Hello! The appearances of the political leaders at the Thessaloniki International Fair (TIF) have been completed; yesterday it was the turn of Androulakis, and so the PM’s Office asked for a new poll to be conducted starting today, so that Mitsotakis can have a better overall picture of how he is doing in terms of percentages and qualitative indicators ahead of the final stretch toward the elections. Of course, polls were also being conducted last week, although they did not show any major changes in the overall picture or significant shifts. New Democracy typically gained one percentage point from TIF, perhaps another bit on top of that, as it traditionally does annually. Since last year, however, what has been observed is that it gets an additional boost when people actually see the increases in their pockets (in January, when salaries, etc. come in). Tsipras has gained something minimal since the day he spoke in Thessaloniki, 0.3%-0.4%, but he is still consistently lower than where polls had him before the August holidays. The only one who remains “motionless” is our Nikos from PASOK, although, to be fair to him, he will be measured again after his appearance at TIF yesterday. Now, you may say that you find everything wrong with Nikos, but, my dear fellow, I listened to him yesterday. I’m not saying otherwise—the truth is that he did not say the kind of nonsense about taxing the super-rich that they tell Alexis; the man was more down to earth. But what do you need all that whining and moaning for, brother? What do you need all this “I have the gift of serving up lies with a broad smile,” referring to Tsipras, or “I went to public school and university and I worked and I didn’t have a politician for a father,” referring to Mitsotakis? I mean, is the PASOK leader going to be elected for these “qualifications,” especially when, in your own party, its supporters voted for Giorgakis because his name was Papandreou, while the whole family studied at the best universities in America and, as far as I remember, they probably never even had a social-security stamp [i.e. never formally worked and paid social-security contributions]? As for the interests and dependencies that you supposedly do not have, we have said it again and again… you should have paid attention, because interests go where they see a future. In any case, I repeat, the boy did not say anything outrageous, and since we were talking about polls above, I asked a very experienced pollster, who told me: “Yes, the difference between the second- and third-largest party is always visible in polling terms, but let’s wait and see until the ballot boxes, and we’ll have a better idea on election night about what Tsipras will get and what PASOK will get.”

Unemployment benefit

A great deal of discussion took place at the end of last week about the issue of the unemployment benefit and the view expressed by government spokesman Pavlos Marinakis regarding a change in the way it should be provided. First of all, let me remind you that two years ago the government had announced an important change in the way the benefit would be paid, so that it could function as a tool for subsidizing employment. The reform did not happen, but let’s move on. Marinakis, who will also give his own answers at today’s briefing, simply expressed his personal opinion and clarified this several times, essentially proposing something that is also discussed in the world of work: that employment positions themselves should effectively be subsidized. Obviously, the parties on the left seized on it and made a big issue out of it, while the government is wary of making such changes before an election. It is also obvious that the whole issue requires study before changing the system, but, seriously now, is there anyone in Greece who does not know that young people in particular find work regardless of the field in which they were trained? Or do we not know about the familiar scam whereby someone is hired and works as a seasonal employee and then is paid by the state? And ultimately, I don’t understand: can’t a politician express his opinion simply because he is a minister, when he made it clear three times that it was merely his opinion?

The resignation and the candidacy

At the end of last week, the rector of the Keele branch, Odysseas Zoras, resigned, making pointed remarks about the operating framework for non-state universities. Zoras is not an insignificant figure. He was secretary-general of the Ministry of Education during the period when the law on higher education was being formulated. In any case, I understand that his resignation is neither so “innocent” nor temporally neutral, since the man is clearly on Samaras’s side and his name is strongly in play for the Ilia electoral ticket.

A “blue” wedding and pre-election birthday

After TIF, social events began for various New Democracy figures. At the end of last week, Deputy Minister of Health Eirini Agapidaki organized a birthday party for herself in Peristeri, since she is running for office in the western districts, with the gathering also considered to have a pre-election character, attended by around 500 people. Likewise, a large number of people from all factions of New Democracy turned up on Saturday evening at the wedding of Giannis Fytopoulos, a very close associate of Nikos Dendias and, for many years, a senior figure in ONNED, the youth organization of New Democracy. The wedding took place at Agia Skepi in Papagos, followed by a reception at Anassa in Goudi, attended by Dendias, other ministers, and approximately 40 to 50 New Democracy MPs and “blue” party officials.

