Greetings. Today is the last day before the holidays and, honestly, despite the tragic events of the day before yesterday, we had another event that made our day. It was the announcement by PASOK which – in response to Tsipras’ party’s claims about the “sea loans” (non-performing loans) of New Democracy and PASOK – launched a particularly fierce counterattack against our Alexis. What Nikos A. says to Tsipras… and what he does not say. After noting that PASOK has restructured and is repaying all of its loans, he goes after him, saying that: “The party of SYRIZA is running the most expensive campaign, without anyone knowing where they found the money. TV channels and newspapers are being mobilised and are praising you.” He goes on to describe our Alexis’ SYRIZA as “the party with billionaire oligarch sponsors and million-euro campaigns…” Well then, my dear Nikos, I do not know whether you are right or where you are getting your information from. Sorry, I am neither happy about it nor do I adopt those claims – but you certainly deserve it. Because if you didn’t know, why didn’t you ask? My dear Nikola, sponsors give their lovely little sums of money where the show is drawing a crowd, where the production is selling tickets. Of course, you got carried away with your own importance, but when another, more attractive product appeared on the market – one capable of bringing Mitsotakis down – they abandoned you. Now, two words on the substance of the matter. First, Androulakis is right regarding Tsipras’ announcement. PASOK is paying off its loans, which date back to other eras, and its leader cannot do anything other than what he is doing. Therefore, Tsipras is engaging in populism over an issue that he knows very well cannot be resolved. Second, I do not know whether SYRIZA’s campaign is particularly expensive; we will see that during the coming pre-election months. Unfortunately for PASOK, however, Tsipras’ effortless overtaking of Nikos is not due to money.

“I am not reshuffling the cabinet”

At the conclusion of yesterday’s Cabinet meeting, where K.M. delivered a broad political address, he not only explained why he will not call early elections and will proceed with elections as scheduled in the spring – “I am saying this also for the most ill-intentioned among you,” he said word for word – but he also announced that he will not make changes to the government line-up. Naturally, he added a caveat, saying: “Unless one of you surprises me unpleasantly.” Clearly, this discussion also concerned the scenario that had circulated following the shelving of the OPEKEPE case files and the return of Notis Mitarakis to the position of parliamentary spokesperson – namely, that Kefalogiannis, Tsiaras and Vartzopoulos, who had resigned because of the case, might return to government positions. The other thing Mitsotakis asked of his ministers for the period after August, given that the country is entering an intensely pre-election period, was that it should not always be the same people appearing on television, but that all ministers should appear, on all issues, even beyond the remit of their own portfolios. Of course, he has said this before, but he spoke and listened only to himself, with the result that Marinakis, Adonis, Plevris and two or three others end up taking all the political fire. K.M. also placed particular emphasis on regional television channels, recognising that people outside the major urban centers do not watch only nationwide broadcasters and that they need to hear the government line more frequently.

The Recovery Fund teleconferences

If there is one minister who will not be going on holiday, it is Nikos Papanathanasis, who has to push through the final outstanding requirements for the ninth request for the release of funds from the Recovery Fund. We are talking about 36 milestones and an amount reaching €5.8 billion in grants and loans. Papanathanasis scheduled weekly video conferences with ministers throughout August – even though some grimaced at the prospect of having to go on holiday with their laptops — because the pending issues must be closed. Indeed, Mitsotakis asked the deputy finance minister to inform him if anything gets stuck somewhere, so that he can intervene personally.

The interministerial committee on nuclear energy

In March, at the 2nd Nuclear Energy Summit in Paris, Mitsotakis announced that Greece would establish a high-level ministerial committee that would submit proposals on the possible use of nuclear energy – and especially small modular reactors – within the Greek energy system. The committee was approved yesterday through a Cabinet decision and will be chaired by the Deputy Minister of Environment and Energy, Nikos Tsafos. It will include representatives from several ministries as well as a team of experts who will carry out the actual technical work. In practice, the work will proceed in three phases. First, the feasibility of utilising nuclear energy will be examined. This will be followed by preparatory work for the conclusion of contracts for a nuclear power plant, and then implementation. Essentially, what we want to determine is whether we want and need nuclear energy, whether it is the right solution for our energy needs, our economy and the environment.

