Tsipras, SYRIZA, the Mass Media, and Kleenex Bleach, an Airbnb-style tax is coming for the
Source: ProtoThema English
Hello, I think rightfully and perhaps after a long time (what…times, years and ages) I begin the column with Alexis Tsipras. Well, what can we say now, Mitsotakis has been absent since early Tuesday morning when he got up to go to Kyiv to meet Zelensky, then to Sweden, and finally to the Bilderberg Club, where he’ll be at the end of the week. Here we have…bubbling news about the historic leader of the “First Time Left”.
New party now or later?
So, I’ll start from the beginning of this fine political-journalistic story. Tsipras, as is or isn’t known, and with advisors beyond those he trusts (friends, etc.), commissioned Publicis Groupe, a world-famous French multinational company for advertising and public relations, political and business strategy, to rebrand him about two years ago. During the course of the French firm’s research and considering the political situation in Greece, I think he had decided two things before making another move. First, to form a party and not return to SYRIZA and especially not to use the same people he governed with (really, where will he find others?), because they are considered by society (and logically by those who advise him, and rightly so) as “worn-out materials.” And second, to form the party after the next national elections, when the universe of the Center-Left will have collapsed. At the same time, however, he had also decided not to…play Karamanlis (of Rafina), that is, not to disappear from the scene and current affairs but instead to test the market every so often, to see if public opinion is still listening to him. Hence the periodic polls by two reputable companies, with relatively good results for him, mainly in the Left space.
Did he change his mind?
The question that hovers, if…it hovers and hasn’t already been answered, is whether the leader changed his mind and feels—smells that the people of the Left are calling him sooner. Because now he doesn’t just appear sporadically at events, but he’s doing it steadily. If you ask me personally, I believe, without having the slightest bit of information, that in the end he’ll go for after the elections because that seems more logical. Forgetfulness works in his favor with all that happened during his time in office, I’d say. But there’s also the other view that says that as the years go by, he doesn’t remind anyone of something new, fresh, and good, especially among the youth added annually to the electoral rolls. I truly don’t know what the leader will do in the end, but in any case, if he’s going to move to create a party, he’ll need to do so by Fall–Winter, because 18 months from now…at any time, K.M could call elections.
And what does Maximos say?
As you understand, this whole “I’m making a comeback” story of Alexis does not go unnoticed by Maximos Mansion. So what do they say at headquarters? “We want him back and fast, now, not after the elections. First, he’ll remind our grumbling voters what’s coming if Mitsotakis isn’t around and, second…he’s the opponent we know, he’s the one we trust,” as the old well-known bleach Klinex slogan goes. I’ll keep you updated on all the thrilling developments in the Left, because ever since Kasselakis’s star faded, we’ve been left here holding the bag in this column.
At the Grand Hotel for the Bilderberg Club
Yesterday he was in Ukraine, today K.M is heading to Moldova and then to Sweden, where tomorrow he will participate in the sessions of the Bilderberg Club. The meeting is being held behind closed doors at the Grand Hotel in Stockholm, which belongs to one of the Steering Committee members of the closed club. The Swedes have taken strict security measures, as some protests are expected, but nothing extreme. For K.M, it’s his third participation in the Bilderberg proceedings and the first as Prime Minister. He first attended in 2016, shortly after his election to the leadership of New Democracy, when the session was held in Dresden, and once more in 2018 in Turin – again during his time in opposition.
Skrekas’s signatures
On the phone these days is the upcoming secretary of New Democracy, Kostas Skrekas, in order to gather as many signatures as possible for his candidacy ahead of Monday’s session. It requires 10% of the members of the party’s Political Committee, which numbers almost 430 members, both elected and ex officio. Skrekas already has dozens of signatures, as he hasn’t received a negative response in any phone call, and he’s going for hundreds. Obviously, in Monday’s Political Committee, he’ll be elected by acclamation.
Only Fans
So, I’ve reliably learned that the AADE (Pitsilis) is seeking an agreement with the Only Fans platform, similar to that with Airbnb, in order to tax the girls, boys, and couples who do online “work,” but tax-free. Of course, since this “work” isn’t exactly like renting out your house, the tax authorities will have some difficulty.
