Hello there, if I had the chance to communicate with our leader Alexis, I would like to beg him warmly that now he’s making a party, he should take back Panos Kammenos. Because honestly, he’s the only “politician” who can produce spontaneous laughter — and at that, in times of peace and calm like now, because during the memoranda he was dangerous. I found someone who knows Tsipras and told him this as a joke, only to get the reply: “come on, man, mercy! Don’t remind us of that, not even as a joke.” I told you on Monday about Kammenos: wherever there’s a sham, a scam, a shady trick like they used to say back in the day, little blond Panoulis, with his little bun, is in it. Now, as you saw, he popped up in conversations as a champion of Melchizedek, an archimandrite who wanted to become Metropolitan of Kydonia and Apokoronas, lobbying over the phone with Crete’s top mobster, a hotelier with excellent connections in Chania society. And of course spouting his usual bluster about his high-level acquaintances… “Kimberly is right here next to me,” and other such colorful gems. We love Panos!

The ambassador doesn’t know him
-Meanwhile, I officially asked whether the US ambassador really knows Panaras, and of course I got a sarcastic smile. He saw her at some event for Trump’s inauguration along with another 450–500 people. I doubt very much that he even managed to shake her hand, but in any case, Kimberly doesn’t know him. Well I’ll be! Who would have thought!

Where is the beautiful lady with the Ferrari
-Since we’re on the topic of Crete’s delights — and after congratulating the proud land that stars in all the good things of the country — let’s move to OPEKEPE, which from yesterday (as we said) started offering fresh spectacle and pain for the viewing public. A lady from Kozani supposedly pocketed 700 grand fraudulently, or a gentleman again from Kozani grabbed a million, but the record goes to the Cretans, of course: out of 22+ million euros, 18.5 went to the blue-green-red island (depending on the season). Splendid. And the Ferrari? The quite a bit of cash that turned up in Western Macedonia triggered a lot of associations, maybe among the “red” tax numbers was the farmer-lady with the Ferrari who made a hit before the August holidays, and who came from Kozani (before she got involved with a farmer from Trikala). “No, she’s not in it,” my source told me. We’ll see if that holds true until the end.

The Thessaloniki Fair and Adonis’ Fund
-I hear that in K.M.’s package of announcements on Saturday there will be a hefty dowry of several tens of millions for the Innovation Fund that Adonis has been announcing for a while and is coordinating with pharmaceutical companies. The logic is simple: to create a fund to support local production of innovative medicines, so as to reduce dependence on imports, since many drugs produced in Europe don’t even reach here. Of course, companies don’t want to put up money on their own, but if the state chips in, then they’ll join the game. I also hear that K.M. will reaffirm his commitment (perhaps in the press conference) to include nurses (even the older ones, pre-2011) in the category of hazardous and arduous professions.

GAP in Beijing, Nikos at Zappeion
-Today’s PASOK event at the Zappeion for the 3rd of September will have a notable absence: GAP, who is global as we know, will be in Beijing for the parade marking the anniversary of victory in World War II. He’ll be one of the few Europeans there, but he has traditional ties of friendship with China. Of course, he’ll miss the big speech of leader Nikos, but I hope he’ll be at the Vellideio next weekend and make up for it. Now, various rumors are circulating about GAP’s “discomfort” in light of Venizelos’ increased activity within PASOK, but I don’t really buy it. Besides, I think he’s also looking toward Tsipras’ side, with whom he hangs out at the Council of Europe.

Tsipras without Famellos?
-Since I mentioned Tsipras, there’s a mobilization among current and former SYRIZA members for his speech at the Vellideio, and they’re looking for seats. But the question is whether Famellos will go. I asked a source yesterday and they told me it’s not expected, since that day he has a tour in Imathia, Pella and Pieria. Besides, I see him generally quite sulky that Alexis is showing up and pulling the rug. We’ll see, though, if he insists on his reluctance or ends up swallowing his pride.

