Greetings, and happy new month. We are gradually approaching the festive season, with relative calm on the domestic front, although the Turks are systematically and methodically raising the temperature, creating a different atmosphere from the one we have grown accustomed to over the past three years. Tomorrow will dawn as a momentous day for America – and therefore for the whole world – as the midterm elections are likely to set a new course on the major issues currently concerning the international community: the wars in Iran and Ukraine, relations with China and trade policies. It will depend on what Trump loses, and by how much – whether he loses one or both chambers of Congress, and by what margin. In any case, if the polls are right, by Wednesday we will be looking at a different political landscape in the United States. A heavy defeat for Trump does not automatically mean he will back down on major international issues, but he will undoubtedly be much weaker, more unstable and unpredictable, and therefore more dangerous. Add to this developments in Israel and, of course, Turkey, and it is easy to conclude that our country, too, is entering even more uncharted geopolitical waters. All of this – the political instability – would, by common sense, work in Mitsotakis’s favour, presenting him as the only stable point of reference in government. But we may simply be dealing in theories, since there are at least six to eight months until the elections. One mishap, say over the wiretapping scandal or involving the European Public Prosecutor’s Office, could be enough to change everything. And since I mentioned the midterms, the latest picture from the Kalshi prediction market – which is legal and federally regulated – gives the Democrats the edge in the race for control of the Senate after the 2026 midterm elections. Specifically, the Democrats have a 66% chance of taking control. The Republicans currently hold a 53–47 majority, meaning the Democrats need to flip four seats to gain control. The final polling stations in Alaska’s Aleutian Islands will close at 8am Greek time on Wednesday.

Opposition and anti-establishment politics

-So, when faced with New Democracy – even one worn down by seven years in government – voters will have to choose, to a greater extent, between a party that “protests” and performs better in opposition and an alternative that has the momentum and potential to govern. This is particularly true given the polling figures we are seeing: 28–30% against 13–16% for the Hellenic Solution and PASOK. What therefore seems to matter most is which party, which politician, will give the strongest voice to protest and anti-establishment sentiment. And this is where problems begin for both Tsipras and Androulakis. The former still seems to be searching for a balance between his old and new personas: the hardliner who denounces everything, as he did while in government, and the “new Alexis”, who is more conciliatory – I would say more accommodating on all fronts, particularly towards the powerful, oligarchs, businesspeople and so on. From what I gather, they are heading for a change of tactics and strategy, moving away from the approach they have followed until now, along the lines of “everyone is a friend and everything is fine”. That is something Mitsotakis does very successfully, and can perhaps pull off because of his temperament and position. I suspect Tsipras has the famous song by Miliókas in mind, “because one day they’ll call us…” – and rightly so. As for Androulakis, I do not think there are any strategies or tactics at play. After all, within PASOK today, the key players have different agendas, and everyone is waiting for the elections to see what comes next. But anti-establishment sentiment and extreme protest are the opposite pole to Mitsotakis, and a large section of the public is looking for the right person to throw stones at this “regime”. This is where Kasidiaris finds room to advance. Let us not fool ourselves: in the eyes of young voters, Kasidiaris is not a Nazi (they may not even remember him as one), but an “anti-system” figure. And that is where all the other hardliners are each losing ground to him: Samaras, Velopoulos, Karystianou, Zoe and Latinopoulou.

The NGO invisible to the system

-As for current affairs, the case involving the NGO in Thessaloniki has provoked public outrage, mainly because its leaders are alleged to have pocketed money intended for sick children, while enjoying themselves and living the high life. I looked into what they had declared to the state authorities and whether anyone had taken a serious interest in them. A competent source pointed out to me that the organisation is a charitable association and therefore falls under the regulatory remit of the Ministry of Social Cohesion and Family Affairs, while being supervised by the relevant municipality. In any case, it had not been registered or certified in the registry run by the Ministry of the Interior since 2021, and had therefore received no state funding. However, it had been registered in the Ministry of Foreign Affairs’ NGO registry, in accordance with provisions in its statutes referring to fundraising campaigns, the placement of collection boxes and the creation of an online shop selling goods and products bearing the association’s logo, among other things. In practice, however, it was an NGO that was invisible, flying under the radar: it had certified auditors, but its accounts consisted of little more than basic income and expenditure entries. In general, people familiar with the sector acknowledge that, apart from a handful of serious foundations, there is still a considerable degree of lawlessness among NGOs and civil non-profit companies (AMKEs), the legal corporate form used by many such organisations. So perhaps Chrysochoidis will have another job on his hands before the elections…