The Pierrakakis couple as wedding sponsors

And since we have opened the wedding chapter, taking a look through the Romanian media, I noticed that the wedding of Finance Minister Alexandru Nazare generated quite a bit of “noise.” The presence of Kyriakos Pierrakakis also attracted considerable interest, as he and his wife served as the couple’s wedding sponsors. Since, moreover, in Romania this particular “assignment” is a serious matter, the Greek Finance Minister observed all the required customs: he went to the groom’s house, accompanied him to the church, waited for the bride, and, naturally, remained by his side throughout the ceremony. To Pierrakakis’s credit, part of the service was conducted in Greek. After the wedding, the Pierrakakis and Nazare couples sat together at dinner, where Greek songs were also played. Romanian President Nicusor Dan was also present, and he had several conversations with Pierrakakis during the party. In fact, as Dan was leaving, he commented to journalists: “We did a little politics too.”

Nova and its suitors…

A lot has been written in recent days about which group is buying Nova’s media assets. I’ll tell you what I have learned from reliable sources. Sources familiar with the matter say that there is interest both from Per Capita and from the Alafouzos side, but they have not even decided yet whether they will sell the media assets separately. Of course, another source told me that Per Capita currently has exclusivity in the talks, but the numbers for the sale are generally far apart: Nova is asking for more than €50 million, while the interested parties are offering considerably less. I’m simply reporting what I have learned.

JP Morgan: Entering the Greek lending market with a license from the Bank of Greece

Competition for Greek banks is intensifying. Following the rapid expansion of Revolut in the Greek market, which recently acquired a Greek branch, JP Morgan is also significantly strengthening its footprint in our country, targeting the lending market. It is worth recalling that the American bank recently created a new position, Head of Global Corporate Banking Greece, which was taken up by Konstantinos Makrydakos. The goal is to develop relationships with large and medium-sized Greek companies, offering financing, credit, treasury, payments, and other corporate services. At the same time, the bank is increasing its staff in Athens and expanding its activities, with information indicating that the bank is initiating the required licensing process with the Bank of Greece, although the exact stage at which the relevant process currently stands is not known. Obviously, however, the largest American bank will not have difficulty obtaining the relevant licenses. And while JP Morgan and Revolut are entering the domestic lending market, Greek banks are likewise attempting to expand into foreign markets—for example, Alpha Bank through its partnership with UniCredit, and National Bank through syndicated loans in Saudi Arabia.

Line 4: Kypseli inflates the bill and increases concerns about the delivery schedule

The decision not to rush the restart of the tunnel-boring machine in Kypseli is self-evident. When there is damage to buildings and the TBM is immobilized underneath four more apartment buildings, the safety of residents cannot be weighed against project schedules. Deputy Minister of Infrastructure Nikos Tachiaos’s position that no order will be given until there is absolute certainty that there will be no further impacts is, under these circumstances, the only politically and technically correct decision. That, however, does not mean that Line 4 can absorb another major complication without consequences. Since May 8, the tunnel-boring machine has remained immobilized, while the technical solution for continuing the excavation has been postponed, at best, until the end of September. At the same time, the Evangelismos front also remains open: the new Technical Environmental Study (TEPEM) has not yet been submitted, the preparatory works have not begun, and the previous TEPEM was not approved by the Ministry of Environment and Energy. In other words, two different pending issues are accumulating on the project: the critical technical management at Kypseli and the licensing impasse at Evangelismos, while Exarchia also remains a difficult chapter in the route alignment. In both cases, the state must provide solutions with absolute safety—not only for the residents, but also for the project itself. The commitment that the contractor will fully undertake the restoration of the damage protects the property owners. It does not, however, resolve the question of who will ultimately bear the cost of extending the schedule of such a complex project. Infrastructure and Transport Minister Christos Dimas recently avoided pre-empting whether AVAX would submit compensation claims for delays through no fault of its own. It is difficult, however, to believe that the issue will not eventually be put on the table. The longer the stoppage continues, the greater the pressure on the final completion time and cost of Line 4. For the government, the safety of residents is non-negotiable, and the restart cannot take place even one day earlier than the technical studies allow.

