Hello. I think that, rightfully, the person of the moment is Chrysochoidis, because this second case in particular, involving the bakeries, human trafficking, the 433 “businesses” and the 100 straw men paid a thousand euros each, is the most shocking fraud case of the last few decades. No, it is hardly a cause for celebration; rather, we are a country that gives us plenty to celebrate, apparently. But in any case, one way or another, the case was eventually exposed. As you can understand, it is inconceivable for a case of this kind to be set up and flourish in a country where there is no widespread corruption or indifference, or both. And let’s not pin this on the ND government, because Giannakopoulos started getting into trouble with the courts back in 2015, when he was sentenced to around ten years in prison, among other things for the exploitation of women. He appealed and got out on bail of €200,000, and in November 2018 he was acquitted because the witnesses (the women) did not show up to testify. In any case, pimping was downgraded to a misdemeanour under SYRIZA. Did you have something to say? But of course, to be fair to everyone, as you can understand, you cannot defraud the state on such a scale without dozens of state or municipal employees also being involved in the scheme. I mean, here in Rhodes, I don’t think it takes much thought to figure out how the boss ended up with 28 beaches and beach bars, because that simply cannot happen without the cooperation of various authorities. Also, in these kinds of businesses, you always need a tough representative of the working class, the trade unionist Rizos Rizos, whom we all remember for stirring things up at the Public Power Corporation (PPC), always in the interests of the people. Rizos was generally fond of pulling the plug. For the rest, the Maximos Mansion (the prime minister’s office) believes that revelations about tax-evasion scandals benefit the government, which is why Mitsotakis referred to “big fish” the other day. Their line is: “We put them in prison, whereas Tsipras let them go free.”

Bekiris

Yesterday afternoon, Michalis Bekiris, director of the prime minister’s office, issued a statement to the Athens-Macedonian News Agency (ANA-MPA) in which, having expressed his own view, he stepped down from his position. This followed the revelation that he had not been appointed through publication in the Government Gazette, because he did not have a degree, or something along those lines. Bekiris informed only Mitsotakis, and until yesterday morning he was still attending the Maximos Mansion’s morning coffee meeting (and had even commented on current affairs). Personally, I consider the “requirement” of a degree for serving in a position within the so-called Executive State to be utterly ridiculous, especially when no such requirement exists for standing for elected office. In any case, Bekiris is a friend of Mitsotakis, and the prime minister was his best man at his wedding in 2005, when Mitsotakis was politically almost nowhere. It is clear that he is not going to cut ties with him, but the formalities of the matter are what they are, and that does not change. The law is the law for everyone, and I think he did the right thing yesterday, although he should have done it on day one. Now, seriously, regarding the supposedly voluntary nature of the arrangement, I find myself wondering, for example, how Ms Koufonikolakou, who holds a similar position alongside Tsipras (or someone else in another party, for that matter), makes a living. Who pays her salary?

Persistence in Northern Greece

Wherever you look for Mitsotakis, you find him in Northern Greece, as he tries to stem the ND’s losses, mainly to the right, by highlighting projects under way in numerous regional units and the various interventions by his government. Today’s itinerary includes Kilkis, where Velopoulos’s party has gained considerable ground, and he will once again end up in Thessaloniki, where he will also attend the parade. Since I’m on the subject of Thessaloniki, let me tell you that a source of mine at the Maximos Mansion described Floridis’s candidacy as “a rock dropped into a lake,” because it has essentially reshuffled the deck and is drawing centrist voters towards the ND. Of course, the ND’s main problem is not so much Thessaloniki A, but Thessaloniki B and, more generally, the more working-class areas in the western part of the city.

The Karamanlis–Pierrakakis dinner in Xanthi

Let me tell you that after Pierrakakis’s visit yesterday afternoon to the facilities of SEKE in Xanthi, where he received a warm welcome from Kostas Karamanlis, Alexandros Kontos and the other executives, he went on to a dinner featuring plenty of meat at the “Old Town” restaurant, located in Xanthi’s old town. He had brought good news for Greek tobacco, and the dinner followed. Also at the table were Christodoulos Topsidis, regional governor of Eastern Macedonia and Thrace, deputy regional governors and other officials. In general, though, the atmosphere was relaxed, and Karamanlis in particular, playing on home turf, was in good spirits. There was nothing bad about the occasion, nor was anyone taken by surprise. Another thing I heard was that Pierrakakis stayed last night at the same hotel as Androulakis. Could there be some convergence of views beyond tsipouro, which certainly brings people together?

