Greetings. Before I begin my… serious journalism (sic), I want to comment on this scorched-earth fight among green-blue locusts that has been taking place publicly in recent days over those wretched European and domestic funds involving unionists, the… KEKs, MEPs, SEPs, etc., which I do not know personally, but I see there’s a lot of meat there—and dirty meat at that. And I also want to wonder: these little scandals or scandals or scandal-like affairs that we read about (half of them being true is enough), why do they have to blow up during governance and have Mitsotakis pay for all of it? Where are the ministers who are mentioned or allegedly involved to respond? For heaven’s sake, let there be a nice, old-school serious scandal, a proper scheme with the necessary entanglement, a hefty oligarch name so we can say “yes”… and let the vineyard burn. But now a “skoi-eliki-kou” scandal, or some slick guy getting MRB, or people cashing in from my Aunt Kondylo’s KEK, and all of this exploding on the government and on M.M.—why, guys? Who’s letting them operate and not rounding them up all this time? Which ministers and lady-ministers are soooo careless, and once again I ask: why are they playing dumb and not answering the publications? Is the job and the leaking happening from within or not? Nice questions I have early in the morning.

Malesina Gate

I leave the little locusts and move on to Malesina Gate, namely the gathering that was supposed to take place at a taverna in enchanting Malesina, organized by an old ND cadre, where amid the revelry, in the presence of Samaras and Karamanlis (of Rafina), they would be eating Mitsotakis grilled over coals with lamb chops, spicy cheese spread, and plenty of harsh retsina so it wouldn’t upset them if it was evening. Well, I jinxed the people, and so the gathering at “Uncle Giannis’ hut” will not take place. As they were telling me, the leak of the meeting sparked many discussions, gave the matter a political dimension it did not have—as the “former” ones say—and they decided at least to postpone it. Circles close to Samaras say that the two of them jointly decided not to go, considering that a social event took on the character of a conspiracy in the public eye because of their joint presence. I am sure that both Karamanlis and Samaras, as well as the other guests, will find another two hours in their precious daily schedules for a meeting at the Malesina taverna.

Beni…

It didn’t surprise me all that much, I must tell you, the irritation of M.M. with Venizelos and what he says about Constitutional Revision. Evangelos, as is well known, after the shipwreck of the Presidency of the Republic, doesn’t leave the government in peace for a moment—as they say—and even if it snowed in the Sahara, Mitsotakis would be to blame. So Venizelos accuses the government of “constitutional populism” and similar things, with the central argument that since we can’t agree on five basic issues, why rush now into Revision. He said it once, he said it twice, he said it three times; thus, government spokesman Marinakis responded to him: “Venizelos of Article 86 and the ‘without delay’ transmission of case files shouldn’t be talking.” I learn that before Marinakis went to the podium, there had been an in-depth discussion at the morning coffee, while Mitsotakis was saying “look who’s talking,” given that he himself had been collecting signatures since 2006 for changing Article 86.

The ministers are “locked in”

The Greek delegation for Turkey and the ASS is being organized little by little, and the “bus of joy” will depart for Ankara on Wednesday morning. Among the ministers will be Plevris, Theodorikakos, Chrysochoidis, Kefalogiannis, Mendoni, and Dimas. Of course, also the MFA team, although in the end the participation of Deputy Foreign Minister Alexandra Papadopoulou will be decided, as she returned from the U.S. with influenza A and had to be admitted to the 251 Air Force Hospital to get back on her feet. Excluded from the meeting will be the two defense ministers, Dendias and Güler, who of course on Wednesday have a NATO Defense Ministers’ Summit in Brussels, but in general do not “fit” the climate of the “positive agenda.”

