Greetings, if 2026 began dynamically with the “seizure,” in a cinematic manner, of Maduro by the American army, do not think that many days will pass before we experience something equally spectacular on the international stage. Perhaps this will be the fall of the savage Islamic regime of the Mullahs of Tehran, which does not even require Trump to lend a hand: after so much violence and oppression over 50 years, the people are in the streets, the dead according to international sources are already in the hundreds, and it now seems difficult for Khamenei to endure. Now, what will happen afterward… here is where things get difficult, because as you will remember, after the Arab Spring came the hell of ISIS. Still, we seem to be heading toward the fall of the Iranian regime, even if in a second phase. More difficult for us Europeans will be Trump’s other great “occupation,” the conquest of Greenland, even if by buying out its inhabitants—unbelievable, right? Greenland formally belongs to Denmark, you see, therefore it is in some way EU territory, so there things become complicated for us as Europeans. We will have an exceptionally interesting year in 2026 with all this, but let us not forget that President Trump’s imperium will be tested (this year as well), because there are midterm elections in the U.S., so it will become clear whether his momentum will be cut short or not.

Farmers – K.M.

On domestic matters, Mitsotakis left for Madrid, where today he will meet with Pedro Sánchez on a visit that I do not know, beyond protocol, why it is happening now, although a similar one between the two heads of government last took place about 13 years ago. He will return in the evening to meet with our honored farmers on Tuesday at the Maximos Mansion, where logically the issue will also be closed, since, as we said, in a few days the real farmers—not those who will go to Maximos—begin work in the fields.

Report on the airport blackout

Within the week, the report of the Committee investigating what happened at the beginning of the month, when the communication system between airports and airplanes went down, is also expected. My source says they are almost certain it was a hardware failure—in plain Greek, that the system broke down because it is ancient. If what happened is what seems almost certain, Mitsotakis has, in my opinion, one thing to do: cancel whatever tender is running (or almost running…) and bring in an urgent piece of legislation for reasons of national security and citizens’ safety, with direct assignment to whoever has such systems, guided by speed and technical competence. Nothing less or more. And what Dimas says, that the upgrades will be completed by 2028, I hear as a huge mistake, without of course blaming the minister, who has not been there for more than a year.

The office visit and Tragakis’s daughter

Let me convey two snapshots from K.M.’s visit on Saturday afternoon to the ND offices on Piraeus Street on the occasion of the 10th anniversary of his election to the leadership. The first thing the prime minister did upon arriving was to take the elevator up to his office on the third floor of the building, where he will obviously return during the pre-election period of 2027. Otherwise, there were greetings and short huddles, while the “lifelong” Giannis Tragakis was walking arm in arm with his daughter, Argyro Tragakis, who is destined for the ballot of Piraeus B. Indeed, Tragakis’s daughter has also had a relevant meeting with K.M. for weeks now.

President Nikos, the unmoving needle, and Pavlos’s eviction

And we move on to PASOK matters, where the unmoving needle is driving MPs and party officials crazy, day in and day out—those who want to claim a parliamentary seat but see no progress on the “green” horizon. The percentages remain stuck and disappointing, mainly in the electoral districts of Attica, where the appearance of Alexis makes President Nikos’s life even more difficult. Tsipras has his own “little problems” in the region, where Karystianou is entering the game with… momentum—if the momentum turns out, of course, to be of… Popi (that pre-election 2023 moment when Tsapanidou saw something that citizens did not see in SYRIZA’s dynamics), the former prime minister may hope that the times will turn (in his favor). President Nikos, on the other hand, sees the dream of second place in the basin drifting away and being lost, slowly but steadily. Even if the ranking order of ’23 is simply repeated, PASOK will once again see the back of the KKE and end up in fourth place. The current MPs, apart from the unmoving and single-digit needle, also have to contend with new “players” entering their area. Diamantopoulou decided to run in South Athens aiming for first place, since one seat for PASOK is considered certain, the one secured last time by Pavlos Christidis. President Nikos was also a candidate in southern Athens, but preferred to keep the seat in Thessaloniki A and push out Haris Kastanidis. Now? The “nice” thing is that some hard-core Androulakis supporters, who take for granted the candidacy of President Nikos (without a preference vote) in some district of Attica, do not rule out any scenario—even the one that has Androulakis running in Athens A. With one seat for PASOK, and if Androulakis keeps it, Pavlos Geroulanos will be left out… It is an extreme scenario and yet it is circulating, and if nothing else it describes the… fierce intentions of the presidential camp against their intra-party opponents. The other scenario being heard says that Androulakis will run “opposite” his intra-party rival, Manolis Christodoulakis, in East Attica. If he does not do so, he may field Nikos Milis and throw the entire party machine behind him, aiming at the methodical erosion of Christodoulakis’s momentum. A mess…