An appointment with the Greek FBI

-Since we are talking about the major corruption cases attracting so much attention (not that there are not even bigger ones, mind you), the government is placing great emphasis on its law-and-order agenda, stressing that its own actions have set a process of cleansing in motion. It is therefore no coincidence that Mitsotakis is planning to attend a special event tomorrow, Tuesday, marking two years since the Greek FBI began operating. The service has played a pivotal role in major investigations. He will, of course, also meet Chrysochoidis, who has political oversight of what is, in practice, already a successful agency.

Four priorities and a new test for ministers

-Elections may be approaching, but the Prime Minister’s Office does not want ministers to appear to be slowing down because of the campaign season, creating the impression that they have put their pencils down. That is why Mitsotakis has asked each ministry to identify its four main priorities through the first half of 2027, with specific timetables and deliverables. Hatzidakis and Skertsos collected the proposals, assessed them and selected 16 key government priorities. Today, the Deputy Prime Minister and the Minister of State will introduce the discussion, but the main responsibility will fall to the ministers themselves, each of whom will present the four priorities for their portfolio. And this is the crucial point: the process is not simply intended to keep the government machinery running until election day. On the contrary, it is another assessment test for ministers set by Mitsotakis. They will be judged both on what they present and on the results they deliver.

Article 23 – facts and exaggerations

-I followed with great interest the controversy surrounding the much-discussed Article 23 of the Finance Ministry bill concerning loan servicers. I read a great deal on the subject from various quarters and spoke to a couple of specialist lawyers who not only understand the issue but also have no political agendas. So, let us look at what is actually happening. First fact: Article 23 did not give servicers carte blanche to issue enforceable titles on their own, since it applied exclusively to agreements that had also been signed by the debtors. Second fact: citizens’ right to seek recourse through the courts – and specifically to file an objection – was in no way being abolished. What Article 23 sought to do was speed up a slow-moving process that everyone agrees is almost interminable. However, since the finance ministry did not want to take the political risk with a bill that, by common consent, significantly strengthens the position of borrowers, the controversial provision was ultimately withdrawn. Now that Article 23 has been withdrawn, the opposition will be called upon to state its position on the bill as a whole, without having that excuse. And the question is this: will it support a bill that clearly strengthens the position of debtors, or not?

A tour of Samaras’s territory

-Staying with government news, I should tell you that, after some time, Mitsotakis is planning a tour of Samaras’s home turf, in Messinia, most likely next Thursday, on the occasion of the annual conference of the Central Union of Municipalities of Greece (KEDE). He will finalise the arrangements with his aides today, having returned from the United States. Of course, the visit will also take in projects that are under way or in the pipeline, such as the modern sewage sludge treatment plant and the Palais des Sports, which the Peloponnese Region and the Municipality of Kalamata have agreed to develop. In general, the KEDE conference will bring more than 15 ministers and deputy ministers to Kalamata.

Piraeus Bank: €123m in non-performing loans and the mystery surrounding €55m in provisions

-The presentation of Piraeus Bank’s third-quarter results left a small question mark. At the centre of it are €123 million in non-performing loans which, according to figures published by the bank, have either been classified as held for sale or have already been sold. Chief Financial Officer Theodoros Gnardelis referred to this particular portfolio, but did not fully clarify why Piraeus had made €55 million in provisions linked to these loans. The provisions amount to approximately 45% of the portfolio’s total nominal value, a proportion that raises reasonable questions about the quality of these claims and the extent to which they can be recovered. If the provisions relate exclusively to these loans, the ratio points to a particularly distressed portfolio, with significantly limited recovery prospects. It is, of course, possible that the provisions also include other claims beyond the €123 million in question, which could alter the interpretation of the figures. Based on the information available, these provisions do not appear to be linked to a step-up loan mechanism. However, the precise nature and composition of the charge remain unclear for the time being, leaving a gap in the picture presented to analysts. In any event, the key point for Piraeus Bank is that, even after absorbing this cost, it managed to reduce its stock of non-performing exposures further. Non-performing loans stood at €927 million, representing approximately 2% of the total portfolio, down from €1.011 billion in the previous quarter. This development is particularly significant given that, in the second quarter of 2026, the bank’s non-performing exposures had risen by €81 million to €1.011 billion.

