The pre–Thessaloniki Fair poll and the fines for OPEKEPE, the former politician and the Cr
Source: ProtoThema English
-Hello there, we have now officially entered Autumn, the week that began is the week of the Thessaloniki International Fair, marking the return from the summer lull but also the beginning of the new political season, which promises to be very interesting. Now, you’ve been reading about the Thessaloniki measures every single day… since July, and in the last few days almost down to every detail. I asked my source, and you can’t go any higher up than this, and the reply was: “that’s what’s being written, but there are two or three more things you’ll hear on Saturday afternoon—let us announce something ourselves too.” Fair enough, and we’re waiting with interest, but perhaps even more interesting will be K.M.’s political positioning on Sunday at the Fair’s press conference, since we’re now entering a hot zone, reaching the third year of his second term in office.
Here come the OPEKEPE fines
-Today or tomorrow the Financial Police’s report on the OPEKEPE scandal will also be made public. I hear that over 5,000 cases were checked, and about 500 tax IDs of “beneficiaries” were found to have received anywhere from 50% of the amount to the entire subsidy—illegally. A good dozen cases involve hundreds of thousands of euros, the rest concern smaller but by no means negligible sums. A case file is already being put together and the authorities are moving ahead with freezing accounts.
Now, so it doesn’t collide with the Fair
-As I told you, the announcements are being made now so they don’t overlap with the Thessaloniki Fair at the end of the week. As for what happens next with OPEKEPE, the picture is still a bit blurry. Some MPs are asking for “favors” in the wiretaps, but I’m told they’re investigating whether those MPs (whose voices appear in the wiretaps) knew these were illegal subsidies or whether they simply thought they were asking for a little help for friends and voters. It sounds murky to me, but obviously we don’t yet have a clear picture.
The first poll before the Fair
-Meanwhile, last Thursday the first post-summer-break poll was launched on behalf of M.M and will be completed tomorrow. I’m told there’s no change since July—which is not exactly good news, since back then (thanks to OPEKEPE) the governing party’s numbers had taken a hit, but it’s not the end of the world either, since what matters is to see what gets picked up after K.M.’s announcements and appearance in Thessaloniki. With adjustments, ND is at 28%, but according to my source who knows the survey, PASOK is barely at half that, i.e. 14%, also with adjustments. And of course, it’s waiting for Alexis’ arrival, who, I hear, will even have a private newspaper of his own faction. Oh how I love all this that we’re going to live through this winter…
The parties are over
-I hear that after the sudden loss of Apostolos Vesyropoulos, an informal general directive was given to cancel ND’s party-style events, with ministers and MPs advised to avoid attending similar events by other organizers too. Thus, ONNED’s traditional Friday-night drinks at ARK were canceled, as well as the Saturday-night invitation from the Secretariat of Organization at Shelter. “In Thessaloniki we’re going for serious work and not partying,” my source from M.M told me, conveying Mitsotakis’ decision.
Careful at the bouzoukia
-In the same spirit, the “instructions to sailors” apply for the nightclub scene in Thessaloniki next weekend. Oikonomopoulos and Ioulia Kalimani are making their premieres, but the advice to ND’s ministers and MPs is: show restraint. I say this because especially at Oikonomopoulos some have been spotted in recent times (not a criminal offense, of course), but during the Thessaloniki Fair, zeibekiko dances don’t exactly help the image.
Here comes the “AADE” of the market
-Tomorrow, according to market sources, the extensive list will be announced—about 1,000 product categories—for which supermarkets commit to keep prices reduced for at least the next three months. It seems the deal after discussions with Theodorikakos is going through, and beyond school supplies, there will be price cuts in basic daily essentials. Immediately after the Fair’s opening, the Minister of Development will submit to Parliament the bill for the new Market Supervision Authority—modeled on AADE—which will incorporate the Consumer Ombudsman and relevant services, bringing 400 inspectors to the front line. As for the recovery of EU subsidies previously lost due to inactive or unfinished investment plans, the next announcement has been postponed until after the Prime Minister’s Thessaloniki Fair speech.
Did the former politician get tangled up (with the aua)?
