Reports from inside the government, a widening investigation into nightlife businesses, controversial planning changes and fresh banking deals dominate the agenda, alongside soaring electricity prices and a surge in Greek shipowners’ orders.

Hello there. My main source at the Maximos Mansion called me early yesterday morning and said: “You were unfair to George [Gerapetritis]. The Prime Minister wasn’t shouting at him on Saturday about the cable, but at someone else.” When I asked whether Mitsotakis had been shouting about the cable in general, my source said no, the shouting was about another matter, before adding: “Stop being so curious.” Of course, in journalism, curiosity did NOT kill the cat (quite the opposite), but I am obliged to pass on what my source told me yesterday. Perhaps I misunderstood and confused, for example, the foreign minister with someone the PM was shouting at from abroad… Anyway, people at the Maximos Mansion were saying yesterday that “everything concerning the cable went like clockwork, nothing unexpected happened”. We shall also see what Mitsotakis has to say today when he speaks to Sroiter at our travel.gr conference.

AADE, DEOS and Athens

I am told that the schemes involving nightclub businesses, where straw men were used to accumulate debts before disappearing, were not confined to Thessaloniki. Now it is Athens’ turn. I am also told that the Prime Minister received a detailed briefing on the entire affair yesterday and that the names implicated in the Athens investigation are every bit as significant.

Government recalibrates its position on building coefficients

Beyond the electricity interconnector, another issue generating considerable discussion is the proposal currently under public consultation that would allow additional building space in numerous municipalities, including several in Attica, particularly the northern and eastern suburbs. If the proposal proceeds, larger and, in some cases, taller buildings could be constructed than those permitted under existing building coefficients, although the government has been insisting for days that building rights could only be transferred within the same municipality. For example, an owner with a 500-square-metre plot on which only 200 square metres can be built could sell the remaining 300 square metres of building rights through a digital land bank. The publication of the proposal has prompted an angry reaction, particularly from mayors in Attica’s northern suburbs, leading to telephone calls to MPs and ministers, while several mayors are already threatening legal action. After all, it was the mayors of northern Attica who spearheaded the legal battle against provisions of the New Building Regulation, known as NOK, and secured a victory at the Council of State, triggering subsequent adjustments. Several government officials have privately questioned why such a contentious issue needed to be reopened in the run-up to elections, while government spokesman Pavlos Marinakis had already begun seeking to contain the debate last week, describing a narrowly defined intervention that might be implemented under specific circumstances. Then, yesterday, Stavros Papastavrou stepped in to recalibrate the government’s position and prevent relations with local authorities from deteriorating further. Speaking in a radio interview, he stressed that the relevant studies remained under public consultation, that everyone was free to submit proposals and that the outcome was not predetermined, with changes still possible. In other words, these carefully prepared studies might ultimately be shelved.

Proposals for first-time voters

One group of voters has firmly entered the Maximos Mansion’s political calculations: approximately 400,000 young people born up to 2010 who are expected to vote for the first time in the spring general election. New Democracy believes it could perform better among these voters than among those aged between 25 and 35, which explains why the subject featured in yesterday’s meeting between Prime Minister Mitsotakis and ONNED youth organisation president Orfeas Georgiou at the Maximos Mansion. The discussion went beyond social media campaigns and political messaging to include specific policy proposals. One idea raised was some form of state assistance for egg freezing, a subject that concerns thousands of young women. Expect considerably more initiatives of this kind as the election approaches.

Dendias, shipowners and extraordinary profits

Defence Minister Nikos Dendias yesterday renewed his appeal to Greek shipowners to contribute approximately €250 million towards the needs of the Armed Forces. Speaking at the inauguration of the new Icarus Squadron building, donated by Panos Laskaridis, Dendias again suggested that the shipping community make what would effectively amount to a patriotic contribution. This time, he also referred to the extraordinary profits being generated by several shipowners because of the war in the Gulf, presenting these earnings as an additional argument for supporting Greece’s defence requirements. The matter reached Melina Travlos, president of the Union of Greek Shipowners, who said the shipping community was waiting for specific proposals from the Defence Ministry, rather than a general appeal for money, as has been the case with several previous donations to the Armed Forces in recent years.