The thorn of delays

In large public infrastructure projects, however, extensions, changes in construction methods, and delays that cannot be attributed to the contractor usually translate into claims worth tens of millions of euros. Kypseli and Evangelismos are therefore not merely two difficult technical fronts. They may prove to be the points at which both the eventual increase in the cost of Line 4 and the date of its delivery will be determined. Before the complication in Kypseli, the contractor had been putting completion of the project in 2034, a timetable that, under pressure from the political leadership, was subsequently brought forward to 2032. With the tunnel-boring machine immobilized and Evangelismos still without the start of preparatory works, the discussion about 2032 now looks much more difficult than it did a few months ago.

Greeks prefer Chinese cars

Sales of new passenger cars in Greece totaled 101,987 in the January–August 2026 period, compared with 99,836 in the corresponding period of 2025, recording an increase of 2.2%. Behind the restrained growth of the overall market, however, particularly pronounced shifts are being recorded among individual manufacturers. Toyota remained comfortably in first place, with 16,665 sales, up 10.3%, or 1,560 cars. It was followed by Peugeot with 8,127 sales, despite a decline of 4.3%, and Suzuki with 7,048 units, up 8.8%. The top six were completed by Citroën with 5,680 sales, Opel with 5,663, and Hyundai with 5,449. In absolute numbers, after the newcomer Chery/Ebro, which recorded 1,929 sales without a comparable basis, the largest increases were posted by Toyota, with 1,560 additional cars, Dacia with 1,542, and Renault with 1,513. Renault increased its sales by 49.8%, BYD by 47.3%, and Dacia by 45.2%, gaining significant market share. In percentage terms, among companies with at least 50 sales in 2025, the largest increase was recorded by the Jaecoo/Omoda/Chery group, at 486.2%, from 94 to 551 cars. It was followed by Chery, up 179.1%, MG, up 81.0%, and Leapmotor, up 79.0%, confirming the growing penetration of Chinese manufacturers. At the other end of the spectrum, Hyundai recorded the largest absolute decline, losing 1,839 sales, or 25.2%. Volkswagen fell by 1,565 cars, or 34.8%, while significant losses were also recorded by Mazda (-66.5%), Skoda (-29.2%), Mercedes (-27.5%), Ford (-25.8%), and Kia (-15.1%). The overall picture shows a market that is growing marginally but changing rapidly in terms of its composition and market shares.

The time has come for the Vertical Corridor

The war in the Gulf has brought major upheavals to the energy market. Europeans are paying 12 times more for natural gas than Americans. TTF reached €80/MWh. Fuel costs are destroying the competitiveness of European industry, as the energy gap is not only widening but, unfortunately, appears to be stabilizing at high levels. These developments make the Vertical Corridor more timely and necessary than ever, as American LNG is offered at competitive prices and therefore constitutes an attractive energy option.

A new beginning for Yalco

The ratification of Yalco’s restructuring agreement substantially changes the company’s financial position, providing for significant debt write-offs and a long-term restructuring of its remaining liabilities. More specifically, of the €34.5 million owed to Sohanalo Limited, €175,000 will be repaid interest-free in 18 monthly installments, while the remaining €34.3 million has been fully written off. This action improved equity by the same amount, €34.3 million. At the same time, liabilities to social-security organizations and the Greek State, amounting to €1.2 million and €0.4 million respectively, will be repaid in 240 equal monthly installments bearing interest at an annual rate of 3.5%. Of the €2.6 million owed to the principal shareholder and managing director, €1.3 million was converted into equity, while the remaining €1.3 million will be repaid in 240 interest-free, unequal monthly installments. Similarly, €3.4 million in financing from other creditors is being restructured into 240 interest-free, unequal installments. At the end of the six-month period, the net debt position has been reduced to €3.7 million, while equity is now positive at €3 million. The company is showing net profits of €34,000. Overall, the plan drastically reduces the burden of debt, pushes the remaining cash obligations out over a 20-year horizon, and strengthens working capital. The completion of the debt-to-equity conversions and share-capital increases also made it possible to restore the financial statements on a going-concern basis. The return to normal trading on the Stock Exchange is now also expected.

