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-K.M. has returned from the States and immediately jumped into meetings yesterday at Maximos Mansion to tackle various issues. One noteworthy discussion occurred yesterday afternoon, prior to his visit to Hygeia Hospital, and included Vice President Hatzidakis (fresh from Brussels), Minister Papastavrou, and Deputy Minister of Urban Planning Tagaras. They focused on the upcoming legislative regulation concerning construction in Zone C, which encompasses 10,000 small settlements nationwide. This follows the Council of State’s ruling and a presidential decree that has reportedly caused significant concern among ND MPs. The ministers received instructions for a broad regulatory approach that considers demographic changes—highlighting that in a period of rural depopulation, undervaluing property is counterproductive. Hence, promoting decentralization is essential. While the regulation should be ready by next week, its application will vary by region. Papastavrou and Tagaras must also navigate constitutional considerations.
A Busy Name Day
-Vice President Hatzidakis celebrated his name day, starting with a 7:30 a.m. working breakfast in Brussels with the EPP, where vice presidential responsibilities were assigned. After handling numerous calls from well-wishers, he caught a flight to Athens, headed straight to Maximos, and then to the Bodossakis Mansion (Vice Presidency), where his team greeted him with a symbolic gift. Meanwhile, the phone kept ringing off the hook.
Meeting of Legal Minds
-Another interesting discussion took place at the Ministry of National Economy, where Ministers Pierrakakis and Floridis met with heads of the judiciary (Supreme Court, Council of State, Legal Council of the State, Court of Audit, etc.). The agenda focused on reducing the courts’ caseload from the approximately 1,000 cases the Greek state files each year. They talked about significant issues, such as preventing the state from suing citizens over natural disasters like those in Mandra or Mati, as well as other grievances affecting both the public and judges burdened by frivolous cases.
SEV and Labor Agreements
-In recent months, there’s been robust discussion within SEV (Hellenic Federation of Enterprises) about potentially reinstating sectoral labor agreements. Forward-thinking, socially conscious industrialists advocate for this idea: “The economy has shown growth in recent years, profits are up (especially among publicly listed firms), so reintroducing sectoral agreements could provide employees with additional pay. With current prices, salaries often disappear by mid-month.” These SEV leaders are proposing a two-year collective agreement with a 4% annual raise—roughly translating to an extra couple of euros added to daily wages. Really? Do you honestly think that’s sufficient?
Excitement for the Final Four
-Meanwhile, the buzz in political and ministerial circles revolves around who will be attending the EuroLeague Final Four in Abu Dhabi. Ticket prices have skyrocketed; sources indicate resale tickets are now exceeding €50,000. However, ministers are initially showing some restraint, even as plans for a “commando-style raid” on Saturday night are brewing if their team reaches Sunday’s final. Minister Voutsis has boldly predicted a Greek final. If it happens, prepare for… “blood and sand.”
Dora, Tsipras, and Chania
-While some are headed to Abu Dhabi, others are traveling to Chania, where notable arrivals are anticipated this Sunday. Seventy MPs, members of the Council of Europe, will gather for a session of the Parliamentary Committee of the Council of Europe, hosted in Crete by Dora Bakoyannis. Expected attendees include Alexis Tsipras (skipping basketball), George Papandreou, Roussopoulos (President of the Parliamentary Assembly), participating Greek MPs, and several foreign dignitaries, including former ministers. The official launch is scheduled for Monday in Kolymvari, led by Gerapetritis and Nikitas Kaklamanis. Dora has also planned traditional Cretan feasts with live music in Kolymvari and Kalyviani.
Alpha Bank: Rebranding and More
-According to CEO Vassilis Psaltis during the bank’s general assembly, the Alpha Bank building on Stadiou Street is set for renovation, aiming to become a new landmark in Athens. The rebranding efforts extend beyond the headquarters, which is expected to wrap up this year, encompassing branch upgrades and a full image overhaul. While the bank’s name will remain unchanged, the goal is to merge Alpha’s historic reputation with a modern identity and improved customer service. Notably, Alpha Bank is preparing to return dividends to shareholders four times higher than in 2023, with these changes slated for early 2026. Additionally, some surprises are in the pipeline—though these will be announced spontaneously when the time is right.