Mitsotakis, railway.gov.gr and the transformation of OSE

Mitsotakis is expected at the former Piraeus–Peloponnese railway depot this afternoon for the presentation of railway.gov.gr, a new digital platform designed to monitor Greece’s railway network. The system, developed through Greek technological innovation, was completed within a few months with sponsorship from 26 Greek shipowners. Using advanced technology, it can locate trains with an accuracy of just a few centimetres and automatically generate warnings about potential risks. Combined with the completion of railway restoration projects in Thessaly and the operation of remote control and signalling systems along the Athens–Thessaloniki corridor, the government is presenting the platform as one of the first steps in a broader transformation of the Hellenic Railways Organisation, OSE.

Eurobank prepares for another acquisition

There is an almost universal conviction among executives at Greece’s other systemic banks that Eurobank is preparing an acquisition to expand its operations. The speculation was fuelled by the bank’s announcement that it intends to distribute 55% of its 2026 profits to shareholders in 2027. During the presentation of third-quarter results, chief executive Fokion Karavias explained that Eurobank retains sufficient liquidity to pursue potential merger and acquisition opportunities should they arise. Competitors have interpreted those remarks as a strong indication that a transaction is approaching, with one possibility being an acquisition in Bulgaria that would further consolidate Eurobank’s already substantial presence in the neighbouring market. The bank’s management has never concealed its interest in Bulgaria, although it had been waiting, or may still be waiting, for some time to pass following the country’s adoption of the euro. Of course, Eurobank could still surprise the market by pursuing an entirely different transaction.

Greek banks launch international investor offensive

Greek banks are embarking on an intensive programme of investor roadshows across Europe and Asia ahead of the publication of their annual results. The level of activity goes well beyond the customary year-end conferences, as for the first time the country’s lenders are organising such a concentrated series of meetings with international analysts and investors. The timing is deliberate. The recent decline in bank share prices, combined with the Greek market’s upgrade to developed-market status, has created an opportunity to attract fresh investment capital. Greek banks are seeking to capitalise on that opportunity by highlighting their strong capital positions, balance-sheet quality and profitability prospects. The first major event takes place in London on 11 November, at a UBS conference. According to reliable information, several Greek lenders intend to use their presence in the British capital to hold additional presentations and meetings with investment funds and institutional investors. Attention will then turn to Asia, where Piraeus Bank is planning an investor roadshow towards the end of November, seeking to broaden its relationships with regional investment portfolios. Alpha Bank chief executive Vassilis Psaltis also highlighted the importance of increasing the bank’s international investor exposure during the presentation of its three-year business plan, referring to planned roadshows in Asia, Europe and the United States. Another important date is 30 November to 1 December, when the Morgan Stanley & Euronext Athens Greek Investment Conference 2026 will take place in London, with Greek banks participating. The challenge now is to convert growing international interest into actual investment, taking advantage of favourable conditions to expand shareholder bases.

Sklavenitis: Another acquisition, two years in the making

The official announcement was brief. Sklavenitis-owned The Mart is acquiring ENA Cash & Carry from AB Vassilopoulos. But the transaction has a history extending back two years. In the summer of 2024, AB Vassilopoulos appointed Deloitte to approach a selected group of five or six potential buyers for ENA Cash & Carry. At that stage, Sklavenitis, METRO and Masoutis appeared to be leading contenders. By October of the same year, however, the process had stalled. Information circulating at the time suggested that The Mart was reluctant to proceed because the Hellenic Competition Commission might require it to dispose of stores in areas where the two networks overlapped. AB Vassilopoulos chief executive Nikos Lavidas subsequently said the company had discussed a sale but had decided to retain the business, announcing a strategic shift towards the hotel, restaurant and catering sector, with ENA’s supply agreement with IKEA presented as a prominent example. Two years later, the buyer returned. There are now 13 stores rather than 14. The Mart ended 2025 with sales of €450.44 million, an increase of 1.3%, EBITDA of €21.09 million, an EBITDA margin of 4.68% and net profits of €6.14 million. ENA contributes annual revenues of approximately €100 million to €120 million, representing around 5% to 6% of AB Vassilopoulos’ turnover. The organised wholesale market is estimated to be worth between €1.1 billion and €1.35 billion, with the combined market share of the two businesses approaching 50%. The Competition Commission will therefore have to determine whether the concerns identified in 2024 have been adequately addressed. AB Vassilopoulos, meanwhile, has clearly changed its priorities. The company reported net losses approaching €25 million in 2025, while holding €59 million in cash. Its objective is to operate a network of 900 stores by 2028, requiring more than 100 new openings this year. Such a transformation requires liquidity, and the wholesale business represented the only non-core asset that could be sold relatively quickly. Provided the outstanding competition issues can be resolved, this is a marriage of commercial convenience with mutual benefits.

