The disgrace in Parliament, the banks (counting backwards), the new EYP Deputy Director, Mylonas and Ethniki Insurance, and the Chinese drivers of Piraeus

– Hello there, just a few words – unfortunately necessary – about the political disgrace we are witnessing, stemming from a profoundly tragic story that made the headlines (how many others don’t…) about the police officer and his wife who were sexually abusing their children. This is not the first time the Left has done this, trying to exploit an incident that, while not politically related, is socially abhorrent, to say something or gain something. They did it with Lignadis, with Michos, with others in the past, and now with this guy, when they should really have stayed silent since, after all, he was hired during their tenure in Parliament (early 2019). So, while the Speaker of the Parliament (Tassoulas) mentioned it subtly, almost whispering, saying something like, “I can’t imagine the Parliament’s security chief knew what kind of person he was when hiring him,” they went on as usual. Full of toxins and venom, yesterday Konstantopoulou took it upon herself to showcase the issue, reminding us that these people are a different breed. And the moment they resurface, they’ll start the same antics all over again. Let them stay far away from us.

The Truth (If It Matters)

Since we’ve touched on the matter, let’s wrap it up by looking at the route this sick-minded police officer followed to end up in the Parliament’s Security Service, though this doesn’t imply that the individuals involved knew about the heinous acts he’s accused of. According to highly reliable sources, before being posted to Parliament, the officer had spent two years as a driver for the Director of the Athens Police Department, Konstantinos Markopoulos. In 2015, Markopoulos had been appointed Parliament’s security chief by then-Speaker Zoe Konstantopoulou, a position he held for about eight months before being replaced by Konstantinos Kyriazopoulos. Kyriazopoulos was chosen by Nikos Voutsis, who had succeeded Konstantopoulou as Speaker. The two officers, Kyriazopoulos as security chief and Markopoulos as Athens Police Director, crossed paths in late 2018 due to an anti-government protest outside Parliament. During that meeting, Markopoulos reportedly asked his fellow officer to transfer his driver to Parliament, highlighting that he was not only a good policeman but also a father of many children. Kyriazopoulos formally requested the officer’s transfer to Parliament on January 16, 2019, which was approved nearly two months later, on March 8, 2019. Now, you tell me what conclusion to draw from all this…

Lebanon

Meanwhile, K.M. is expected – barring any surprises – to travel to Lebanon today as the first foreign leader to visit following the ceasefire, despite experiencing significant back pain yesterday. Mitsotakis considers it his duty to visit the neighboring country, not only because of the strong Orthodox presence there and the Lebanese community in Greece but also to emphasize Greece’s role and significance in the wider region. On matters like these, the Prime Minister is particularly “meticulous and careful,” and his efforts are acknowledged.

Banks

As for the banks and their practices with fees and interest rates, we’ve discussed it before, and Mitsotakis addressed it again yesterday in Parliament. He announced upcoming measures for next week, likely to be outlined during his budget speech next Sunday. It remains to be seen how this will be achieved technically, as it’s well known that banks are no longer under state control. Meanwhile, the bankers themselves have no information about the government’s intentions and are awaiting the Prime Minister’s announcements to understand and assess – and cost out – the proposed measures.

Fat Tax

Let’s move on to something lighter. Yesterday, I read the OECD report, which, in the “Greek Economy” chapter, is genuinely impressive and clearly pleased the government and K.M. himself. But it also includes a few… absurdities for us to make headlines out of. For instance, the OECD indirectly suggests a Fat Tax in Greece. If you impose such a tax, food prices – already increasing by about 1% monthly – would spike to 8%, given that everything we consume is packed with sugar, fat, and salt. Try explaining to people that you’re taxing paidakia (grilled lamb chops) or souvlaki for their fat content or bougatsa for its sugar. Good luck with that.

The “Hardline” Deputy Director

A noteworthy appointment at EYP was finalized a few days ago, following the departure of the former Deputy Director, Yiannis Raptakis. The position will now be filled by Ambassador Kyriakos Loukakis, who, under Dendias, served as Director of Political Affairs at the Foreign Ministry and also as Greece’s Ambassador to Israel, maintaining excellent relations with the Israelis. This, of course, plays a role in his appointment, as Loukakis is considered a “hardliner” on Turkey. At EYP, Loukakis will now be working under Themistoklis Demiris, the former General Secretary of the Foreign Ministry.