Banks’ acquisitions are beginning to pay off

–Alternative sources of revenue are becoming one of the most important growth drivers for Greek banks, as investments made in previous years are now beginning to bear fruit. The strategy of diversifying their activities will carry even greater weight in 2027. Eurobank is an example of this transition: 45.9% of its adjusted net profits in the first nine months of 2026 came from activities outside Greece, with the relevant profits reaching €555 million. Cyprus, followed by Bulgaria, are the main pillars of this performance. The integration of Eurolife will also be reflected in the fourth-quarter results, further strengthening the picture. At Piraeus Bank, the acquisition of Ethniki Insurance is one of its most significant moves to broaden its activities. Insurance is already making a substantial contribution to the growth in fee and commission income, which reached €679 million in the first nine months of 2026, representing a 39% year-on-year increase. Making full use of synergies with the bank’s branch network and expanding bancassurance are expected to be important drivers of growth in the bank’s recurring revenues. Alpha Bank is an interesting case, as its investments and acquisitions are expected to boost earnings per share in a measurable way in 2027. More specifically, according to estimates, AstroBank is expected to increase Alpha Bank’s earnings per share by 5%, Altius Universal Life by 2%, AXIA by 1.4% and Alpha Trust by 1%, while Flexin is also expected to have a positive impact. These estimates highlight the growing contribution of new activities to the bank’s profitability and the potential of its expanded business model over the coming year.

EYDAP’s suitors and EKTER’s surprise move

-The entry of GEK TERNA into EYDAP with a stake of more than 12% several months ago reshuffled the company’s shareholder structure and brought the battle for minority representation on the board into the spotlight. The surprise, however, at Friday’s extraordinary general meeting was the appearance of EKTER, which, having acquired around 56,000 shares in the preceding weeks, put forward its own representative. Minority shareholders elected Giannis Aligizakis, chairman of ELINOIL, who was nominated by GEK TERNA, and Theodosia Bantouva, whose candidacy was backed by EKTER. The latter’s stake amounts to just 0.05% of the company’s share capital, yet securing a seat on the board gives its move considerably more significance than its shareholding alone would suggest. The choice of Ms Bantouva also brings the history of THALIS E.S. into focus, an environmental services company she co-founded with her late husband, Vasilis Papazisis, and in which she held a senior management position. THALIS became part of the Motor Oil group two years ago, while an agreement was recently announced for the transfer of 75% of the company to Aktor. This sequence of events does not, in itself, establish any link between EKTER and Aktor. It is, however, a detail fuelling discussion in the market, given that EKTER appeared unexpectedly in EYDAP’s shareholder structure and sought representation on its board. Company executives assured this column yesterday that EKTER is acting on its own behalf and does not represent a third-party investor. The company, according to the same sources, views EYDAP as an investment and strategic holding, with its interest also linked to the water supply and sewage projects in which it is already involved, in Pikermi and Marathon, as well as those planned for the future. The initial plan envisaged spending up to €1.5 million on share purchases during October. According to reports, the purchases were put on hold when the share price rose, although their resumption has not been ruled out. The question that remains open, therefore, is whether EKTER’s presence will be limited to its current stake or whether it will further strengthen its position in EYDAP.

The sale of ACS and Quest’s right

–Quest Holdings has exercised its right and is buying back, for €37 million, the 66,000 shares (20%) it sold to GLS in October 2024, at the time for €74 million. The transaction for the purchase of the 66,000 shares is due to be completed at the end of November. Given the history of negotiations between Quest and GLS on this particular deal, it is best to wait until the end of the month to see how the agreement is ultimately concluded.