Coca-Cola HBC: A denial that was not quite a denial

Coca-Cola HBC shares staged an impressive recovery at the beginning of yesterday’s trading session, eventually closing 2.72% higher at €51, recovering part of the losses suffered during the previous week. The official explanation for the market’s reaction was that the Kremlin had denied the reports. Except that it had not. Kremlin spokesman Dmitry Peskov said: “I do not know whether such a request was made. But even if it was, we never comment on internal official correspondence.” In Moscow’s language, that is not a no. It means the matter is none of your business. Kommersant is Russia’s most established business newspaper, broadly comparable in its domestic market to the Financial Times or Germany’s Handelsblatt. The newspaper reported that a request had been submitted to the Russian government in mid-October to place Multon and Multon Partners under temporary administration. According to the report, the request had received partial support from relevant deputy prime ministers. Multon Partners was formerly known as Coca-Cola HBC Eurasia before being renamed in August 2022. Multon is wholly owned by Coca-Cola HBC through the Netherlands-based Coca-Cola HBC Holdings B.V. The request was submitted by Vadim Smagin, who owns 97.9% of Bochkari, a brewery and soft drinks producer based in Russia’s Altai region. Smagin is also a United Russia deputy in the local legislature. He is effectively seeking temporary control of a company whose turnover is approximately 18 times larger than that of his own business. Last September, Smagin acquired the Russian aluminium can factories of Polish company Canpack for $122 million. Canpack had been placed under temporary administration by a decree signed by President Vladimir Putin on 31 December 2025. That administration ended in August, and 20 days later the company was sold, having previously recorded a loss of $354.7 million. The pattern is becoming familiar. First comes temporary administration, then an exit at a bargain price. For Coca-Cola HBC, the stakes are considerable. Its Russian operations generated revenues of €1.61 billion in 2025, an increase of 19%. As of 3 July 2026, the Russian subsidiaries held €1.04 billion in cash that could not be repatriated. Citi estimates that Russia accounts for approximately 33% of Coca-Cola HBC’s earnings per share, while Multon’s value is estimated at around €2.6 billion. On the same Thursday that Kommersant published its report, Putin signed a temporary administration decree covering the Russian assets of Japan Tobacco. Coca-Cola HBC maintains that it has received no official notification. That is correct. But neither had Canpack, until New Year’s Eve.

Jumbo erases its 2026 losses

Jumbo has staged a stock market comeback, with its share price approaching €28 and effectively eliminating its losses since the beginning of 2026. The recovery is particularly noteworthy given that the stock traded below €22 in late March and again in mid-May, amid geopolitical uncertainty and pressure on consumer spending. Sentiment began improving during the summer as the company’s prospects strengthened. From €22.44 at the end of June, the share price climbed to €26 in August and approached €27.50 in early November. Yesterday, it closed at €27.94, above the €27.90 level at which it began the year. A major factor has been strong commercial performance, with sales increasing by 13% in October and by 6.7% over the first ten months of the year, demonstrating the resilience of Jumbo’s business model. The company’s generous shareholder distribution policy has also supported investor interest. Total cash distributions for 2026 amount to €2.20 per share, with an extraordinary €1 payment scheduled for 20 November. With the share price once again approaching €28, attention is turning to Christmas trading, which will provide the next major test of whether the recovery can be sustained.