Trouble again in SYRIZA
I return briefly to SYRIZA, which begins its congress today (amid a media strike) where some party representatives will attend for formality’s sake. Traditionally, New Democracy’s secretary would attend, but since there isn’t one at the moment, the “hot potato” will fall to the new Press Representative, Alexandra Sdoukou. From PASOK, parliamentary representative Dimitris Mantzos will attend, obviously without any “crack” for collaborations. In the shadow of Alexis and with factions fiercely battling for influence over the next four days, today the instruments begin at SYRIZA PS—and not just metaphorically. I mean that the opening of the 5th Congress of Koumoundourou will include a musical program, namely a tribute concert for the 100th anniversary of Mikis Theodorakis’s birth, featuring performances by MP for Kozani Kalliopi Vetta, Doros Demosthenous, Kostas Thomaidis, and the president’s brother and well-known songwriter, Manolis Famellos. A family affair, I’d say. Now, whether Pavlos Polakis becomes a “discordant note” for Koumoundourou will be seen soon, even though the MP from Chania has already launched friendly fire at Alexis Tsipras, warming up the congress arena from the locker room.
The National Energy deal stumbles
Events are happening abroad so cross-checking isn’t possible, but the rule usually holds: A ship that delays brings… trouble. This concerns the sale of National Energy, the company based in London, active in RES with all its solar farms and wind turbines scattered across Greek territory. The sale process has been ongoing for quite some time, but there are no signs of progress. Information indicates that the two shareholders of National Energy, American billionaire J. Cox and Loredana Biancolini (former wife of Adnan Khashoggi, then known as Lamia Khashoggi), are not fully aligned in their views, which creates difficulties in the sale. Furthermore, the company’s CFO recently resigned citing personal reasons—he was the person essentially managing the sale process. Internally, it’s rumored that the resignation is linked to disagreements with management regarding the procedure, method, and timing of the sale. Based on all the above, expectations are that a sale at this time will be difficult, though miracles do happen.
Revenue of €11 billion from concessions alone for GEK TERNA
Yesterday, GEK TERNA welcomed its shareholders at the general assembly, and Giorgos Peristeris set the bar high for operational profitability—something he has also conveyed to institutional investors—targeting adjusted EBITDA of €800 million within the next four years, effectively doubling from €404 million in the previous fiscal year. He focused on the transformation of GEK TERNA into a group with recurring free cash flows, while shareholders heard Mr. Peristeris emphasize the concessions activity, for which there are development and utilization plans, with an IPO not being the only path forward, since other options exist. A notable point was the major shareholder’s mention that total cash distributions for the group will exceed €11 billion over the lifetime of the concession contracts. Already, the concessions portfolio contributes more than 60% of the group’s operational profitability, with its contribution expected to further increase. Speaking of concessions, the Egnatia Odos concession is expected to close at the end of 2025, just as the Attiki Odos concession closed last year, with the €3.2 billion consideration paid reducing the country’s debt by 1.5% of GDP. The group’s CEO was also asked about the IRC at Elliniko, to which he responded that the works are progressing well and within schedule “since construction has been undertaken by TERNA,” and he reiterated that the integrated resort with casino will be completed by 2028. As for shareholders, although some requested a higher dividend, Mr. Peristeris stated that over the past three years, €135 million has been returned via capital returns and share buybacks, including the €0.40 dividend approved at yesterday’s general meeting.
Brook Lane and hotels in Kos
A new company, which based on the size of its share capital and the people behind it appears poised to draw interest in the future, has appeared in the GEMI registry: this is Ultrablue Hospitality Investments Kardamena, with a share capital of €20 million. The newly established company’s activity will be in the field of hotels and hospitality in Kos, as its name suggests. Chairman and CEO of the company is Aziz Francis, head of investment firm Brook Lane, known for its positions in domestic real estate, as well as in the major Elliniko project, where it has formed a joint venture with Lamda Development to develop one of the mixed-use towers combining hospitality and residential use.
How the largest hotel investment in Crete’s history is going
Since we’re on the topic of hotels, let’s continue with the Sani Ikos group’s investment in Crete for the new Ikos Kissamos, a project exceeding €125 million, which remains on schedule for operation in spring 2026. On social media, CEO Andreas Andreadis, also known from his institutional role as honorary president of SETE, clearly in response to criticism over delays, stated that “completion works at Ikos Kissamos, the largest hotel investment in Crete’s history, are progressing at a particularly satisfactory pace. More than 1,000 workers are involved in the construction of this unique project that will enhance the image of the beautiful region of western Crete. The opening will take place, as originally planned, in April 2026.”
€40–50 billion in non-performing loans are changing color!