-Now let me write you something juicy: you may have read yesterday about the police success in busting a big Cretan mafia with local godfathers, cooperating police officers, drugs, all sorts of smuggling, “facilitations” and protection rackets for businesses at a price, etc. Well, in this case a former politician and former minister is also involved—don’t let your mind wander too far back in time—who is heard in a “wiretap” …arranging with words the appointment of a high-ranking Church figure. He invokes his contacts in America, presidents, embassies, maybe even Outer Space, and as usual, sells hot air. Don’t tell me your mind doesn’t already go to someone?
The bad news for Spetses…
-It seems anarchy has returned to Spetses’ old harbor, despite interventions earlier this summer by then-harbor master, Lt. Commander Panagiotis Maridakis of the Coast Guard, as well as by the Municipal Authority to organize the mooring of leisure boats. Last May, a special crew in cooperation with the Municipality of Spetses and the Harbor Fund carried out an operation removing dozens of illegal moorings. Zones were even set up around the harbor where legal moorings are allowed, to ensure the safety of boats and passengers and to prevent practices such as “raft tying” four boats together or anchoring at the harbor entrance. Unfortunately, I’m told that at the peak of the tourist season the situation deteriorated again: many boats moored outside the designated zones, while violations of the mooring rules from the earlier operation were observed. The same local sources report that in some cases, areas rented by boatyards and used for ship repair were irregularly hosting leisure boats in the summer, with the result that the images resemble “double-parked cars” in city centers. As a result, yacht owners complain they can’t sail out because other boats have tied up around them! According to the same information, the matter has already drawn prosecutorial interest, but so far no official corrective actions or new measures have been announced by the authorities. Sadly, bad, worn-out, and corrupt habits aren’t easily rooted out—not in Spetses, not anywhere in Greece. Let’s see if and where this ends up…
…and the good news for Spetses…
-On Tuesday, September 9th in the afternoon, in the courtyard of the Anargyreios and Korgialeneios School of Spetses, a special event will take place for the signing of the contract between the Attica Region and the contractor company for the restoration of the residence of Sotirios Anargyros. These developments fully confirm the report by Proto Thema on August 24th, which revealed that this long-standing pending issue would be resolved within the first ten days of September. The contract will be signed by the Regional Governor of Attica, Nikos Hardalias, since—thanks to the efforts of the administration of the A.K.S.S. Foundation, under the presidency of Professor Ioannis Aesopos—it was the Region of Attica that was sensitized back in 2022 and assumed the cost of the project. After the relevant tender came the… usual appeals, causing long delays, which in turn prolonged the damage and anxiety over this iconic building. Now, finally, the way is open for the rescue and restoration of the house of the national benefactor and benefactor of Spetses, Sot. Anargyros, which is planned to be transformed into a cultural hub, right in the most central spot of the island. Let’s hope that after the signatures, the works will start immediately.
…and Haji-Ioannou, who’s buying property on the island
-The column remains on Spetses to report that Sir Stelios Haji-Ioannou, founder of easyJet and the wider easyGroup imperium, has moved the base of his business activities to Spetses, investing in real estate and building a strong personal presence. We’re not talking about something happening in the past year or two—Haji-Ioannou has been doing this systematically and methodically for several years now. In fact, last month he took the initiative to support the Spetses Social Grocery. For a whole year, 170 families on the island will receive a monthly package with 33 products. His donation is estimated to cost around €70,000.
GEK TERNA moves ahead with a bond issue
-Flipping through yesterday’s Sunday newspapers, one would have spotted an announcement from GEK TERNA. And since, as is well known, such things don’t happen by chance, the likelihood was that it was a prelude to some significant move by Giorgos Peristeris. Indeed, reporting confirmed that the decisions have already been made and the Group will move ahead with issuing a Greek bond, aiming to further strengthen its (already high) liquidity so as to be ready for its next major investments. With this decision, GEK TERNA seems to be opening the season of bond issues, fully justified by its very good figures, its strong concessions portfolio, and its record-high backlog. As for the value of the bond to hit the Greek market, “don’t rush, everything will become clear very quickly,” a well-informed source close to the decision-making process said.