Nikos and… Rodoula Tamborda

I go straight to PASOK and to our president Nikos, who as a true Panathinaikos fan envied the glory of his beloved team and is trying to make transfers that will at least put him back in the top four. Because from what I can tell, PASOK will fight to make the top four in the next ballot. Now I don’t know who the leader’s Tamborda is—Markos Bolaris, Giannis Panousis, or Rodoula Zissi? After… palms and branches yesterday, PASOK announced the first package of names for expansion, amid polls that place it even as the fifth party. The 44 announced constitute the alliance-expansion committee; in other words, they take on convincing others to come to the party. These are cadres who were either inactive, or had left PASOK and headed to SYRIZA during the “stone years” of the memoranda, or had gone to other spaces. My malicious green source was telling me that some political pensioners were mobilized, as well as some who had been turned away by Tsipras. The handling has already caused problems. For example, I learn there was friction with former SYRIZA MP for Samos, Dimitris Sevastakis. He had contact with PASOK cadres at a good level; however, he asked for seriousness in handling. When he realized that Charilaou Trikoupi was circulating his name, he became furious and sent word: “Don’t you dare announce me today; I’ll issue a statement denying it.” Thus, his name was frozen, at least for this phase. In any case, more names are expected to be announced later. I learn that Thanos Moraitis (former deputy minister who went to SYRIZA) has indicated that he does not want to run in Aetolia-Acarnania, but to be backed for Regional Governor of Western Greece. The name of Nikolaos Farantouris (oleee) is strongly heard, who after his expulsion from SYRIZA is considering the transfer. Also, former SYRIZA minister Panagiotis Kouroublis wants to return to PASOK, but not as a candidate in his region, Aetolia-Acarnania. Thus, it is said he will be placed in Western Athens, opposite Nadia Giannakopoulou. “Everyone is welcome,” says the MP, who will also have to face Lefteris Karchimakis. Many also suggested that announcements be made “all at once” and not in the form of… drip publications—that is, to announce all the names that have been finalized “in one go” and with a serious political text (without “apologies,” etc.), through which they align themselves. The idea sounded good, but there was no follow-up. Apparently, President Nikos believes he will get positive publicity when one or more names come out every day. Only he forgets the upheaval this causes among regional candidates who see additional opponents. He also forgets the most important thing: that in these elections everything points to a contest between “systemic” and “anti-systemic” parties. And in this context, when people see that “expansion” is nothing more than a caste of professional politicians endlessly wheeling and dealing, sometimes here and sometimes there, then this publicity is not for the good…

A “breathing-space” project for Western Greece

Energy Minister Stavros Papastavrou is on tour these days, and I learn that in Western Greece, Regional Governor Nektarios Farmakis and his associates were waiting for him… eagerly. The reason was the request strongly pressed by the Region, concerning the photovoltaic park of the energy communities of Western Greece. This is a landmark project for the area, which in numbers is reflected as follows: it concerns 55 organizations (TOEBs, municipalities, etc.), 300,000 beneficiary farmers, and indirectly all approximately 700,000 residents of the Region; it will lead to a 60% reduction in energy costs, and about half of its financing has been secured from European funds. The truth is that the region hasn’t seen a project of this magnitude since the Rio–Antirrio bridge, as Farmakis was saying in a small circle, thanking Mitsotakis for supporting the request and Papastavrou for “running it.”

Absences

A year has passed since February 2025, when Theodoros Charitopoulos passed away at the age of 88, collaborator and for decades personal assistant to Konstantinos Karamanlis (the elder). Last Sunday, his family held the annual memorial at the Church of the Dormition of the Theotokos in Kantza, the area where Theodoros Charitopoulos had his home in Athens, whenever—rarely—he was not by Konstantinos Karamanlis’ side while the latter was still alive. Honoring Theodoros, besides his family—his wife of many decades and their children—were relatives, friends, neighbors, and generally many people. I don’t know if there was relevant notification, but no “notable” person attended the memorial, not even from the Karamanlis family.

Credia Bank plans a share capital increase

According to market information, the Board of Directors of Credia Bank will meet this coming Thursday to discuss a process of share capital increase in the vicinity of €300 million. The management under Eleni Vrettou prepared the ground back in January by announcing that it is “examining options to strengthen its presence in capital markets.” At the same time, the CEO of Credia Bank is mapping the market for potential acquisition opportunities.

The Swiss-franc loan regulation has begun

Since the end of last month, the regulation for Swiss-franc loans is in force for the fourth category of borrowers, namely borrowers without income criteria. For the rest, the platform will be ready on February 19. In the first category—where the haircut under the exchange-rate framework is around 50%—people with disabilities (AMEA) are now included, while February 26 is the deadline for offers from the Real Estate Management Entity, which will also manage the homes of vulnerable borrowers.