Exceptionally optimistic appeared the CEO of NBG, Mr. Pavlos Mylonas, during Goldman Sachs’ conference yesterday regarding how non-performing loans (NPEs) of €40 to €50 billion—currently held in portfolios managed by servicers—can return to bank balance sheets. This will occur through financing provided by banks to borrowers whose status can sustain repayment of a new loan. This assessment by the Greek official was shared with several analysts. Of course, as banking sources noted, the figure is considered quite optimistic, especially considering servicers manage about €70 billion in non-performing loans. Other banking figures had previously estimated this figure at €10 billion. However, it’s assumed that the seasoned banker must know something more.
Fears ease regarding interest income
Yesterday, Greek banks were in the spotlight in Berlin. The anxiety of international funds over interest income has eased, as it is now estimated that there will be few new interest rate cuts through the end of 2025. In other words, the ECB’s base rate is not expected to fall below 1.75%. Moreover, the credit expansion of the banks has overall accelerated, and this will be reflected in the second quarter of the year, offsetting what is lost from interest income. Questions at the top financial road show by GS thus focused on dividends for the current fiscal year (2025) and on credit activity.
Aegean’s new bond
One year before the maturity of the 7-year bond issued in 2019, Aegean’s management, according to sources, is issuing a new bond also with a 7-year maturity, which will refinance the old one on more favorable terms than the current 3.6% rate. The new bond—around €300 million—will be issued under conditions and economic circumstances significantly better than those in 2019, when the earlier bond was issued, which, incidentally, is now trading above par. At a time when Aegean’s stock trades around €13 and the company’s market cap stands at €1.1 billion, management believes that ECB rate cuts have concluded for now, and therefore it can offer savers a positive and secure investment solution with better returns than time deposits. Deposit interest is taxed at 15%, while bond coupons are taxed at 5%.
Moves on the Geopolitical Chessboard of the Piraeus Port Authority
Many transactions, significant price surge—about +47% higher than the market cap three months ago. There is intense and dense shareholder activity at the Port of Piraeus. Today, COSCO controls 67%, the Hellenic Corporation of Assets and Participations (HCAP) holds 7.14%, and approximately 26% of the PPA shares are freely traded on the market. The Board of Directors of the PPA includes 6 Chinese members and 3 Greek members: Dimitris Politis, former CEO of HRADF and current investment advisor to the Prime Minister; Yiannis Moralis, Mayor of Piraeus; and Nikos Arvanitis. On Friday, May 30, the day of the MSCI rebalancing, 136,000 shares changed hands. In the following days, trading volume dropped to single-digit thousands of shares, but suddenly on Friday, 11,000 shares changed hands, the day before yesterday it surged to 37,600 shares, and the same happened yesterday. Someone is consciously and dynamically building a position in the share capital of the PPA. The question is: “To what end?” To influence the decision-making process through some kind of blocking minority? What room is there for such a move when COSCO controls 67%, and clearly, the Chinese are not about to let the game slip from their control. Stock market interest is intensifying as yesterday the share approached €50 (€49.70, +5.86%) and the market capitalization of the Piraeus Port Authority surpassed €1.24 billion. This is the same port that COSCO acquired 67% of ten years ago for €367 million.
PPC Upends Telecom Equilibrium
Yesterday, the stock market offered an initial valuation of PPC’s dynamic entry into the internet services market via fiber optics. The share of OTE—until now the dominant player in fiber optics—fell by -1.11% to €17, while PPC’s share, now competing for market share, gained +0.66% to €13.78. During the session, the gap had widened further. Regardless of these initial short-term estimates, it is certain that PPC’s pricing strategy for entering the fiber optic market is extremely competitive and will force its competitors into a retreat and a reassessment of their announced profit margins for 2025. The game began the night before last and will unfold throughout the autumn, when the first data on subscriber migrations seeking better services at lower cost will be made public.
Stock Market: A Rise Without Passion or Haste
The Athens Stock Exchange recorded its sixth consecutive upward session yesterday, though without intensity or fervor in transactions. Strategic professional placements, rotation among FTSE 25 stocks, and stability above 1,860 points despite short-term fluctuations. Theoretically, stock markets should be celebrating after the announcement of the U.S.-China trade agreement, which allows the U.S. access to rare earth metals critical for the technology and clean energy sectors, while on the other side, it allows Chinese students to continue their studies at American universities. The truth, however, is that this trade truce between the two contenders will not bring about the economic growth that many are hoping for.