What Pierrakakis saw in Drama, Kavala and Xanthi

Before the dinner, however, Pierrakakis had gone on a road trip through Eastern Macedonia and Thrace, stopping in Kavala and Drama, where he held meetings focused on the local chambers of commerce. A central topic of discussion was the announcement that the customs office in Kavala would be relocated from the city centre to the outskirts, a development that the people of the city have been asking for over the past three decades and that is expected to dramatically ease traffic congestion within the urban area. As for Xanthi and the meeting with Karamanlis at SEKE’s facilities, the two focused their discussion on the operation and performance of the Cooperative. Its figures are improving steadily: over five years, SEKE has doubled its turnover to €120 million, with affiliated businesses in all neighbouring countries. In Xanthi alone, it employs more than 1,000 people, including seasonal workers. Specifically on the issue of tobacco, Pierrakakis also coordinated with Mitsotakis in order to address the excessive increases in tobacco-product prices at the European level.

Marina: from Alexis’s SYRIZA to PASOK?

While PASOK and ELAS are battling it out for second place, various figures who have, or want to, raise their political stock within the centre-left are trying to make the right move at the right time. In the regions, the political manoeuvring sometimes surprises even those directly involved (or so they say…). In Trikala, where things are getting tight—as the song goes—the current independent MP Marina Kontotoli, formerly of SYRIZA, is said to be moving away from the prospect of joining Tsipras’s party, despite the fact that many had been betting on that outcome. Kontotoli, the wife of former PASOK minister Giannis Ragkousis, has already received an explicit invitation to carry PASOK’s banner in the elections. The invitation came from the local PASOK secretary, who even stated that “people with Kontotoli’s profile are welcome in PASOK.” Centre-left figures in the area say it is only a matter of time before the relevant signal also comes from Harilaou Trikoupi, PASOK’s headquarters, regarding Ms Kontotoli’s possible inclusion in the party’s parliamentary group. Although political choices are not a family matter, local figures do not rule out Giannis Ragkousis’s “quiet return” to PASOK as well. In recent months, however, he has avoided making any public statements, either about Tsipras’s new party or about PASOK. So, Kontotoli is moving from SYRIZA to PASOK, while another man from Trikala, Giorgos Balatsoukas, has already moved from PASOK to ELAS. He is now deputy press spokesperson for Tsipras’s party. Balatsoukas, who recently spoke at Evangelos Venizelos’s Ideas Circle about the future of social democracy, will stand in the forthcoming elections under ELAS’s banner. Where else? In Trikala, of course, where these comings and goings of political figures are also described as switching sides.

The PASP members

It is well known that PASOK had to hold a party congress last March to categorically rule out—with a “no”—the prospect of forming a post-election coalition with New Democracy. They are not holding a second congress, and probably do not need to, at least for the time being, to address speculation about a post-election partnership with Koumoundourou, SYRIZA’s headquarters, whose polling figures have been plunging to 1.5–1.7%. PASOK has not exactly made a dramatic leap in the polls, but it began to “pick up a little” after the Thessaloniki International Fair (TIF), while Alexis Tsipras’s ELAS has stalled at 15–16.5%, despite expectations to the contrary. And somewhere around that point, according to PASOK officials, a new scenario emerged: cooperation with the SYRIZA of Nikos Pappas and Rena Dourou. Was the trigger the coffee meeting on Skoufa Street between the two parties’ press spokespersons, PASOK’s Kostas Tsoukalas and SYRIZA’s Dimitris Melidis, respectively? Possibly. In any case, Tsoukalas and Melidis, as former comrades in PASP, the socialist student organisation, have had plenty of coffees together over the years, and the latest one was at the café on Skoufa Street. That is all, though.

