The Prime Minister’s office on Nikos (better late than never), the sinking pools of Spetses, and Kasselakis, stop loss and then merge(?) SYRIZA-New Left, and rumors of new deals in insurance

Hello there! It took Nikos A.A. (Leader of the Opposition) a while to meet Mitsotakis, but as far as I’ve gathered from my sources at M.M. (Maximos Mansion), once he got going, the leader wasn’t just official… he was ultra-official. From what I hear, he came across well—serious and composed (for PASOK, that is). He didn’t go to extremes, nor did he turn the one-on-one with K.M. into a performance piece. He mentioned the wiretapping scandal, but it seemed more obligatory, like something his ‘obligations’ (you know what I mean…) wanted heard. He also raised issues about banks—why not?—and focused quite a bit on housing, inflation, and demographic challenges. Mitsotakis listened attentively, in good spirits, even handed over a written summary of the government’s housing initiatives. All in all, a solid first meeting. Naturally, Androulakis stands to gain from this rapprochement between the government and the Opposition, as voters are steering clear of the ex-SYRIZA vibe and looking for sensible politicians.

Judges and Mail-In Voting

Other topics at the Mitsotakis-Androulakis meeting included institutional reforms slated for discussion during the Constitutional Revision process (which will take some time). Regarding Androulakis’s proposal to strip the Cabinet of its role in appointing top judges, a close associate of K.M. reminded me that this debate has been long-standing and philosophical within legal circles. He also noted that starting in 2025, judges themselves will be included in the selection process. Meanwhile, Mitsotakis seized the opportunity to gauge N.A.’s stance on mail-in voting for national elections, following its successful “trial run” during the European elections.

Small Talk at the PM’s Office

While the two leaders conversed, their teams chatted in the Prime Minister’s antechamber. Representatives Marinakis and Tsoukalas had an extended discussion, drawing on their shared legal background. In another group, Maximos staffers Christos Zografos, Kyra Kapi, and Giorgos Efthymiou exchanged thoughts with Stefie Mourelatou and Vangelis Tsogas from Androulakis’s team. Mourelatou and Efthymiou were longtime colleagues in field reporting, while PASOK’s Communications Director covered government news for years. Tsogas and Kapi also go way back.

Dora’s Cookies and Nikos’s Diet

As for the refreshments, Nikos Androulakis politely declined the bite-sized kourabiedes that Dora Bakoyannis had just sent to the Prime Minister’s office, citing his diet. The recipe, Mitsotakis explained, is a family one, passed down from Marika Mitsotakis and faithfully followed by Dora. Androulakis settled for a plain tea—not green. All in all, a relaxed atmosphere between them, even if it came three years late.

Dendias and the Republicans

Nikos Dendias was in Washington yesterday, attending a forum organized by the International Democracy Union (IDU), the global counterpart for center-right parties, which includes New Democracy. Dendias participated at the invitation of former Canadian Prime Minister Stephen Harper. The panel was moderated by Daniel Twining, President of the International Republican Institute. Notably, the Republican Party of the United States is also part of the IDU.

Did the Pools of Spetses Sink?

Call me obsessive if you will, but I don’t buy into fairy tales. Let’s talk about the investigation into the swimming pools of Spetses. Triggered by the controversy surrounding Kasselakis’s pool, if you recall, the Prosecutor’s Office launched an inquiry into all pools on Spetses to determine how many are legally permitted. Well, the vast majority are outright illegal, including Kasselakis’s pool (remember him?), which led to quite the uproar when we reported on it, not to mention his offshore dealings and many other matters. True to SYRIZA’s customs, he lashed out at anyone who didn’t align with him. Let’s see what he’ll say when we publish the official findings—not just on his pool but on all the illegal pools. Because we will, once the authorities’ investigation is complete.

SYRIZA Stop Loss

Speaking of Kasselakis, let’s pivot to SYRIZA, which seems to be entering a more subdued phase as they attempt to reorganize and rebuild—if that’s even possible. A well-known and, let’s say, flexible pollster gave them a morale boost, showing Famellos more popular than Mitsotakis (imagine that!) and pegging their floor at 6%-7%. It’s a sort of stop-loss, as they say in business. After a few bold declarations from Haritsis about “going it alone,” talks of merging are back on the table because without parliamentary seats… well, you get the idea. Most of them aren’t exactly cut out for anything else. So, come the new year, they’ll reconsider—because with a merger, they might just hit double digits.