President Maria…

Otherwise, President Maria has properly entered the party’s trip, because I see and read that she now makes political statements wherever she stands and wherever she goes, one per day. Various people have appeared attaching themselves to Karystianou and praising her publicly, such as the pianist Farantouris, Zakri, who sees that Kasselakis might… leave politics and not know where else to go herself, and other desperate figures. She is undeniably the most interesting figure at the beginning of the new year because, despite what she said… as if something bit her, she decided to press the button and announced a party, whereas she could have waited. Some tell me she was convinced that Mitsotakis will allegedly call elections before the start of the Tempi trial. Everyone in the world can of course believe whatever they want, but K.M. is the last person to be thinking about elections, not even about a reshuffle. In the coming days, polling will also begin, and it will be interesting to see what Maria’s needle does as a party leader and not as the sympathetic mother of Tempi.

The symbolism of Pierrakakis’s announcement

On Friday night, Kyriakos Pierrakakis announced, with his new capacity as president of the Eurogroup, the six candidates for the position of Vice President of the European Central Bank. Among them were two names that were anything but unknown in Greece during the decade of the crisis: Olli Rehn and Mário Centeno, who are seeking a recommendation from the Eurogroup to the European Council, in a process that requires a 72% majority of eurozone member states. It is recalled that the Finnish politician served in 2010, at the outbreak of the crisis, as Commissioner for Economic and Monetary Affairs and the Euro (with the legendary “good luck” at the first memorandum), while the Portuguese served as president of the Eurogroup in 2018, after Jeroen Dijsselbloem. And while Pierrakakis is not the only one responsible for their selection, still, it has its symbolism that it is the Greek finance minister who announces their candidacies.

From transatlantic flights to Riyadh

For those who are watching, it does not go unnoticed that Stavros Papastavrou until today was almost a permanent passenger on planes heading to the other side of the Atlantic. Contacts in the U.S. consistently focused on an energy mix with fossil fuels at the center: hydrocarbon exploration with American giants ExxonMobil and Chevron and LNG imports. The minister has been in Riyadh since yesterday, making his first trip to an Arab country since taking office. Officially, his presence in Saudi Arabia is linked to a conference on critical raw materials. Behind the scenes, however, it is considered a given that during his stay there will be contacts with clear energy interest. Saudi Arabia has the rare triptych of capital, geopolitical weight, and strategic alliance—elements that are hard to ignore when major projects are on the table. At the center is the Greece–Saudi Arabia electricity interconnection, a high-demand project being worked on by ADMIE and National Grid, which aspires to open a new energy corridor between Europe and the Arabian Peninsula. What is sought at this stage is not technical details, but whether and to what extent there is political and investment appetite to move forward. At the same table, a more cautious reference to an even more complex project may also be made: the Greece–Cyprus interconnection, especially given that interest from the Arab side is not unknown. It is recalled that in December 2023 Cyprus signed a Memorandum of Understanding with state-owned TAQA, with the participation of ADMIE, to promote investments in the Cyprus–Crete electricity interconnection. But with the project’s problems, all these agreements went out the window. It is no coincidence that, according to his interlocutors, Stavros Papastavrou often points out that the participation of investors from other countries in the share capital of the cable can contribute decisively to managing balances, especially in projects with complex geopolitical issues such as the GSI. Papastavrou will have bilateral meetings with the Saudi minister of energy, Prince Salman bin Abdulaziz Al Saud, and the minister of industry and mineral resources, Bandar bin Ibrahim Al Khorayef, as well as with executives of major Saudi groups operating internationally, including Dar Global, Quara Holding, and Alireza.