UEFA’s 5+1 golden packages and the suitors

Now, I told you that next Tuesday, November 3, in addition to the US midterm elections, we will also have the big day for Greek television. Or at least… Greek streaming platforms. Or perhaps both. On that day, in Geneva, UEFA is set to put the golden Champions League package up for electronic auction for the next four years. This year, then, bidders will be able to compete for five separate match packages, each individually, although a bidder will also be able to bid for all of them at once. As long as you have the money. I rank them according to their commercial appeal. A) All Champions League matches on Tuesdays and Wednesdays. B) All Thursday matches in the Europa League and Conference League. C) One Wednesday match selected by the broadcaster, plus the Champions League final. D) One Thursday match selected by the broadcaster, plus the Europa League and Conference League finals. E) The most commercially attractive Champions League match on Tuesday. Logically, packages A and B are intended for subscription platforms, while the other three are also suitable for free-to-air channels that do not require a subscription. I should reiterate, of course, that UEFA gives a major player the option of bidding for all the packages together. On November 3, the tender will cover not only Greece but also Turkey, Israel, Cyprus and Malta, as well as Australia and New Zealand. I have already told you that the interested parties from Greece are Per Capita, a collaboration between television channels, and Giannis Alafouzos’s new Sport FM platform. As I mentioned before, there is also some information suggesting interest from international platforms. I had written about Netflix; now I’m hearing Disney. If you take the competition into account, along with the approximately 500,000–600,000 subscribers of Magenta (formerly Cosmote) and NOVA, who will soon be… free agents because the sports broadcasting rights they currently hold are being lost or expiring, a lot of money is expected to be thrown at these packages. Some estimates put the figure at more than €200 million if a bidder wants to secure everything for four years.

Attica Group: Goldman Sachs has withdrawn its interest, while Kyriakou continues to pursue a minority stake

Let’s move on to market news, starting with the negotiations concerning the ferry group Attica Group, as there have been developments. Negotiations with Piraeus Bank were being conducted by two investors interested in a joint investment: Goldman Sachs Asset Management and the investment vehicle established through a partnership between the investment group of the Kyriakou family, K Group, and the Qatar Investment Authority, Qatar’s sovereign wealth fund. The latest development, according to reports, is that Goldman Sachs Asset Management has withdrawn its interest, as its Investment Committee reassessed the investment risk following the fire that broke out on September 25 aboard Attica Group’s vehicle carrier BLUE CARRIER 2. In addition to the incident involving the BLUE CARRIER 2, the decision also took into account the shipwreck that occurred in early September off Kyrenia, leaving 27 people dead, as well as another shipwreck that occurred in Asia around the same time. According to the same reports, negotiations are continuing on the side of Th. Kyriakou and now concern the purchase of a minority stake in the ferry group.

Athanasiou, emotional and candid as he takes his final bow

The end of the road for Odysseas Athanasiou after 17 years as CEO of Lamda Developments. Athanasiou appeared emotional and candid in yesterday’s interview, in which he personally announced his departure as CEO. He said that his wish to step down was something he had discussed with Spyros Latsis as far back as September 2025, while he will remain close to Lamda’s new management because of his good relationship with the shareholder. This was also evident from his statement that he could bring forward ideas on an ad hoc basis and present them to Spyros Latsis. We must acknowledge that Odysseas Athanasiou took on the Ellinikon project in 2014 and has managed it ever since; it is the largest investment currently being undertaken in the country. At the same time, he took charge of Lamda Developments in March 2009, just before the crisis broke out, and managed to save the group’s shopping malls.

