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Hello! The situation regarding the Sinai Monastery isn’t a recent development. Greece has been attempting for years to navigate the complexities of Egyptian bureaucracy and legal challenges that started during the Muslim Brotherhood’s tenure and continued with nationalist groups after Mubarak’s fall. Their aim is to dismantle the Holy Monastery of Saint Catherine, which has been operating for 15 centuries, in order to cease its status as a sacred site for Orthodox Christianity and redirect it towards tourism development plans branded “The Great Transformation” by the Egyptian government. Recently, officials from the Prime Minister’s office asserted that President Al-Sisi guaranteed the Greek government that a bilateral agreement would be established. Reports indicated that arrangements had been finalized, with approvals from both Archbishop Damianos and the Egyptian authorities. The Greek delegation, which visited Cairo for this purpose, also agreed, having received signatures from relevant ministries, with only the Egyptian Minister of Justice’s signature pending. After Sisi’s remarks in Athens, it was anticipated that finalizing the agreement was merely a formality. However, it was unexpectedly revealed that the court could still render a decision, resulting in a “judicial fait accompli.” Interestingly, the agreement was perceived as so certain that the Greek ambassador in Cairo was attending official duties in Athens at that time.
A Greek Chill
The first signs of discontent among Greek diplomats were felt two days ago, prompting communication with the Ministry of Foreign Affairs. Gerapetritis spoke with his Egyptian counterpart, Badr Abdelatty, emphasizing the importance of adhering to the Greek-Egyptian agreement. As of yesterday, a translated version of the court ruling was still awaited, which had yet to be sent by the Egyptian side to Athens. Mitsotakis appeared visibly irritated, particularly since he shares a close relationship with Al-Sisi. The message from Athens is clear: full compliance with the agreement is non-negotiable. The onus is now on the Egyptians to resolve the situation, as they are partly responsible for the fiasco. Opinions vary, with some attributing the blame to Egyptian bureaucracy for mishandling the issue, while others believe the government is using bureaucracy as a cover for its decisions.
A Late-Night Correction
Late last night, following international backlash, Egypt issued a cautious partial retraction. Both the Presidency (Al-Sisi) and the Ministry of Foreign Affairs asserted that the Holy Monastery would remain untouched and continue its operations. However, there was confusion surrounding the ownership status, likely to avoid acknowledging that the court’s decision stands. Essentially, while the Monastery can operate, it—and the surrounding land—would belong to the Egyptian government. This matter will undoubtedly require further examination and may lead to complications.
Samaras
I inquired with my polling source about any movements regarding the rumored Samaras party, which seems unlikely at this point. “We don’t foresee it either, but if he does make a move, he could find himself struggling around 3%,” they noted.
Taxi Drivers
On the topic of taxi drivers, it’s essential to acknowledge that while many operate effectively via apps as diligent professionals, there is a need for reform among the rest. Enough with the entitlement, the bravado reminiscent of past regimes; public opinion calls for proper regulations, tax compliance, and order within the industry.
The National Bank Takes Center Stage
Piraeus Bank has J. Paulson, Eurobank has Fairfax, and Alpha Bank has UniCredit. It appears that National Bank of Greece is set to take the lead in the next phase. The remaining state stake is crucial for potential reshuffling among shareholders.
Awaiting the Competition Commission
Piraeus Bank has submitted its acquisition file for Ethniki Insurance to the Competition Commission and is optimistic about completing the process by year-end, barring any legal hindrances. The decision from the Commission will be pivotal, particularly concerning how it may set conditions for the new shareholder to protect the customer base of the National Bank. Currently, the expectation is that the acquisition will proceed within the anticipated timeline, despite assurances from officials that they will not interfere.