David vs. Goliath in Vouliagmeni
-Recently, the Hellenic Corporation of Assets and Participations (HCAP) received seven bids for a long-term lease of Vouliagmeni beach. Heavy-hitting market players either entered solo or in consortia—names like Konstantakopoulos, Prokopiou, Restis, CVC, ELLAKTOR, Melissanidis, Kokkalis, and others are in the mix. Standing in contrast to these market giants is the Vouliagmeni Winter Swimmers Association, which has filed a petition with the Council of State’s Fourth Section to annul the bid invitation issued by HCAP on February 17, 2025. The court date is set for September 23—so summer swims for the public are assured. As for winter swims… we’ll have to wait and see.
New Hotels at Klafthmonos Square
-Every day brings new real estate ventures, especially in tourism. On May 20, the company Praxitelous Luxury Suites Collection made headlines, planning to transform a listed neoclassical building at Praxitelous 16 and Paparrigopoulou 2 into high-end accommodation. This distinctive property from 1920, situated on the lower side of Klafthmonos Square, is owned by the EFKA (Social Security Fund) and is currently being tendered for long-term lease and conversion into a hotel. The property consists of two interconnected buildings, spanning four floors (excluding the mezzanine) and a basement, with a total built area of 1,152 sq.m. This venture is led by a new company formed by Charilaos Prokopidis, Georgios Spyrakos, Nikolaos Skoutelas, and Kimon Plakonouris. Another newcomer is VRML Single-Member S.A., headquartered on Ploutarchou Street in Kolonaki, focusing on property trading and creating holiday accommodations. They have kickstarted their operations with an initial share capital of €80,000, provided by Beltezzia Limited—represented by Dionysios Voulgaris—while Iason Tsakonas, known for his work with real estate development company Oliaros, steps in as consultant-manager.
Thessaloniki Port Developments with a U.S. Flair
-American interest in the ports of Thessaloniki and Alexandroupolis is gaining traction. The two ports are being considered as a joint package in American investment plans. However, persuading the current major shareholder of the Thessaloniki Port Authority (OLTH) to sell his stake is crucial. Given that everything has a price—though the offer from the Dreyfus family was not acceptable—there’s a need for a strong, independent entity to evaluate management’s intentions. Sources suggest that a major American bank could play the role of an independent broker, presenting Ivan Savvidis with an irresistible offer while ensuring a buyer meets the current shareholder’s expectations. Presently, the Port of Thessaloniki is valued at €332.6 million, with stock trading at €33.
Amerra’s Standoff in the Avramar Case
-Updates on the Avramar situation reveal that a recent meeting involved banks and representatives from the American fund holding shares in the company. Reports indicate a lack of progress, as Amerra Capital is unwilling to meet certain financial responsibilities. Amerra is effectively laying down conditions to help stabilize Avramar, which is burdened with debts—despite the fund’s significant role in its poor management. Meanwhile, banks are actively seeking a new investor—Aquabridge from the UAE—and are closing in on a deal, with only a few details remaining to resolve.
Insurance Executives Gather in Hydra
-Hydra has become the temporary home for insurance executives, as 450 professionals from around the globe have convened with Alexandros Sarrigeorgiou for the 25th International Insurance and Reinsurance Conference, organized by the Hellenic Association of Insurance Companies. The conference will conclude tomorrow, but notable conversations among Greek attendees are highlighting the significant upheaval within the insurance sector.
Athens International Airport Management Meets Investment Goals with Scrip Dividend
-Management at Athens International Airport is on track to achieve a €100 million target for its major investment plan through the reinvestment of dividends—without relying on borrowing. Both the state (via the Hellenic Corporation of Assets and Participations) and private investors have responded to calls to reinvest part of the dividend (scrip dividend) from the 2024 financial year to support airport expansion. The total dividend from the 2024 financial results is €234 million, with management intending to convert €100 million into a scrip dividend. Investors forfeit cash payouts but benefit from an increase in stock value, now at €9.94—up 24% from six months ago.