Prodromos Emfietzoglou has changed his surname to Eleftheros

This is one of those cases that seem to have the makings of a novel. And yet, it is real. For those who do not know, this column reports that the well-known businessman Prodromos Emfietzoglou, of Michaniki and other companies, changed his surname and has been known as Prodromos Eleftheros since January 2025. Why did this happen? As he himself has stated: “When, after the Asia Minor Catastrophe, my father asked to change ‘Emfietzoglou’ to the name of our ancestor, ‘Leftheros’, according to the surviving written records, he was told that there was neither time nor any procedures available. And so the name remained. Then came the war, the famine, the civil war—difficult years. Afterwards came Thessaloniki, civil engineering, Lena, Melina. Wonderful years! Then the accident, the disability, Michaniki, the airport at Spata, the Stock Exchange, Bulgaria, Ukraine and Russia. Years full of intensity, growth, progress and success. And alongside all this, the villages of Florina, Thrace, the Pomaks, Mariupol, the Patriarchates, Mount Athos. Then came difficult moments, matters of conscience and a war with the cartels. And PATRIOTES, with all the strength of my soul. After all these years, I owed it to myself to do what my father had not managed to accomplish. I asked the Municipality of Komotini to change Emfietzoglou to Eleftheros. My application was approved by the Municipality of Komotini through Decision 44/2025. And so, I am now Prodromos Eleftheros—formerly Emfietzoglou. After all, throughout my life I have always tried to be both a forerunner and free.” Indeed, in January 2025, the relevant decision was issued by the mayor of Komotini. It was based on the provisions of Legislative Decree 2573/1953 concerning surname changes, as the businessman—and former leader of a political party—substantiated his request by invoking historical and family reasons of honour, in order to fulfil his father’s unfulfilled wish. Nevertheless, although he has changed his surname, he remains in the crosshairs of property auctions. Thus, in a way, the “official debut” of his new surname is taking place with yet another auction hammer coming down on the large estate in Anavryta. As the document states, “the person against whom the auction is being conducted is Prodromos Eleftheros (formerly Emfietzoglou), resident of Marousi, Attica, at the end of Foinikon Street—Anavryta, now known as John Vorres.” It further notes that “by Decision No. 44/8-1-2025, bearing protocol number 199, the Mayor of Komotini changed the surname from ‘EMFIETZOGLOU’ to ‘ELEFTHEROS’, and this decision was attached to the seizure report.” The new auction, with Cepal as the enforcing creditor, has been scheduled for May 12, 2027, although it could, of course, be suspended before then. The seizure was carried out in respect of a debt of €150,000, which forms part of a total debt of €1,565,933, plus interest and enforcement costs. The auction concerns an undivided one-half (1/2) ownership share in a single plot of land covering 50 acres (approximately 50,000 square metres) in the Anavryta area of the Municipality of Marousi. The property includes a building complex consisting of nine buildings with a total area of 4,035 square meters, including art exhibition spaces, a detached house or villa, offices, auxiliary buildings, facilities, a swimming pool, a helipad and other amenities. This particular property has repeatedly been targeted by auctions, with substantial variations in the starting bid. A year ago, on November 20, the auction hammer fell in an auction pursued by Cepal, with a starting bid of €12.5 million for the undivided 50% share, but the auction was cancelled because there were no bidders. On November 26, 2025, another auction was held, this time pursued by Intrum, with a starting bid of €11.6 million, but it was suspended. This was followed by a repeat auction, pursued by Cepal, on December 19, 2025, with the starting price reduced by 20%, to €10 million from €12.5 million, but again without result. For the next auction, which is based on a new valuation report, the property’s total market value is estimated at €22.5 million. For the 50% share, with a discount factor applied because of the co-ownership arrangement, the starting bid has been set at €9 million.

From the stage to yachts

Thodoris Marosoulis is one of the best-known names in theatrical production and the entertainment industry more broadly, continuing a long family tradition. He is also the husband of journalist and Member of the European Parliament Eleonora Meleti. However, I hear that yesterday, Monday, October 26, he proceeded to establish a new company called “MT25 Single-Member Private Company” (presumably derived from the initials of his name in English). The company is based at the “headquarters” of his businesses, on Derigny Street. The interesting part is its corporate purpose, which lists as its main activity services involving the rental of tourist vessels without a crew. Its secondary activities include… quite a lot. Specifically, services for renting vessels for maritime and coastal transport; renting professional tourist vessels with a crew; renting leisure boats—including yachts, pleasure craft and motorboats—with a crew; restaurants and fast-food outlets; catering for events; and the provision of meals and drinks from kiosks located at airports, public services and other public spaces. It seems he sees good opportunities both at sea and on land. The company’s initial share capital is €300,000, divided into an equal number of company shares worth €1 each, all of which were paid up by Thodoris Marosoulis. He has also taken over the company’s management.

