Greetings. We have said several times that Mitsotakis, being conciliatory on all levels and trying to exhaust every margin for agreement, has essentially gained points in the political game, whether he is facing professional groups, oligarchs, or intra-party opponents. With the farmers, however, things went too far and reached the end, at least with one category of them, who simply do not want to reach an understanding with the government for reasons that are now clearly political or partisan, or both, and in any case have nothing to do with their profession. I think that at this point the farce-tragedy should stop, the law should be applied, and we should be done with it. I am told that Mitsotakis himself has exhausted his margins and his patience. We will have a clearer picture today at noon, when the government, whatever happens and after meeting with the remaining representatives of the farmers, will announce whatever measures it has planned.

Maria, Nikos, and Fan-Farandouris

— I will take you back to government matters a bit later, but because I know the good topic you are interested in is that of President Maria, I’ll take you straight there. So, I told you from yesterday: Maria K. has much stricter face control at the door of her new shop than even Alexis, who doesn’t want to see even a SYRIZA cat in his new venture, regardless of the fact that in the end he will have difficulty finding people outside to staff it. Yesterday, the pianist Farandouris—or Fan-Farandouris, as they call him in SYRIZA—was outright turned away, despite his earnest efforts to squeeze into President Maria’s party. In fact, Karystianou made sure to generalize the matter and exclude anyone else, politician or MP, who has been exposed in politics up to now. Off the top of my head, in recent days I can recall people galore who have spoken in her favor, such as Theodora Tzakri, Nikos Nikolopoulos, Giorgos Kyrtsos, and a bit earlier Panaras Kammenos—so those people are finished… done for. Now, with whom President Maria will form a party, I do not know, but don’t think it’s difficult. I mean, how did Niki form a party and find MPs? Did you know any of them beforehand? Elias Kasidiaris with the Greeks? Even Kammenos himself, when he flourished in 2015, was not known even to the building’s doorman.

Meeting with Erdoğan

— Yesterday’s phone call between Gerapetritis and Fidan showed that we are closer to a Mitsotakis–Erdoğan meeting with ministers within the first half of February, as Ramadan begins afterward. Since K.M.’s schedule is very tight until the end of January, I would say the first days of February are more likely, but we’ll see. In the meantime, let me tell you that the prime minister’s new diplomatic adviser, the former ambassador to the U.S., Katerina Nasika, has already appeared at the Maximos Mansion and is preparing to take over, as the current adviser, Milton Nikolaidis, is waiting for paperwork to depart for Paris.

Tasoulas’s gift to Pierr

— There was a lot of talk about Metsovo yesterday during the meeting at the Presidential Palace between Pierrakakis and Tasoulas—after all, the finance minister had been there on vacation over Christmas. After that, the President of the Republic gave Pierr a book titled “Evangelos Averoff, Letters to Michael Tositsas,” which contains his foreword, in which he describes the development model of Metsovo as it was shaped based on the funding of Michael Tositsas. Tositsas was an immensely wealthy baron of Metsovo origin who lived permanently in Switzerland, but he was so prominent and held such a dominant position in high European society of the early 20th century that Marcel Proust mentions him in the monumental “In Search of Lost Time.” The sharp-witted Metsovite Averoff identified him and, through letters, convinced him to donate a large part of his fortune to Metsovo—about 4 million dollars, in 1950 prices.

Marinakis’s jab over Mercosur

— Because much was said over the weekend about how… dramatic the Mercosur agreement is for Greece, yesterday spokesman Marinakis clarified that the agreement includes clauses protecting many PDO products. He even highlighted that PASOK’s MEPs voted against the core provisions of the agreement, which include exports and quality safeguards for products, contrary to the line of the European Socialists, who supported it overall, while yesterday Spain’s Sánchez also praised it during his meeting with K.M. Marinakis was answered by PASOK spokesman Tsoukalas, who said that the party’s MEPs put the national interest first, but did not explain why, for example, the French or Polish European Socialists supported Mercosur.