Papastavrou–Eric Trump meeting

As part of the official visit mentioned above, which he has been making since yesterday in Riyadh, Saudi Arabia, Stavros Papastavrou met yesterday with Eric Trump, the second son of the President of the United States. Eric, together with his brother, is responsible for the Trump Organization, which is developing intense business activity in Saudi Arabia and more broadly in the Middle East. As part of his presence in the country, the minister was invited to and attended the inauguration ceremony of the new projects being implemented by the Trump Organization in Riyadh and Jeddah.

Prayers did not reach the Supreme Court

The well-known businessman Pantelis Mantonanakis, who invokes Saint Stylianos as his protector, found himself facing adverse developments. His prayers and efforts bore no result. With the recent decision AP 17/2026, the Supreme Court (Areios Pagos) rejected the application for annulment he had filed, through which he challenged the “abusive,” as he claimed, termination of his loans by creditors in 2019. This decision now leaves the way open for forced execution against his hotel units, which are entering the center of liquidation proceedings.

Jumbo will also sell cigarettes

Jumbo decided to distribute an extraordinary cash dividend of €0.50 per share to its shareholders and for this reason is calling an extraordinary general meeting on February 4. There is, however, another issue to be discussed. It concerns the amendment of Article 4 (“Purpose”) of the company’s articles of association. What is changing? Jumbo decided that it will be able to sell tobacco products, including new tobacco products, electronic cigarettes, and all related smoking items. Other activities are also being added to the articles of association, such as the provision of storage and distribution services (logistics), the production of electricity from photovoltaic systems, leasing and maintenance services for owned and leased properties not intended for residence, and the purchase and sale of owned real estate. Particularly the latter appears to be of great interest, and it remains to be seen what exactly it αφορά…

Tiresias–Equifax: The cooperation still has a long way to go

Major projects have been launched at Tiresias. The first step was the conclusion of a strategic commercial partnership with Equifax, a leading global Credit Bureau specializing in data, analytics, and technological solutions for decision-making. Through this commercial partnership, Tiresias, whose CEO is Ilias Xirouchakis, will support businesses and financial institutions in credit-related decisions through cutting-edge technological systems that will utilize Tiresias’s reliable data. The cooperation with Equifax became possible because after three years Tiresias returned to profitability, and the beginning comes with the provision of four categories of products. It appears that Tiresias will soon move into advisory services, while expansion into other products is also planned. In the market it is said, without confirmation, that the two companies—as the cooperation matures—may move jointly abroad, something that possibly explains why a group of Equifax’s caliber took an interest in the Greek market of 20 million.

HSBC: Warns of overheating of the Athens Stock Exchange

HSBC issued a clear warning about the overheating of the Greek stock market. In a report, the investment bank recommends that investors reduce their exposure to the Greek market in 2026. Put more simply, to start taking their profits, estimating that the strong rally of recent years (the General Index stands at +140% over the six-year period 2020–2025) has now exhausted the margins for further upside. HSBC stresses that the positive elements of the Greek economy—fiscal stability, improvement in bank indicators, and reforms—have already been priced into valuations, limiting future catalysts. At the same time, it aligns with other houses that argue that Greece’s transition from emerging to developed market status, although institutionally positive, may in the short term cause significant capital outflows, as several funds will be forced (also due to their statutes) to divest. HSBC warns that many Greek stocks risk losing their visibility in international indices, reducing investment interest. Overall, the bank sees 2026 as a year of increased risks and lower returns for the Greek market, with the risk–return balance deteriorating markedly compared to previous years.