Ms Gratsia, here

Following Avgerinos’ departure from Karystianou’s party, the party’s communications mechanism is beginning to unravel. The party had chosen to provide updates on its activities through the Signal app, which offers high-level encryption. Yesterday, journalists received a message inviting them to register on a mailing list in order to receive press releases; otherwise, they were told to call the mobile phone of Maria Gratsia, the confidential aide of party leader Maria. In other words, the party has become “Ms Gratsia, here” for anyone with a request or question, while a number of figures who had previously taken a prominent public role are distancing themselves and waiting to see where the ball will land.

Enough swimming pools in Paros to feed the chickens!

I spent some time looking into the intense complaints from residents, as well as from readers more generally, regarding this admittedly enormous hotel in Paroikia, Paros, which has been licensed, among other things, to include 46 swimming pools. Having first pointed out that those protesting raised the issue rather late (the project is almost complete), this does not mean they are wrong. And having also noted that this is not the only enormous hotel development in the Cyclades, let me express a question: Fine, but whoever issued the permit — did they really have to allow 46 swimming pools on a little island, you unbelievable people? The environmental policy of the New Democracy government has, it seems, taken rather a long time to arrive!

Fourlis’ “exam” in October

On 20 October, Fourlis is planning its Investor Day 2026, in order to brief the market and investors on progress with its transformation plan. The group’s chairman, Vassilis Fourlis, described the program as the largest technological and organisational restructuring effort in the company’s history, aimed at creating a more flexible and efficient business model. The plan includes completion of the shared services platform, organisational changes, rationalisation of the store network and centralisation of key functions in selected markets – including Romania – a reduction in staff through a voluntary exit program, and completion of the transaction involving Holland & Barrett. Essentially, this will be Fourlis’ examination: the company will have to convince the market that it has successfully adapted its business model to the new conditions. It is recalled that at the beginning of 2023 it sold, at an enterprise value of approximately €3 million, its network of 12 stores in Turkey and withdrew from the local market. It has also recently rid itself of its investment in Holland & Barrett stores because the business did not deliver the expected results – moves that surprised the market, given that Fourlis has enormous experience in the retail sector. At the same time, IKEA now faces competition (JYSK, Praktiker, etc.), while in sporting goods Cosmos is applying intense pressure (the column refers below to Cosmos’ moves), and more generally the ambitious restructuring program being implemented by Fourlis faces significant execution challenges. The program provides for a reduction in staff of 250 to 300 employees and the closure of 10 stores. Some stores have already closed, most recently the small-format IKEA store in Piraeus as well as Holland & Barrett locations. Implementation of the restructuring program is expected to burden 2026 results with a one-off cost of approximately €10.7 million. However, from 2027 onwards it is expected to generate recurring annual benefits of more than €9 million, strengthening the group’s profitability. As for the stock market, the share price has now returned to levels of around €4, leaving behind the highs of €4.86 (22 June), as purchases by Quest appear to have lost momentum. Nevertheless, Fourlis’ sales are developing positively this year. As of 6 June — according to what was recently reported at the shareholders’ meeting — they were showing an 8% increase, although this represents a slowdown compared with the first quarter, when growth stood at around 13%.

Alpha Bank: Psaltis’ organisational changes and high value-added services

Beyond the change in Alpha Bank’s Wholesale Banking division, attentive market observers also focused on another organisational development: the direct reporting of Wealth Management to the Group CEO. The move comes after the integration of Alpha Trust and is interpreted as an indication of the growing importance that wealth management activities are acquiring within the Bank’s new business model. Market participants estimate that the two organisational interventions – the arrival of Iosif Kiouroukoglou and the promotion of George Michalopoulos – are not isolated decisions, but rather form part of a broader plan to further strengthen high value-added activities. Combined with the development of Investment Banking and the opportunities created by the strategic partnership with UniCredit, the changes indicate that Alpha Bank is systematically investing in areas that differentiate its business model and strengthen its advisory role towards both corporate and private clients.

Nexans: Restarting the Great Sea Interconnector is critical

Nexans sent a message highlighting the need for an immediate clarification of the timetable for the Great Sea Interconnector (GSI) during its conference call on second-quarter results. The French company pointed out that, if the project remains suspended and, in the meantime, it secures other orders, it may give priority to producing cables for those new projects. This remark highlights the importance of restarting the project promptly, so that the necessary production capacity remains available when ADMIE proceeds with its implementation. At the same time, Nexans announced that it is already participating in tenders for new submarine cable projects that are part of ADMIE’s investment programme for electricity interconnections, confirming that it continues to see significant prospects for cooperation with the Greek transmission system operator.