Upgrading the ports of Elefsina and Lavrio – and €40m at the Bank of Greece

-As major port tenders continue to be delayed, the National Development Fund (EtAT) is being forced to change roles: from seller to investor. According to information, a comprehensive plan is being drawn up in close cooperation with the Ministry of Maritime Affairs, to upgrade the ports that remain in its portfolio. The plan will be financed through the “Special Account for the Development of Port Infrastructure”. The account was established at the former Hellenic Republic Asset Development Fund (TAIPED) under Article 36 of Law 5131/2024, is held at the Bank of Greece and receives 50% of the consideration from each port utilisation agreement. It has already accumulated more than €40 million from the most recent concessions. The account has not yet been activated. The plan’s projects concern infrastructure, the modernisation of equipment and management tools – in other words, everything that improves the day-to-day operations of a port. At the same time, administrative initiatives are being promoted to encourage port authorities to adopt corporate governance practices. Asked whether Elefsina and Lavrio are included in the plan, the answer was categorical: “Yes. They have always been included.” The clarification matters, because these two ports have become synonymous with waiting and patience. The sub-concession tender for 800 stremmas (80 hectares) at Vlycha, which had been announced for the first quarter of 2026, with US interest and a prospective ONEX–AKTOR consortium, is now being pushed back to the distant future. At Akti Miaouli, the delay is also being attributed to the 23 shipwrecks in the bay, which investors are asking to have removed before the tender is launched. The sale of 51% of the Lavrio Port Authority, for which five binding offers were submitted in June 2025, remains stalled at the Council of State following appeals by Olympic Marine and Jet Plan. To put it simply, the state is selling ports to finance the ports it cannot sell.

OTE’s television revenues rise by 9%

-OTE increased its television revenues by 9%, adding 9,000 subscribers and taking its total to more than 800,000, with its subscriber base growing by 6% year on year. During the results conference call, management said it had secured the vast majority of key sports broadcasting rights and content ahead of the start of the season. OTE has also expanded its international partnerships, adding Disney alongside Netflix. Its existing agreement with Nova to share sports content has a further year to run. It was also pointed out that the penetration of legal pay-TV services in Greece remains relatively low, at around 35%, compared with 50%-60% elsewhere in Europe.

‘The Ilisian’: Investment completed as results improve

-Significantly improved results are expected in 2026 for Ioniki Xenodocheiaki S.A., owner of the landmark property on Vasilissis Sofias Avenue, where the new destination, ‘The Ilisian’, is gradually taking shape, starting with the hotel and followed progressively by the branded residences and other activities, after a major investment totalling more than €380 million. The hotel’s reopening in April 2026 under the Hilton Group’s Conrad Athens brand, following extensive renovation and upgrading works, combined with the gradual development of the other activities at The Ilisian complex, “is expected to significantly strengthen the company’s financial performance in the current financial year”, according to the ENSOFI-Olayan groups’ management in its report on the company’s 2025 results, which has now been published in the General Commercial Registry (GEMI). It is noted that, at the end of 2025, the company’s equity had fallen to €16.63 million, dropping below half its share capital. However, “at the general meeting in June 2026, shareholders decided not to take any measures in this regard, as the reduction in equity is entirely temporary and due solely to the ongoing redevelopment of the property. Once this has been completed, the company is expected to reopen the property as a co-owned hotel and, more broadly, as a new destination for the city, and to return to profitability. In addition, and in any event, shareholders reaffirm that the company continues to enjoy their support, while there is no uncertainty whatsoever regarding the fulfilment of the company’s obligations or the continuation of its business activities.” As a direct result of the redevelopment works, the company’s financial performance in 2025 was loss-making, with net results after tax showing a loss of €11.85 million, compared with a loss of €9.32 million. Losses before tax, financial and investment results, and depreciation and amortisation (EBITDA) stood at €7.48 million, against €5.65 million in 2024. In 2025, the only individual activity at the destination to begin operating was the private members’ club House of NYNN, managed by NYNN S.A., which opened in July 2025, while the Onuki restaurant began operating in December 2025. Among the significant developments this year is also Alpha Bank’s return to the company’s share capital after a decade. Ioniki Xenodocheiaki S.A. passed from Alpha Bank to the TEMES (now ENSOFI)-Olayan-Dogus consortium in 2016, as part of the bank’s divestment, while Turkish group Dogus subsequently withdrew from the consortium, leaving only the investment partnership between the Konstantakopoulos and Olayan groups. In May 2026, a share capital increase was approved for Ioniki Xenodocheiaki S.A., which was covered by Alpha Bank. A total of €7.97 million was injected, bringing the bank’s stake, through preference shares, to 10%.