Agricultural electricity: The price of €0.085 cannot be reduced further

The price of electricity for agricultural use, through the GAIA tariff, has now definitively “locked in” at €0.085 per kilowatt-hour, with no possibility of further reduction. Sources with knowledge of the matter state that this price constitutes a final arrangement and cannot be readjusted, definitively closing the relevant discussion. Nevertheless, public debate continues with requests for additional reductions which, according to the available data, are not supported by economic or regulatory grounds. The assessment of the €0.085 price requires—as the same sources emphasize—examining the overall regime of charges and exemptions applicable to agricultural electricity, and not only the nominal kilowatt-hour price. According to calculations arising from the current framework for the tariff’s application, farmers are not burdened with transmission and distribution network usage fees (ADMIE, DEDDIE), do not pay special consumption tax, and pay significantly reduced charges for Public Service Obligations (PSO) and ETMEAR (RES levy) compared to other consumers. The result is a real energy cost many times lower than that of household tariffs. In practice, if the net energy cost of a household consumer with a green tariff is indicatively depicted as “10,” the corresponding cost for the agricultural tariff does not exceed “4.” This is a difference that places agricultural electricity in the lowest pricing tier among professional categories. A similar picture emerges from comparison with the Social Household Tariff B, under which approximately 300,000 beneficiaries fall. Based on current prices, farmers until now paid a comparable cost to beneficiaries of the social tariff. With the new price of €0.085, they will now pay less than the SHT, despite being a professional group that uses electricity to generate income and not as a measure of social protection. According to calculations based on average professional and household tariffs, agricultural electricity is today among the lowest-priced electricity for productive use, not only nationally but also at a European level. This picture arises both from nominal prices and from final charges after regulated fees. In this context, the issue of electricity cost is expected to be raised again at Tuesday’s meeting between the government and farmers, although—according to the same sources—there is no margin for renegotiating the price. The meeting may also be attended by the CEO of PPC, Giorgos Stassis, lending additional institutional weight to the process. With these δεδομένα, the agricultural electricity component appears to have essentially closed, with the discussion now shifting to the remaining open issues facing the farming community, from trade agreements and international competition to the broader structural challenges of the primary sector.

One & Only Kea wants to expand – The reactions

The file for the expansion of the One & Only Kea Island of the international Kerzner group on Kea is scheduled to pass this week through the review of the competent authorities of the Ministry of Culture, specifically the Central Archaeological Council, and it remains to be seen whether it will be a… walk in the park or not. This concerns the Environmental Impact Study (EIS) that has been submitted for increasing the capacity of the island’s five-star resort from 330 to 565 beds, along with a “redesign of the layout of the existing villas/bungalows” and “grouping accommodation into smaller ‘clusters’ of residences.” It is noted here that the sale of residences worth several million euros is being promoted by Dolphin Capital Partners of Miltiadis Kambouridis, which is also participating as an investor in the project. As noted in the EIS, “the units are organized into clusters of small hubs, with rows/clusters including 3–8 residences per group, in order to maintain a sense of dispersion and reduce visual mass compared to a large, compact development,” for a project that is also strengthened with additional infrastructure for wellness, sports activities, port facilities with the placement of floating platforms, additional swimming pools, expansion of the desalination unit, a helipad, etc. The EIS submitted for approval also refers to changes in volumes and heights in specific sections, with the maximum permitted height in certain zones increasing from approximately 7.5 meters to sections reaching 10.5–15 meters, serving “the integration of larger or two-story/modified units and auxiliary spaces,” with height changes characterized as critical “for visual intensity and for the footprint on the landscape.” For the expansion, however, indicative are the (not few) comments and objections during the consultation of the relevant EIS (completed in early December 2025) from local bodies and residents, who speak of significant strain on the island’s carrying capacity, unequal distribution of natural resources, disproportionately negative impacts on elements of the natural environment, etc. As noted indicatively, “according to data from the Hellenic Chamber of Hotels for the year 2023, the island had a total of 584 beds.” The creation of the Integrated Tourist Resort for One & Only Kea Island “initially increased this number by 56.5%, while the proposed modification with the additions will almost double the island’s original number of beds.” In addition, the new design does not take into account “the disproportionate burden on water consumption on the island during the summer months, which often reaches the point where prolonged interruptions in the municipal water supply network are observed, as well as phenomena of salinization and/or silty contamination,” while reference is also made to the “underestimation of helicopter flights and their impacts.”

Movement

Competition is growing, good people are not lost, and thus Stavros Karagrigoriou, former CFO of Ethniki Asfalistiki (National Insurance), is heading toward Minetta Insurance, within the framework of the insurer’s restructuring. S. Karagrigoriou remains one of the capable executives of the insurance market, has many years of experience in financial services, and joined the workforce of Ethniki Asfalistiki in 2016 assuming the role of CFO. Administrative changes at the company, within the framework of the new shareholder structure, resulted in his departure.