Interest rates unchanged, with a 94% probability

Keeping interest rates unchanged at the FOMC meeting on October 28 is the most widely anticipated decision of the current monetary policy cycle. The Kalshi and Polymarket platforms assign a 94% probability to this outcome, while CME FedWatch put the probability at 86%. In a Reuters poll of 100 economists conducted between October 16 and 20, 94 expected interest rates to remain unchanged on October 28, and all of them forecast an increase in December.

The complication caused by the federal government shutdown

There is, however, a complication that makes this week more significant than an already anticipated decision to keep interest rates unchanged would otherwise warrant. The partial shutdown of the federal government has delayed the publication of both the September employment report by the US Bureau of Labor Statistics (BLS) and the Consumer Price Index for the same month. The Fed is making its decision on Wednesday without the official September figures for employment and inflation, as the BLS has postponed both releases indefinitely until the funding issue is resolved. ADP’s private-sector estimate showed a loss of 32,000 private-sector jobs in September. This is the labour-market indicator available to the committee. This fact fundamentally changes the significance of Wednesday’s press conference. Warsh cannot cite official data confirming that the economy is slowing down. Nor, however, can he cite official data confirming its resilience. The committee is making its decision without a complete official picture of the labour market and inflation in September. Consequently, Warsh’s wording at the press conference will be the market’s only indication of how the Fed is interpreting the incomplete data.

Trump Freezes the Fees, Greeks Count the Cost

A Greek-owned ship may have to pay an American “fine” simply because it was built at a Chinese shipyard. This is the peculiarity of the port fees Washington is planning and which it is now proposing to keep on ice for another two months, until January 9, 2027. The development is of particular interest to Greek shipowners, who have invested billions of dollars in shipbuilding in China. The issue is not limited to new orders. It also concerns ships that are already operating, since a possible reinstatement of the fees could affect their competitiveness in transport services to the United States. The US government is attempting to curb China’s dominance in shipbuilding, but imposing fees on ships belonging to third countries could increase the transportation costs of US imports themselves. For Greek shipowners, the crucial question is who will absorb the additional cost. Either it will be passed on to the charterer through higher freight rates, or the shipowner will be forced to offer a lower price to keep the vessel competitive. There is also a second consideration. If Chinese-built ships become more expensive to use at American ports than ships built elsewhere, such as in Japan and South Korea, non-Chinese-built vessels may acquire a commercial advantage. In other words, two Greek-owned ships with similar characteristics may be treated differently in the same market solely because of the shipyard where they were built. And that is something charterers are not going to ignore.

Hormuz Also Passes Through London

In London, something more than a freight index is being put to the test. The issue is confidence in the rules by which the freight market concludes deals and allocates risk. On one side is Mercuria, a major international trader in energy and raw materials that buys, sells and transports oil. On the other is Baltic Exchange Information Services, the company that produces freight-rate benchmarks. The subject of the dispute is the TD3C, the index for transporting crude oil in very large crude carriers (VLCCs) from the Persian Gulf to China, through the Strait of Hormuz. Mercuria is challenging whether the index still accurately reflects the market, while the Baltic Exchange is defending its methodology. The crucial point is that the index serves as the basis for actual payments under charter agreements and freight derivatives. A possible retroactive cancellation of the index could cause serious disruption to the contracts linked to it. This is where uncharted territory begins. If the commonly accepted pricing benchmark is challenged in court, the discussion shifts from the level of freight rates to the very certainty of the contract itself—and to who bears the difference when geopolitics overturns the market’s assumptions. The traditional structure of the freight market rests on the acceptance of common rules, even when someone loses. This case puts precisely that consensus to the test.

