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Greetings! After quite some time, I find it fitting to kick off this column focusing on Alexis Tsipras. It’s noteworthy that Mitsotakis has been out of the loop since early Tuesday morning, making his way to Kyiv for a meeting with Zelensky, followed by Sweden, and ending at the Bilderberg Club later this week. Meanwhile, we see intriguing developments revolving around the prominent figure from the “First Time Left”.
New Party: Now or Later?
To start this engaging political narrative, it’s worth noting that Tsipras, alongside a trusted circle of advisors, engaged the Publicis Groupe, a prominent French multinational specializing in advertising and public relations, for a rebranding initiative around two years ago. Through their research and an assessment of Greece’s political landscape, Tsipras seemingly made two pivotal decisions. Firstly, he aims to establish a new party rather than return to SYRIZA, particularly avoiding collaborators he previously governed with, as they are perceived by the public as “outdated.” Secondly, he intends to launch the new party following the next national elections, anticipating a possible collapse of the Center-Left political sphere. Nevertheless, he opted not to vanish from the scene but rather to periodically gauge public sentiment through strategic polling from reputable firms, showing positive results within the Left space.
Has He Changed His Mind?
A lingering question is whether Tsipras has had a change of heart, sensing a call from the Left earlier than expected. He’s not just appearing sporadically at events anymore; his engagement is becoming more consistent. Personally, I speculate that he’ll ultimately decide to wait until after the elections, as it seems the more logical course, given the collective amnesia regarding his past tenure. However, there’s a counterpoint that with each passing year he may feel increasingly detached from freshness and relevance, particularly among the new voters. Whatever direction he chooses to take regarding the new party must be decided by Fall–Winter, as elections could be called anytime by K.M. within the next 18 months.
What’s the Buzz at Maximos Mansion?
Clearly, Alexis’s potential comeback hasn’t escaped the notice of Maximos Mansion. Their stance? They want him back—quickly, and not post-elections. They believe it’s crucial for him to remind discontented voters of the implications of Mitsotakis’s absence, and above all, he is the known opponent they trust. I’ll keep you updated on the exhilarating developments within the Left, especially since Kasselakis’s influence has diminished, leaving us with a vacuum in this column.
At the Grand Hotel for the Bilderberg Conference
K.M. was in Ukraine yesterday, and today he’s headed to Moldova, followed by participation in the closed-door sessions of the Bilderberg Club at the Grand Hotel in Stockholm. Security measures are tight, as protests are anticipated, albeit nothing overly extreme. This marks K.M.’s third participation at the Bilderberg meetings, and notably, his first as Prime Minister. He first attended in 2016, shortly after assuming leadership of New Democracy, and again in 2018 while still in opposition.
Skrekas on the Move
Meanwhile, Kostas Skrekas, the upcoming New Democracy secretary, is reaching out for signatures to support his candidacy ahead of Monday’s session. He needs 10% of the party’s Political Committee members, which consists of nearly 430 individuals. So far, he’s received a positive response and is rallying for more signatures. He is expected to be elected by acclamation during Monday’s meeting.
OnlyFans Negotiations
In a noteworthy move, the AADE (Pitsilis) is reportedly negotiating an agreement with the OnlyFans platform, similar to their existing deal with Airbnb, aiming to establish a tax structure for individuals engaged in online content creation. However, differentiating this “work” from conventional services like rental properties may pose challenges for the tax authorities.
SYRIZA Faces Internal Struggles
Returning briefly to SYRIZA, the party begins its congress today amidst a media strike, where some representatives will attend for conformity. Traditionally, the secretary of New Democracy would also be present, but with the position currently vacant, the responsibility falls to the new Press Representative, Alexandra Sdoukou. Dimitris Mantzos from PASOK will also join, definitely without any hint for collaborations. As factions contending for influence prepare for the next four days, today marks the beginning of SYRIZA PS’s congress. To kick things off, a musical program will pay tribute to Mikis Theodorakis’s 100th birthday, featuring performances from politicians and notable figures. Whether Pavlos Polakis will stir controversy remains to be seen, especially as he has already directed some critique towards Tsipras in anticipation of the congress.