Nicolas with the 27 ships and the $250 million cash pile

Contships Logistics, interests of Nicolas Pateras, once again confirms its strong position in the feeder containership sector, strategically and consistently exploiting the opportunities presented by the secondary market. The recent sale of five vessels to Medkon Lines and Metrostar Management brings more than $60 million into the company’s coffers, while the vessels are accompanied by existing charter contracts with major liner companies, ensuring their value and immediate returns. The company, which started in 2015 with a limited investment in the feeder sector, today has a fleet of 27 vessels with no debt, while cash reserves are expected to rise to approximately $250 million after the latest sales of the five vessels, which will be used for new investments. Nicolas Pateras has proceeded with ship sales at particularly profitable prices, taking advantage of the rise in the charter market, while at the same time renewing the fleet with newer vessels, without borrowing and with stable dividends for shareholders. Also significant is the return of Metrostar of Panagiotis and Dimitris Angelopoulos to the containership sector after approximately 15 years. The acquisition of two feeders from Contships marks its dynamic re-entry and its intention to exploit opportunities in this sector, demonstrating confidence in the quality of the Greek shipowner’s fleet and transactions. These moves confirm Pateras’s ability to manage the fleet and investments with consistency and strategic planning. Contships remains focused on fleet renewal, liquidity, and reliability toward major liner companies, while the market watches the entry of new players such as Metrostar, showing that the momentum of Greek shipping in containerships continues.

Pistiolis and the sale of the mega yacht “San Lorentzo”

The transfer of the under-construction mega yacht San Lorenzo, with scheduled delivery in the second quarter of 2027, by the U.S.-listed company TOP Ships is not a lifestyle issue, but a purely business decision. Evangelos Pistiolis chooses to remove from the company an asset that is not connected to its core role, namely tankers. Specifically, with the sale of the special purpose company to Rubico Inc., which is the contracting party to the shipbuilding agreement for the newbuild vessel, for $38 million, TOP Ships “locks in” value and avoids future capital commitments until the vessel’s delivery in 2027. At the same time, it transfers to a third party the risk of delays or cost overruns in construction. For the market, the message is simple: management does not invest in assets that do not directly enhance revenues and the image of the listed company.

DFC and the second disbursement for investments at the Elefsina shipyards

Within February, the disbursement of the second tranche of the total $125 million loan from the U.S. state development bank, DFC, for the Elefsina shipyards is expected. At the same time, a visit by a bank delegation to Greece is planned, further strengthening the cooperation. ONEX is preparing to submit within the coming days the application for the second tranche, estimated at approximately $30 million, securing as collateral the two floating docks of Syros. Investments at Elefsina are progressing according to plan and timetable, with projects including, among others, the creation of new infrastructure networks, the renovation of gantry cranes, as well as the modernized renewal of electrical and mechanical installations. The progress of the works appears to be entering an accelerated pace, marking a critical phase for upgrading the shipyards and strengthening the Greek shipbuilding industry.

Farmers’ roadblocks helped consumption in urban centers

Unexpected assistance from farmers’ mobilizations was received by retail trade in major urban centers during the festive period. Christmas turnover reached €5 billion and conceals an asymmetric distribution: while the regions were bleeding, commercial shops (as well as food service) in major urban centers saw traffic and turnover increase. Difficulties in transportation trapped consumers who would have left for the regions for the holidays. At the same time, the cost of “last-minute” airline tickets abroad skyrocketed to prohibitive levels. The result was visible: thousands of Athenians and Thessalonians who would have been away remained in their cities and channeled their spending into the local market. Ermou Street, Aristotelous Square, and the malls experienced days of high footfall. Data from the Hellenic Confederation of Commerce show that 45% of businesses that significantly increased their turnover during the holidays are concentrated mainly in urban centers, while the regions paid the price of “trapped consumption.”