Re-election and ISO certification

It was a day of two achievements for the Hellenic Capital Market Commission. After all, it is hardly an everyday occurrence for a public-law legal entity to obtain ISO certification for the services it provides. Yesterday, the Commission completed certification of its quality management system under the international ELOT EN ISO 9001:2015 standard, covering the administrative and financial support provided to its supervisory units. At the same time, the Commission’s chairwoman, Vassiliki Lazarakou, was re-elected to the Bureau of the OECD Corporate Governance Committee for 2027. Lazarakou has served on the committee’s Bureau since 2023.

Wall Street: $1.2 trillion traded in a single session

Whatever happens during the remaining 15 trading sessions of the month, November has already delivered a historic Wall Street record. On 5 November, the total value of transactions across US equity markets is estimated to have reached $1.2 trillion in a single session, the highest daily trading value in the history of the American stock market. During a normal trading session, aggregate transaction values across the main US stock markets typically range between $600 billion and $800 billion. The extraordinary trading activity reflected several simultaneous forces, including investors reducing their exposure to shares linked to artificial intelligence, adjusting hedging positions in derivatives markets and carrying out extensive algorithm-driven portfolio rebalancing.

Mantounanakis and the corporate guarantees

Two interesting decisions were recently taken by the board of Helios SA, the parent company of the Mantounanakis Group. Somewhat surprisingly, neither concerns Grand Resort Lagonissi, the subject of a longstanding dispute involving the Greek state and banks. The first decision implements a resolution adopted by the company’s general meeting on 19 October. It grants special authorisation to maintain a guarantee previously provided by Helios to Sunrise II NPL Finance DAC, as the special successor to Piraeus Bank, on behalf of MAHO Hotel and Tourism SA. The guarantee concerns a liability to be determined and acknowledged following the signing of a debt recognition and novation agreement relating to a €2 million ordinary bond loan issued under a programme dated 30 December 2009. The loan was originally granted to MAHO by Piraeus Bank, and the guarantee will remain in force until the debt is fully repaid. The Helios board authorised Panteleimon Mantounanakis to sign the relevant debt recognition and novation agreement on behalf of the company in its capacity as guarantor. The agreement will be concluded with Intrum Hellas, acting as representative of the bondholders and as manager of Sunrise II NPL Finance DAC’s claims. MAHO Hotel and Tourism SA operates the large Hotel & Village Resort Kalimera Kriti complex in Sissi, near Agios Nikolaos, Crete. The second decision implements a resolution adopted at a general meeting on 20 October. It concerns special authorisation to maintain another existing guarantee, this time on behalf of Creta Tourist Enterprises SA, again in favour of Sunrise II NPL Finance DAC as successor to Piraeus Bank. The guarantee covers obligations arising from a private debt recognition and restructuring agreement relating to an open current account facility dated 10 June 2004, with a value of €715,206.18. The company involved operates Creta Travel Bureau, a travel agency that has been active in the market since 1957. In this case too, Pantelis Mantounanakis was authorised to sign the relevant agreements with Intrum.