Testing New Highs
The subdued tone that prevailed in international markets yesterday did not stop the ASE from taking yet another step toward returning to its 15-year highs. The banks rose to the occasion, but a small group of blue chips and mid-cap stocks provided the additional “fuel” for the market. National Bank of Greece marked five consecutive gains, extending its 10-year high and eyeing €11 for the first time since November 2015. It also became the third listed company—after Coca Cola and Eurobank—with a ten-digit valuation, i.e., a market capitalization of over €10 billion. Attica Bank had its best session of the last quarter with a 4% rally, moving out of the €0.80 zone and heading toward €0.85. The forecast by Peristeris for a doubling of profits over the next three years and the green light for a €0.4 per share dividend gave GEK TERNA’s share the necessary momentum to close at a 25-year high. Yesterday it ended at €19.90, reaching €19.97 at the intraday high, just shy of the €20 mark last seen in February 2000. Jumbo leapt 3%, hitting €29.80, now just short of its all-time record of €30. With another notable rise, Hellenic Exchanges (HELEX) climbed to €6.30, refreshing its 11-year high. The two listed ports on the ASE are now “sailing” in uncharted waters, with PPA nearing €50 for the first time ever, up from €30 at the beginning of this year. Similarly, Thessaloniki Port Authority (OLTH) reached €35, a 17-year record.
At the Helm of the Infrastructure Investment Fund
Now to the HCAP, where decisions were taken and announced for the Hellenic Infrastructure Investment Fund (HIIF). This is a company 100% owned by HCAP that will co-invest in strategic infrastructure sectors related to digital technology, energy transition, etc., in collaboration with foreign and domestic capital. Stelios Fragkos has been appointed CEO of the Hellenic Infrastructure Investment Fund—a choice linked not only to his experience at international consulting firm AlixPartners and as interim CEO at a private equity fund managing $1 billion in assets, but also as a signal to many professionals of Greek descent who also excel abroad.
Alarm in Paiania
For the past ten years, Intracom Telecom has belonged to Middle East FZE, which is based in Dubai and owned by a Swiss fund. Last week, the Ministry of Development and the Interministerial Committee for Strategic Investments approved four new investments, with a budget of 780 million euros, in the fields of energy, networks, innovation, and tourism. Among them is Intracom Telecom’s HERMES project, aimed at developing an integrated wireless network with applications even in rural and suburban areas. This announcement triggered an alarm in Paiania, which is rushing to implement the project. With HERMES, Intracom Telecom will develop advanced telecommunications technologies, aiming to provide ultra-high-speed internet connection in areas outside urban centers. The total investment value for the HERMES project amounts to 42.9 million euros. The state subsidizes 50% of the expenses. Wireless transmission and access technologies will be developed (millimeter wave – mmWave) to provide speeds above 1 Gbps in areas without fiber optic infrastructure. If Intracom Telecom succeeds within the set timeframe, Greece will become a pioneer in communications innovation, while new opportunities for exports will be created.
Trump: Save or We’re Doomed
Donald Trump’s austerity policies continue. After imposing consumption taxes (tariffs), he is now offering incentives to the average American family to save. In the coming days, the PotUS will announce the “Trump savings accounts.” Parents and guardians of minors will be able to invest capital in financial markets on behalf of their children. The U.S. government will deposit $1,000 into a low-cost mutual fund account that tracks the overall stock market, for every newborn. Additional contributions by parents and guardians can reach $5,000 per year. Once the child reaches adulthood, the funds can be used for expenses such as college tuition or a down payment on a home.
The First Billion-Dollar Contracts in Artificial Intelligence
AIQ is a joint venture between ADNOC (51%) – the state-owned upstream company of Abu Dhabi – and Presight (49%), the Emirate’s state-owned AI platforms company. In March 2025, AIQ secured a $340 million contract to develop the ENERGYai platform for ADNOC’s upstream activities. This three-year contract, following a successful pilot phase, significantly boosts efficiency across 28 extraction fields. ENERGYai was developed with G42 and Microsoft. The platform allows Artificial Intelligence to draw information from proprietary field data and make decisions on its own. AIQ’s ambitions are soaring with a new Artificial Intelligence and data center in Abu Dhabi, while it has already revealed plans for expansion into Albania, Angola, and elsewhere. The establishment of the new AI Datacenter in Abu Dhabi unlocks a new market—the sale of AI consulting along with GPU datacenter infrastructure for training and inference of models—and brings us even closer to large-scale investments through private-sector contracts exceeding $1 billion.
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