LAMDA’s capital gains

Significant capital gains are being secured by LAMDA from the sale of plots at Ellinikon to third-party investors, who now appear willing to pay more. The reference to the figures of 2024 and 2026, within less than two years, is indicative. In July 2024, the group sold five different plots within the Ellinikon project (near the business park and the large shopping center on Vouliagmenis Avenue), with a total maximum buildable area of approximately 51,000 sq.m., to four buyers at the time: the real estate development company TEN Brinke (subsidiary of the namesake Dutch group), the investment firm Brook Lane Capital (which is preparing the Mixed-Use Tower within the project), Hellenic Ergon (linked to the construction company Euroergo, headed by Mr. Dimitris Goneos), and Daedalus Development (which is shareholding- and business-linked to Dimitris Koutras, well known in domestic business, especially in construction). The total consideration for the sale of the five properties amounted to approximately €106 million, corresponding to an average price of around €2,100 per sq.m. of buildable area. Now, as officially announced last week, LAMDA proceeded with the sale of two more plots of nearly 21 stremmas for €41.5 million, with buyers TEN Brinke and CENTRIC, while the average price per buildable area for LAMDA corresponds to €2,650 per sq.m. However good the two plots—covering nearly 16,000 sq.m.—are, located next to the under-construction IRC, the difference in capital gain of €550 per sq.m. of buildable area remains significant, especially within less than two years. It is noted that “The Ellinikon” and LAMDA’s sales team are preparing to participate in MIPIM 2026, the world’s largest real estate exhibition, taking place this year from March 9 to 13. “The Ellinikon” and the residential complexes already underway will be presented within the Greek National Pavilion, organized by Enterprise Greece, showcasing the dynamism of the Greek real estate market and strategic investment opportunities to an international audience.

PPC’s strategy in energy storage

The €20 million that PPC is allocating to acquire a stake in Germany’s CMBlu is a relatively small amount that disappears within the group’s massive total investment program of €10 billion. However, this move reveals more about management’s strategy. It is an R&D investment with a clear goal: to secure access to technology that could change the economic equation of renewables. CMBlu specializes in organic flow batteries, a completely different concept from conventional lithium batteries. Instead of rare metals (lithium, cobalt, nickel), it uses aqueous solutions of organic molecules. The advantage is not only geopolitical (independence from Chinese supply chains) but also technical: greater storage capacity per unit cost, longer storage duration, and scalability without the constraints of solid batteries. PPC’s management sees the “bottleneck” forming in renewables, because the key issue is no longer production but storage. The choice of CMBlu, rather than a large producer, shows that PPC’s management is seeking the solution of the next day. It doesn’t simply want to buy ready-made technology; it wants to participate in its development and influence the design for its own needs. The €20 million is the entry ticket into an activity that will determine whether Greece evolves from a consumer of green energy into a protagonist of its technology.

What explains the correction in bank stocks

Many scenarios are circulating in the market regarding yesterday’s sharp decline in banking stocks, which put the board into a state of increased volatility just before the official MSCI announcements. With the index review approaching, the Athens Exchange appears to be seeking new balances. Banks, which form the “backbone” of the MSCI Greece Standard, came under pressure as institutional investors adjusted their positions ahead of tomorrow’s changes in weightings. The most serious interpretation for yesterday’s drop is that, given the high returns of the Athens Exchange, profit-taking occurred, triggered on the one hand by the upcoming MSCI review and on the other by confusion surrounding the implications of the recent court decision on the Katseli law. These aggravating factors shaped a negative climate at a moment when the market was searching for catalysts. The pressures appear to be mainly technical in nature and linked to capital flows, rather than to structural changes in banks’ fundamentals. After all, banks continue to show strong gains in 2026, with the sector index up 20%. Moreover, despite the correction, systemic bank stocks remain close to their multi-year highs.