Germany’s Dunkelflaute and Greece’s electricity price surge

The Germans have a word for days when there is neither sunshine nor wind: Dunkelflaute. Yesterday was one of those days. Germany’s day-ahead electricity price reached €345.64 per megawatt-hour, its highest level since December 2024. At one point, during the evening peak, prices exceeded €600 per megawatt-hour. Wind turbines were producing little power, solar panels were largely inactive and natural gas plants were required to meet demand. Greece, however, did not experience a Dunkelflaute. Yet according to data from the Hellenic Energy Exchange, the average day-ahead market price for Monday, 9 November, reached €349.98 per megawatt-hour, slightly higher than Germany’s price. It was also the highest daily average recorded in Greece since the beginning of 2026, with the maximum hourly price reaching €547.74. Across Europe, the wholesale electricity price is ultimately determined by the most expensive generation unit needed to satisfy demand. When renewable energy production is insufficient, that unit is usually a natural gas plant. Gas costs roughly the same in Hamburg as it does at Revithoussa, approximately €87 per megawatt-hour, twice last year’s level. European electricity markets are interconnected. When Central Europe purchases electricity at elevated prices, countries including Hungary, Croatia and Bulgaria export electricity northwards. Yesterday’s prices reached €373 in Hungary, €371 in Croatia and €371.61 in Bulgaria. The relatively cheap Balkan electricity that normally supports Greek demand during the evening consequently disappears from the regional market. Greece, which was a net electricity exporter of 6.1 terawatt-hours during the first eight months of the year, can then become an importer paying elevated prices. There is, however, another distinctly Greek feature. In Germany, consumers generally have annual fixed-price contracts and read about daily wholesale price fluctuations in newspapers. In Greece, according to regulatory authority figures, only 31.63% of residential electricity meters were covered by fixed-price tariffs, while another 51.79% remained on the so-called green tariffs, which are repriced monthly on the basis of wholesale electricity market movements. In Greece, it seems, a Dunkelflaute is not necessary for consumers to face expensive electricity.

Harry Vafias and a $255 million family-linked shipping deal

Greek shipowner Harry Vafias has made an interesting business move through Nasdaq-listed StealthGas. The company has agreed to acquire four liquefied petroleum gas carriers for $254.59 million from companies affiliated with his family. In effect, vessels are being transferred from private family-controlled interests into the publicly listed company, increasing StealthGas’s carrying capacity by 35% and expanding its fleet to 29 vessels. The decision demonstrates Vafias’s intention to strengthen the listed company by making use of its liquidity, which exceeds $270 million. The transaction’s terms are particularly interesting, as payments may be deferred for up to one year without interest. However, because this is a related-party transaction, shareholder approval is required, even though independent directors have already endorsed it. The question now is whether transferring these vessels into StealthGas will generate corresponding value for all shareholders.

Greek shipowners have ordered 1,021 vessels

Money continues to flow into Asian shipyards, and developments over the past ten days suggest that Greek shipowners have no intention of slowing their investment programmes. According to Xclusiv Shipbrokers, Greek shipping interests now have 1,021 vessels on order, with recent investments revealing different strategies and substantial bets on the direction of the global shipping industry over the next five years. Vyron Vassiliadis is expanding at a pace that has attracted considerable attention. He has exercised options for two additional very large crude carriers at China’s Hengli shipyards, bringing his total shipbuilding programme to 34 vessels. The programme is worth more than $2 billion and has been assembled in just 16 months. In dry bulk shipping, Thanasis Feidakis is pursuing a different strategy. Globus Maritime has taken delivery of its fifth newly built Ultramax vessel from Japan, the Glbs Thalia. The delivery increases the company’s fleet to 11 vessels, with a combined carrying capacity of 808,622 deadweight tonnes. Here, the objective is not spectacular growth in vessel numbers, but fleet age, fuel efficiency and long-term competitiveness. Angeliki Frangou has also made her intentions clear. Navios Maritime Partners has committed $703.2 million to the acquisition of seven newly built vessels, while securing approximately $5 billion in contracted future revenues. The distinguishing feature of these investments is the substantial portfolio of contracted income accompanying the expansion. There is also considerable activity in liquefied natural gas shipping. New orders placed by Greek interests exceed $1.5 billion, with Anna Angelicoussis’s Alpha Gas among the groups strengthening their presence in the sector. What is striking is that everyone is buying ships, but not for the same reasons. Some are investing in growth, others in fleet renewal and others in securing long-term earnings. What is certain is that Greek signatures continue to carry enormous weight in Asian shipyards. Whether those investments prove equally valuable once the vessels enter service will depend on freight rates over the coming decade.

