The “Invisible Hand” and fake invoices, the ministers’ surprise about Kövesi, Paulson and UBS, what Goldman Sachs was doing with Mylonas, the Belgians looking into Eurobank

Hello, I’d similar to commencement contiguous with the occurrence of the “Greek FBI” successful uncovering yet different large lawsuit involving forged and fake invoices, wherever assorted schemers effort to bargain VAT — successful different words, nationalist funds. In caller years, some the Greek Police services and, much importantly, the Anti–Money Laundering Authority and the Independent Authority for Public Revenue (AADE) person admittedly “caught” galore specified oregon akin cases. In these cases, we often perceive — due to the fact that they are included successful the authoritative reports of the Authorities and sent to the authoritative — assorted well-known names: artists, celebrities, shot figures, and truthful on. The occupation is that successful Greece, “miracles” look to past lone a fewer days, conscionable agelong capable to marque media noise. Afterwards, everything is forgotten, and the main figures successful these large fraud cases locomotion distant unscathed (or astir unscathed) and transportation connected with their lives — often repeating the aforesaid oregon precise akin fiscal crimes. It’s arsenic if immoderate “invisible hand” intervenes and magically erases oregon neatly covers everything up. So I privation to inquire publicly: who is this “invisible hand” that yet untangles each the messes for the country’s pseudo-celebrities, adjacent if they’re being pursued by [Minister] Chrysochoidis, [prosecutor] Vourliotis, oregon [AADE head] Pitsilis? Is it 1 person, oregon a operation of entanglement, corruption, and nationalist relations?

Kövesi – A Surprise Visit

Yesterday, European Chief Prosecutor Laura Kövesi was successful Athens, wherever she met with Ministers Pierrakakis, Chrysochoidis, and Floridis. I spoke with each my sources, and they each told maine astir precisely the aforesaid happening — with insignificant variations — astir her meetings with the Greek ministers. Kövesi made an fantabulous impression: she is wholly institutional, and her absorption is connected cases of large value for the European Union. The sole taxable of her discussions was Operation “Calypso” — the find of 2,500 amerciable containers astatine Piraeus’ 3rd Customs Office. These Chinese containers were recovered astatine the port, and if they had slipped through, the EU would person mislaid astir €800 cardinal successful revenues (according to the Financial Times). Detecting them was, therefore, a large occurrence for her office. That’s wherefore Kövesi came to Athens — for customs matters. She volition springiness a property league determination today, careless of whether she is asked astir OPEKEPE (the Greek cultivation payments organization) oregon the “717” (the Tempi bid disaster). She received everything she asked from Pierrakakis to summation customs inspections, and her wide stance and demeanor made it wide that she is determination to bash her job, not politics. Chrysochoidis was acceptable to little her connected the Economic Police’s probe into OPEKEPE, but that wasn’t necessary. Regarding the treatment connected amending Article 86 of the Constitution, Kövesi brought up the substance pursuing an involution by Greek European Prosecutor Nikos Paschalis, and Floridis explained the parliamentary process based connected commitments made by [Prime Minister] K.M. (Kyriakos Mitsotakis). That’s what my sources told me, and I’m passing it on.

Behind the Scenes with Mylonakis

The missive sent by Giorgos Mylonakis to the Parliamentary Inquiry Committee connected OPEKEPE, requesting to beryllium called arsenic a witness, was a benignant of “dribble” determination by the lawman curate — aft absorption parties and assorted MPs (notably Voultsepsi, who has a past with Mylonakis) demanded his presence. Mylonakis claims helium has nary engagement successful the substance of the lawsuit and has already responded to each allegations during 2 erstwhile parliamentary question sessions — but says he’s consenting to repetition himself if MPs wish. In reality, it would person been awkward if everyone other called for his grounds portion helium avoided attending. The scheduling of his quality volition beryllium decided by the Committee’s Presidium, but different witnesses specified arsenic bureau heads and ministers volition instrumentality precedence.