New company set up by Konstantakopoulos

-From The Ilisian, I move on to shareholder Achilleas Konstantakopoulos, who on Friday proceeded with the establishment of a new holding company. It is called ‘Conach Single-Member S.A.’ and is based on Zefyrou Street in Palaio Faliro. The company’s purpose is: 1. To participate in any way in Greek or foreign companies and businesses of any legal form, whether already established or to be established, irrespective of their corporate purpose, including participation in Greek or foreign companies, joint ventures, associations of persons or businesses of any form and with any kind of activity. 2. The purchase, sale, resale, acquisition, transfer, leasing, renting, subletting, exchange and, generally, acquisition, disposal and exploitation of all types of real estate. 3. The provision of consultancy services. Its initial share capital has been set at €18,000,000, divided into an equal number of registered shares with a nominal value of €1 each. The sole founder and shareholder, Achilleas Konstantakopoulos, paid €2,121,427.70 in cash and, at the same time, undertook to contribute to the company, through a share-for-share exchange, a total of 4,980,500 shares, representing 100% of the capital, in the Cypriot company Sonand Holdings Limited. These shares were valued at €15,878,572.30. The assets of the company in question include a plot of land measuring 4,461.88 sq m on Athens-Sounio Avenue, in the ‘Agios Dimitrios’ area of the coastal district of Vouliagmeni, on which three separate buildings have been erected, with a total surface area of 573.57 sq m. The total value of the ‘Investment property’ item was assessed at €18,050,000 as at 30 September 2026 and, together with cash holdings of €1.04 million, the company’s total assets amount to €19,143,108.34. The first board of directors of the newly established Conach Single-Member S.A. comprises Heracles-Panagiotis Stoupathis as chairman, with Dimitrios Frydas and Eirini Fragkou as members.

Brook Lane Capital makes another move

-Another investment move on Greek soil has been made by Brook Lane Capital, under the direction of its chief executive, Aziz Francis. The latest development is a new company established last Friday under the name ‘Somers Hospitality Investments 1 Single-Member S.A.’ (presumably 2 and perhaps 3 will follow), based on Karagiorgi Servias Street in central Athens. Its principal activity concerns hotel services and similar accommodation services, alongside real estate management, the rental of buses and coaches, business consultancy activities, and passenger sea and coastal transport services by cruise ships, among other things. Its initial share capital amounts to €8 million, divided into an equal number of €1 shares, while the sole shareholder, which also provided the funds, is the Cypriot company Somers Enterprises Ltd. The first board of directors consists of Aziz Francis as chairman and chief executive, together with Vasileios-Ioannis Koukoulakis and Andreas Koukos as members. Brook Lane Capital began investing in the domestic real estate market in 2017, developing partnerships with Noval Property REIC in the commercial property sector in Marousi, as well as with Lamda Development, with the aim of developing a 40-storey mixed-use tower in the northern section of the Ellinikon site. The fund has also acquired significant properties in Attica, including South Polis Mall, offices in Chalandri and hotels in Attica and Kos. Aziz Francis, CEO and founder of Brook Lane Capital, has pointed out that Greece, as an investment destination, competes on equal terms with Spain, Italy and Portugal, stressing that it has outstanding attributes.

€2 charge on small parcels

-The new €2 charge on small parcels from outside the EU came into force yesterday, on top of the €3 charge that has been in effect since July. The levy applies throughout the European Union.

Europe’s banks face an inevitable wave of mergers and acquisitions

-In Athens, bank shares rebounded after last week’s short-selling pressure, but were unable to lift the wider market, which has serious reasons to be worried. The results being announced by Greek banks fully justify their current valuations, but offer no compelling story for further gains. An analysis by ING has provided a plausible scenario, setting out the logic behind what may come next. ING calculated that bank acquisitions in Europe have reached €53 billion since the start of the year, already exceeding the total for all of 2025, while a further €39 billion worth of deals remain pending. Using European Central Bank data, ING demonstrates that more concentrated banking markets have higher net interest margins and lower risk costs. Greece, where four groups control around 91% of loans and deposits, is the most concentrated banking system in the eurozone — effectively a case study proving the theory. The next phase of banking profits will focus on fees, wealth management and insurance services, with the ‘Danish Compromise’ helping to ease the capital burden. We have already seen this in Athens with Piraeus Bank and Ethniki Insurance, Eurobank and Eurolife (€813 million), and Alpha Bank with AstroBank, AXIA and Alpha Trust. The mergers and acquisitions game has begun in Europe, but this time the motivation is different. Bank mergers and acquisitions are no longer being driven by the need to clean up portfolios, but by the desire to achieve economies of scale, attract more deposits and generate more fee income. The fixed costs of technology, artificial intelligence and regulatory compliance make operating on a small scale expensive and unviable, even when a bank is profitable.