Aegean: Sales resilient, profits “cut” by fuel and exchange rates

Aegean is expected to close the second quarter with increased revenues but noticeable pressure on profitability, according to estimates by AXIA Alpha Finance ahead of the results being announced today, September 14, after the market closes. The brokerage places second-quarter revenue at €491.7 million, up 2.3%, with six-month revenue reaching €812.4 million (+3.2%), as passenger traffic remains resilient. The picture changes, however, further down the income statement. EBITDA is estimated to decline by 12.7% to €98.2 million in the quarter and by 7.3% to €144.8 million in the six-month period, with the EBITDA margin narrowing correspondingly to 20% and 17.8%. The pressure is mainly coming from a less favorable cost environment compared with last year. Higher aviation fuel prices, negative foreign-exchange effects, and broader operating pressures, combined with flight cancellations in the Middle East, are estimated to more than offset the benefit of continued strong demand. The impact becomes even more apparent at the bottom line. AXIA Alpha Finance expects net profit of just €16.8 million in the second quarter, down 69.2%, while for the first half as a whole it forecasts a loss of €5.1 million, compared with profits of €47.9 million in the corresponding period of 2025. At the same time, available seats are expected to have increased by 3% in the quarter, but the load factor is estimated at 79.2%, compared with 81.4% last year. Thus, the market’s focus is now shifting from demand, which continues to hold up, to costs. Critical to assessing Aegean’s performance will be management’s guidance regarding fuel prices, exchange rates, and the extent to which these pressures will continue to constrain profitability during the remainder of 2026. Aegean’s management will announce its response after the Tel Aviv, Beirut, Riyadh, and Amman routes have re-entered the schedule, with Dubai and Baghdad following. The new routes to Delhi and Mumbai using the A321neo XLR aircraft are completing their first six months. What we expect to hear from management today is whether the third quarter, with the records being set by Greek tourism, has healed the wounds of the first half of the year.

See you in Dublin

Europe’s financial elite is moving to Dublin this week for the Eurofi Forum, September 16–18, the informal “pre-conference” of the markets. Immediately afterward, on September 18 and 19, the informal Ecofin meeting of the Irish Presidency will take place. More than 900 delegates, ministers, central bankers, regulators, and CEOs will attend Eurofi—behind closed doors and under Chatham House rules (what is said is not attributed). Commissioner Valdis Dombrovskis will speak, as will ESMA (European Securities and Markets Authority) Chair Verena Ross and, for the first time in this capacity at an autumn Eurofi, Eurogroup President Kyriakos Pierrakakis. A full decade (11 years) after the capital controls, a Greek Finance Minister is participating as president of the Eurogroup and chairing its meeting on the sidelines. The agreed agenda is interesting. First topic: the Savings and Investment Union, the major challenge of mobilizing eurozone deposits, which are approaching €10 trillion, toward capital markets. Second topic: the MISP (Market Integration and Supervision Package), the Commission’s legislative package for the integration and single supervision of European capital markets. The MISP package of December 4, 2025, gives ESMA direct supervision of significant cross-border entities. It is the most controversial transfer of power from national regulators to Brussels in years, with smaller member states already taking a defensive stance. Third topic: the digital euro, which the Irish Presidency wants to lock in during its six-month term. Finally, there is also the reform of securitization, a tool that Frankfurt and Paris see as key to freeing up bank balance sheets. All of this is being discussed in Dublin, the capital that built its economic miracle on competition—tax and regulatory—with its partners. In the United Europe, the integration of markets is always agreed unanimously. It is in the details that national defense begins.