A north wind blowing from the south

— Yesterday the news from Thessaloniki must have landed heavily at Charilaou Trikoupi. A well-known figure, a long-time local government official, parliamentary candidate (he came second after Haris Kastanidis), and member of PASOK’s Central Committee, Antonis Saoulidis, will be the number one speaker at Alexis Tsipras’s event this coming Saturday at the Olympion cinema in Thessaloniki. Saoulidis was among the main supporters of Androulakis for the leadership election in 2021; in 2024 he supported Haris Doukas for leader, and now, it seems, he is preparing—on the occasion of “Ithaca”—to begin the journey with Tsipras. Contacts were made during the holidays and Saoulidis shook hands, and thus on his name day, Saturday, January 17, he will be receiving birthday wishes from his friends (nice, that…) at the Olympion. In PASOK’s leadership, however, he had already sent the messages—it has been a while since he participated in an event for the broad Center-Left with Olga Gerovassili in Kozani, when MPs originating from SYRIZA, Rania Thraskia and Petros Pappas, began touring Saoulidis’s area, Thessaloniki A’, under the PASOK banner. Saoulidis, green from the cradle, tells his friends that fragmentation harms the Center-Left and that progressive collaborations are needed. How does the well-known lyric from the song of the late Thessalonian Nikos Papazoglou, “Lemon on the Orange Tree,” go, referring to strong winds that overturn realities? A north wind blows from the south…

Familiarity, influence, and shadows over the Cyprus–Crete interconnection

— The video that circulated in recent days and is causing a political earthquake in Cyprus does not merely concern individuals and private conversations. It concerns the way power is exercised or influenced, especially on issues of strategic importance, and inevitably creates associations with complex projects such as the Cyprus–Crete electrical interconnection. In the controversial material, the director of the Cyfield Group, Giorgos Chrysokhoos, appears to describe with impressive ease and familiarity his relationship with the President of the Republic of Cyprus, Nikos Christodoulides. He speaks of direct communication, of regular meetings, of a relationship that—as he implies—does not pass through institutional filters and is not publicized “so as not to create impressions.” And it is precisely this familiarity that has caused rumors to run rampant, becoming the subject of discussion and commentary even within government circles. Because once close personal access to the highest level of power is recorded, even indirectly, all of Mr. Chrysokhoos’s public interventions take on different weight and a different reading—especially those concerning the Cyprus–Crete electrical cable. It is no coincidence that in Nicosia, but now also in Athens, statements made from time to time by the head of Cyfield about the interconnection are resurfacing with intensity: about excessive cost, questionable viability, flawed energy strategy, and the risk of burdening consumers. Positions that were anything but supportive of a project with a clear geopolitical and energy dimension. Until recently, these interventions could be attributed to a legitimate, albeit clearly interest-driven, business perspective. Today, however, after the video, they cannot be viewed in isolation from the context. Because Cyfield is simultaneously promoting large-scale investments in thermal power generation, projects whose economic rationale is directly weakened by a successful electrical interconnection with Greece. The question, as energy sector figures comment, is not whether Mr. Chrysokhoos had the right to disagree with the cable. He did. The question is whether this disagreement coexisted with informal, personal, and privileged access to the President—and whether this access contributed, even indirectly, to political delays, vacillations, and a lack of a clear line on a project of national importance.

Visit of Goldman Sachs to Athens

— Last week, analysts from Goldman Sachs who cover Greek banks were in Athens. One could say it was a meet-and-greet, as within the broader upgrade of the stock market, coverage of Greek banks by the American investment bank will from now on be carried out by analysts in London rather than those in the periphery (Dubai, etc.), as had been the case until now. It is an interesting change prompted by overall developments in the Greek stock market, the acquisition of ATHEX by Euronext, and the data of Greek banks, which changed the level and coverage needs. The change also indicates a different investment interest from larger investment organizations. What happened with Goldman Sachs will also happen with other investment banks that covered our country from the periphery, especially insofar as 2026 is expected to bring an MSCI upgrade for the Greek stock market.

METLEN’s strategy in defense

— At METLEN’s Capital Markets Day in London, it was said that “from two factories we are going to five by 2028–30.” At the time, this intention was received by many with reservations and doubt. Nine months later, the factories have become six—and in full operation—at the Volos Hub. This is not a box-ticking exercise, but a correct reading of demand in the European defense industry, which accelerated the plan while simultaneously providing a sample of management’s credibility. Management’s assessment is that, as happened in the previous fifteen-year period, those who will remain standing are those with the know-how and scale to work directly with major international defense groups. The partnerships METLEN is developing with major players (e.g., IVECO Defence Vehicles, KNDS) ensure access to product lines, specifications, and production rates that increase Greek added value. The Volos Hub is being built precisely to “plug into” this. NK Trailers—which Metlen acquired for €10 million and in which it will invest another €30–40 million—has a long track record and significant expertise both in the production of defense systems and in train wagons, a sector of great interest in the context of modernizing the railway network, wagons, systems, etc. The Volos-based industry, which began in 1993 as a subsidiary of Nik. Kioleïdis AEBE, is implementing the ambitious project of fully refurbishing 14 trainsets of Metro Line 1, in partnership with Spain’s CAF and STASY. Today, its production base extends over 27,000 sq. m. in Volos, with modern production lines. With this move, Metlen’s M Technologies Hub in Volos now consists of six independent factories, while the budget of Metlen Metallurgy’s defense arm, under which the Volos defense Hub falls, foresees a doubling of turnover and operating profitability in 2026 compared to 2025.

