Greetings—who would have expected it, from elsewhere we were expecting it and it came from our Cyprus. Oh dear, what…halloumi was that? Just as the country took over the European presidency, this shocking video broke, with dialogues about kickbacks and cash, involving the brother-in-law and head of the office of President Christodoulides, a minister of former president Anastasiades, a major construction magnate of the island, and some “investors” from the Netherlands who obviously were the…cameramen of the video. So, if here we don’t have some crude technical tricks, with heavy editing and the use of AI, everything described in the video—with a price list and services for oligarchs from the Cypriot Presidency—is politically very hard to stomach, even for the President of Cyprus himself. As for the director of his office, that’s simple: he will resign, if he hasn’t already done so since last night. Now, whether this was set up by some enemy of Christodoulides or by a heavier state apparatus—say, by Russians, or Turks—we don’t know and probably won’t find out. I repeat: in any case, the matter is very serious for a country presiding over the EU. And in Greece there was also a nice video in which the well-known “red” construction tycoon was handing an envelope to two SYRIZA kids with big exposure and (symbolic significance) for the party leadership at the time; it was supposed to come out pre-election in 2023 but… got lost along the way. Back then they said to drop the matter, but the video exists—and the giant even opened the envelope and counted the money on camera.

Farmers… we’ve got work to do

And because we live in Greece and everything and nothing is new and nothing changes, as could easily have been predicted, the holidays are over, work in the fields is gradually starting, so the farmers are probably thinking of calling it a day. After all, the revolutionary gymnastics happened, they drank the “tsipouro of war” for 15 days now, it’s cold too… Theoretically, we’ll have a bit more hubbub until Tuesday; they’ll go to the PM as well, and next year again, which will also be an election year. Those who expected a dynamic government response to the road blockades were of course disappointed, because—as we said—the “inch-by-inch ball” of K.M. on all issues has been paying off for six years. So the doctrine of “non-confrontation” in governance generally won’t be broken easily by the PM, especially for farmers who are traditionally blue. They close a road or two—so what, he says—the roads might have been closed anyway due to traffic; besides, we’re used to blockades and hardship for years now.

Karystianou and the PM

Nothing fresh happened yesterday with President Maria K., but I asked my source at the PM’s office what they’re saying about the new Karystianou party, how they’re handling it, whether they have polls, etc. Well, polling at the Maximos Mansion will begin next week and not earlier, but the latest picture they had was up to the end of December, both for Karystianou and for Tsipras. My source believes that Tsipras and Karystianou could take about a quarter of the “anti-government pie of 60%,” perhaps more under today’s conditions—without, of course, being able to predict what will happen in the elections, especially if they take place in 15 months. “If we had elections today, however, I can assure you that PASOK would not be second party under any circumstances, even if it lost to the two new players in politics by a little—just one or two points. As for the public handling of Maria K., my man’s answer was very cautious: ‘we’re dealing with her institutionally and mildly, with arguments; after all, the rest of the (dirty) work is done by those directly interested—namely the Opposition on the Far Right and the Left.’”

Last one out, turn off the lights

Farandouris, who left SYRIZA overnight, does not seem to be the last one thinking of jumping ship—which is sinking anyway. For example, Larissa MP Vasilis Kokkalis, who comes from ANEL, denied yesterday in radio interviews that he has contacts with Karystianou, but avoided making it clear that he remains a SYRIZA MP unwaveringly and without second thoughts. In a similar situation is the “Tsipras-aligned” Heraklion MP Haris Mamoulakis, who has serious disagreements with the Koumoundourou line and is watching to see what the former prime minister will do. Also in the same spirit are Andreas Panagiotopoulos from Patras and Miltos Zabaras from Aetolia-Acarnania.

Zoe, Kairidis, Dendias

Konstantopoulou got Kairidis beside himself yesterday when she told him he does dirty work for the PM’s office, even against Minister Dendias; and in his nerves he replied, “give us a break, sweetheart.” Okay, let’s agree you don’t speak like that in Parliament—but, excuse me, why did Dendias feel the need to jump in as Zoe’s defender and, as if, ask for an apology on behalf of the government for Kairidis’s remark? Lately Nikos goes wherever he can with the others…

The tenth anniversary

Tomorrow, Saturday, K.M. marks an important milestone: 10 years at the presidency of New Democracy, since in 2016 he pulled off one of the biggest surprises in the political system. In the morning there will be a scheduled KYSEA meeting for the routine evaluations in the Armed Forces, although service chiefs are not under the microscope. Then K.M. plans to take a stroll in Moschato, next to ND headquarters, to celebrate the anniversary—which admittedly changed the political balance.