P. Mylonas on National Insurance: “Yes” with Terms and Conditions

If it goes on the market, the National Bank would consider acquiring Ethniki Insurance, under specific terms and conditions, stated the CEO of National Bank, P. Mylonas, during a discussion with journalists yesterday. Mylonas also mentioned that National Bank is currently awaiting the institutions’ response regarding the special rights retained by the state due to its stake in the bank.

Eurobank Prepares for the Full Absorption of Hellenic Bank

Eurobank—like the other systemic banks—had long met the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) set by Frankfurt. However, this was based on its previous participation level in Cyprus’s Hellenic Bank (approximately 56%).

Now that agreements have been finalized with Demetra Holdings Plc, Logicom Services Ltd, and the unions, Eurobank’s stake in Hellenic Bank rises to 93.5%. A Public Offer to acquire shares from the remaining shareholders will follow immediately afterward. Consequently, the MREL requirements increase.

To address this, the bank took advantage of the positive sentiment in the bond markets for Greek securities, borrowing €600 million at an attractive interest rate of 3.3%. The order book saw bids five times the offered amount.

Who’s “Firing Shots” at PPC?

Anyone who closely follows the daily stock performance of Public Power Corporation (PPC)—which rose 1.99% yesterday—comes to the same conclusion:

No matter what impressive moves CEO Stassis makes, no matter the acquisitions and deals that have transformed the company, no matter the steady rise in EBITDA, the addition of new sectors and activities, or the ongoing share buyback program, someone or some people consistently dump PPC shares whenever there’s strong buying interest in the market.

During the 2023 placement, Helikon acquired 6.97% of PPC. By the end of October 2024, one Helikon fund reported holding just 1.88% of PPC shares.

OPAP Meets 27 Fund Managers in Prague

The investment conference “WOOD’s Winter Wonderland EMEA Conference,” hosted by Wood & Company in Prague, concludes today. Executives from Greek companies participating in the event described it as one of record participation, both in companies and investors.

Among the domestic groups present were Piraeus Bank, Alpha Bank, OPAP, TITAN, GEK TERNA, Motor Oil, Mytilineos, Lamda Development, Athens International Airport (AIA), and Fourlis. On the investors’ side, Alpha Asset Management also participated.

The interest in Greek companies was substantial, with numerous meetings between executives and fund managers. For example, OPAP representatives—on track for strong financial performance and maintaining its position as a dynamic dividend play—met with 27 fund managers and analysts in a single day, mostly in group sessions.

Other listed companies also garnered high demand. Given Wood’s role as a major institutional player in the Greek stock market, it appears the “Greek story” will remain a strong investment narrative in 2025.

The Chinese Drivers

A new Private Capital Company (PCC) was recently established, focusing on chauffeur-driven car rental services, travel agency activities, outdoor recreational tourism, and more. What’s so unusual about that, you might ask?

The peculiarity lies in this company’s name, “Xila Tours,” based in Piraeus, and its distinctly Chinese “flavor,” especially its shareholder structure. The initial share capital of €460,000 is divided into 46,000 corporate shares of €10 each, distributed among not one, not two, but 32 Chinese individuals, each holding varying percentages, along with another PCC—also of Chinese interests.

Presumably, these 32 shareholders at least maintain friendly relations and effective communication. Beyond that, it’s noteworthy that many of the Chinese in Greece are betting on the ongoing growth of domestic tourism and likely targeting the affluent tourists arriving from their homeland.

ADMIE and the Greece–Cyprus Interconnection

The reports are many, the analyses even more numerous, as are the rumors surrounding the Greece–Cyprus electricity interconnection project, which is causing “sparks” from multiple angles.

Financiers are pushing for acceleration, Turkey is reacting, and Athens is making it crystal clear that the project lies within the established and internationally recognized Exclusive Economic Zone (EEZ) of Greece and Egypt.

On its part, the French company NEXANS is waiting for ADMIE to proceed with the cable manufacturing order. Meanwhile, a visit by the French Defense Minister to Athens was planned for next week, but now the Barnier government no longer exists.