New record label by Argyros and Panik

— A new company entered the artistic scene yesterday. It is Pedagon Records, founded by the popular singer Konstantinos Argyros and Panik Entertainment Group, the well-known group of interests of Paris Kasidokostas-Latsis and Giorgos Arsenakos. The new company has a very broad purpose, which includes (indicatively) the production of all kinds of sound carriers or sound-and-image carriers, such as compact discs, CD-ROMs, digital discs (compact discs), digital video discs, magnetic tapes, CDs, DVDs, and generally phonograms or sound recordings and/or audiovisual works in commercial and/or technological form, or in whatever other form may exist in the future; the incorporation and circulation of recorded songs and performances; and the carrying out of recording, reproduction, and commercial exploitation of sound recordings, possibly assuming the financial responsibility for their realization. It also includes services for the commercial promotion, projection, and support of these works. Furthermore, the recording of musical works, visualization, and generally the recording of performances/interpre­tations of artists using any modern recording method, extending even to DJ services.
The company’s headquarters are located in the municipality of Vari–Voula–Vouliagmeni, specifically on Vouliagmenis Avenue, in the building of Panik Entertainment Group. As for the initial share capital, it amounts to €90,000, divided into 10,000 corporate units of capital contributions, with a nominal value of €9 each. Of these, the company Argy Productions (of Konstantinos Argyros) paid €54,000 in cash and received 6,000 corporate units (a 60% stake), while Panik Entertainment Group paid €36,000 in cash and received 4,000 corporate units (a 40% stake). The management of the company, as well as its judicial and extrajudicial representation, was entrusted to Konstantinos Argyros and Giorgos Arsenakos.

The relocation of Astir

— With the start of the new year, as I am told, there was also a relocation of the headquarters of “Astir Palace Vouliagmeni,” that is, the company that owns and manages the emblematic Astir complex. Specifically, following a relevant decision taken at the General Assembly of shareholders on December 15, 2025, the headquarters of “Astir Palace Vouliagmeni Single-Member S.A. Hotel Company” moved from Apollonos Street in the municipality of Vari–Voula–Vouliagmeni, and the (new) headquarters were designated as the municipality of Glyfada, specifically at Diadochou Pavlou St. no. 5, Poseidonos Avenue no. 10, and Ethnikis Antistaseos St. no. 2. This is the block that overlooks the Glyfada seafront. It should be noted that Agency Trust Ltd, a shipping company of interests of Liza Prokopiou, daughter of the powerful shipowner Giorgos Prokopiou—who, as is known, has also acquired the Astir complex—is also based on Ethnikis Antistaseos Street.

Kopelouzos’s bonus

— In another company, Damco Energy of the Kopelouzos family, I learned that management dipped into its pocket and gave bonuses to employees. In the relevant document filed with GEMI, however, reference is made to a decision taken by the General Assembly in December 2024, but it may be a typographical error and December 2025 may be intended. In any case, following a proposal by the Chairman and CEO of Damco Energy, Christos Kopelouzos, and “taking into account the contribution of the company’s employees to its affairs,” the General Assembly unanimously decided to distribute profits to them totaling €361,540.81, in accordance with the provisions of the company’s articles of association. As clarified, “the above distribution will be paid from profits of previous fiscal years based on an annex that details the employees, each one’s specialty, and the amount allocated to each.” Don’t expect that everyone is… Karelias, but it’s something.

Tzirakian found a lifeline in… mortars

— For many months, the management of Tzirakian Tube Works was trying to restructure its debts, breathe financially, and start a new course. It seems that increased defense spending is creating a development clearing for the company, perhaps because mortars require steel tubes that Tzirakian can manufacture. The company announced that it reached an agreement with Piraeus Bank and doValue for a new four-year program to service loan obligations amounting to €5 million, with low annual installments, a favorable interest rate, and a balloon payment at maturity. Market information indicates that a similar agreement will be concluded within January with the National Bank as well. A significant development is considered the fact that while in the first quarter of 2025 Tzirakian recorded losses of around €600,000, this year the first quarter will be marginally profitable, outlining a new trajectory. Tzirakian’s market capitalization has now exceeded €5 million, that is, 28% higher than levels a month ago.