Tender begins for the redevelopment of the TIF-Helexpo grounds

The Hellenic Corporation of Assets and Participations (Growthfund — today known as the National Development Fund, EThAT) has taken over, through its Strategic Contracts Unit, the preparation and tender process for the redevelopment plan of the TIF-Helexpo exhibition grounds. In addition, it has introduced a note of realism into the budget and — according to reliable information — committed during the council meeting that the financing has the personal guarantee of the Prime Minister. The redevelopment budget amounts to €204.6 million, financed through national resources, with no money from the NSRF (ESPA) or the Recovery Fund, and without concessionaires. The original concession-based model, which had been incorporated in 2024 into the Strategic Importance Contracts Development Program, was quietly abandoned. The project will be implemented as a public project of strategic importance, described during the meeting as “the largest urban intervention ever undertaken directly by the state.” It is the first time that the state has entrusted a project of such scale to an organisation with full public financing. The plan provides for the creation of a 120-acre metropolitan park, completion by the end of 2030, and an underground parking facility with 1,000 spaces. Meanwhile, the Municipality of Thessaloniki is granting approximately 13 acres of municipal land for 99 years, in exchange for adherence to its well-known “red lines”. The international tender begins next Monday.

Theon preparing a major move across the Atlantic

Theon International, led by Christian Hadjiminas, is growing organically at a rate of 24.7%, with an estimated potential market of €8 billion, double last year’s figure. This summer, instead of taking holidays, Theon is working feverishly on the surprises planned for September. According to reliable information available to the column, following the barrage of moves made in 2026 — namely MERIO (80%, expected completion by the third quarter), HGH Systèmes Infrarouges (valuation of €300 million, entry into the counter-UAS sector), Kappa Optronics, ShockEOS, PHYLAX with Rheinmetall, and the joint venture with Safran — Theon is preparing a major move on the other side of the Atlantic. Significant investments in the United States have already been set in motion, following its investment in US-based Twin Prime (specialised AI models for defence). At the same time, the EFA Group is expected to announce the integration of its Cyprus and Greece operations. This appears to be the natural continuation of the architecture established after the entry of Motor Oil and EOS Capital Partners, with the €80 million share capital increase and the acquisitions of Realiscape, Superior Air and SSMART. All of the above will be accompanied by new contracts that are already being prepared “from everywhere”, precisely because the extensive investments are creating industrial capabilities that few companies possess. “Only we and Metlen are investing industrially,” people close to the group characteristically say. Deutsche Bank “sees” group revenues of €604 million, maintains the stock in the “Buy” category and gives it a target price of €39, compared with yesterday’s closing price of €34.8 and a market capitalisation of €2.68 billion.

Banking stocks shine

The banking sector has proven to be the “locomotive” of the Athens Stock Exchange, continuously confirming its role as the regulator of the domestic capital market. The banking index renewed its 11-year high, coming within a breath of the psychological threshold of 3,000 points — a level it has not seen since November 2015. The activation of banking portfolios during July created the right conditions for breaking through critical resistance levels, with sector shares moving in line with the strong corporate results being announced through next week. National Bank of Greece rose to €16.69, recording an 11-year high (November 2015), while Eurobank reached a corresponding 11-year high (August 2015), closing at €4.47. Meanwhile, Piraeus Bank closed at €9.85, recording its highest price since March 2021, while Bank of Cyprus surged to €10.32, reaching a new all-time high. The relentless investor positioning in the banking sector is not merely producing individual records; it is also fuelling the overall momentum of the General Index, which yesterday closed at a 17-year high. With fundamentals continuously improving and profitability providing strong support, investor interest remains undiminished, keeping banks at the forefront of the market rally. It is recalled that first-half results have already been announced by Piraeus Bank, Eurobank, National Bank of Greece and Optima bank, while Alpha Bank reports this morning and Bank of Cyprus on Tuesday, 4 August.