ELTA’s Evolving Appetite
The agreement between ELTA and Alpha Bank for delivering complex financial services is a significant milestone in their transformation journey. This partnership leverages ELTA’s network of over 1,100 branches to provide a wide range of banking services to citizens and small businesses. While Alpha Bank is the lead partner, ELTA management anticipates potential collaboration with other banks in the future, though under different terms focused on basic banking operations. The aim is to create a diverse banking service model, establishing ELTA as a reliable access point to banking for all.
Unibios and Water Ventures
Unibios, listed on the Stock Exchange, focuses on sustainable water and energy technologies. It transformed from VIOSOL in 2008 and has since developed a subsidiary in Luxembourg, Watera International, known for installing water treatment systems globally. Recently, Unibios sold a property in Volos for €3.5 million and acquired the French company Osmosun, which specializes in solar-powered desalination systems. Additionally, the company plans to list Watera International on the Euronext Stock Exchange, aiming to expand its market in water treatment in France and Francophone Africa. This series of developments has driven Unibios’ stock to new heights, surpassing €2 and raising its market capitalization above €35 million, with significant trading activity reported.
Attica Bank Stays Strong
While banking stocks generally faced correction, Attica Bank displayed resilience, maintaining an upward trend for the fourth consecutive day, reaching a two-month high. Daily trading volumes exceeded €1.8 million, and the stock’s performance is favorably positioned to approach its yearly high.
OTE, ADMIE, and ElvalHalcor
OTE continued its climb to a three-year high, achieving notable gains. ElvalHalcor saw significant performance, approaching levels not seen since early 2024, while ADMIE withstood profit-taking, matching its all-time high amidst positive developments related to energy interconnections. Overall, Unibios experienced a strong performance facilitated by its acquisition deal, and BriQ Properties marked its seventh consecutive day of gains, achieving record highs.
The Ongoing Challenge for Psarianos
Former MP Grigoris Psarianos continues to face challenges with his property stuck in foreclosure proceedings linked to a loan with a Swiss franc clause. Despite previous auctions being suspended, the property is set to be re-entered into bidding in September 2025, still at a starting price of €153,000.
Josef Ackermann in Athens
Josef Ackermann, a notable figure in European banking, will speak at the “Olympia Dialogues” forum in Athens. He will discuss the Euro’s prospects with various esteemed participants. Ackermann is remembered for his critical involvement during the Greek debt crisis back in 2010, proposing a comprehensive aid mechanism that ultimately was not adopted, leading to widespread hardship throughout Greece and Europe.
A Greek Startup Ventures into the UAE
The concept of “From zero to one,” as articulated by Peter Thiel in his book, highlights true innovation. A new Greek startup, AI Employee, exemplifies this philosophy by developing AI solutions across key sectors within just four months, surpassing €1 million in contracts. The startup is now expanding into the UAE, hiring new talent to enhance its innovative capabilities in a competitive landscape.
Tel Aviv Stock Exchange’s Surge
The Tel Aviv Stock Exchange has experienced remarkable growth, particularly in technology and defense sectors, attracting significant international investments. Investors have faced some difficulties due to the TASE’s Sunday through Thursday trading schedule, but starting in early 2026, trading will align with most other global exchanges.
The Alternative Market of the Athens Stock Exchange
The Athens Stock Exchange aims to support smaller firms with growth potential by facilitating their entry into the market. While risks remain prominent for investors, recent listings, especially from the IT sector, have shown promise. ONYX, originally listed in the Alternative Market, is now transitioning to the Main Market, backed by a capital infusion and favorable initiatives aimed at boosting listings.
Germany’s Financial Constraints
Germany’s public debt reached €2.6 trillion in 2024, prompting Chancellor Friedrich Merz to seek longer government bond durations amidst rising interest rates. However, market conditions have made it challenging to find buyers for such long-term bonds, stirring concerns over future funding.
The Decline of Japan’s Carry Trade
Japan has lost its status as the world’s top creditor, overtaken by Germany. This decline is linked to factors such as reduced savings and demographic shifts. The disappearance of the Yen carry trade has resulted in tightening liquidity globally, increasing risks associated with yen-denominated debt.
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