Hoist Finance re-examines the data for “Mirror”

Two months ago, last November, the sale of the “Mirror” non-performing loan portfolio from Carval to Hoist Finance was officially announced. Hoist Finance is the “H” in the company PQH. The Mirror portfolio includes unsecured consumer loans, credit cards, and SME loans totaling €1.2 billion. In 2019, National Bank sold it to Carval for €90 million. In 2025, Carval agreed to sell it to Hoist, but following the decision of the country’s highest court regarding interest capitalization on loans under the “Katseli Law,” Hoist is re-examining the data (and the cost-benefit relationship). The Mirror portfolio includes a very large number of consumer loans, credit cards, and open loans protected under the Katseli Law. The decision of the Plenary of the Supreme Court changes the economic data of the portfolio. In a typical €60,000 restructuring, total interest burden is reduced from €34,500 to €7,600—an estimated revenue loss of 70% to 80%. Officially, the transfer price to Hoist has not been disclosed, but when the transaction was agreed, market information about the course of the case at the Supreme Court was already abundant.

The… “Aérides” of Martinou

Yesterday, the family of shipowner Athanasios Martinou established two new companies. These companies are not related to maritime business but to land-based ventures, where the family is also particularly active. The companies—one named Aérides Ktimatiki and the other Ipiti Ktimatiki—are focused on construction and real estate trading and are based in a building on Grigori Lambraki Street in Glyfada. Athanasios Martinou serves as Chairman and CEO, his wife Marina as Vice-Chair, and their two daughters, Marina-Matthildi and Georgia Martinou, as members. Aérides Ktimatiki has a share capital of €5.51 million, divided into 551,000 nominal shares of €10 each, evenly distributed among the above persons at €1,377,500 (137,750 shares) each. This capital originates from the contribution of a professional property in the historic center of Athens, in Plaka, in the famous “Aérides” neighborhood. It is a unique property in front of the “Tower of the Winds” (also known as Aérides), an octagonal marble structure from the 1st century, considered the oldest meteorological and timekeeping station in the world. The property is three stories tall and is located at the intersection of Markou Avreliou, Kyrristou, and Lysiou streets. Ipiti Ktimatiki, with the same management but a sole shareholder—Athanasios Martinou—has a share capital of €3,260,000, originating from the contribution of a six-story professional building also in central Athens on Hipitou Street, within the block enclosed by Apollonos, Voulis, Hipitou, Thoukididou, and Navarchou Nikodimou streets.

The backstage at the management of EETT

In a few days, the second consecutive term of the President of the Hellenic Telecommunications and Post Commission, Konstantinos Masselos, will end. According to the legal framework for Independent Authorities, a third term is not allowed unless a special legislative provision is made, as happened with G. Pitsilis of AADE. The government does not seem particularly concerned about Masselos’ departure, who was elected in February 2018 under the SYRIZA/ANEL government and re-elected in 2022. At EETT, it is believed that a natural and capable successor is the current vice president, Dimitris Varoutas, who was appointed in February 2020 to fill the vacant vice president position and re-elected in 2022. Varoutas is an associate professor at the University of Athens with experience in the European regulatory space but will face the same problem as Masselos, having completed one and a half terms. Searching for leadership at EETT during a critical period—with the development of 5G stand-alone networks, the integration of the EU Digital Services Directive, and implementation of new EU telecom regulations—is a difficult puzzle for the government, which must propose new widely accepted candidates to the Committee on Institutions and Transparency of Parliament.

Greek shipping, China, and the “wake-up call”

This is not just a change in fleet rankings. It is a shift in power, and that is precisely what concerns decision-making centers internationally—not as maritime trivia, but as a strategic alert. The reason is the rise of the Chinese commercial fleet to first place worldwide. China did not reach the top by “chance,” but because the state decided so. With almost 44% of the active fleet and 64% of new orders belonging to state-owned companies, shipping acts as a tool of national policy: securing supply chains, geopolitical influence, and strategic autonomy. When fleets acquire state DNA, competition ceases to be purely commercial. It is no coincidence that the President of the Union of Greek Shipowners referred to this development. The political subtext of her intervention lies elsewhere. While Beijing builds a fleet with a clear political imprint, Europe still treats shipping more as a regulatory headache than as a strategic advantage. Instead of discussing how to protect an industry that guarantees energy and food security, it focuses on peripheral measures and green revenue, without global return. China’s top position is a “wake-up call”—not because it directly threatens, but because it shows how the game is now played. In an environment where shipping becomes a geoeconomic weapon, anyone insisting on seeing it only as compliance risks being off the strategic map.