The records on the Stock Exchange

The streak of eight consecutive rising weeks has appeared another seven times on the Athens Stock Exchange, based on available data since 1999. The longest rising streak ever recorded in consecutive weekly closes is 11 weeks, and it has occurred twice (19/11/2004–28/01/2005 and 09/12/2023–03/03/2023). And since we are talking about records, let me mention a milestone recorded by the Athens Stock Exchange’s large-cap index (FTSE/ATHEX Large Cap), as it broke through the “barrier” of 7,000 points for the first time since 2011. On Friday, the FTSE 25 closed at 7,004 points, having reached as high as 7,020 points intraday. This is the highest close in the past 15 years, with the 25-share index now approaching the 7,024 points recorded on April 13, 2011, confirming the strength of Greek blue-chip stocks. Banking shares are also setting successive records, bringing the sector back to levels last seen a decade ago. National Bank of Greece closed at €17.68, setting an 11-year record, as it reached its highest level since November 2015. In the same vein, Alpha Bank climbed to €4.91, also an 11-year record, approaching the psychological €5 threshold with conviction for the first time since November 2015. Piraeus Bank closed at €10.80, reaching a five-year high (since March 2021), while Eurobank is trading above €4.70, at its highest levels since August 2015. The banking rally is vividly reflected in stock-market valuations. Eurobank is approaching €17 billion, National Bank exceeds €16 billion, Piraeus Bank stands at €13.3 billion, and Alpha Bank exceeds €11 billion. Combined, the market capitalization of the four systemic banks stands at €57.63 billion, while the total value of the banking sector on the Stock Exchange—including Bank of Cyprus, CrediaBank, and Optima Bank—reaches €67.2 billion.

A building in Glyfada

The discussions and gossip in the small southern suburbs real-estate market have intensified. If the information is confirmed, it changes the scale of the story of hedge funds choosing Athens as their tax domicile. An entire building in the wider Glyfada area is reportedly almost “closed” on behalf of a leading asset-management firm—the same one that Bloomberg confirmed last week is preparing to open its first office in the Greek capital. It seems that everything began as early as the first weeks of the crisis in the Middle East. When Iranian strikes reached Dubai and Abu Dhabi, a senior executive of the firm, based in the Emirates, found himself in Athens. The search for premises was conducted discreetly, through a London-based real-estate management company, and covered both the northern and southern suburbs. The south won out quickly. The coastal front, from Delta and the planned AENAON, through Ellinikon and the Glyfada–Vouliagmeni arc with the Four Seasons, is already high on the preferences of international visitors, several of whom are leaving the Emirates. The gossip says that this is not simply about opening yet another office. There is talk of a possible transfer of the firm’s presence from Dubai to Athens, which, in addition to safety, offers tax predictability following the Pierrakakis regulations and the arrival of Rokos. Hedge funds that change their domicile resemble migratory birds. Migration begins before the storm breaks and ends wherever the weather is predictable…

The two shipowners and Athens’ new test

Two of the strongest names in Greek and Cypriot shipping chose, almost simultaneously, to raise capital through Athens. Petros Pappas’s Star Bulk raised €107.8 million, while Poly V. Hadjioannou’s Safe Bulkers raised another €80.4 million. That is €188.2 million in total. What is interesting is that the money is not intended to deal with any financial pressure. The two companies are strengthening their cash reserves now so that they can finance their shipbuilding programs and have the ability to purchase vessels if opportunities arise. In shipping, after all, advantageous moves are made when there is cash immediately available and competitors are still looking for financing. The real story behind it lies on the Athens Stock Exchange. Until now, Greek-controlled shipping companies raised equity capital mainly in New York. Pappas and Hadjioannou are now testing whether Athens can become a second, meaningful source of financing. Demand amounting to €656 million for Star Bulk’s public offering has already prompted discussion on Akti Miaouli. Many are watching, but they are not rushing yet. If the two stocks acquire sufficient depth and satisfactory liquidity, others will follow. Shipowners, after all, rarely ignore a financing route once they see their competitors successfully test it.

The next deepfake could sink a stock

The complaint by Athanasios Martinos should cause considerably more concern than it perhaps is causing today. Because this time the fraudsters used the shipowner’s image and a manipulated version of his voice to direct citizens to an investment platform. Next time, however, the target could be a shipping company. Imagine an entirely convincing video in which a well-known shipowner appears to announce bankruptcy, the sale of his fleet, a major acquisition, or a serious accident. By the time it is disproved, the “news” will already have traveled through stock exchanges, banks, charterers, insurers, and crews. A stock could come under pressure, a deal could be frozen, and millions of dollars could change hands. In shipping, where transactions depend on speed, trust, and often on information circulating before official announcements, deepfakes are not merely a new form of fraud. They can evolve into a tool of stock-market manipulation, extortion, and corporate warfare. The Martinos case is an important first warning bell. From now on, even “I saw it with my own eyes and heard it with my own ears” is no longer proof. And that is perhaps the most worrying thing.