Maximos Mansion, €300 million and ferry operators waiting for a decision

A €300 million problem is currently being discussed between the Ministry of Maritime Affairs and Insular Policy, the Maximos Mansion and the Finance Ministry. It is not a new defence procurement programme, but concerns the cost of fuel for Greece’s ferry industry. The Maritime Affairs Ministry has proposed that the state cover up to 70% of the additional €300 million financial burden facing ferry operators. The percentage is not accidental, as according to the proposal it represents the maximum level of support permitted under EU energy crisis provisions without the intervention being treated as prohibited state aid. But recommending expenditure is one thing. Finding the money is another. Ferry companies have already begun calculating the financial consequences, and their message to the government is clear: without assistance, winter ferry services will be difficult to maintain without disruption. Chios provides one example, with its airport due to close for construction work, increasing the importance of maritime connections. Santorini, meanwhile, is pressing for improved ferry links. Both cases demonstrate how quickly an economic problem can become a political headache. Attica Group has already extended services to Chios and Mytilene by one month. The central question remains who will pay for their continuation. The Maximos Mansion knows that higher ticket prices carry a political cost, but ferries remaining tied up in port are hardly inconspicuous either. The question is who will ultimately sign the cheque.

How much is a shirt bearing the number seven worth?

Cristiano Ronaldo said goodbye to the Portuguese national team last Thursday with a five-minute video, ending an international career that spanned 23 years, 234 appearances and 146 goals. The departure followed a month-long suspension and a €255 fine after Ronaldo left a national team training camp following a dispute with new head coach Jorge Jesus. His international football chapter has now closed. But the economics of Ronaldo’s relationship with the Portuguese Football Federation, FPF, are particularly revealing. The federation’s annual revenues attributable to Ronaldo’s commercial appeal are associated with an overall income stream estimated at more than €120 million. Forbes has reported that approximately 30% to 35% of that revenue is directly or indirectly linked to his commercial drawing power. Before his decision, Lisbon-based sports newspaper Record had forecast that Ronaldo’s departure could lead to a decline of up to 50% in the federation’s long-term commercial revenues. A 2025 study by Porto’s Institute of Marketing, IPAM, valued the CR7 brand at €850 million, representing an increase of 325% compared with 2020. Ronaldo scored 88 out of 100 on the institute’s sporting reputation index and received the maximum score in the revenue and social media category. He has more than one billion followers across digital platforms, including approximately 675 million on Instagram alone. Depending on the methodology used, a sponsored Instagram post can be valued at between $3.2 million and $11.6 million. Portugal’s Economy Minister Manuel Castro Almeida previously described Ronaldo as “the biggest company promoting Portugal”. The Portuguese Football Federation has not simply lost a striker. It has lost its only sponsor who did not need to be paid to wear the shirt.

The President’s digital bank

Paraguay’s central bank has placed Ueno Bank, the country’s largest digital lender, into resolution. The bank’s solvency ratio had fallen below half the legal minimum. Regulatory investigations uncovered loans to businesses linked to its owners, despite strict legal restrictions on such transactions, along with other more serious irregularities. Ueno says it has three million customers, equivalent to approximately 60% of Paraguay’s adult population. It also manages between $800 million and $850 million in public money. Of that amount, approximately $380 million represents investments by IPS, Paraguay’s state pension and healthcare fund, which uses Ueno to make payments to 32,000 pensioners. Deposit guarantees cover up to 228 million Paraguayan guaraníes, equivalent to approximately $38,000, per depositor. Payments are due within 15 days, with the possibility of one extension. For larger balances, however, the central bank has promised only the maximum possible protection. In practice, that means whatever can be recovered through the transfer of deposits to other institutions or through liquidation. IPS has announced that November pensions will be paid through another bank and that it intends to take legal action concerning its investment. The political connections surrounding Ueno are particularly sensitive. Paraguayan President Santiago Peña was a business partner of the Vázquez Group, which owns Ueno, until March 2025. The bank maintains that Peña himself was never a shareholder. In 2023, Peña appointed Carlos Carvallo as governor of the central bank. Until that appointment, Carvallo had served as chairman of Ueno. Carvallo stated that he had recused himself from central bank decisions concerning Ueno. Nevertheless, he resigned on 4 November at the President’s request. Paraguay secured an investment-grade credit rating from Moody’s in 2024 and from S&P in 2025, while its economy is growing at approximately 4.5%. The first major test of the country’s newly acquired financial credibility has come from the bank with the closest connections to political power.