Amid all this, there’s notable activity in ADMIE’s stock, with a consistent buyer making daily transactions worth €1 to €1.5 million. This activity has driven the share price from €2.29 (on October 25) to €2.48 yesterday, marking a 52-week high.

Such persistence may well warrant a positive interpretation.

The “Heavy Price” Fourlis Pays

The ransomware cyberattack that hit the Fourlis Group just before Black Friday has proven to be quite severe. The group’s digital and electronic systems were affected across all four countries where it operates (Greece, Cyprus, Bulgaria, Romania). As reported days ago, the e-shops of IKEA, Intersport, and Holland & Barrett were taken offline. The company claims it avoided the worst by activating all applicable protocols for such incidents, and with the help of specialized external partners, system recovery is proceeding steadily, with everything gradually returning to normal. However, even today, customers attempting to make purchases or place orders through the IKEA and other two companies’ e-shops will not succeed, as a notice still indicates that orders are not possible. Stock market analysts are waiting to assess the financial impact on the year’s final quarter—a particularly critical period for retail companies.
This unfortunate incident serves as a reminder of a similar hacker attack that almost paralyzed the Hellenic Post (ELTA). Such attacks occasionally occur against companies but often go unreported; in some cases, ransoms are paid to resolve the issue, while in others, no public disclosure is made. Although some organizations are well-prepared, the general impression is that many remain easy targets for hackers, especially public institutions and companies.

Aegean Stands Out

With a year-to-date loss of -11.738%, Aegean Airlines’ stock stands out among the European airlines, which for months have been unable to recover despite a generally favorable stock market environment. Wars do not benefit air transportation, and the threat of tariffs exacerbates the sector’s challenges. Aegean stands out because it has diversified its route mix and benefits from tourism. Additionally, it leverages its strong cash reserves to reduce debt and strategically prepay carbon credit purchases when deemed appropriate. Yesterday, the stock rose above €10.1, with its market capitalization exceeding €901 million. The next target is to re-enter the billionaires’ club of the market.

Climbing the Wall of Worry

“Climbing the Wall of Worry” is a common phrase among American stockbrokers when markets rise despite unfavorable macroeconomic and geopolitical conditions. Major international stock exchanges completed six consecutive positive sessions yesterday, and Athens had its own four-day streak of positive returns and increased trading volume. The Athens Stock Exchange is now valued at over €102 billion, with the Banking Index posting the best week of 2024 in terms of performance. With a +2.3% gain yesterday and +20% year-to-date, the Banking Index is once again driving the General Index’s rise toward the first target of 1,500 points.
Without setbacks, the General Index closed at 1,455.81 points (+1.32%) with a trading value of €177.98 million, of which €34.19 million were in block trades. Needless to say, 65% of yesterday’s trading value came from the banking sector, which released crucial liquidity to other heavyweights of the Index. Cenergy, for the second consecutive session, traded above its recent placement price, mirroring the trend with “Eleftherios Venizelos,” which also distributed a generous dividend of €0.33 per share. Overall, the mood on Athens Avenue is optimistic. Next week, the Stock Exchange’s management will officially unveil its new corporate identity, with Alexis Patelis, Petros Tzanetakis (Motor Oil), and Giannos Kontopoulos of Hellenic Exchanges explaining how and why the Athens Stock Exchange reflects the developmental momentum of the Greek economy.

The Bitcoin Craze and Its Consequences

Currently, Bitcoin’s market capitalization has exceeded $2 trillion, elevating the world’s first cryptocurrency to the 7th largest asset globally in value. These $2 trillion, invested in an exchange medium, represent a “missing” sum from global stock markets, where it could have funded truly productive investments, job creation, and new technologies.
At these price levels, technical analysis is the sole compass for predicting Bitcoin’s trajectory. Technical analysts’ charts now foresee Bitcoin’s value rising to $128,000 by the end of December. Over the past month, technical analysis has revised Bitcoin’s target price upward from $77,000 to $128,000. Some more optimistic analysts believe there’s a 10% chance that Bitcoin could surpass $150,000 by the end of the year.

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