India enters the maritime autonomy game

Simultaneously, another economic giant is awakening, claiming a role in maritime transport through its government. In New Delhi, they say that without your own commercial fleet, you are merely a customer. Accordingly, the Modi government decided it was time to fully set sail and enter the “maritime powers” club. A state-owned company with container vessels, state financing of ports, and rivers turned into waterways—all together, with investments worth billions. Behind the scenes, the phrase circulating is that India got tired of paying others’ bills during crises and “crazy” freight surges. The establishment of Bharat Container Shipping Line is not just business—it is a political message domestically and internationally. The New Delhi government presents it as part of Atmanirbhar Bharat—self-sufficiency with a maritime mantle. Where Indians once watched containers pass by, they now want to steer. The most skeptical say this is not just commerce but a geopolitical rehearsal: ports, rivers, shipyards, and fleet in a single power narrative. When you aim to become a top-5 shipbuilding nation by 2047, this is not just logistics.

A Game of Thrones without dragons

While the US heads toward midterm elections, the Republican camp plays a Game of Thrones without dragons. I hear from shipping contacts who travel to Texas, loading LNG onto ships, about discussions in the State regarding the governor. Here’s the situation: former President Trump is in his second and final term. That is certain. The succession is not. The narrative favors J.D. Vance—the “natural” successor. However, the Governor of Texas, Greg Abbott, is moving in the same direction—not as a person, but as a system. His ambitions no longer fit in Texas’ sun and dust.

The school and the holding

Last May, it became known that, amid the wave of foreign acquisitions of private schools, Avgouleas-Linardatos Schools came under the control of the international educational group ISP (International Schools Partnership). It is one of the historic private schools of Western Attica, operating since 1949 in Peristeri. Today, the school employs over 330 staff members and covers all levels: kindergarten, primary, middle, and high school. The British educational group ISP also owns Hellenic-German Education and Platon School in Greece, with 107 schools in 25 countries hosting over 90,000 students worldwide. All shares of Avgouleas-Linardatos Schools S.A. have been consolidated under PIL Europe Holdings Limited, based in London, now the sole shareholder. The General Director of the Schools remains Georgios Linardatos, son of the founder Stavroula Avgouleas-Linardatos. Additionally, the company Gisep Linvestments S.A. was established, providing holding services, auxiliary services related to banking investments, headquarters services, strategic management consulting, and property management. The initial share capital is €4 million, fully paid at establishment, mainly contributed by members of the Linardatos family: Georgios Linardatos, Isabella Nikoleta Filippaki, Stavroula Linardatos, Eleftheria-Alexandra Linardatos, and Phoebe Linardatos, each contributing €800,000 for a 20% stake. The first board consists of Georgios Linardatos (Chairman & CEO), Isabella Nikoleta Filippaki (Deputy Chair), Stavroula Linardatos, and Eleftheria-Alexandra Linardatos (members). The same individuals are involved in the management of Avgouleas-Linardatos Schools.

Americans live on debt; Trump did not keep the 10% promise

Official FED data show a dramatic increase in US consumer debt by $24 billion in December—the largest since 2023—revealing an economy “fighting” inflation with credit cards carrying 22.2% interest. Private consumer debt has surged to a record $5.11 trillion, and Americans borrow to survive, not invest. Exactly one month ago, on January 10, President Trump announced he would “impose” a 10% cap on credit card interest rates, effective January 20, 2026. The deadline passed, no banks complied, and no law was passed. The President has no executive power to enforce such a cap; Congressional legislation is required. Bill S.381, the “10% Credit Card Interest Rate Cap Act,” exists, but no one is promoting it. Even Elizabeth Warren, who supports the idea, criticized Trump for “begging banks to be kind” instead of applying political pressure for legislation. Meanwhile, Americans continue borrowing at 22.2% interest, despite the Fed cutting dollar rates by 175 bps since September.