The shipyards and the European…wake-up call

In Hamburg, representatives of the Greek shipbuilding industry did not go merely for photographs and handshakes. With 34 Greek companies and organizations at the national pavilion at the SMM international trade fair, the message to Brussels was considerably tougher than what was heard publicly. Europe talks about strategic autonomy, but it remains dependent on third countries for ships, engines, equipment, and critical raw materials. The paradox is that European governments are demanding green and technologically advanced ships, without having ensured that these can be built in European shipyards at a competitive cost and on time. Available slots in Asia are now being booked years in advance, while access to engines and basic components is turning into a battle. In Athens, they know that this is perhaps the biggest opportunity for Greek shipyards in decades. But there is one detail: investment must precede orders. Otherwise, by the time Europe finally decides to support its own shipbuilding base, the major contracts will have long since been secured by China and South Korea.

Adonis’s “short trousers” and captain Panagiotis

An unknown story spanning decades was revealed by Adonis Georgiadis at the inauguration of the new “Engine Room & Ship Safety Laboratory” at the Tsakos Hellenic Educational Institute of Maritime Studies (TEENS) in Chios. As he said, he met Captain Panagiotis Tsakos long before becoming involved in politics, when he himself was publishing and selling books by ancient Greek authors. “I used to take him the books in bags, when I was still wearing short trousers,” he said, prompting smiles. Behind the personal reminiscence, however, there was also a message: Captain Panagiotis’s longstanding concern about getting more Greeks back onto ships. Adonis reminded everyone that the plan to create the school did not emerge suddenly. The founder of the Tsakos Group had been discussing it with him for years.

When the cost of money rises and Wall Street celebrates

The traditional rule is simple. When interest rates rise, stocks suffer. On Wall Street, however, ahead of tomorrow’s Fed meeting, with a rate increase in the dollar’s key interest rates priced in at a rate of at least 86%, investors are thinking differently. On Friday, a new increase in inflation was announced, and stocks rose. The August Consumer Price Index rose +0.4% month-on-month and +3.4% year-on-year, with core inflation at +0.3% month-on-month, ten basis points above forecasts. Gasoline (+3.9%) was responsible for more than one-third of the monthly increase, a legacy of the war with Iran. And yet the Dow closed up 509 points (+0.98%) at 52,573, the S&P 500 rose +0.86%, and the Nasdaq +0.96%. The explanation lies in the futures. The probability of a 25-basis-point increase at the Fed’s two-day meeting (Tuesday–Wednesday) soared to 90% from 70% the previous day, while the probability of a second increase in October rose to almost 60%. Policy rates remain at 3.50%–3.75% throughout 2026, and the market, rather than fearing expensive money, fears uncertainty and indecision. A hike in dollar interest rates would demonstrate that Fed Chairman Kevin Warsh means what he says when he argues that “price stability is neither self-executing nor does inflation return to the mean on its own.” Conversely, a failure to act, with inflation above the 2% target for more than five years, risks triggering another flare-up in the bond market. There is also a “class analysis” to the impending rate increase. When the cost of money rises, creditors/savers and those who bought with cheap money locked in are favored, while borrowers and new entrants are harmed. For the latter, there is Trump’s “promissory note” for the $5,000 payment, after the midterm elections…

The New York example of the “golden” rents

In Manhattan, something extremely interesting is happening at the moment. People who could easily afford to buy homes worth $20 million and $50 million are choosing to rent instead. Apartments with monthly rents above $50,000 more than doubled this year compared with 2025. Those exceeding $100,000 (in other words, $1.2 million in annual rent) increased sevenfold. According to data from Jonathan Miller cited by CNBC, the median rent in the top 10% of the market soared +35% in one year, to $17,464 per month (that is approximately $1,302 per square meter per year, or, if you prefer, $108.50 per square meter per month). The explosion in high-end rents has obviously affected the rest of the pyramid as well. The median rent in Manhattan reached a historic record in July, at $6,306, +15% year-on-year. They too are dealing with historically low supply of quality properties for sale. High interest rates discourage new buyers, resulting in property resale prices being stagnant or declining, and finally there is the notorious new municipal pied-à-terre tax on luxury second homes in New York. When the wealthy prefer renting, they are not afraid of the cost. They are afraid of commitment.