K.M., the power brokers, the KasseloNikolakis clan and the Piri Reis, drought in Athens (right before elections?), Blackrock and its interest in PPC and Hellenic Railways

Hello, Mitsotakis was precise cautious yesterday successful his archetypal interrogation aft the Thessaloniki International Fair connected Antenna (with Hatzinikolaou). He dropped the line, for bully measure, that it is the radical who elite the premier curate and not the powerfulness brokers, but I would accidental helium should alternatively beryllium hoping that… the powerfulness brokers bash the electing. Because that seems to beryllium the lone definite mode for him to get re-elected, since these alleged brokers person an unfailing instinct for making the incorrect choice! Since 2023 we’ve seen the “ready-made Nikos,” past Kasselakis, present Tsipras stepping down and Dendias stepping in; generally, necessity becomes virtue. I noted cautiously that helium said thing astir Karamanlis and Samaras, due to the fact that arsenic we said yesterday…softly, quietly, arsenic they say.

KYSEA – Piri Reis

M.M. didn’t overmuch similar the warlike code of the leaks astir the associated forces workout of the Armed Forces, which started, arsenic usual, without anterior notice, and was linked to the Piri Reis, which inactive hasn’t near the larboard of Smyrna. And helium particularly didn’t similar it due to the fact that it acceptable a harsh code up of the Mitsotakis–Erdogan gathering adjacent week successful New York. That gathering seems to beryllium 1 of the astir captious of this period, since it doesn’t person a factual “deliverable,” dissimilar different encounters. It remains to beryllium seen whether it volition widen (a little) the calm waters, oregon people the commencement of a caller escalation phase.

A antithetic tone

Of course, conscionable earlier Dendias near M.M. and delivered the quip astir however aged the Piri Reis is, Foreign Ministry spokeswoman Lana Zochiou, who was briefing diplomatic correspondents, was adopting the diplomatic language: “we are monitoring the contented closely” and “Greece safeguards its sovereign rights.” In short, (once again) a antithetic clime betwixt Vasilissis Sofias Avenue and the Pentagon… Let maine enactment 2 things: first, these small vessels similar the Piri Reis were ne'er craft carriers for america to fearfulness them, but we each cognize what their existent occupation is. And second, beryllium cautious not to get burned during the warm-up.

Ideas astir Libya

I recognize that successful yesterday’s KYSEA discussion, erstwhile the contented of flows from Libya toward Crete was being analyzed, Plevris among different things said that the script of a much dynamic amusement of unit astatine oversea should beryllium evaluated, if arrivals continue. The cardinal thought is that the images of dinghies arriving successful Gavdos and Chania are not flattering, truthful the authorities whitethorn revise its strategy. No determination was taken, and of people it’s not an casual one. Let maine besides archer you that the curate liable for the Coast Guard, Vassilis Kikilias, was absent from yesterday’s league owed to a scheduled travel abroad.

Gerapetritis and the “blue” MPs

Around 17:30 yesterday, a person of excavation saw a batch of question and galore cars astatine New Democracy’s office connected Piraeus Street. I asked and recovered retired that Foreign Minister Giorgos Gerapetritis had called, successful coordination with ND’s wide manager Giannis Smyrlis, the ND MPs who beryllium connected the Foreign Affairs and Defense Committee. Participation was astir universal, with 1–2 justified absences, and the treatment lasted much than 2 hours covering everything. Greek–Turkish relations and Turkey’s broader role, Libya aft the announcement of resuming EEZ talks with Tripoli, vigor issues, the concern successful the Middle East, and the relation of the U.S. were each connected the table. I’m told the speech took spot successful a bully climate. After all, if there’s 1 happening that tin beryllium credited to Gerapetritis, it’s that helium regularly briefs the parties and, successful this case, ND’s MPs.

Drought – nightmare – elections

Let’s permission existent affairs speech present for an contented that, arsenic it unfolds, if not decently assessed and addressed successful the adjacent 12–18 months, volition detonate successful the government’s hands, close successful the mediate of the predetermination period. This is the drought, chiefly successful the capital. Even with the astir optimistic estimates and forecasts—meaning, if it rains oregon snows much than it did this twelvemonth and past year—we volition conscionable hardly marque it done 2026, but not 2027. According to experts, the occupation is dire. The authorities has held immoderate talks astir whether PPC should instrumentality implicit municipal h2o companies (or stock responsibility), but beyond this the large contented is Athens itself. Immediate solutions are needed there, due to the fact that arsenic I’m told, they won’t cognize what to do. Water rationing successful Athens successful 2026—or 2027?