Mitsotakis’s travels

Since we’re on K.M.’s schedule: he has a… shipload of trips in the coming weeks. Today he had planned to go to Mainz, Germany with Chancellor Merz, but the trip was postponed due to weather, while on Monday he’ll be in Spain with Sánchez and King Felipe. In about ten days, he’ll be in Davos for three days, where he has scheduled several interesting “closed” meetings, where important discussions take place; and at the end of January he’ll go to Zagreb for the EPP leaders’ summit. In February there is certainly an informal EU Summit on 12/02 in Belgium, after which he’ll go to the Munich Security Conference—and it remains to be seen whether a “sliver” can be found for a meeting with Erdoğan. As for a meeting with Trump, don’t expect anything in Davos. If something is set, it will be a proper bilateral meeting at the White House—but there’s time for that.

GEK TERNA: Motorways bring half a billion euros in EBITDA

The latest traffic data reveal that average daily vehicle passages on the Egnatia Odos exceed 274,000. The number is impressive considering that on the country’s most successful motorway, the Attiki Odos, around 285,000 vehicles move daily. With GEK TERNA’s investments progressing according to schedule, it appears that these two major concessions will together contribute more than €500 million in operating profits (EBITDA) within 2026. For analysts, this estimate strengthens the predictability of cash flows and the Group’s long-term contractual guarantees. GEK TERNA’s market capitalization has already exceeded €2.6 billion—about 15% higher than levels three months ago.

They’re taking out the calculators

The Boards of Directors of Allwyn and OPAP hope to see the lowest possible rate of exercise of the exit right, so as to give a boost to further strengthening OPAP’s long-term cooperation with Allwyn and KKCG through the exchange of holdings in OPAP for an equity stake in Allwyn. This sentence in yesterday’s announcement, after shareholder approval of the AGM items for the merger of the two companies, sums up the day after the deal. It will become clear how many shareholders—out of the 14% of the total who voted against the agreement—will ultimately exercise the exit right by 9/2, since if one factors in the timing of payment of €19.04, the lock-up of their shares, and the special distribution of €0.80 to which they will not be entitled, they may end up receiving less in hand. From there on, the planning proceeds, and next Monday 12/1 the plenary session of the Competition Commission is scheduled to take place regarding Allwyn’s acquisition of Novibet (the previous one scheduled for mid-December had been postponed). The hearing is expected to be multi-day, and the decision should be expected within February.

Grimaldi – Attica Group

It seems that Piraeus Bank was particularly irritated by the information published in the column regarding the approach made to the Grimaldi Group concerning Attica Group, to the point of turning to friendly media outlets to categorically assure that nothing is happening. But why such irritation over a comment that said it was discussed and, moreover, acknowledged that there is a serious competition issue? Obviously, because this particular approach is one piece of the puzzle of the successive failures in the Attica Group case. The Grimaldi side responded that it is interested only in the Adriatic and Crete, and at that point the future of Piraeus Bank’s coastal shipping fleet became blurred once again. I do not recall, however, Piraeus announcing anything about Attica Group when the sale processes to Goldman Sachs’ pension fund collapsed and later with Fortress. Nor did it announce anything when it knocked on the door of Stena Lines, one of the largest ferry operators in the world, for Attica Group, and the Swedes politely declined. Or had they announced something, even one of the three times to date that they were forced to postpone the placement of Attica Group because it did not gain traction? Piraeus has been struggling for years, but to this day neither any ferry company nor any fund has shown interest in Attica Group (which has loans of about half a billion euros), while at the same time it is constantly making investments to comply with SECA (Sulphur Emission Control Areas), with stricter sulfur emission limits, the FuelEU regulation, and every other new environmental regulation for the green transition. And since no willing investor can be found, they may want to try again with a placement, and this perhaps explains the irritation. After all, a good deal has ten architects; the “lemon”…