Alpha Bank and the scenarios
-After Unicredit increased its stake in Alpha Bank to 26%, new balances have emerged in the banking market. Given also the good relationship developed between the two CEOs, V. Psaltis and A. Osrel, the dynamics exist for the Italian bank to raise its participation to 29.9% sooner than expected. What’s certain is that Alpha Bank is now out of the merger and “national champion” scenarios that have been circulating widely in the market lately, charting its own path closely tied to the largest bank in Europe in terms of presence across different countries.
Athanasios’ message on the deal with ION
-The CEO of LAMDA describes last week’s agreement with the ION Group to establish the Research and Innovation Center within the former airport site as an important milestone—both for the Hellinikon project itself and for the country as a whole. The investment will exceed €1.5 billion, including residential complexes for 2,000 employees. In his social media message, Odysseas Athanasiou stated: “This collaboration strengthens Greece’s presence on the international investment map as a major business destination and enhances the international character of the project by positioning it as a hub for innovation, research, and advanced technology. With this step we begin developing the Business Center at ‘The Ellinikon’, a fundamental element of the project’s master plan, placing it strongly on the European map among the most important centers for Artificial Intelligence and digital transformation. The new city within ‘The Ellinikon’ will henceforth become a new reference point for the future of modern urban centers in Greece.”
Municipality of Kalamaria – HCAP clash over Aretsoú Marina
-The case of Aretsoú Marina will not be an easy one. The CEO of the Hellenic Corporation of Assets and Participations (HCAP), Yiannis Papachristou, announced at last week’s special event on Thessaloniki’s major projects that the tender for its development will begin within 2025. Cue the municipality’s reaction: “Once again, HCAP blatantly ignores the views of the city’s bodies and local government. It insists on a plan rejected by both the Municipality of Kalamaria and the Region of Central Macedonia. It insists on overbuilding the seafront and turning the marina into a real estate venture,” the municipality said. “The leadership of HCAP, acting arbitrarily as a ‘superior-to-all authority,’ even ignores the pending court case following the Municipality of Kalamaria’s appeal and the hearing before the Council of State. We urge HCAP not to rush and not to count their chickens before they hatch,” with the legal road still a long one. As the municipality says, “we will safeguard the interests of the city and its citizens toward local and tourist development with a true yacht marina. Until then, instead of making grandiose real estate plans, HCAP should take measures to stop the devaluation and abandonment of our city’s marina.”
Iliopoulos buys High Speed in Spain
-According to information, Marios Iliopoulos’ SeaJets has purchased from a Spanish-owned company a vessel sister to the TERA JET 2. I hear from sources at the Big Port that they are already seeking a naval architecture firm for the ship’s reconstruction, which, as things stand, is expected in Greece this coming January. For perspective, the TERA JET 2 is a High Speed Craft under the Cypriot flag, with an overall length of 145 meters and a width of 22 meters. It sails at 40 knots and can carry up to 2,000 passengers and 500 vehicles.
September of big changes in telecom and tech companies
-It strongly resembles football transfer season, but the situation in Greece’s tech and telecom executive market foreshadows big changes in groups’ strategies and priorities. Nikos Varvadoukas left Public at the beginning of the summer when Dimitris Galanis took over as CEO, replacing Robby Bourlas. A few days ago, Nikos Varvadoukas took action as Chief Marketing and Growth Officer, alongside General Manager Nikos Papadoglou, who shoulders the heavy load of major changes at Novibet. Meanwhile, at Public, Dimitris Destes took over to develop omnichannel and customer experience, drawing on his extensive experience at InfoQuest Group, where he was responsible for XIAOMI products. Changes are also coming at OTE Group, since by the end of the month Marina Kataropoulou—long seen as the “natural successor” to Depy Tzimea—will be leaving after years as head of Internal Communication. OTE’s new strategy includes the 10 famous strategic pillars set as priorities for the next five years, requiring spectacular changes in the way the Organization operates.
