Hello, I will start today with a report I saw yesterday in El País about the tragic railway accident in Andalusia. The reputable newspaper, as well as footage from television stations, shows two enormous cranes attempting to lift a railcar in order to “reveal” what lies beneath it. In general, reading about what has been happening in Spain since the day before yesterday in relation to a dramatic event similar to the one we experienced in 2023, you unfortunately find frightening differences in how this issue is being handled — by the opposition, by the media, and even by society itself. At least until the investigation progresses and the judicial inquiry begins. In other words, the word “cover-up” — despite the fact that authorities are using cranes, machinery, etc. in an effort to exhaust even the slightest possibility of finding a survivor — has not been heard anywhere.

Mitsotakis’ concern and Davos

– Genuinely concerned about geopolitical developments, K.M. appeared yesterday at the Presidency, briefing Tasoulas shortly before departing for Davos later today. The prime minister appears particularly troubled in conversations with his interlocutors by the tension between the U.S. and Europe over the issue of Greenland, and also reluctant for Greece to participate in Trump’s much-discussed “peace meeting,” as are the other European leaders. Mitsotakis departs at midday for the Swiss resort, and today’s schedule will likely include a closed-door dinner, while his main panel is around 11:30. Of course, he will hold as many bilateral meetings as possible, as he must leave early in the afternoon for Brussels, where EU leaders will gather for a dinner with Trump, Greenland, and their response on the menu.

President Maria was stunned…

– I return now briefly to the favorite topic of the past few days. Those who have some contact with President Maria tell me that she was thunderstruck and deeply upset by the outcome of her interview the day before yesterday. As usual, Karystianou did not examine what she said wrong or what mistake she made, but instead lashed out at the media and… something happened. The most common thing, after all, is that when something goes wrong, journalists or the media are always to blame. In any case, I’m told that for now the president will cut back on her “free appearances,” meaning she will not give live interviews to journalists who do not intend to play the role of Agapi. For older readers among you, if you remember, Agapi was a likable lady who asked softball questions alongside the late Vangelis Giannopoulos on “Channel 29” of the also late Giorgos Kouris. In any case, to be honest, the president may have accused journalists yesterday, but in substance she did not retract her opinion on abortions. “They haven’t even thought about what a couple or a woman who is forced to have an abortion goes through,” she said. Of course, she probably does not take into account that most unwanted pregnancies happen due to momentary mistakes (where are you, Paschalis…), but that is another matter.

Agricultural Chamber

– I go back to yesterday’s Mitsotakis–Tasoulas meeting, which covered many issues, including the farmers’ mobilizations. I’m told that K.M. expressed cautious optimism to the President regarding the farmers’ withdrawal from the roadblocks and said that the state has exhausted all its capabilities to support farmers, but has not exhausted its ongoing desire to remain in dialogue with them. Tasoulas, on the other hand, told K.M. that the lesson of the past two months with the roadblocks and all the mobilizations is that it is extremely important to have a collective, representative umbrella body that represents the agricultural sector and engages in dialogue with the government of the day — a kind of Agricultural Chamber, which K.M. himself has already discussed in broad terms.

Hatzidakis–Skertsos

– Beyond their very good cooperation in coordinating government work, Vice President Hatzidakis and Minister of State Skertsos yesterday undertook to present the key initiatives for 2026 at the level of government action. The government plan includes 10 major legislative initiatives and 30 key reforms and projects, and obviously the government needs to step on the gas, because this year is the last one in which it can produce measurable work. What I found interesting in the presentation was a series of indicators that demonstrate, according to the government duo, how convergence with Europe is being achieved — for example in unemployment indicators, public spending on health and defense, closing the VAT gap, and even in the relationship between electricity imports and exports.

ND pre-conferences

– Most likely at the end of the month, or at the latest in early February, ND’s pre-conferences will begin across Greece. I remind you that they were supposed to start last Saturday in Thessaloniki, but party officials decided not to press the button while the issue with the farmers remained unresolved, since everyone would have focused on that. Depending on Mitsotakis’ availability, 5–6 thematic pre-conferences will be held in Ioannina, Patras, Larissa, Thessaloniki, Heraklion, and possibly Rhodes, while the ND congress begins on May 15.