12,005 auctions posted for 2026

Auctions have started 2026 with strong momentum, as 12,005 electronic “hammers” have been posted up to the end of 2026. A rough statistic shows that 1,034 of these auctions are suspended and 11,953 concern real estate. However, most auctions do not concern Attica, as one might expect. Of the above figures, Attica accounts for 3,634 auctions, Central Macedonia 1,634, Western Greece 914, Eastern Macedonia–Thrace 600, and Crete 788. It is believed that auctions will multiply because the State is entering similar procedures for debts. AADE is already scheduling auctions, while EFKA is expected to outsource debt collection privately. Meanwhile, the decision of the Supreme Court (Areios Pagos) is pending regarding the method of calculating interest for debtors under the Katseli Law, while contradictory rulings on the issue continue to be issued. The recent decision 489/2025, for example, of the Single-Member Court of First Instance of Kos, records that interest should go only to the monthly installment and not to the unmatured principal, while of course there have also been corresponding and isolated decisions with different content. At the same time, for debtors under the Katseli Law, procedures are expected to begin in order to auction second and third assets of debtors under the application of the law. At present, the overall management for debtors who have been included in this law is that none of their residences are auctioned, although the Law explicitly states that their other assets, apart from the primary residence, are exposed to the debt. In addition, bankruptcy law is expected to be supplemented by the Acquisition and Leaseback Entity for Real Estate, which will constitute the central pillar for the protection of the primary residence for vulnerable debtors. The deadline for the submission of binding offers by interested investors is February 23, 2026.

What JPMorgan sees for stocks in ’26 and which company it fears…

JPMorgan, and specifically M. Cembalest, chairman of market and investment strategy at the American bank’s asset management division, in an excellent multi-page report analyzes AI and presents market prospects for 2026. It is a detailed and well-documented report, based on a wealth of impressive data and sources. Very briefly, regarding markets, the assessment expressed is that “2026 will be another version of 2025. A correction of 10% to 15% at some point during the year due to profit-taking and fears about the rise, but equity markets will ultimately close the year at a higher level than where they started.” M. Cembalest also makes an interesting observation about OpenAI, which he considers “undoubtedly the biggest corporate risk in the entire AI story, even more than NVIDIA and despite the fact that OpenAI is a private company.” As he notes, “OpenAI is on track to have revenues of $10–20 billion and has undertaken commitments of $14 trillion to its corporate partners, and for now survives on subscription fees and AI development revenues that have limited search, advertising revenues, cloud revenues, or hardware sales.” Did you shudder?

Trouble for the boss of Cyfield

The largest construction company in Cyprus, the CEO of Cyfield, G. Chryssochos, is one of the figures involved in the political scandal that broke out in Cyprus — and which we also mentioned above — following the publication of a video on platform X that presents claims of improper interventions in matters related to the energy sector. The CEO of Cyfield is reportedly conversing with the current Director of the Office of the President (and his son-in-law), Char. Charalambous, and the former Minister of Energy under the Anastasiades administration, G. Lakkotrypis, regarding cases with clear insinuations of collusion and corruption involving business and energy interests. Cyfield of G. Chryssochos is also active in Athens, in real estate development, offering apartments and rental opportunities.

The State will issue fewer Treasury bills this year

The issues may not be fewer, but the amounts will be smaller. The management of the Public Debt Management Agency (PDMA) is leaning toward reducing Treasury bill issuance by at least €1 billion, to below €7 billion. The first move was made with the issuance the day before yesterday, as the €500 million issue of October 29 for three-month T-bills was limited to €400 million (the yield remained at the low level of 1.7%). The same seems likely to happen with the next Treasury bill issues, which admittedly constituted a reliable alternative for savers who do not prefer banks’ low-yield time deposits. The PDMA’s plan for 2026 also foresees fewer “appearances” in the long-term bond markets. From day to day, the first issue of a 10-year bond of 2026 is expected, and later in the year another 10-year bond with high liquidity will be issued. For the time being, the yield of the Greek 10-year government bond is hovering around 3.416%, compared with 3.544% for France and 3.494% for Italy. The German bund stands at 2.8361%. For the rest of Europe, 2026 is characterized as a year of increased borrowing needs, with the case of France being indicative, as it will require loans of €300 billion this year. Interest rate cuts by the European Central Bank are not visible on the horizon, at least not in the first half of the year. Greece starts the year with full coffers, a better rating from agencies compared to last year, and a limited financing program that leaves little room for investors wishing to invest in Greek bonds to postpone their decisions for later. Few issues, but good ones, is the PDMA’s message, waiting for public finances to confirm market pricing.