Masdar’s Public Offer Announced Today

Following yesterday’s meeting between Environment and Energy Minister Thodoros Skylakakis, Masdar CEO Mohamed Jameel Al Ramahi, and GEK TERNA CEO Giorgos Peristeris, Masdar is set to make a mandatory public cash offer to acquire the remaining shares of TERNA Energy. Masdar already acquired 70% of TERNA Energy shares via the stock exchange at €20 per share, and shareholders can sell their shares at the same price. Yesterday, TERNA Energy’s stock closed at €19.85, 24.6% higher than this time last year.

Acquisition Scenarios in the Insurance Sector

National Insurance recently announced the hiring of three high-ranking executives for its General Directorate of Marketing, Sales, and Corporate Governance. Coincidentally (?) all three—well-known figures in the insurance market—come from Allianz. This coincidence sparked speculation about a Trojan Horse strategy or a “friendly takeover” by Allianz, as it’s currently the only company with the capital and scale to acquire National Insurance. Additionally, the market recalled Allianz’s declared goal to climb from its current fifth place to the top of the Greek Insurance Market.

The Thessaloniki International Fair (TIF) Tender and ETAD’s €2.5 Billion

The tender for the redevelopment of TIF is expected in Q1 2025, aiming for contractor installation in H2 2026. The €300 million project (with €120 million in public funding) was discussed yesterday by TIF–Helexpo President Anastasios Tzikas at the “2nd Growthfund Summit” of the Hellenic Corporation of Assets and Participations (HCAP). Present was also ETAD CEO Iro Hatzigeorgiou, who revisited the long-standing saga since the 2000s concerning the utilization of the Tae Kwon Do venue in Faliro. Although planned as a conference center, the Attica Region will play a key role as it leads the broader redevelopment of the Faliro Bay area. Regarding ETAD’s even more complex legacy, HCAP CEO Gregorios Dimitriadis predicted its asset value would double to around €2.5 billion by 2027, following a comprehensive audit of its 36,000-property portfolio.

Kri Kri Prepares for New Placement

Serras-based dairy company Kri Kri is hitting new stock price highs and is on track for a market cap of €500 million. A month ago, Eurobank Equities, the stock’s market maker, estimated a fair value of €16.6 per share, up from €13.6 in early November. The stock has already reached €15, and sources suggest Kri Kri plans to offer an additional 3-5% of its share capital to institutional investors.

Attica Bank Eyes €1 Billion Market Cap

The first trading session under Thrivest’s new majority ownership surprised the market, defying expectations of a sell-off and delivering a 10% rise, pushing the stock to €0.59. Although new shareholders acquired shares at an average price of €0.44, Attica Bank’s stock steadily climbed, reflecting the new majority’s ambitions to reach a €1 billion market cap. Currently, Thrivest Holdings and the Hellenic Financial Stability Fund (HFSF) control 65% of the bank’s capital. Both appear unlikely to sell, keeping the free float limited and driving the stock higher. After two years of intense negotiations and disputes, Attica Bank seems to be finding its footing in the financial system, starting with a market cap of €961 million. This morning, CEO Eleni Vrettou will ring the opening bell at the Athens Stock Exchange in a ceremonial gesture.

OPAP’s Eurojackpot Goes Online

OPAP’s license for Eurojackpot, previously limited to physical outlets, will now extend to online operations. The decision to grant the relevant license, under the same conditions as the terrestrial one, has been formalized by the Hellenic Gaming Commission. The percentage of revenue allocated to the state remains unchanged. This development is part of the Finance Ministry’s bill, which includes tax cuts and salary increases for 2025, recently passed in Parliament. While the online rollout won’t happen immediately, OPAP holds exclusive rights until 2034. The addition of online play is expected to further strengthen OPAP’s portfolio, which has already seen significant growth in its digital channel. In Q3 2024, online gross gaming revenue (GGR) surged by 35.2% year-on-year, driven by games like Joker and casino offerings.

Award

Vivian Bouzali was named Corporate Affairs and Communication Manager of the Year, standing out among executives from across the country. Communication is often underestimated in a company’s success, but it plays a pivotal role, as recognized by international firms like Metlen. The award was presented as part of the Manager of the Year event by Pavlos Geroulanos.