Snappi launch by Piraeus Bank on September 10
-Right after the Thessaloniki Fair, specifically on September 10, Piraeus Bank is planning the launch of its neobank, Snappi. Preparations are in full swing since the neobank is aiming for 100,000 customers by year’s end. The goals are ambitious, with expansion into three different countries by 2029. The bank, despite the fierce competition in the Greek market, estimates it will reach break-even by 2027, at which point it expects to have 1 million customers, with the aim of doubling that the following year. In an absolutely tailor-made way, Snappi will seek to win the trust of private banking clients, targeting Millennials (born 1981–1996) and Gen Z (born 1997–2012).

After the Thessaloniki Fair, the settlement for Swiss franc loans
-We were waiting in vain for the Prime Minister to announce measures for Swiss franc loans at the Thessaloniki Fair inauguration, since it was decided this will happen afterward. The issue is technically, economically and legally complicated, and everything has to be calculated down to the last detail: on the one hand, borrowers really need to benefit, but on the other, it must not create problems for the Hercules securitizations. In any case, the main framework of the settlement doesn’t change: the loan is converted into fixed interest, and the exchange rate for conversion into Swiss francs is subsidized.

The two game changers for OPAP
-Analysts backtracked on OPAP, since they had expected a sluggish year and, in fact, at the start of 2025 hardly anyone had included the stock among their top picks. The majority believed that after last year’s stellar results for the Organization — thanks to the Euro, the rise of online, etc. — this year the bar would be set lower. But they hadn’t factored in Joker and the record-breaking jackpots, two of them in fact: one hit earlier this year and the second, nearly €29 million, just a few days ago, meaning it will show up in the third-quarter results. The catalyst was the increase in the price per column for the game, which technically facilitates the accumulation of massive jackpots. Given that Q2 (announced today, 3/9) is expected to be strong and Q3 even better, analysts are revising their estimates upward and now see a powerful year for OPAP and a new record in profitability, since beyond Joker, betting continues to grow. Moreover, some reports don’t even factor in the benefits from the full acquisition of Stoiximan and its contribution to OPAP’s figures, despite this year’s impact from the €200 million outflow for acquiring the extra 15%. But there’s also another positive catalyst: Eurobank Equities explained that the changes in the Champions League (more games, qualifying rounds, etc.) have created a structurally stronger environment for sports betting, leading to double-digit revenue growth. So for starters, the brokerage’s analysts revised their (conservative) €18.10 target up to €19.30, while recently some target prices above €22 have also been issued. The stock reached €20.66 this May, is up +24% since the start of the year, ranks among the most defensive plays on the Athens Exchange, and one of the few with a steady high dividend yield of around 8%, with total payouts expected this year near €1.5 per share. It’s not out of the question that today with the announcements (after market close) or tomorrow during the analyst call, there could be updates on the interim dividend.

GEK TERNA’s next moves
-GEK TERNA is entering a new financing stage, preparing a bond issue aimed both at closing out its €500 million 2020 bond and supporting its investment program. Word is the issue size will exceed Aegean’s €250 million summer issue, a sign that momentum and liquidity are working in its favor. The cash backdrop is strong: from Attiki Odos alone, about €140 million is expected this year — €60 million from dividends and €80 million from selling 10% of the concession to Marianna Latsi’s family office. A move that frees up capital without altering strategic control. On the project front, Egnatia Odos is nearing financial close on its concession, which will add another long-term asset to the group’s infrastructure portfolio. These are the kinds of contracts that bring steady revenues and long-term visibility. After selling Terna Energy to the Arabs, the energy sector will also deliver a second deal in the gas supply and power generation field through the NRG–Heron partnership. A related agreement has been signed between the two groups, with completion targeted by year-end. The Egnatia concession transfer to GEK TERNA also hides a twist recently revealed in Thessaloniki by Deputy Infrastructure Minister Nikos Tachiakos to employees: the company is heading for definitive closure at the end of 2025. About 80 employees will be transferred to agencies like Attiko Metro and OASTH, so the transition happens with minimal turbulence.