Androulakis

– Now, before I move on to yesterday’s “Nikos… it’s probably not raining” PASOK report, I’ll make a small observation. The statement by spokesperson Marinakis on the government’s position on Greenland is clear: he said yesterday, “International law is not up for discussion and is not questioned; Greece stands with Denmark and with Europe; America can find some solutions — more bases, radars, etc.” Why he needed that statement, especially yesterday amid the chaos unfolding in Androulakis’ party, no one quite understood — but it’s not the first time.

President Nikos, Haris, and the magic algorithm

– So it was quite an atmosphere yesterday at the meeting of PASOK’s Political Secretariat under our president Nikos. All hell broke loose, and this time it was Doukas who kicked things off, and how could he not, given that for days he had been throwing barbs at the president. Haris bluntly told him that “our strategy has failed” (well, surprise…) and something along the lines of “we’ll only see the goal of first place through binoculars if we don’t change course” — though I imagine he meant unless you go home. President Nikos, of course, was not caught off guard; he expected it and deflected angrily, responding, “What are you talking about?”

The fight over the algorithm

– Where it seems our president really lost it was when he heard Doukas talking about a “magic algorithm” that Androulakis’ people are allegedly preparing for participation in the Congress. According to the mayor and other PASOK figures, Androulakis is preparing an algorithm under which Athens would be represented by significantly fewer delegates than a prefecture in Crete! Will Crete stage a landing at the Congress? Doukas demanded the withdrawal of the “magic algorithm,” but Nikos is said to have replied, “That’s how it is, take it or leave it!” The clash between Doukas and Androulakis yesterday was endless. When the mayor again proposed holding primaries to select parliamentary candidates, the president cut him off almost mid-sentence. “What are you saying? We held primaries many years ago and that system failed,” Androulakis is said to have argued — only to hear Doukas reply with a slight smile: “If it failed, then why did you put it in the statutes and we voted on it at the previous Congress?”

And Geroulanos…

– As if Doukas wasn’t enough, pushing him even on post-election alliances, he also had Geroulanos giving him a dressing-down, under the pretext of the unmoving needle. Pavlos, of course, also kept his eye on the needle of his watch, because time was passing and he had to cut the ceremonial cake at the Caravel, whose walls — from the many PASOK meetings held there over the years — hear the news first, especially when it isn’t good. Geroulanos reportedly called to “declare the party in a state of alarm.” Nonsense, really — he just wanted to land one last blow. The question is whether yesterday marked the beginning of a more systematic attack on Nikos A. that will lead somewhere, or just another pointless intra-party barrage.

Coincidences at Piraeus Port: Paying dearly for “Calypso”

– For the 7th consecutive month, a significant and noteworthy decline has been recorded in container traffic at the country’s largest port, Piraeus. For the full year just ended, the decline exceeded -6%, to 3.967 million TEU. This may not show up on the bottom line of the balance sheet, as PPA increased its service tariffs. The real problem, however, lies in “Calypso,” the largest customs fraud ever uncovered in the EU. In June 2025, the European Public Prosecutor seized 2,435 containers in Piraeus — a record seizure in EU history. The ring, led by Chinese nationals with Greek customs brokers as accomplices, along with two customs officers, had for years been importing electric bicycles and scooters from China disguised as spare parts or other undervalued goods. The evaded customs duties and VAT were estimated at €700 million across Europe, with 17 shell companies from Bulgaria using Greek tax IDs. The fraud was uncovered, but immediately afterward a bottleneck was created at the Port of Piraeus. Thousands of containers remain at the port awaiting thorough inspection, effectively blocking capacity. The infamous “Kelly,” the Chinese mastermind of the fraud in whose possession €4 million in cash was found, had set up a mechanism that flooded Europe with fraudulent goods via Piraeus. She caused a traffic jam at the Port of Piraeus, resulting in the company’s share price plunging by more than 15% over the past six months. The market understands the impact better than the reassuring official announcements.