The other two protagonists (outside the banks)

Beyond the banking sector, the domestic market found strong support in large-cap stocks, with GEK TERNA and OTE attracting attention. GEK TERNA jumped 6%, recording its best trading session in four months. The share price returned dynamically to the €45 zone, significantly reducing the pressure it had faced during the second half of July. With this momentum, the group is once again targeting a move towards its all-time high of €47, laying the foundations for reaching €50 at a later stage. For its part, OTE proved that its pause from record levels was only temporary. Just one day after announcing its first-half results, the stock returned to a trajectory of new highs. Rising by almost 2%, it once again broke through the €20 milestone and closed at €20.24. This represents an 18-year high, as the share had not reached these levels since mid-May 2008.

Noval trading at a 44% discount

The first-half results announced by Noval Property met analysts’ expectations. Rental income reached €20.6 million, up €3 million (+17%); adjusted EBITDA stood at €13.3 million (+21%); and funds from operations reached €9.6 million, compared with €7 million (+38%), mainly due to increased rental income. Net profits amounted to €18 million (-8.6%), while the fair value of the portfolio stood at €706.9 million. The interesting point lies in the relationship between the company’s stock market valuation and reality. Net Asset Value (NAV) as of 30 June amounted to €563.6 million, or €4.47 per share, an increase of €8.7 million compared with the end of 2025 — and this after the payment of a dividend and completion of the share buyback program. On the stock market, the share is valued at €2.50. Discount: 44%. Real estate investment companies (REICs) traditionally trade at a discount, but in this particular case the investor is buying property worth €1 while paying 56 cents. As mentioned, the discount is a classic sector-wide problem; among medium-sized and smaller REICs it reaches as high as 34.6%. In Noval’s case, the problem is worsened by the low free float. Viohalco controls more than 60%, keeping the share illiquid and outside institutional portfolios. After all, even the company’s 2024 listing came with a built-in 29% discount compared with NAV at the time. The market has simply widened that gap. Analysts place their target prices 15–30% higher, but the stock market board, for the time being, is ignoring the €239 million difference in intrinsic value.

JD gets the deal, Cosmos Sport gets the hard part…

The absorption of the Greek subsidiary of Serbian sports retailer Sport Vision by JD/Cosmos Sport appears to be only a matter of time. However, the implications of the agreement are far broader than its Greek dimension suggests. According to information available to the column, the deal is part of a multinational transaction through which British JD Sports is reshaping its presence in Southeastern Europe. As part of this strategy, JD is reportedly choosing the franchise model in several markets in the region, assigning this role to Sport Vision, which has a strong footprint in the Balkans. Greece – where the Serbian chain failed to achieve its targets – is the exception, with the local operation being transferred to Cosmos Sport. For Cosmos Sport, however, the real challenge begins now. The company, which within a few years evolved into the biggest business success story in the Greek sports retail market and emerged as the dominant player in the sector, is being called upon to integrate a company that not only failed to establish itself in the Greek market but also accumulated significant losses in recent years. The size of the acquisition may not be impressive – the Greek subsidiary operates approximately 20 stores – but its business implications are far greater. According to information, the company carries losses approaching €6–7 million, while several of its outlets are not considered obvious complements to Cosmos Sport’s existing network. This is where the truly difficult part begins: evaluating the network, leases and the overall structure of the operation. This will determine whether Cosmos Sport can transform a troubled investment into yet another success story. The completion of the agreement, however, is far from a mere formality. Because it is part of a multinational transaction, the relevant approvals from competition authorities in the countries involved will be required. This means that, despite the agreement between the parties, more time will be needed before the deal is definitively closed. The timing becomes even more interesting when one also takes into account the recent changes at the company’s management level. Michalis Tsiknakis has now been promoted to CEO Sporting Goods of the JD Group, with responsibilities extending beyond Greece, while just a few days ago Yiannis Argyriou assumed the role of Managing Director for Greece and Cyprus. It would not be an exaggeration to say that the absorption of Sport Vision will represent the first major business test for Cosmos Sport’s new management team. And perhaps the first real crash test of a growth model that until now had been based almost exclusively on organic expansion rather than on turning around loss-making businesses.