The battle for the Coast Guard shipbuilding program begins

— One of the most ambitious defense procurement projects of recent years is entering the implementation phase, with the Ministry of Shipping, with steady support from the Maximos Mansion and the Prime Minister personally, giving the starting signal for the construction of the two largest offshore patrol vessels in the history of the Hellenic Coast Guard. The €180 million program is not simply another procurement, but a government choice of high priority, with strict timelines and zero tolerance for delays, objections, and familiar Greek blockages. The order for the tender “to run” leaves no room for misinterpretation—neither within the ministry nor abroad. At the end of February, the preselection of interested parties for the international tender begins, whether individual companies or joint ventures with shipyards. In the first phase, strict filters apply, namely technical and financial adequacy, to determine who truly has the capacity to undertake such a demanding shipbuilding program and who is merely interested for appearances’ sake.
The two vessels, over 80 meters long, with a range of 4,000 nautical miles, operational capability in 7–8 Beaufort conditions, a helipad, and drone deployment capabilities, upgrade the Coast Guard’s level. And together, they change the game. It is no coincidence that the tender has mobilized every serious player domestically and internationally: Greek shipyards are declaring “present,” European giants are sharpening their pencils, and behind the scenes collaborations, joint ventures, and… creative discounts are already being set up. After all, everyone knows that these two vessels are not the end of the road, but the beginning. Coastal vessels, fast interceptors, and—if public finances allow—perhaps two more offshore floating beasts lie on the horizon. Within the ministry, the message is clear and politically charged: the tender must move quickly and without mishaps. The activation of the Strategic Contracts Unit is no coincidence, aiming to bypass delays and the well-known Greek pitfalls that in the past short-circuited projects before they even began.

The port of Igoumenitsa and the political bet of the green transition

— Igoumenitsa is the first Greek port to seriously embark on the path of green shipping, with the installation of Cold Ironing systems, which allow ships to shut down their engines and be supplied with electricity from shore. A move that reduces noise and emissions, but also opens a cycle of questions around electrical capacity, technical readiness, and political will. The project, to be implemented by HEDNO (DEDDIE) in cooperation with the Igoumenitsa Port Authority (OLIG), is funded by the European Connecting Europe Facility (CEF) program and will operate on a pilot basis with three ship electrification points.
Here lies the crux of the matter: Igoumenitsa, now under the control of the Grimaldi Group, is becoming a model, but for the technology to be extended to major ports such as Piraeus, Thessaloniki, and Rafina, coordination, serious infrastructure, and above all political will are required. The truth is that the transition to “green” shipping is not an easy undertaking. HEDNO has taken on the technical part, but securing the required power capacity remains an open issue, while shipowners will have to choose electricity providers and adapt to new procedures. At the same time, the expansion of Cold Ironing to seven major ports by 2030 shows that Greece does not want to lag behind the European commitments of “Fit for 55.”

Koskinen – Veniamis in a critical term for the future of shipping

— The official congratulatory letter of the International Chamber of Shipping (ICS) to the newly elected president of the European Community Shipowners’ Associations (ECSA), the Finn Mikki Koskinen, and the also newly elected vice president Nikos Th. Veniamis is anything but routine. At a time when European maritime policy is hardening, the ICS, under the presidency of Emanuele Grimaldi, has chosen to send a clear message of institutional alignment with ECSA’s new leadership.
The timing is critical. Decarbonization, increasing regulatory pressure, and geopolitical instability create an environment in which the balance between Brussels and international organizations is being tested. The emergence of Koskinen and Veniamis comes at a moment when ECSA is called upon to function not only as an interlocutor with the EU, but also as a filter against policies that threaten the competitiveness of European shipping. The presence of the ICS at the events marking ECSA’s 60th anniversary in Brussels carried clear symbolism: a reminder that, despite different starting points, major decisions cannot be taken in a fragmented manner. The reference to a “common voice” is not rhetorical, but a warning: without coordination, 2026 risks finding the shipping sector fragmented in the face of policies drafted without maritime logic.

Bank returns already in double digits in 2026

— The January Effect is underway at the Athens Stock Exchange, which continues to exceed expectations. The General Index closed for the third consecutive session above the recent threshold of 2,200 points and remained at the highest levels of the past 16 years. Banks play a decisive role, keeping the ASE at record levels despite signs of fatigue appearing in the rest of the board. The banking index closed at a more-than-10-year high—specifically 122 months—with the next best close dating back to November 18, 2015, at 2,713 points. Indeed, in the first six sessions of the current year it has already gained more than 10.5%.
Alpha Bank is moving under the constellation of UniCredit’s increased participation, coming within a breath of €4 for the first time since November 2015. Eurobank also reached a 10-year high at €3.8. At the same time, Piraeus Bank recorded a new five-year high and is setting course for €8 for the first time since March 2021, while eyeing a €10 billion market capitalization. Although it has eased off the accelerator, National Bank is playing defense above €14, maintaining contact with its own peaks.