Blackrock and PPC and Athens Airport

Let’s permission down the unpleasant and determination connected to the pleasant, which are business-related, though they whitethorn not materialize, since we’re talking astir multibillion-euro deals — and specified deals are ne'er easy. So, during these days erstwhile Blackrock representatives were successful Athens and met with galore cardinal officials, they expressed superior concern involvement successful some PPC (Public Power Corporation) and Athens International Airport “Eleftherios Venizelos.” I find some prospects difficult, not slightest due to the fact that they’re not strictly authorities matters, but still, enactment the beardown involvement of a almighty concern enactment similar Blackrock, which maintains fantabulous relations with the Trump strategy successful the U.S.

The businessmen who spell to Dubai for… stem cells

And since Piri Reis, drought, Blackrock, etc. are dense topics, fto maine power to thing lighter. The full societal country of Athens, on with definite well-known businessmen, has precocious been traveling feverishly to Dubai. Not to bask the luxuries the Arab destination has to offer, but due to the fact that successful Dubai they administer stem compartment treatments freely, without overmuch process oregon bureaucracy. Stem compartment therapies are said to rejuvenate the assemblage and, successful immoderate case, are believed to assistance with everything from baldness and cataracts to osteoporosis and diabetes. Gossip has it that, from the concern world, the astir predominant travelers to Dubai for stem compartment treatments are 2 salient and palmy businessmen, some residents of the confederate suburbs, some known from clip to clip for their fondness for the other sex, and who hap to person precise (very) young wives. One is highly palmy successful the shipping assemblage and impresses with however good helium maintains himself past seventy. The other, nearing seventy, is precise palmy successful commerce and retail, though his company’s banal show has disappointed shareholders.

The U.S. Interior Secretary, Elefsina, and the Great Port

The sojourn of U.S. Secretary of the Interior Doug Burgum to Greece past week — the archetypal authoritative sojourn by a subordinate of the caller Trump medication to our state — continues to permission ripples. Beyond the authoritative announcements and smiling photograph ops, determination was besides a hidden docket down closed doors. Because, arsenic Konstantinos Karamanlis utilized to say, “there are things that are said but not done, and things that are not said but are done.” Moving on. In tiny meetings, I perceive the American Secretary enactment connected the array the contented of the Port of Piraeus and the Chinese institution Cosco. This substance has been simmering for immoderate time, and Doug brought it to the attraction of the applicable authorities. I perceive the Americans are looking for alternate solutions successful logistics and proviso chains. It whitethorn not beryllium a coincidence that, arsenic we precocious reported, the U.S. authorities improvement slope DFC, which has already approved a €125 cardinal money for investments successful those shipyards, volition besides beryllium putting much wealth into further processing Elefsina. In airy of the caller position connected Piraeus, the Americans’ purpose done DFC is to marque Elefsina a hub supporting shipping, the vigor modulation done cutting-edge technologies, the allied fleet, and the improvement of strategical logistics for commercialized shipping, defense, and energy.

The caller Executive Chairman astatine PPA

By the way, I perceive from my sources that if not today, past successful the coming days, the caller Executive Chairman astatine PPA (Piraeus Port Authority) volition beryllium announced. He is already successful Greece and intends to benignant retired outstanding issues astatine a peculiar clip for the larboard and Cosco, with the Americans lying successful wait. I’m besides told that the contractually mandated investments person been delayed, and that whitethorn good go the adjacent occurrence successful U.S.–China relations. We’ll see.

The “renaissance” of Stadiou Street brings Primark

The ample spot connected Stadiou Street — erstwhile location to the Fokas section store and aboriginal earmarked by Brown for conversion into a edifice — has seemingly go a “bone of contention.” According to a manner manufacture entrepreneur, the Israeli radical backed out, starring e-EFKA to program a restart of the leasing process. Since a hotel-use licence was yet not granted for the building, it is considered definite that the imaginable purchaser volition travel from the broader clothing–fashion sector. This aligns with the “renaissance” of the country (starting from the opening of Stadiou Street), with the upcoming opening of the Food Center/Arsakeio expected successful aboriginal December, and the afloat renovation of Alpha Bank’s buildings (towards Klafthmonos Square) — developments that person not gone unnoticed by entrepreneurs. The aforesaid goes for 2–3 overseas brands investing successful promoting Athens arsenic a city-break destination and looking for buildings and facilities successful the area. Indeed, according to the aforesaid entrepreneur, the well-known retail concatenation Primark has shown concern involvement successful entering the Greek market, specifically successful cardinal Athens (Syntagma–Omonia).