Friction at the Athenian Club

I hear tensions are beginning to surface at the Athenian Club, both from board members and regular members, over various operational and space management issues. These tensions come with a fair amount of grumbling about the president and the administration. Critics argue that the club is in decline, increasingly resembling the practices of the 1950s. Board members complain that the president ignores them and operates autonomously. Regular board meetings, as stipulated in the charter, are not being held, which they claim hampers the club’s ability to attract dynamic members or host events that could enhance its prestige and revenue. With proper reforms, the club could transform into a modern institution that maintains tradition while keeping pace with contemporary demands.

New Shareholders for Kalamata Airport

Kalamata Airport is leveling up, becoming the next in line for an upgrade following the 14 regional airports. The investment consortium comprising FRAPORT AG, DELTA AIRPORT INVESTMENTS SA (Copelouzos), and PILEAS SA (Konstantakopoulos) was named the preferred bidder yesterday. The share structure allocates 51% to Fraport, which expands its footprint in Greece after acquiring the 14 airports in 2017, while Copelouzos and Konstantakopoulos each hold 24.5%. They are investing in one of Greece’s rising tourism hotspots, the Peloponnese. The financial offer totals €45.2 million in constant 2025 prices (NPV), with €45 million paid upfront, reflecting strong investor interest and confidence in the project’s prospects.

Intralot

I don’t mean to sound harsh, but Intralot’s “bombardment” of announcements about tenders in Nebraska, Illinois, Maryland, Missouri, and elsewhere seems more exhausting and confusing than helpful to shareholders. It might be wiser for the company to focus on disclosing which tenders it wins, rather than simply those it bids for.

The EU Directive on Bank Transfers

There’s been a lot of talk recently about reducing fees for banking transactions, but this issue was resolved long ago at the EU level with Directive 886 of March 13, 2024. This directive must be implemented by all member states by 2025. Article 5b explicitly states that from 2025, instant payments via the ECB’s TARGET system will cost no more than €1–1.5 for Greeks—the same as current fees for standard transfers, which take at least one business day. Simply put, instant transfers won’t be more expensive than regular ones. Even non-eurozone EU countries must comply. The directive mandates that “credit transfers” (interbank transfers) be completed within 10 seconds, regardless of the time or day, and the sender must receive immediate confirmation. If the transferred amount is in a non-euro currency, it must be instantly converted to euros. Payment service providers must implement robust fraud detection systems and prevent erroneous transfers. Additionally, measures must be taken to combat criminal activities like money laundering. The directive’s speed of incorporation into national law in 2025 will depend on political will. Meanwhile, the Bank of Greece is laying the groundwork: from January 7, 2025, it will publish data on deposit rates, housing and consumer credit rates (including credit cards), and fees associated with payment accounts on its website.

High Hopes for Epirus Bank

Talks between Epirus Bank’s management and a private investor—of Greek origin, active abroad, and deemed “extremely credible” according to sources—are now described as “very advanced.” The investor plans to inject €30 million into the bank’s capital increase, doubling its equity and gaining full control. Both the Bank of Greece, which is evaluating the proposal to issue a “fit & proper” certification, and Epirus Bank’s management respect the investor’s wish for anonymity until the deal is finalized. The agreement is expected to be signed by December, barring any sudden changes. The investor aims to secure a nationwide license, expand beyond Epirus, and list the bank on the stock exchange. Let’s see if the high expectations for Epirus Bank materialize.

Record Payments by the Development Ministry

The Ministry of Development has disbursed the largest amount in the past decade over the last six months, as part of the Development Law payments. By the end of the year, businesses participating in the Development programs will have received a total of €150 million, clearly aiming to improve the outlook of the productive economy. Just the other day in Larissa, 63 new investments were announced across the four prefectures of Thessaly, with a total budget of €162 million, of which €90 million will be state subsidies. Thessaly has been included in the special regime for border regions to accelerate growth following recent natural disasters.

Stock Market Frenzy in Pre-Election Germany

The DAX index at the Frankfurt Stock Exchange hit a new 20-year high—again yesterday—surpassing 20,230 points. On the same day, the OECD slashed its growth forecast for the German economy this year to 0%. In other words, Germany will outperform only Japan and Argentina in terms of growth this year. For 2025, the OECD projects GDP growth of just +0.7%, placing Germany last among all OECD countries. This is even lower than last year’s forecast of +1.2% for 2025. As for 2026, the OECD expects growth of 1.2%, which would make Germany the third weakest economy, ahead of only Russia and France.

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