Trump’s closest associate comes to Athens

— Stephen Miran is chairman of President Trump’s Council of Economic Advisers. He is the man Trump chose to place on the Federal Reserve Board to push toward rapid cuts in dollar interest rates. With a PhD in economics from Harvard, the former head of strategy at various hedge funds is considered an architect of President Trump’s tariff policy, and he has publicly questioned the independence of central banks.
A few days before one year is completed since Trump’s return to power (January 20, 2025), Stephen Miran will be in Athens as a guest of the Delphi Economic Forum and, the day after tomorrow in the afternoon at the National Gallery, in the presence of ministers, bankers, and of course Ambassador Guilfoyle, he will present not only the balance sheet of a year that changed global trade, but—above all—the plans of the PotUS for the economic future of the planet.

Snails in Berlin and Mr. Emaar

— Let’s now step a bit beyond our borders to understand how fast other regions of the planet are moving and how Europe—if it does not change—will soon be reminiscing about its past glories. In Dubai, an emblematic conference took place, the 1 Billion Followers Summit, focusing on the “creator economy,” that is, the economy of digital content creators. It is one of the largest events in the world in this field and aims to bring together creators, brands, technology companies, and representatives of social media platforms.
There spoke Mohammed Alabbar, whom some may not know, but they certainly know Emaar Properties, the company behind Burj Khalifa, Dubai Mall, and huge residential and commercial projects in the UAE, the Middle East, Europe, and Asia. The founder of Emaar, speaking at the conference that concluded the day before yesterday, argued that Europe, due to bureaucracy and excessive regulatory restrictions, is putting the brakes on economic growth and entrepreneurship, in contrast to the UAE, where development is more dynamic and business opportunities more favorable. He expressed the view that in Dubai people get rich… on autopilot because the environment (regulations, speed of decision-making, the state) favors success.
He even revealed that when he tried to develop a residential complex in Berlin, where there is a huge housing shortage, the mayor said that first they had to study whether there would be impacts… on the snails living in the area. Alabbar replied, “you deal with the snails and let Germans sleep on the street…” and headed for other jurisdictions. Of course, to be fair, the Arabs are at the opposite extreme. In order to invest, they demand special treatment (e.g., they wanted Ellinikon, but with a special tax regime—without VAT), they do not understand tender procedures, and they want political solutions without the mediation of institutions, independent authorities, etc.

When the President decides on credit card interest rates

— With a simple announcement on social media, President Trump “announced” that starting next Tuesday, January 20, interest rates charged on all credit cards, regardless of debt level and borrower creditworthiness, will fall to 10%. He announced it on a Friday night so that the market could “digest” it over the weekend when stock markets were closed. Naturally, on Monday morning, the presidential “prompting” (because a president cannot decide credit card interest rates) caused an earthquake in banking stocks: Capital One fell 10% at the opening of Wall Street, Citigroup -4%, American Express -4%, and JP Morgan -3%.
The “measure,” which is supposedly to apply from January 20 for one year, remains at the stage of a “prompting” without legislative backing. Five major banking organizations reacted immediately, warning that the cap would “reduce credit availability” and push consumers toward “less regulated alternatives.” Credit card charges in America reach as high as 30%, while credit card balances exceed $1.23 trillion. Of exceptional interest is the bipartisan consensus around the presidential “prompting.” The first to speak was the “leftist” Bernie Sanders, followed by Democrat Alexandria Ocasio-Cortez. Republican lawmakers such as Josh Hawley also applauded it. Even Elizabeth Warren (a fierce critic of Trump) said she was ready to cooperate, although she called the initiative “a joke” because Trump recently repealed the Biden rule on late fees.
Bill Ackman, American billionaire hedge fund manager and founder of Pershing Square Capital Management, a Trump supporter, called the measure “wrong,” warning of the cancellation of millions of high-risk cards. Later, however, he acknowledged the injustice: poor consumers subsidize the reward programs of the wealthy.
Conclusion: Clearly, a legislative intervention is needed. The market reaction will be interesting. Banks will either restrict access to credit for at least 14 million households, increase other fees, or abolish cardholder “rewards.” Trump wins because, with yet another spectacular populist move, he shook up the establishment and diverted public attention from his other austerity-style decisions.