Taki’s new company

Ambitions (also) toward the IT market appear to be held by Stavros Taki, head of the “Sfakianakis” group with its well-known activity in the automotive sector. This at least emerges from a new company that was established yesterday, Thursday, January 8, under the name “TX3 Cyber Solutions.” The company is headquartered at the offices of the Sfakianakis Group on Sidirokastrou Street in Athens, and its purpose includes, among others, services for the design and development of information technologies, data processing, IT and computer systems management applications, wholesale trade of computer programs, peripheral equipment, and software, etc. The initial share capital is €100,000, fully paid upon establishment entirely in cash. The funds were provided by “Sfakianakis Société Anonyme Commercial and Industrial Company of Automobiles, Construction, Hotel and Tourism Enterprises,” which is also the sole shareholder of the new company. As for its management, a three-member Board of Directors was appointed, with Stavros Taki as Chairman and CEO, and his sons, Christian-Oliver Taki and Nikolaos-Myron Taki, as members.

Peter Livanos, the lobster, and the boomerang

The first approach of the newly built LNG Carrier “Woodside Jirrubakura” to the port of the Pluto LNG Facility is not merely a technical milestone for GasLog, listed on the U.S. stock market, and Peter Livanos. It is also a public statement about how the shipping industry seeks to combine modern transport needs with respect for marine biodiversity and local cultural heritage. From the ship’s name, which means lobster, to the boomerang awarded to Captain Ioannis Tsapelas, the image reveals carefully structured communication: LNG, ecology, culture, and… a little diplomacy in logistics. At the same time, the presence of Jirrubakura together with its “sister” ship Barrumbara and the preparation for loadings from the Scarborough Energy Project show that GasLog aims to highlight the company not only as a reliable natural gas carrier, but also as a “green” player attentive to its image. In the world of shipping, every name, every ceremony, and every cargo sends messages both to the market and to political and local stakeholders, and GasLog seems to know well how to send them. The LNG carrier, with a capacity of 174,000 cubic meters, joined the company’s fleet at the beginning of last December and incorporates advanced technologies and high energy-efficiency design.

The liquidity move by Panagiotidis

The recent move by Petros Panagiotidis and Castor Maritime to proceed with a sale-and-leaseback agreement for the Kamsarmax vessel M/V Magic Perseus appears to conceal more than simple financial flexibility. With financing of $15.6 million and a duration of eleven years, the agreement secures liquidity for the company without losing control of the vessel, while the repurchase option after the second year creates opportunities for strategic fleet management. From a financial standpoint, this is a classic tool for improving leverage ratios: Castor frees up capital tied to an asset, while maintaining economic participation and the flexibility to repurchase it when market conditions are favorable. Watching the dry bulk market, this move shows that Panagiotidis seeks to shield the fleet against price and interest rate fluctuations, while at the same time opening the door for investments in new vessels or energy projects. At the same time, the choice of a Japanese counterparty is not accidental: it ensures stability and credibility in an environment where ship financing is becoming increasingly demanding.

Coca-Cola HBC ahead of the critical General Meeting

Coca-Cola HBC exceeded a market capitalization of €16.6 billion yesterday with an impressive upward move (4.74%). All roads lead to the Extraordinary General Meeting of January 19, 2026, with the agenda item being the approval of financing for the largest acquisition in the company’s history, the acquisition of 75% of Coca-Cola Beverages Africa for $2.6 billion. Shareholders will be asked to approve significant amendments to the articles of association to facilitate the acquisition, the issuance of new shares and the use of treasury shares for the payment of part of the consideration (21 million shares to Gutsche Family Investments), and the shareholders’ agreement with The Coca-Cola Company regarding corporate governance. Kar-Tess Holding and The Coca-Cola Company (which together control approximately 45% of voting rights) have irrevocably committed to vote in favor. For 2026, HBC has decided to invest in the… successes of 2025 (Sprite and Powerade) and in the well-known sugar-free and caffeine-free soft drink. The Africa bet is judged by all analysts as a “transformation” of the Group. Factors that will affect this bet are certainly regulatory approvals from 14 African countries, the course of the dollar (since 67% of revenues come from emerging markets), and the timing of the share’s listing on the Johannesburg Stock Exchange.