With a Northern Greece flavour

A company incorporated towards the end of June is attracting attention because of its share capital, which amounts to €33,564,400, divided into 335,644 ordinary registered shares with a nominal value of €100 each, fully covered by its sole founder. The company is called “Aurelis Thea Investment Société Anonyme”, with the trade name Aurelis Thea. Its corporate purpose includes holding company services, business consulting activities, as well as investments (in shares, securities, real estate, etc.). The company’s registered office is located in the Municipality of Pylaia–Chortiatis, Thessaloniki, specifically in the well-known Panorama area. Founder and sole shareholder is Anastasia Selidou, who covered the initial share capital through an in-kind contribution valued at €33,504,400, consisting of the transfer of 849,334 ordinary registered shares of the company “Afoi A. Selidi Scientific Equipment Société Anonyme (Antisel S.A.)”, each with a nominal value of €3 – namely a 50% stake in Antisel S.A. – based on a relevant valuation report. In addition, she contributed €60,000 in cash. Antisel is a company engaged in the import and trading of medical and dental instruments, machinery and equipment.

In one year, Greek shipowners sold 319 vessels and ordered 315 newbuilds

Behind the successive sales of tankers and bulk carriers lies not an intention by the Greeks to withdraw from the market, but a far more complex strategy of capital recycling. Those closely following the moves of Greek shipping groups see that sales often precede major investments. Most major players do not appear to be simply chasing more vessels. They are trying to have the right vessels when the next shipping cycle changes. The figures are revealing. Within one year, Greek companies have sold 319 second-hand vessels, while during the same period they have ordered 315 newbuilds. The two numbers are almost identical and can hardly be considered a coincidence. Shipbroking firms estimate that this strategy will continue as long as second-hand vessel values remain attractive. A ship currently valued at high levels can finance a significant part of a new investment, reducing the need for additional borrowing. At the same time, the recent orders by Evalend Shipping of Kriton Lentoudis and Cape Shipping of the Andrianopoulos family indicate the direction in which the market is moving. Newbuild bulk carriers with modern environmental specifications, designed for future fuels and with delivery horizons several years ahead.

The “100 ships” bet

Athanasios Feidakis of Globus Maritime, through his interview with Japan’s Kaiji Press, sent a message that goes far beyond the two bulk carriers currently under construction at Japan’s Nihon Shipyard. The statement that the goal is not “to build one ship, but one hundred” can hardly be dismissed as a simple communication exaggeration. On the contrary, it reflects a philosophy that is steadily gaining ground among several Greek shipowners: fewer opportunistic moves and more strategic partnerships with Japan. At a time when a large share of new orders is being directed towards China due to available shipyard capacity and competitive costs, Globus’ decision to systematically invest in relationships with Japanese shipbuilders, banks and shipping organisations takes on particular significance. It is not only about vessel quality. It concerns access to financing, know-how and a network of partnerships that can support the growth of a company for decades. The reference to the approximately 40 years of cooperation between the Feidakis family and Japanese companies shows that today’s strategy was not designed yesterday.

The $1.35 billion puzzle that could change Greek shipyards

It was no coincidence that, within just a few hours, two different “signals” appeared with a common recipient: Greek shipyards. On the one hand, the strategic analysis by EY-Parthenon describes in figures how Greece could almost quadruple shipbuilding and ship-repair revenues – from €197 million to €759 million – while simultaneously increasing its share of the international market from 0.4% to 1.6%. On the other hand, US Ambassador Kimberly Guilfoyle spoke of $1.35 billion in investments and 10,000 new jobs through the trilateral cooperation between Greece, the United States and South Korea. The timing is impossible to ignore. The EY study precisely identifies what the sector lacks: modern infrastructure, specialised personnel, digitalisation, faster licensing procedures and high-technology investments. Guilfoyle’s intervention, meanwhile, indicates where the political and investment momentum could come from to address precisely these gaps.

The $1.35 billion puzzle for Greek shipyards – Part 2

Even more interesting is that the American side is not limiting its interest to commercial ship repairs. The reference to frigates, corvettes and submarines reveals that shipbuilding is now being viewed as part of the broader defence and geopolitical architecture of the Eastern Mediterranean. In other words, shipyards are no longer seen merely as industrial facilities, but as critical infrastructure of strategic importance. The question, of course, remains whether this time the announcements will translate into actual projects. Because Greece has heard major plans for its shipbuilding industry many times before. The difference is that today international geopolitical balances, the need for Western reindustrialisation and the dominance of the Greek-owned fleet create perhaps the most favourable environment of the past several decades. If EY’s figures and the commitments described by the American side begin to converge in practice, then the discussion will not concern merely the revival of Greek shipyards, but Greece’s new role on the global maritime map.