Coca-Cola HBC rally puts record highs back in sight

-Coca-Cola HBC developed strong upward momentum last week, with its share price returning above €56 for the first time since early August. This brought it close once again to its all-time high of €60, which it briefly touched during trading last July but has never managed to reach at closing. The Athens Exchange’s most valuable listed company jumped 2.94% on Friday, while its market capitalisation once again exceeded €20 billion. Further interest was generated by the new partnership between Coca-Cola Hellenic Bottling Company and Frigoglass, which will take over the provision of technical services for the company’s commercial equipment in Greece from 2027, through its BevServ platform. The deal acted as a catalyst for Frigoglass, whose shares surged almost 25% over two days, with average daily turnover exceeding €200,000 in the last two trading sessions. The stock returned to the €0.40 mark and reached a six-month high. For Coca-Cola HBC, the next milestone is the announcement of its nine-month results next Wednesday, 4 November. The performance and outlook presented are expected to determine whether the share can maintain its upward momentum and move towards the €60 level.

ADMIE posts four-day rally

-ADMIE Holdings has recorded four consecutive sessions of gains, with its cumulative rise reaching 7.8%. The share has returned to the €4.50 region, with its sights now set on the all-time high of €4.90 recorded last June. The strengthening of buying interest was reflected in Friday’s session, when the value of transactions exceeded €2 million, with trading volume topping 450,000 shares. The catalyst for the rally was a new report by Ambrosia Capital, which raised its target price to €6.20 from €6 previously, while maintaining its buy recommendation. At the heart of the positive assessment is the €9 billion investment programme for 2027-2036, which includes 110 projects, with a particular focus on electricity interconnections for the islands. The brokerage forecasts EBITDA of €872 million in 2030, up from €398 million in 2026, highlighting both the company’s growth prospects and its increased financing requirements.

Smart money smells oil

-Wall Street discovered last week that artificial intelligence comes with a very real bill. And while technology stocks were taking a beating, tankers were counting their gains. The future may promise algorithms, but the present is still paying freight rates. Scorpio and Frontline each gained 7% over the week, while Greek-owned Okeanis Eco Tankers followed with a 6% rise. Not bad at all for a sector that does not need to explain to investors when its promises will pay off: all it has to do is show them spot market rates. The interesting part, of course, lies in the detail that spoils the pretty picture. It is not ‘shipping’ as a whole that is rising. Container ships and gas carriers lost ground, while dry bulk shipping only just managed to stay in positive territory. The very same oil that is inflating the valuations of some shipping companies threatens to deflate international governments’ narratives about the cost of living being under control.

Rafina: The master plan and the traffic jam

-In Rafina, the master plan promises more… port, but the problem remains how people are supposed to get to their ships. The government is pushing ahead with the plan subject to one crucial condition in the environmental recommendation. The infrastructure intended to accommodate more ships, cars and passengers depends on the completion of at least one major transport link, either the extension of the Attiki Odos motorway or the railway. For a town that is already struggling to breathe, this is the detail that matters more than the glossy models. The available information does not point to any specific timetable for interventions at the port that would guarantee relief. The wave-protection works can proceed independently of the new access routes, while a traffic study is envisaged as part of the permitting process for individual projects. That, however, is not in itself a plan for tackling the summer congestion. This is where the political challenge lies. The government must explain how the existing port will operate more efficiently until it gets the infrastructure of the future. And however ambitious the master plan may be, it will not regulate traffic.

Tsakos’s ‘Come to Chios’ invitation to the Americans

–Nikos Tsakos extended an invitation with a distinctly Chian signature and a transatlantic destination from the podium of the annual conference of NAMEPA, the North American Marine Environment Protection Association. His appeal to the Americans came with a specific proposal: send cadets to Chios for lessons at his company’s maritime academy and training aboard its ships. What is interesting is that he also put forward a way of making it happen: an international educational exchange or scholarship programme that would bring young seafarers from the two countries closer together. American cadets would gain opportunities for international voyages, while their Greek counterparts would have access to American maritime experience. Tsakos also invited those present to help shape the programme, saying he was ready to host the initiative and move ahead with launching the scholarship. In short, the invitation has been extended, and Chios is ready. It remains to be seen who on the other side of the Atlantic will respond.