Stock market: The tough two months begin
-August was the second-best month of the year in terms of trading activity (after March’s €256 million average daily turnover). At the same time, it marked the 10th consecutive rising month for the General Index, ushering us into the difficult September–October two-month period, with its many domestic and international uncertainties. For the first time since June, the General Index recorded four consecutive declining sessions, pulling it back to 2,020 points—115 points below recent highs. Thus, the only certainty for September’s market is volatility: sharp fluctuations following corporate—or other significant—events. The week beginning today features Metlen’s entry into the FTSE 100, DBRS’ rating, Intralot’s talks with institutional investors for its massive €400 million capital increase, and key corporate results from OPAP, Ideal Holdings, and Quest. The week will close with the announcement of Q2 GDP, which, along with fiscal surpluses, will form a good starting point for the Prime Minister’s Thessaloniki Fair announcements…
A record $1.5 billion Turkish defense investment
-Istanbul-listed Aselsan announced a massive $1.5 billion investment for the strategic “Steel Dome” program. On a vast 6,500-acre site in Ankara’s Oğulbey area, the largest industrial investment in Turkish defense industry history is being created. A new technological hub for the “steel dome,” Turkey’s ambitious national multi-layered air and missile defense system. Erdoğan secured long-term, low-cost loans from the Ministry of Industry & Technology, along with major tax breaks, exploiting all investment incentives and de facto tax exemptions. Aselsan is capitalizing on the surge in global demand for air defense and sensor systems (due to Ukraine, the Middle East, the Pacific), aggressively pushing into international defense markets with cutting-edge products on a global scale. Reports already say it has secured export contracts in the UAE, Malaysia, Indonesia, Romania, and other Gulf markets. The Turkish government is building its own Iron Dome on a “national shield” scale and shifting its defense doctrine to network-centric operations. Aselsan is becoming Ankara’s geoeconomic tool of power. Alongside Baykar drones, defense technology exports now exceed 1.8% of Turkey’s GDP.
Nationalizations in the ‘metropolis’ of capitalism
-A major stir has been caused in California’s Silicon Valley by President Trump’s unprecedented economic and political intervention to secure a 10% stake in Intel for the U.S. government. The President’s rationale included strengthening the domestic semiconductor industry and the U.S. government’s influence in critical technologies, both for national security and strategic autonomy vis-à-vis China. The process began with negotiations between Trump and Intel CEO Lip-Bu Tan, amid concerns about his investments in Chinese companies and national security issues. The President publicly demanded changes to Intel’s management team while pressing for the state’s stake as a quid pro quo for massive subsidies via the CHIPS Act and financing new U.S. plants. The U.S. government didn’t pay cash, but swapped already-approved subsidies for shares, acquiring 433.3 million listed shares at a discount. The deal also grants voting rights on the company’s board while limiting shareholder rights—obviously aimed at controlling strategic decisions. Wall Street’s first reaction was enthusiastic, with Intel’s stock surging (+25% in August). But now other thoughts prevail. Conservative Senate circles spoke of “pushing state capitalism” and the start of sweeping oversight of U.S. giants, dramatically changing Wall Street’s framework. The key question in Silicon Valley is simple: What’s (Who’s) Next?
China’s gold bars – preparing something?
-Official Chinese state data show that more than 36 tons of gold bars have been registered for delivery to the Shanghai Futures Exchange (SHFE)—marking a new record that almost doubles last month’s reserves. At the same time, futures contracts are trading at a significant premium compared to physical gold, creating glaring arbitrage opportunities and fresh cash flows from investors and banks trying to exploit the price gap. The Chinese government has adopted policies encouraging not only private but especially institutional gold investments, most notably the recent directive requiring insurance companies to invest at least 1% of their assets in physical gold via SHFE. Chinese capitalists are worried about the yuan’s stability, real estate, and government bonds. The government offers gold as a safe haven by allowing a large premium in domestic gold prices compared to international ones ($40–60 per ounce above London). The price gap between futures and physical gold creates strong incentives for traders and banks to buy spot gold and deliver it to SHFE, thereby covering short positions and locking in profits. This mechanism has led to unusually large gold flows into SHFE warehouses.
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