What was expensive that turned out to be cheap

In early October, THEON International, listed on the Amsterdam Stock Exchange, announced the agreement to acquire 9.8% of Exosens. At the time, Christian Hadjiminas was heavily criticized for paying a premium of around 20% to buy shares of a company that in the past had tried to acquire him. The day before yesterday, the completion of the acquisition of 9.8% of Exosens by THEON International was announced for €268.7 million (€54 per share). Today, with Exosens trading above €54, the transaction is already vindicated at the stock market level. But the real value lies elsewhere. THEON secured not just an equity stake, but the second-largest share in a critical technology supplier. Image Intensifier Tubes (IITs) constitute the nerve center of every night vision system—without them, the goggles are useless. The extension of the commercial agreement until 2030 means guaranteed access to critical technology at a time when defense procurement is emerging as a geopolitical weapon of great reach. The modification of the OCCAR contract, with a binding order of 100,000 goggles from Germany, confirms explosive demand. Europe is rearming with a budget of €500 billion, and THEON effectively locks in the supply chain upstream (backward vertical integration), without assuming the operational risk of tube manufacturing.

Melina Travlou and the Hellenic Trench

In the shipping sector, where numbers and profits dominate, Neptune Lines decided to add something else to the equation: the protection of marine life. The company is implementing a voluntary program of rerouting its routes away from the Hellenic Trench, a critical passage for endangered whales of the Eastern Mediterranean. With over 200 transits per year in the area, Neptune, through this move, significantly reduces the risk of its vessels colliding with the massive mammals and sends a message of responsible shipping.

Bitcoin struggles again with $90,000

Another difficult day was experienced yesterday by the optimistic investors of the largest cryptocurrency, bitcoin. Bitcoin broke through the psychological threshold of $90,000, recording losses exceeding 5% in 24 hours, while $450 million in leveraged long positions were wiped out. In the early hours of the session, from $94,000 the price fell to $89,000. Later it recovered above $90,000 and online speculation began. More institutional analysts attributed the drop to expectations of a very slow reduction in interest rates by the U.S. central banker. The real problem, however, is overly optimistic leverage. With funding of up to 125% on some exchanges, die-hard cryptocurrency supporters rushed to bet on the continuation of the bull run after the December rally to $108,000. When the price began to retreat, automatic liquidations created the familiar vicious cycle: sales that caused a price drop that brought more liquidations that caused a bigger drop. The $450 million in forced liquidations represent the largest clearing since August 2024. The era when cryptocurrencies moved independently of economic fundamentals, interest rates, liquidity, and disposable income appears to be over.

The Trump administration banned institutional investors from buying single-family homes

Blackstone’s share lost $18 billion in value in a single day the day before yesterday, following the announcement by POTUS that he is banning the purchase of single-family homes by institutional investors. This move had an obvious goal: to “protect” the average American family that wants to buy a home for the well-known “American dream.” The truth is that large institutional investors in real estate represent only 2% to 3% of total single-family home purchases in the U.S. Even during the pandemic, when interest rates collapsed, the percentage reached 4.8%. Private buyers continue to account for over 70% of demand. This is exactly where the problem lies: demand, which is at the lowest level of the last four decades. On the other hand, supply has also shrunk dramatically, as no one wants to leave the home they live in and bought with interest rates of 2%–3% and move to another home with a loan at 6%, 7%, or 8%. The average existing homeowner has a mortgage rate of 4.2%, compared to 6.2% today. Eighty percent of borrowers pay below 6% and 73% below 5%. This creates an “economic disincentive” to sell — why sell your home if you will lose a 2.5% loan? For the first time since 2005, existing homes are selling for more than new ones. The most popular asset in many American households today is the pandemic-era mortgage loan.