Market Moves: PPC vs. OPAP
-The stock market had anticipated that PPC’s Q1 results might fall short—at least momentarily—of the €2 billion EBITDA promised by management. Meanwhile, OPAP’s revenues were expected to surge, especially with two Greek teams in the basketball Final Four in Abu Dhabi boosting betting interest. The strategy was clear: buy OPAP, sell PPC. Within a week, OPAP stock climbed +2.26%, while PPC saw a decline of -4.45%, with over a million shares traded yesterday. This short-term strategy reaped easy profits for those willing to take the risk.
New Heights for Blue-Chip Stocks
-Six blue-chip and mid-cap stocks continued to shatter their own records, delving deeper into new territory. Metlen hovered around €44 for three days before breaking through yesterday, with analysts eyeing €50 next. Athens International Airport came close to €10 for the first time ever, Kri Kri hit €18, PPA surpassed €46, and Profile reached for €6. The Bank of Cyprus also broke into new territory, climbing to €6.7, preparing to enter the FTSE 25. National Bank crossed €10.5, and Alpha Bank reached €2.7—both at their highest since November 2015. Piraeus Bank extended its four-year record, crossing €5.85—its highest since April 2021. OPAP is charging toward €21 after 16 years, while Jumbo exceeded €29 and is eyeing its all-time peak of €30. Sarantis has returned to €14, marking a seven-year high. As a result, Athens Stock Exchange indices have continued their upward trajectory. The General Index surged past the 1,830-point mark for the first time since May 2010, and the banking index followed with 1,800 points, a level unseen since November 2015. The Large Cap index is targeting 4,600 points—numbers not reached since August 2011—while the Mid Cap index achieved a record not seen since January 2010. Once again, the banking sector was pivotal in both declines and rebounds, with its index showing a +40.4% gain since the year’s start (the highest in 9.5 years), compared to +25% for the General Index and +28% for the FTSE 25. Initially, the General Index opened with a slight correction, dipping to 1,808.06 at one point, but finished at session highs of 1,835.79 points (+0.45%). This rebound boosted transaction value to €217.18 million, with just €9.7 million in block trades.
New Entrant in Greek Coastal Shipping
-The shipping company MAGIC SEA FERRIES, owned by Giorgos Yalozoglou, is making a cautious entry into the Greek coastal ferry market, operating two of the newest vessels along Saronic Gulf routes. Giorgos and his brother Marios, who manage a fleet of 18 tankers in ocean shipping, have now invested in two high-speed catamarans, “MAGIC 1” and “MAGIC 2,” deployed in the Saronic Gulf. Thanks to their modern design, these vessels are noted for low fuel consumption. Early reports indicate positive results from their daily round trips from Piraeus.
Shifting Strategies in Investment
-During Greece’s bailout period, savvy investment strategies favored corporate bonds over sovereign ones. This decision proved wise as Greek government bonds faced “haircuts,” whereas corporate bonds like OTE’s delivered consistent returns. Today, with U.S. government bond yields nearing the troubling 5% mark—hinting at market unease and potential downgrades from credit agencies—professional fund managers are in a quandary. Historically, U.S. Treasury bonds were deemed “risk-free.” Is it time to reconsider? Persistently high inflation, geopolitical instability, overpriced equities, and elevated borrowing costs may signal a changing market landscape ahead.
Americans Feel the Pinch of High Interest Rates
-In the U.S., overdue credit card debt for more than 90 days has surpassed 12.3%—the highest delinquency rate in 15 years, tracing back to 2011. The 10-year U.S. Treasury yield is now above 4.50%. Mortgage rates are back above 7%, auto loans are exceeding 10%, and credit card interest rates have surged past 20%. As expected, those having trouble keeping up with credit card payments primarily belong to lower-income households. Analysis by zip code reveals a +63% increase in delinquencies in the bottom 10% of “poor neighborhoods” from Q2 2021 to Q1 2025. Even wealthier areas have seen a +44% rise.
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