Germany feels the chill, Greece pays the price

-For decades, Germany bought cheap Russian gas and sold expensive industrial goods. Today, it is facing a serious energy crisis, with prices at €315/MWh (the price on Thursday, 29 October, the highest since 2024), while the annual 2027 contract closed at €163.37 on Friday, a level not seen since 2023. Put simply, this means that the 2027 contract corresponds to 16.3 cents/kWh, plus around 22 cents in taxes, network charges and levies, bringing the cost for a German household close to 38 cents. The root of the problem, of course, is natural gas. The TTF benchmark exceeded €100/MWh on 28 October for the first time since December 2022, closing the week at €103.19, compared with around €32 before the war with Iran. German gas storage facilities are only 61.7% full, the lowest level for this time of year since 2011, when the target for 1 November was 70%. The European average stands at 74.6%. Italy is already accusing Berlin of pushing prices up for everyone by delaying the filling of its storage facilities. Greece is not merely watching from the sidelines. The clearing price on the Greek Energy Exchange surged to €287.75/MWh for Friday, 30 October (+20.5% in a single day), after reaching €247.82 on 20 October, its highest level since 2023, with hourly peaks of up to €406. October ended with an average wholesale price of €197.07/MWh, up from €156.31 in September (+26%) and more than double the June figure. In Germany, taxes and charges account for 58% of the bill. In Greece, the wholesale price is passed on almost in full to consumers’ tariffs, which is why PPC’s fixed-rate tariff of 11.5 cents, available until yesterday, suddenly looked like a bargain. And while Greek LNG comes mainly from across the Atlantic, rather than Qatar, its price is set in Amsterdam, not at Revithoussa.

The debt wall

-When a company borrows through a bond or a bank loan, the debt eventually ‘matures’ and must either be repaid or replaced with new borrowing. When many companies have to do this around the same time, markets refer to it as a ‘maturity wall’. In the United States, that wall has now reached $1.9 trillion. That is how much lower-rated companies — the so-called ‘junk’ borrowers, whose credit ratings agencies consider them higher-risk — owe in debt falling due over the next five years. Five years ago, the same figure stood at $1.4 trillion-$1.5 trillion. Of the $1.9 trillion, around $438 billion falls due by the end of 2028. Debt maturing over the next two years has increased by 31% in a single year. Further down the line, another $1.6 trillion in maturities is looming for higher-rated, investment-grade companies by 2031. The problem is not the maturities themselves. Companies usually refinance their debt. The problem is the price. The average interest rate at which a US ‘junk’ company can borrow today has reached 8%, 1.5 percentage points higher than last year. The Federal Reserve is showing little inclination to cut interest rates. Loans agreed in 2020-21 at rates of 4-5% will now have to be refinanced at 8%. For a company with $1 billion in debt, that means €30 million-€40 million in additional interest every year — money that will no longer be available for investment, hiring or dividends. In Greece, the wall is lower, but it is still there. Corporate bonds listed on Euronext Athens have an average maturity of just 2.8 years and an average coupon of 3.4%, having been issued in the era of low interest rates. In 2027, the €500 million bonds issued by GEK TERNA and Lamda’s €320 million bond, carrying a 3.4% coupon, fall due. Those interest rates are a thing of the past.

Bitcoin falls to a six-week low after Binance ‘heist’

-Hackers stole $6.3 billion worth of cryptocurrencies from Binance, the world’s largest cryptocurrency exchange, in an attack that could prove to be the biggest financial theft in history. Binance suspended withdrawals, assuring users that it would fully cover the losses from its corporate funds. It announced that it had internally ring-fenced around $6.34 billion and expected withdrawals to resume within 48 hours. So far, around $3 billion of the stolen assets have been traced, while digital currency issuers have moved to freeze funds. The news sent shockwaves through the market: Bitcoin fell to a six-week low of $76,368, Ether lost more than 3%, while BNB recorded a 5.3% decline. Analysts warn that the attack could further dampen risk appetite and bring the security of digital asset custody at centralised exchanges back into focus.