities hastened to inform its clients that it is raising the target price for Titan’s share to €59 from €51.5 previously. The management of the TITAN Group is, for the time being, limiting itself to reminding the market that the sales target has been raised to €4 billion by 2029, with a promise of operating profits of around €1 billion by 2029. Pantelakis Securities, for its part, estimates that TITAN’s operating profits will record an average annual increase of +8% through 2029, discreetly reminding that the Group has “firepower” of approximately €1 billion, which can be used for acquisitions. Finally, it considers unjustified TITAN’s discount of 37% and 51% compared to its European and American peers.

The block trades of Real Consulting

Approximately 1.5% of the share capital of Real Consulting changed hands in yesterday’s session of the Athens Stock Exchange through pre-arranged transactions, at prices ranging from €5.04 to €5.08. The moves indicate a careful reshuffling of investment positions, without any sign of an exit by a strategic investor. The block prices at €5–5.08 are slightly below the revised target price of Eurobank Equities at €6.2, announced last week. The brokerage revalued the stock after the summer acquisition of Romania’s Smart UX Development, which expanded the company’s activities in the utilities sector and added critical SAP S/4HANA capabilities. Real Consulting closes 2025 with strategic capital in its coffers. Analysts estimate net cash of more than €7 million. At the same time, management tied down its top executives with an incentive program, as in October it distributed 367,671 shares free of charge to 56 employees, worth €1.87 million.

TREK Development now has 400 shareholders

On November 17, TREK Development began its journey on the Alternative Market of the Athens Stock Exchange. At that time it had 55 shareholders. Today, shareholders have exceeded 400, while yesterday the Chairman and CEO Konstantinos Papapolyzos and his wife, Vice Chairwoman Melina Lazaropoulou, sold 375,000 shares (4.7% of the share capital), with a total value of €937,500, with the aim of expanding the company’s free float, as they had committed at the time of listing. Immediately after the transaction, the share jumped to limit up and TREK Development’s market capitalization exceeded €25.2 million, that is, 108.46% higher than its listing price.

Banks failed to move the ASE away from March 2010 levels

The first session of the Athens Stock Exchange after the short holiday break—it had been closed since December 23—provided a good opportunity for the few traders to absorb part of the strong annual gains. Banking stocks were in the spotlight—with the exception of CrediaBank—as well as certain titles that showed signs of fatigue after successive breakouts, such as Motor Oil and the shares of the Viohalco group. However, Metlen—which until recently had been underperforming—picked up speed, to some extent countering the “wave” of selling and keeping Athens close to March 2010 levels. Some other blue chips also accelerated, such as GEK TERNA, Aktor, and EYDAP, which approached their yearly highs. In mid-cap stocks, AVAX stood out, now just a breath away from €3 for the first time since December 2009. Papoutsanis recorded a “jump” of 15% yesterday, setting course for its 18-year highs of €4. At exactly the same price as Papoutsanis (€3.88), Evrofarma closed, marking a new record of approximately 24 years (February 2002).

The scandal all of America is talking about today

One day after Christmas, a young (23-year-old) independent journalist named Nick Shirley published a 42-minute investigation which, according to him, reveals “the largest fraud scandal in U.S. history.” Within one day, his investigation exceeded 100 million views on X and 1 million views on YouTube, surpassing in reach the country’s largest news agencies and newspapers. The journalist searched for and found “suspicious” social service businesses in Minnesota, mainly daycare centers operated by members of the Somali community. These businesses receive state funds for childcare programs under Minnesota’s Medicaid program. Shirley found empty buildings without children during “working hours,” stands in front of a “Quality Learning” daycare center whose owner cannot correctly spell the word “learning,” yet has received $4 million in state funds. The Justice system reacted immediately, with Assistant Attorney Joe Thompson stating that he suspects the scale of fraud in Minnesota’s Medicaid program may have reached $9 billion, slightly less than Somalia’s total GDP. Federal authorities such as the FBI, Homeland Security, and the Department of Justice took over the case, under the label “fraud tourism.” The case was quickly exploited by Vice President Vance, who described Shirley’s reporting as more useful journalism than the winners of the 2024 Pulitzer Prize. A 23-year-old reporter with an iPhone and a hood over his head created, over Christmas, a story—an investigation—watched by tens of millions of Americans and discussed by everyone at Christmas family gatherings.

Bitcoin’s holiday woes

Excessive optimism is a bad advisor in markets, especially when accompanied by leverage, that is, borrowing for investments. Last Friday, bitcoin delivered a good lesson to those who were swept along, borrowed, and expected the bitcoin exchange rate to reach $150,000. In just six hours, bitcoin lost $4,000, a few minutes after regaining the psychological level of $90,000. The abrupt move triggered the violent liquidation of leveraged long positions worth $100 million. Bitcoin fell to $86,000 before stabilizing around $87,500. Yesterday, bitcoin was trading at $88,200, with the market remaining nervous, with low volumes due to the holidays. The lack of liquidity until January 2 may cause additional violent fluctuations. From early January, institutional investors will return to the market, and then the real momentum of the leading cryptocurrency will become apparent.