Challenges with National Energy Sale
While events unfold abroad, it’s important to note a common theme: a delaying ship brings trouble. This scenario relates to the ongoing sale of National Energy, based in London, which operates solar and wind projects across Greece. Progress has been sluggish due to a lack of consensus between the two shareholders, American billionaire J. Cox and Loredana Biancolini. With the recent resignation of the CFO, who was managing the sale, the situation appears precarious. Expectations for a sale seem low, though exceptions can sometimes occur.
GEK TERNA’s Promising Financial Outlook
At a recent general assembly meeting, GEK TERNA’s shareholders were briefed on ambitious operational profitability goals—raising expectations for adjusted EBITDA to €800 million over the next four years, from €404 million the previous year. Peristeris discussed the significance of their concessions, predicting total cash distributions exceeding €11 billion throughout their contractual lifecycle. The concessions currently account for over 60% of the company’s profitability, and this figure is expected to rise further. Moreover, updates indicate that the Egnatia Odos concession is set to finalize by late 2025, mirroring the closure of the Attiki Odos concession last year.
New Hospitality Ventures on Kos
On a promising note, a new venture called Ultrablue Hospitality Investments Kardamena has emerged, indicating significant future interest with an initial share capital of €20 million, focusing on hospitality investments in Kos. Aziz Francis leads this enterprise, associated with Brook Lane, known for its involvement in significant real estate projects including the Elliniko development.
Ikos Group’s Landmark Investment in Crete
Staying within the hospitality scene, the Sani Ikos group’s new Ikos Kissamos project, boasting an investment exceeding €125 million, is on track for a spring 2026 launch. CEO Andreas Andreadis has confirmed satisfactory progress amidst criticisms regarding delays, emphasizing the extensive workforce dedicated to this landmark endeavor.
Optimism Surrounding Non-Performing Loans
During a Goldman Sachs conference, NBG’s CEO, Pavlos Mylonas, expressed optimism about the potential return of €40-50 billion in non-performing loans to bank balance sheets. This shift would likely involve banks providing funding to borrowers capable of shouldering new loans, suggesting a transformative approach in managing these assets.
Interest Income Concerns Easing
Greek banks also experienced attention in Berlin yesterday as concerns over interest income appear to be subsiding. Projections suggest minimal prospective interest rate cuts through the end of 2025, with an encouraging acceleration in credit expansion anticipated to reflect positively in the second quarter of the year.
Aegean Airways’ Bond Issuance
As Aegean Airlines approaches the maturity of its 2019 seven-year bond, management is reportedly planning to issue a new seven-year bond around €300 million under more favorable conditions, providing a compelling investment option amidst current market circumstances.
Strategic Movements at Piraeus Port Authority
Intense activity continues at the Port of Piraeus, where COSCO currently holds a 67% stake, and significant fluctuations in share trading are being observed, hinting at deliberate positioning by shareholders. Speculations arise regarding potential influences on decision-making processes within the company amid these developments.
PPC Disrupts Telecom Landscape
Lastly, the stock market reflected initial reactions to PPC’s recent entry into the internet services market, with a shift in valuations impacting competitors like OTE, prompting potential reassessments of profit margins for 2025.
Stock Market Trends
The Athens Stock Exchange has recently enjoyed six consecutive days of gains, albeit with restrained transaction intensity. The market seems poised for further highs as National Bank of Greece reaches a notable valuation, indicating a promising outlook amidst global economic developments.
Infrastructure Investment Fund Leadership
Within HCAP, the decision has been made to establish the Hellenic Infrastructure Investment Fund, aimed at strategic collaboration in key sectors including digital technology. Stelios Fragkos has been appointed CEO, signaling a commitment to professional expertise and engagement in the global arena.
Intracom Telecom’s Innovative Project
Lastly, Intracom Telecom has received approval for its HERMES project, which focuses on advancing telecommunications infrastructure throughout Greece, promising to enhance connectivity in less urbanized regions.
Trump’s Saving Strategy
On the U.S. front, Trump’s new initiatives encourage American families to save, including the rollout of “Trump savings accounts” for minors, aimed at fostering early investments and financial security.
AI Ventures in the Middle East
Meanwhile, AIQ’s joint venture is making waves with significant contracts in artificial intelligence, showcasing ambitious plans for growth and expansion across various regions.