The “clouds” and rebranding for Vardas

The historical covering institution Vardas is facing a… barrage of foreclosures. Just yesterday, Wednesday, 3 auctions for institution properties (offices, shops) successful Pikermi, Chalandri, Kantza, and Thessaloniki were posted connected the physics platform. These auctions, initiated by backstage creditors (not banks oregon servicers), are scheduled for October 1 and 30, though they whitethorn beryllium suspended earlier then. More broadly, the emblematic company, progressive since the precocious 1930s, is burdened with superior fiscal problems, similar overmuch of the assemblage owed to successive crises. It should beryllium noted that the foreclosures people General Clothing Construction S.A., which is successful “liquidation,” with long-time caput Theodoros Vardas arsenic liquidator. According to its 2023 fiscal statements, the institution had accumulated losses of €17.13 million, antagonistic equity, and full liabilities of €46.8 million. It “faces liquidity problems and has overdue obligations to the State, which person been restructured and are being paid successful installments totaling €1.36 million, portion it has exhausted borrowing options since it is heavy indebted, nether caller agreements, but is not servicing that debt.” Moreover, connected September 9, 2024, the institution was served with a European Payment Order from the Wedding District Court successful Berlin, Germany. “Following this, the company’s slope accounts were frozen and each unit dismissed. Despite this, absorption intends to proceed operations done consignment income via 3rd parties,” it is stated. At the aforesaid time, however, the historical marque precocious unveiled caller signs arsenic portion of its ain rebranding and continues to support a beingness successful the marketplace nether the sanction Varda, fundamentally done N & T Vardas IKE, tally by the adjacent procreation — Theodoros Vardas’ daughters, Natalia and Tatiana. The institution has 12 stores and an e-shop, and reports affirmative fiscal results with rising turnover and profits.

110 analysts and money managers

More than 110 analysts and money managers — a grounds number, seemingly — participated yesterday successful an capitalist telephone for GEK TERNA’s caller bond. It volition person a 7-year maturity and is expected to connection an involvement complaint somewhat supra 3% (while contiguous Greece’s 7-year sovereign enslaved yields 2.9%). The institution aims to rise €350–500 million, with the nationalist offering starting connected Monday, September 23, and the enslaved scheduled to commercialized connected the Athens Exchange connected September 30. The bonds, with a nominal worth of €1,000 each, volition beryllium covered 30% by retail investors.

G. Gouroukos and the €1 cardinal location successful “the Village”

A person who was successful Kimolos a fewer days agone overheard a speech astir shipowner Giorgos Gouroukos. According to what helium told me, G.Y. bought a ample location — a mansion, truly — successful Chorio. When I asked what the colony was called, my person explained that Kimolos is the lone Cycladic land wherever the Chora (the capital) is referred to arsenic Chorio (“village”). The terms is said to person exceeded €1 million. The shipowner appears to person fallen successful emotion with the island. He instantly made socially-minded donations, covering the costs for the restoration of parts of the main schoolhouse building, portion besides donating each the aerial conditioners. I was besides told helium reached retired to the Afentakeio Foundation of Kimolos, which is soon expected to unfastened a Day Care Center for the Elderly.

Aegean: The Israelis and currency flow

One of Eftichis Vassilakis’ remarks stood retired astatine the adjacent of yesterday’s Aegean league telephone with analysts. After stressing that helium remains cautiously optimistic astir show successful the coming quarters, helium focused connected the airline’s currency flows. The notation was clear, arsenic Aegean’s banal came nether unit yesterday (closing down 2.84%) due to the fact that immoderate investors gave much value to operating show (flat income year-on-year, EBITDA -2% annually), which was affected by contention (capacity summation by a important fig of airlines flying to Greece) and the situation successful the Middle East (suspension of flights to Israel, Lebanon, and Jordan successful May–June), alternatively than the nett result, which roseate 24% year-on-year — chiefly owed to €22 cardinal successful FX gains from the euro’s appreciation against the dollar and little substance prices. It should beryllium noted that according to results, nett operating currency inflows amounted to €253 cardinal astatine the extremity of June, portion excluding lease liabilities, the radical showed nett currency reserves of €424 cardinal astatine the extremity of June, up from €385 cardinal astatine the extremity of 2024. The cardinal point, however, is that Aegean has up of it the traditionally precise beardown 3rd quarter, which — too the strengthening euro and debased substance prices — includes highest summertime play and, of course, the routes to Tel Aviv, Beirut, Amman, and Erbil, which were gradually restored from mid-July onward aft being suspended successful Q2 owed to events successful the region. To springiness an thought of scale, the airline’s CEO mentioned that Aegean had 9 regular flights to that region, positive assorted connections from Athens to different destinations, each of which were mislaid during the suspension. Despite the difficulties, Aegean managed gross maturation supra the marketplace mean successful Q2 and present faces what looks similar a beardown Q3. Demand remains astatine satisfactory levels, with load factors astatine 85% successful July–August, portion mean gross per formation is expected to beryllium lone marginally little successful Q3. In this context, NBG Securities maintained its €19.20 terms people for Aegean shares with an “outperform” proposal — astir 40% supra existent levels.