Semiramis Paliou: The Problem That Cannot Be Solved by Building More Ships

Ships can be built, but the question is who will crew them. Semiramis Paliou raised this concern in Shanghai, placing the shortage of skilled seafarers in the same equation as geopolitical turmoil, fleet supply, demand and decarbonisation. Speaking at the North Bund International Shipping Forum 2026, the CEO of Diana Shipping drew attention to a factor that could directly affect the utilisation of investments in new-technology vessels. Paliou raised the issue of staffing next-generation ships. The transition to alternative fuels requires crews with different training, while increasing automation is changing the requirements for deck and engine officers. These are two needs that shipping companies must address at the same time as they renew their fleets. This observation is particularly important for Greek shipowners planning new shipbuilding orders. The cost of a modern vessel can be calculated and financed. The availability of suitably trained officers, however, cannot be guaranteed by signing a shipbuilding contract. And, as Paliou’s remarks make clear, investment in crew training must precede the delivery of new ships, not follow it.

Winter Time and the Markets

Because of the time change in Europe, trading on US stock exchanges will begin at 15:30 and end at 22:00. Pre-market trading will start at 13:00. Trading hours will return to normal from November 2.

California Goes After Billionaires, and They Look for the Emergency Exit

In Silicon Valley, billionaires are accustomed to moving entire markets with a single statement. Now, however, they are moving their residences, because California is preparing to take 5% of their wealth. The proposal for a one-off tax on people with assets exceeding $1 billion will be decided at the ballot box on November 3. Its supporters estimate that it will generate $100 billion in revenue, primarily for healthcare. Stanford economists, however, are bringing the estimate down to $28–36 billion, as several magnates have already left the state. Among them are Google’s Larry Page and Sergey Brin, while Mark Zuckerberg has found a different solution: an arrangement with Meta that allows him to sell shares without losing control of the company. And the most amusing part? Democratic Governor Gavin Newsom opposes the tax, fearing that he will lose more taxpayers than he will manage to tax. In the state that grew wealthy thanks to the mobility of capital, they have suddenly discovered that its owners are mobile, too. The question is whether California will ultimately collect billions or be left counting the addresses that have changed.

More Expensive Money, Cheaper Banks

For two years, banks were Europe’s flagship investment bet. As interest rates rose, bank shares rose as well. In October, the trade turned around. The same markets that are pricing in another European Central Bank rate increase in December—and an overnight interest rate of 4.6% by September 2027—are now avoiding bank stocks. One Bloomberg chart says it all in four numbers. The European banking index (SX7P) is trading at 1.49 times its book value, down from a peak of 1.65 in August. The US banking index stands at 1.67 times, down from 1.85. As for the price-to-earnings ratio (P/E), Europe stands at 10.9, compared with 12.4 in the United States. Europe remains cheaper, but the declines in both markets are happening in tandem. The KBW Bank Index in the United States has recorded six consecutive weeks of losses—the longest losing streak since 2008—and is down 13% from its August high, despite third-quarter results, with Citi describing the quarter’s revenue as the best third-quarter performance of the decade. In Europe, the toll is heavier. The banking index has lost 10% in six weeks, the three major French banks are down 17%, and Société Générale is down 25% from its peak. Why are higher interest rates not helping? Because they are now rising for the wrong reason. Since 2022, rising rates have meant wider net interest margins. Now, they mean a French spread of 175 basis points—the widest since 2012—€4.3 trillion in government bonds held in eurozone banks’ portfolios, a threat from non-performing loans and a brake on credit demand. Sixty per cent of these bonds are valued at amortised cost. In other words, the losses do not show up unless the bonds have to be sold. Bank of America’s September survey showed that a net 25% of European fund managers were overweight banks. The most crowded carriage is the first one to empty.

Moody’s Gave the French More Time, but the €100 Billion Bill Is Not Being Postponed

In Paris, they can open the champagne, but they would do well to keep the receipt, too. Moody’s may have decided not to downgrade France, maintaining its Aa3 rating with a negative outlook, but the country’s €3.6 trillion debt, equivalent to 119% of GDP, remains threatening. So does the nightmare of interest payments, which are forecast to exceed €100 billion in 2028 and approach €126 billion in 2030.