Chaos — again — at the HCMC (EXAE) general meeting

– Yesterday’s extraordinary general meeting of HCMC (EXAE) was also eventful, convened once again to change the company’s board of directors in the context of its acquisition by Euronext. The previous meeting, on December 22, 2025, was deemed “null and void” following objections raised by shareholder and lawyer Konstantinos Drougas, who challenged the legality of the convocation dates. As a result, it was postponed again, and yesterday afternoon a new thriller unfolded, as the same shareholder announced that, in addition to filing a lawsuit regarding the holding of the general meeting, he has also submitted injunctions and two applications to annul the acquisition to the Council of State. As he argued, the decision to prematurely terminate the board’s term is unlawful, as it is not provided for by law, and since a lawsuit has been filed, the convening of an extraordinary general meeting is also unlawful. Furthermore, among the multiple legal arguments he invoked, he claimed that the voting procedure via postal ballots is also unlawful, and therefore so is the acquisition of HCMC by Euronext. In short: total chaos. G. Chatzinikolaou, acting as interim chair of the general meeting, did not adopt these arguments; there were some heated exchanges between the two, and in the end he stated that “we fundamentally disagree” and that the process would continue normally — which it did. The vote was completed, the items were approved, and it remains to be seen whether there will be any future legal complications for Euronext Athens — something rather unlikely, although with lawyers you never know. Still, if this “match” continues with surprises and new annulments, I can see Bouznas soon paying to get rid of HCMC.

Xenokostas, after shipyards and ships, now sets course for trains

– A new company was established yesterday, Tuesday January 20, by Panos Xenokostas of ONEX. It is named “ONEX Rolling Stock & Integrated Systems S.A.” (“ONEX RSIS”), headquartered in Elefsina, with the primary purpose of providing repair and maintenance services for railway cars (locomotives) and railway rolling stock. Beyond that, various activities are provided, such as engineering consulting services, mechanical engineering studies, engineering services for energy projects, design and development of information technologies, reconstruction and equipment services for railway and tram machinery and rolling stock, among others. In other words, after shipyards and ships, ONEX is now setting course for trains as well. The initial share capital is €25,000, paid in by Panos Xenokostas with €2,500 corresponding to 250 shares (a 10% stake in the company), and by ONEX S.A. for Innovative Products and Services – IT – Aeronautical Applications – Security Systems, represented by him, with €22,500 corresponding to 2,250 shares (a 90% stake). The first Board of Directors includes Panos Xenokostas as Chairman & CEO, as well as Ioannis Stamatopoulos and Konstantinos Keratsas as members.

No solution for industrial electricity

– At SEV (the Hellenic Federation of Enterprises), frustration is boiling over regarding the solution for industrial electricity, as no light appears at the end of the tunnel. Last week, at a meeting with journalists at the Ministry of Energy, the deputy minister — tasked by the prime minister with finding a solution to the cost of industrial electricity — Nikos Tsafos, informed reporters that there is no solution. Even though SEV put a ready-made solution on the table, based on the so-called Italian model, he told journalists that he cannot implement it because the Commission would not allow him to grant a subsidy. He failed to mention, however, that it is not a subsidy but a loan, which industry would repay with interest. That is precisely why it does not need to be notified to the Commission. His second justification was that the Italian model was approved first and the CISAF came afterward, and therefore it cannot proceed. However, public documents prove exactly the opposite — that the CISAF came first and the Italian model afterward. At SEV, there is serious concern, as it appears that the deputy minister is torpedoing every solution by invoking various justifications, while they cannot understand how at the same time Bulgaria, Germany, France, and Italy manage to do everything possible to support their production.

At noon, the machines fell silent at the Viohalco Group

– The Stasinopoulos family’s initial decision was to keep the circle of people accompanying the “patriarch of Viohalco,” Nikos Stasinopoulos, to his final resting place very small. After all, the late businessman was known for his consistent distance from publicity (there is even a myth that he paid photographers not to photograph him at public appearances). Ultimately, however, hundreds of prominent figures from the economic, political, artistic, and academic spheres expressed their wish to attend Nikos Stasinopoulos’ funeral, and late the previous afternoon the original decision was changed. Yesterday at noon, all Viohalco Group factories, in every country where the group operates, stopped operations for one hour. Employees paid tribute to the man, the entrepreneur, the visionary of Greek industry. Many notable individuals gathered at the First Cemetery of Athens. No eulogy was delivered, by decision of the family, which respected Nikos Stasinopoulos’ genuine modesty. The words of the Metropolitan of Thebes, Livadeia and Aulis, Georgios, were enough to describe the path and role of the great businessman.