With National Bank’s help, the 2,000 points were held
-The “France Syndrome” and geopolitical insecurity with an unpredictable US President hurt market optimism, sending stock indices into the red and gold soaring. Athens tried to show calm and indifference to global developments, with the General Index daring to move toward 2,035.82 points (+0.22%), but after 1 p.m. it buckled under selling pressure across all heavyweights, lost the 2,000-point stronghold, and plunged to 1,995.44 (-1.77%). The close of the regular session found the General Index at 2,004.9 (-1.30%), and then a fierce battle began to defend the 2,000-point fort. With National Bank’s help, the index closed at 2,001.86 (-1.45%). Despite the swings, transaction value stayed at €182.82 million, with €15.39 million in block trades. National Bank fought its battle with €27.6 million in trades and managed to hold €12.07 (+0.21%). The rest of the banks closed negative. Viohalco, which had led the rally the day before, closed at €6.38 (-3.3%), its subsidiary Cenergy came under heavy pressure at €10.46 (-3.86%), as did ElvalHalcor (-3.02%) at €2.57. All FTSE25 heavyweights closed with significant losses, while in mid-cap only Kri Kri held at €19. MIG stood out like a fly in milk, since after the +20% the day before, yesterday it added +3.08% at €4.02.

The rally of National Bank
-National Bank may have led yesterday’s intraday effort by banks to limit the overall losses of the Athens Exchange and stayed above the psychological barrier of €12, but it remains far from the 10-year highs of €13.4–13.5 it touched three weeks ago. The stock has made a small rally over the past two days with cumulative gains above 2%. So far this year, it has jumped 57.5% cumulatively, with further upside potential of 6.35%, since the average target price set by analysts is €12.836. The bank ranks third among Athens Exchange listings in market cap, exceeding €11 billion, and is about €600 million short of overtaking Eurobank in second place.

Expectations for corporate announcements
-Now that the climate has soured, market hopes are turning to company plans and earnings. Today, besides OPAP we mentioned earlier, we await Quest (with spectacular developments in IT) and Trade Estates (after Lamda’s deal with ION, which boosts property values). For Quest, analysts expect double-digit profit growth, hoping for +12%. Trade Estates impressed in Q1 with +36.7% in net profit and +45% in Funds from Operations. Market expectations now focus on the retail park and logistics sector.

The bond market sends out SOS
-In France, the 10-year sovereign bond yield climbed to 3.6% ahead of critical political developments next Monday. France will need to raise more than €200 billion this year, and borrowing costs are an open wound. The UK bond market fired a loud warning shot — “Truss-style,” recalling the fiasco of the former prime minister — at the British government, with long-term borrowing costs reaching the highest levels in nearly three decades, above 5.68%. The 30-year bonds — gilts — continue their relentless decline, as the Labour government tries to plug a £20–25 billion fiscal hole in the upcoming autumn budget. In the US, 30-year bond yields are back at 5% levels, since Trump’s sweeping tax cuts and new spending plans are expected to add trillions to the deficit. The 10-year benchmark yield is hovering near its highest in 17 years. Across the developed West, bond market investors are dumping long-term debt, demanding higher yields in the face of persistent inflation and rising government borrowing.

The traditional “September blues”
-In America, where they love statistics, it’s taken as a given. In the September of the first year of the presidential cycle (right after the November elections), the S&P 500 is typically one of the two worst months of the year for the stock market. It declines 58% of the time, with an average monthly return of -1.62%. Since 1950, September has posted positive returns in just 3 out of 18 such cases, due to political reshuffling, worries over the new fiscal environment, and large-scale liquidations by institutional investors who often reposition portfolios at the end of Q3. In other markets, historical experience (and statistics) show that September is a month of increased pressure and volatility, meaning investment strategy focuses on managing financial risk.

In Spain, the economy is doing well, but unemployment stays double-digit
-What’s happening in Spain is a useful lesson for Greece. Despite the impressive momentum of the Spanish economy and the booming real estate market, Spain continues to be Europe’s “paradox” in terms of employment: the unemployment rate remains by far the highest in the EU, at 10.4%. Even more worrying is youth unemployment, soaring to 23.5% despite the positive economic climate. The cause of this “Spanish paradox” lies in the chronically rigid structure of Spain’s labor market. It’s a two-tier market: temporary contracts (temporales) are widely spread. A deep gap has formed between over-protected “permanent” jobs and the vulnerable temporary jobs of the young. Regulation favoring older workers discourages the creation of stable jobs and amplifies the cyclicality of unemployment during every slowdown. Spain today is a bad example of how an “old-school” labor market can corrode the benefits of a dynamic economic trajectory.