Investments successful larboard infrastructure – Priority connected Alexandroupolis

The recently established Hellenic Innovation & Infrastructure Fund (HIIF), which volition enactment arsenic the concern limb of the Hellenic Corporation of Assets and Participations (HCAP), has the vantage of enabling the authorities to propulsion guardant large projects implemented by marketplace players and institutions. According to reliable sources, HIIF’s archetypal large determination volition beryllium successful larboard infrastructure, particularly the Port of Alexandroupolis, which seems to beryllium heading towards a large Hub tender. This means the tender volition not lone see investments successful the larboard but besides successful the airdrome and onshore for logistics. With archetypal superior of €303 million, HIIF aims to mobilize a full of €1 cardinal successful investments.

Why Credia Bank’s banal slipped

The Malta Stock Exchange (MSE), headquartered successful Valletta astatine the “Garrison Chapel” successful Castille Place, saw HSBC Malta shares autumn to an 18-month debased of €1.31, arsenic immoderate expected 70% of the slope to beryllium sold for €300 million. The autumn of the Maltese slope does not explicate yesterday’s crisp driblet (-7.64%) successful CrediaBank, which had really managed to wage €200 cardinal for that 70% involvement successful HSBC Malta. Additionally, Hellenic Bank’s banal is highly concentrated: 57.6% of its stock superior is controlled by Thrivest and 36.16% by the Hellenic Financial Stability Fund (HFSF). Since these 2 shareholders (93.7%) person nary crushed to merchantability and are not mostly progressive successful the marketplace astatine present, yesterday’s diminution apt had precise short-term goals. After all, CrediaBank’s banal has gained +102% successful the past 4th and +128% since the commencement of the year.

TITAN is not doing well

It could beryllium owed to the crisp descent successful the dollar speech complaint (€1 = $1.1850). Or investors’ displeasure astatine a €75 cardinal nett net nonaccomplishment from the merchantability of its Turkish subsidiary. Or the unfavorable planetary geopolitical environment. The information remains: since February 10, erstwhile TITAN’s stock deed a precocious of €45.8, things person worsened. On April 7 (“Black Monday” for markets), the banal plummeted to €35.6, aboriginal climbed backmost to €42.3 connected May 28 erstwhile it chopped a €3/share dividend, but ne'er recovered — present hovering astatine €36.5. Meanwhile, connected the derivatives market, much than 400 contracts are giving an further discount of astir 1% oregon more. Operating profits for H1 roseate somewhat (+2%), but radical nett profits fell sharply owed to the nonaccomplishment from selling Adocim successful Turkey, higher depreciation, and accrued number rights (Titan America). TITAN has slipped to 14th spot connected the Athens Stock Exchange successful presumption of marketplace capitalization (€2.8 billion).

A acquisition successful hesitation and insecurity

A abrupt bid to bargain 2.6 cardinal Alpha Bank shares appeared astatine the extremity of yesterday’s league and then…disappeared from the terminals wrong seconds. This is indicative of the temper that prevailed yesterday astatine the Athens Stock Exchange. Tomorrow marks a triple witching time successful the Derivatives Market (September triple witching — futures and options connected indices and stocks expire simultaneously). With a deficiency of beardown buying involvement from abroad, the marketplace is focused connected short-term tactical moves and covering basal needs. Trading enactment was high, astatine €245 million, of which €47 cardinal were pre-agreed artifact trades. The General Index held the 2,020-point level, closing astatine -0.67%, but during the league it had alarmed the marketplace with a driblet of -1.17%, beneath 2,010 points. At the close, nary banking banal was successful affirmative territory, portion among large-cap stocks notable declines included: Aegean -2.84% to €13.7, Ellaktor -1.96%, PPC -1.27% to €14, Elvalhalcor -1.25% to €2.76, Jumbo -1.08% to €31.4, and OPAP -0.97% to €19.48. Metlen reacted with gains of +0.60% to €52.7.

The load of backstage indebtedness weighs connected the Trump administration

The U.S. national indebtedness exceeds $37 trillion. Household debt, however, has reached a grounds $18.7 trillion. This means that each big successful the U.S. owes astir $63,000. Official information amusement that user loans surged by $16 cardinal successful July, reaching $5.06 trillion. Over the past 5 months, user recognition has accrued by $103 billion. Revolving indebtedness (credit cards) roseate by $10 cardinal to $1.31 trillion, the highest since November 2024. Non-revolving credit, which includes car loans and pupil loans, roseate by $6 billion, reaching a grounds $3.75 trillion. The proportionality of loans much than 90 days past owed is increasing, particularly successful recognition paper and pupil indebtedness debt. Notably, 10.2% of full pupil indebtedness is implicit 90 days delinquent, based connected Q2 2025 data.