The Chinese ambassador has begun public relations

– You read last Monday in this column about the fact that the Chinese embassy in Greece organized, for the first time, an event to cut the New Year’s cake. I return to that event because the most striking moment was when Ambassador Fang Qiu took the microphone and sang Dionysis Savvopoulos — specifically an excerpt from the song “Let the dances continue,” emphasizing the lyric “history is made by groups of friends.” Beyond his singing efforts, on January 28 a closed meeting will be held at the Embassy, with the participation of representatives of Greek media and members of the diplomatic mission. The meeting, described as informal, falls within the framework of exchanging views and strengthening communication with journalists. The central figure of the discussion will be the Ambassador, who is expected to speak on issues of common interest, while the presence of younger diplomats from the embassy is also of interest, as they will share experiences and observations from their work in Greece. According to information, the discussion will have an open character, with the possibility for participants to ask questions, although it has been requested in advance that topics for discussion be submitted, in order to allow better preparation.

Behind the scenes of the Greece–Egypt ferry connection

– In the informal discussions at the Ministry of Maritime Affairs and Insular Policy, the Patras–Egypt ferry connection is now being discussed in a way that shows the issue has moved beyond diplomatic pleasantries. The meeting with the Egyptian delegation and Pan Marine was anything but coincidental, according to those close to it. The question is no longer “if,” but “when” — and above all under what terms — the route will be established so that it is viable. Behind closed doors, particular importance is being attached to the involvement of the Port Authority of Patras, as the upcoming signing of a cooperation agreement with Pan Marine is considered the first tangible step. It is clear that Athens views this ferry connection as part of the broader strategy of tightening ties with the Sisi government. Pan Marine Group is a large, independent Egyptian company in shipping, transport, and logistics, with more than 45 years of market presence. It employs over 950 people, with operations in more than 20 locations across Egypt such as Alexandria, Damietta, Port Said, Suez, etc., and manages services at all major ports in the country. Attempts at a ferry connection in the past, focused on Alexandria, remained on paper. We shall see.

Dynacom Tankers’ bet on VLCCs

– Giorgos Prokopiou recently concluded an agreement for four new VLCCs at the Chinese shipyards Hengli Heavy Industries, which was announced by the parent company Songfa Ceramics on the Shanghai Stock Exchange. The deal indicates that the shipowner is reshaping capital allocation and investment strategy. Equity analysts reading these deals see Dynacom Tankers converting part of shipbuilding risk into a long-term asset, committing significant production capacity at Chinese shipyards that have now moved into the front line of the world’s top VLCC builders. VLCCs with a capacity of 306,000 dwt remain highly valuable for global crude oil transport, with steady demand and high revenue margins during periods of strong shipping activity. From an investment perspective, VLCC orders shape the balance sheet and future cash flows, while strengthening Dynacom’s competitiveness.

Now that’s… a gift

– Extra virgin olive oil with 24-carat edible gold leaves will be offered as a protocol gift by the Minister of Environment and Energy, Stavros Papastavrou, to Saudi officials visiting the Greek Ministry of Environment and Energy tomorrow. Specifically, according to the relevant documents, the commitment of a total credit amounting to €136.40 was approved for the payment of an equivalent expense charged to the Regular Budget of the Ministry of Environment and Energy (“Offices of the Minister, Alternate Ministers, Deputy Ministers, General Secretaries, Alternate General Secretaries and the Administrative Secretary of the Ministry of Environment and Energy”) from the account for “Promotion, advertising and public relations expenses,” fiscal year 2026, “for the procurement of protocol gifts, EPTAECHOS AGOURÉLAIO EXTRA VIRGIN OLIVE OIL WITH 24K EDIBLE GOLD LEAVES 500ml, which will be given by the Minister of Environment and Energy on 22.1.2026 during meetings with the Minister of Industry and Mineral Resources Mr. Bandar bin Ibrahim Alkhorayef and Mr. Khalid AlMudaifer, Deputy Minister for Mining Affairs of Saudi Arabia.” As promoted, “EPTAECHOS agourelaio (Heptachord, in Greek) comes from the rare local Nemoutiana variety, whose olive trees dominate the mountainous areas around the sacred site of Ancient Olympia, and whose fruit is harvested by hand. It is ideal for raw consumption, has a uniquely rich taste, an intense fruity aroma, and a distinctive aftertaste reminiscent of freshly cut olive and wild nature.” Apparently, oil men in Saudi Arabia don’t just wear gold — they eat it too.