A stock market of the few and the strong

The recap data of the fifth consecutive year of growth that led the Athens Stock Exchange into the embrace of Euronext reveal a market with a strong concentration of power in a few large players. In 2025, Piraeus Group Securities dominated with a 23.63% market share and transactions exceeding €240 billion. The top trio of brokerage firms is completed by Eurobank Equities (17.26%, €155 billion) and Euroxx (12.42%, €35 billion). Notable is the presence of Alpha Finance in fourth place (8.18%), while National Securities follows with the same percentage, showing that the four systemic banks control nearly 62% of the market. UBS Europe (6.38%) in sixth place represents the international dimension of the market. From there downward, the picture shows a fragmented space with dozens of smaller players sharing percentages of 1% and below. In the new Euronext era, for a brokerage firm to be a Prime Broker it needs share capital from €5 million (for equities) to €10 million (for derivatives) and €100 million to operate in the bond market. The money required is substantial and the Greek market is small, making it difficult to sustain such sizes. Everyone is awaiting the first signs from the new president of ATHEX to trigger the inevitable developments.

Progressive ATE saga: Shareholders’ G.M., one day… after the hearing

Late on Saturday night, the management of “Progressive ATE” informed its shareholders that the postponed General Meeting will take place on January 23. The date is not random, since one day earlier, on January 22, the interim measures filed by the main shareholder Chrysa Koutla (who appears to now control the company’s statutory minority) against the capital increase will be heard. It is obvious that the Board of Directors will request a new postponement from the Court in view of the “critical general meeting” the following day. The timetable betrays a strategy of continuous postponements on all fronts, while the Board knows it faces certain rejection. The situation is worsened by the emphatic absence of the Americans of LDA Capital Ltd from the entire process, despite the submission of a “Notice of claim” by the major shareholder, which remains unanswered. The contract with LDA Capital Ltd will be judged by the General Meeting of shareholders, while the invalidity of the extraordinary share capital increase of October 17 for their remuneration is expected to be decided judicially. All of this is quaint and interesting, while the case is being monitored by the Hellenic Capital Market Commission, as it had sent its officials to record the process of the postponed meeting.

Mark Zuckerberg opened the nuclear energy floodgates

Friday will be recorded in economic history as a critical milestone for Wall Street. Meta Platforms officially confirmed that the artificial intelligence revolution has an energy problem, and the solution can be nothing other than nuclear energy. Meta Platforms’ agreements with Oklo, TerraPower (of Bill Gates), and Vistra reveal the magnitude and scale of the problem. The data centers that power LLMs consume energy at levels that renewable sources cannot reliably cover. Nuclear energy offers the unique combination of high power, low emissions, and stable supply 24 hours a day, seven days a week. Wall Street reacted with an upward move of +1.2% in utility companies, but this probably does not reflect the full significance of the development. Utilities that for decades were “boring” dividend-yield stocks are transforming into swans of growth potential. Demand from AI data centers is creating a new cycle of infrastructure investments that could exceed $500 billion in the coming years. A +2.9% rally was also recorded in the Semiconductor ETF. Everything indicates that Wall Street “sees” an “energy bottleneck” that must be resolved soon. The expansion of Artificial Intelligence is not being restrained. Semiconductor companies such as Nvidia and AMD, as well as “semiconductor foundries,” that is, factories that manufacture chips on behalf of other companies such as TSMC, depend on the construction of new data centers. Data centers need energy. Oklo specializes in small reactors (Small Modular Reactors – SMRs). Meta has opened the nuclear energy floodgates. Amazon, Microsoft, and Google will follow with similar agreements. The race for dominance in Artificial Intelligence begins with who will secure reliable nuclear energy first.

The restructuring of Commodity Indices will (temporarily?) pressure Silver

An extremely interesting week begins in the precious metals market. The restructuring of Commodity Indices, after the stunning upward trajectory of Gold and Silver prices, will reveal their true dynamics. Goldman Sachs published a chart revealing a striking divergence in the precious metals market since 2022. While central banks accumulated approximately 3,600 tons of gold, Gold Exchange-Traded Funds (Gold ETFs) recorded net outflows of more than 1,000 tons. When Russian assets were frozen in 2022, mass gold purchases by central banks began, while the first Fed rate cut in 2024 marked a new phase. Emerging economies avoid transactions in dollars, trade in local currencies, and “lock in” exchange rates with gold. Geopolitical tensions fuel demand for “safe investment havens.” Silver, on the other hand, faces a different reality. Its hybrid nature (50% safe haven and 50% essential industrial metal) makes silver vulnerable to abrupt moves. Gold is driven by central bank purchases. Silver is affected by algorithmic trading as well as the green transition (which requires silver). The coming days will show the true dynamics.