Wall Street became AI’s landlord

Many people read the news as a technological development. It is not. Mark Zuckerberg’s Meta and Larry Fink’s BlackRock announced that they had formed a joint venture to create a 1 GW data center campus in El Paso, Texas. The project’s budget is $14 billion. The background, however, has a purely financial dimension and reveals the new financing model for artificial intelligence. BlackRock funds will take 80%, while Meta will retain 20%. Meta is contributing land and partially completed facilities valued at approximately $2.3 billion. Through the transaction, it will receive $1 billion. BlackRock is providing $4.9 billion in cash, while $12.5 billion will be covered through bond financing coordinated by JP Morgan and Morgan Stanley through a special purpose vehicle (SPV). Meta will essentially become the tenant of the campus it itself designed, through an initial four-year lease agreement with four extension options – meaning potentially 20 years of access. At the same time, Meta will provide residual value guarantees supporting the financing. What is the logic behind this joint venture? Meta has committed to spending $600 billion on data centers by 2028. Its balance sheet cannot absorb all of that. It applied the same method this year with Hyperion, financing approximately $27 billion with Blue Owl. The artificial intelligence bond market surpassed $570 billion this year. Asset managers are becoming the owners of the infrastructure that hyperscalers can no longer finance on their own. In this specific Meta–BlackRock joint venture, a 4,000-acre campus is being created. Some 2,300 workers are already employed at the construction site, while 4,000 jobs will be created at the peak of construction and 300 permanent positions thereafter. Operations are expected to begin in 2028. Meta keeps the chips. BlackRock keeps the concrete. The investment risk will be assumed by the savers who buy the bonds.

The new AI businesses

A month ago, Anthropic proposed that Meta lease computing capacity to it. If the two sides reach an agreement, we will have a deal worth up to $10 billion over two years, with monthly payments. The “problem” is that Meta is building Llama, which is a direct competitor to Claude, created by Anthropic. The phenomenon is broader. Anthropic is already paying approximately $1.25 billion per month to SpaceX for the Colossus 1 data center in Memphis. Google is leasing GPUs from SpaceX for $920 million per month. At the same time, it is restricting Meta’s access to Gemini because it cannot keep up with demand. Meta itself has signed lease agreements worth $21 billion with CoreWeave and $27 billion with Nebius, at the same time that it is preparing to lease out its own computing capacity. What does all this mean? Meta will spend up to $145 billion on infrastructure investments in 2026, more than double the $72 billion spent last year. Zuckerberg said in May that entering the cloud market was being considered, while he is recruiting Amazon Web Services’ top infrastructure executive, Dave Brown. A flagship contract with Anthropic would “justify” the spending to investors. On the other side, Anthropic – whose valuation is approaching $1 trillion ahead of its planned public offering – cannot build capacity quickly enough to meet demand for Claude and is imposing usage limits. All of this strongly resembles the distant era of the Wild West and the gold rush. Back then, in 1849, those who sold shovels became wealthy. Today, in 2026, those who rent out electricity and chips – even to their competitors – are the ones getting rich.

Investments without returns

Artificial intelligence is the issue that will occupy the markets throughout August, more than oil prices or interest rates. In artificial intelligence, capital expenditure (capex) is estimated to surge from $405 billion in 2025 to $750–900 billion in 2026, while for 2027 it is projected to approach $1.4 trillion. To finance this investment “explosion”, the largest technology companies have already raised more than $400 billion through borrowing in 2026 alone. This is probably the largest investment program ever recorded in the corporate world. The question now occupying markets, however, is not the scale of the investments, but whether these investments will deliver the expected profits. The shares of the largest artificial intelligence companies have fallen by approximately 15% from their June highs, as concerns increase that AI-related revenues may not be growing at the same pace. For today’s investments to be justified solely by artificial intelligence revenues, the market would need to generate approximately $2.5 trillion in annual revenue – an amount larger than the current combined revenues of the biggest technology companies. And, for the time being, this condition does not appear to be met by existing demand. Therefore, as long as demand remains below the desired levels, volatility will continue to characterise the sector.