A… luminous company

– Having accumulated numerous distinctions for her work on high-aesthetic lighting projects for public and private spaces (residences, museums, monuments, hotels, restaurants, shopping centers, squares, façades of public buildings, etc.), Eleftheria Deko decided to take another entrepreneurial step, this time focusing on the real estate market. Thus, a few days ago she proceeded with the establishment of the company “Living Design Single-Member P.C.,” headquartered in Argyroupoli — where Eleftheria Deko Lighting Design has long been based — with the purpose of buying, selling, and managing real estate, holiday accommodations, construction of residential buildings, and more. The initial share capital is €200,000, divided into 2,000 corporate units with a nominal value of €100 each, fully paid in by her, as she also assumes management and representation of the new company. It is worth recalling that Eleftheria Deko studied philology and ballet in Greece, then received a scholarship to New York University, where she completed her postgraduate program in performing arts, and subsequently taught stage lighting at the same university for two years. She returned to Greece in 1992 and began a remarkable career, with many significant milestones, such as the lighting of the opening and closing ceremonies of the 2004 Olympic Games, the recent lighting of the Acropolis and the archaeological site at Sounion, as well as more than 600 theater, opera, and music productions. In 2005, she also became an assistant professor of stage lighting at the Aristotle University of Thessaloniki, in the Theatre Department of the School of Fine Arts.

The Danes, after products and services, now boycott U.S. bonds as well

– Akademiker Pension is a Danish pension fund with assets of $25 billion, managing the savings of teachers and academics. It held a $100 million position in U.S. Treasuries. It officially announced that by the end of the month it will fully liquidate this position. CIO Anders Schelde put it bluntly: “The U.S. is not a good credit risk, and in the long term public finances are not sustainable.” Trump’s threats over Greenland, ballooning fiscal deficits combined with rhetoric about lower interest rates and a weaker dollar, form a picture of credit risk that, for the first time, a major European institutional investor is articulating publicly. Denmark, a close NATO ally that sent troops to Iraq and Afghanistan, feels betrayed. On the same day, in the streets of Copenhagen, 10,000 Danes wore red caps with the slogan “Make America Go Away.” The Facebook group “Boykot Varer Fra USA” surpassed 95,000 members, coordinating boycotts of Tesla, Netflix, Coca-Cola, even Gmail. The Salling Group supermarket chain marked European labels with asterisks in 1,700 stores. The boycott of American values is expanding. In Canada, a 70% drop in bookings for flights to the U.S. is being recorded. Similar groups are emerging in Sweden, France, and Germany. The phenomenon is unique. The U.S. bond market is facing an unprecedented situation: the refusal of a Western ally to finance the American superpower not for economic reasons, but for reasons of values.

All eyes on Powell before the Supreme Court today

– The American central banker announced that he will personally attend the Supreme Court hearing in the Lisa Cook case, a move that clearly reveals the depth of the crisis in relations between the White House and the Federal Reserve. The case concerns the U.S. President’s attempt to dismiss Lisa Cook from the Fed in August 2025, citing allegations of mortgage fraud, which she categorically denies. It is the first time in the 111-year history of the Fed that a member of its Board of Governors has been dismissed. Lower-court rulings have vindicated Cook, but the Supreme Court’s decision will determine the limits of presidential power vis-à-vis independent institutions. If the President prevails, he would gain a majority on the seven-member Fed board. We all heard Steven Miran’s views last week at the National Gallery. The White House’s economic adviser was sworn in as a Fed “governor,” formalizing political influence over the Central Bank. At present, the U.S. central banker faces dual pressure: on one hand, the President’s public demands for aggressive rate cuts, pushing the dollar rate down to 1%, and on the other, criminal subpoenas from the Department of Justice regarding renovations of Fed buildings. Today’s trial in the Cook case goes beyond the individuals involved. It concerns the 1913 law that entrusted governmental authority to an Independent Central Bank. That is what is at stake.