Storm implicit the Frigate

“They accidental ‘a tiny village, fewer houses,’” and successful SYRIZA’s case, this applies perfectly. There’s present a tempest brewing implicit whether the enactment volition ballot successful favour of the 4th Belharra frigate. Karameros publically stated that the enactment should enactment it, and respective officials and MPs stock this view. Even Famelos is said to thin toward voting successful favor. However, the different fractional of the president’s adjacent associates and MPs (including Zachariadis, Polakis, and others) disagree, arguing that specified a ballot is inconsistent with their stance connected prioritizing societal spending. Interestingly, New Left is besides opposed to the frigate purchase, astatine a clip erstwhile the flirtation betwixt the parties is intensifying.

PASOK and the Empty Square…

“At astir 3 and a cuckoo” — well, okay, determination were a fewer much — gathered yesterday astatine 11 a.m. successful Klafthmonos Square aft enactment president Nikos A. issued a call. SMS messages and telephone calls had gone retired from Harilaou Trikoupi (PASOK HQ) to pass enactment officials, MPs, and members astir the planned attendance astatine the GSEE–ADEDY onslaught rally, but the mobilization flopped. Only a fewer MPs showed up — aft all, Parliament is conscionable steps distant — on with immoderate greenish commercialized unionists, enactment officials, and the president’s adjacent aides. After delivering his warring statement, our person softly left.

Paulson, UBS, and the 15% Scenarios

Now to marketplace quality — and a speedy intermission to notation that the Dark Room file celebrates its 5th day connected newmoney.gr this October. To people the occasion, here’s a study connected the banking sector. While nary contiguous developments are expected, the marketplace is “boiling”. John Paulson has present been a shareholder successful Piraeus Bank for implicit a decade. Recently, helium wholly sold his involvement successful Alpha Bank, and besides reduced his Piraeus involvement somewhat to conscionable beneath 15%. This leaves him with a strategical 15% holding — fundamentally a “key” involvement for immoderate imaginable purchaser to power the bank. The erstwhile hedge money manager, who besides took a “hit” connected his concern successful EYDAP (Athens Water), would person nary occupation cashing retired and leaving. UBS and Stefanos Papapanagiotou person taken connected the task of uncovering a buyer. It’s not wide whether UBS has been formally mandated, oregon whether Papapanagiotou is handling it informally until the close conditions originate to suggest a deal. Papapanagiotou, who has climbed the UBS hierarchy, has connections successful the European banking strategy and whitethorn good find a suitable purchaser — particularly astatine a clip favorable to cross-border slope mergers.

When Goldman Sachs Went to P. Mylonas’ Office

The market’s antennas whitethorn not prime up connected these kinds of behind-the-scenes developments, but that’s not the lawsuit for Goldman Sachs, which, observing the situation, saw an opportunity. Relations betwixt P. Mylonas (CEO of National Bank of Greece) and Ch. Megalou (CEO of Piraeus Bank) were strained due to the fact that of Ethniki Asfalistiki (National Insurance). The 2 banks volition yet scope an statement connected the bancassurance deal, due to the fact that a grotesque Gordian knot has formed that it is successful some their interests to resoluteness — and the sooner, the better. However, this doesn’t mean that the absorption of National Bank has digested the merchantability of Ethniki Asfalistiki — a transaction for which, erstwhile again, Piraeus Bank utilized UBS and Papapanagiotou’s services. In fact, marketplace speech says that Mylonas was truthful upset astatine archetypal that helium refused to instrumentality Megalou’s calls, arsenic the second tried to explicate and creaseless things over. Goldman Sachs, seeing this “pleasant” atmosphere, visited P. Mylonas and projected that National Bank get Paulson’s shares successful Piraeus Bank. The program had been studied earnestly and successful depth: National had much than capable superior for specified a move, the thought was good liked, but past the “invisible hand” Adam Smith wrote astir stepped successful and deed the intermission button. Indeed, specified a merger would person placed a Greek slope among the apical 50 successful Europe, but for it to marque sense, galore branches would person had to close, galore employees laid off, and contention issues addressed. The second would person been solved by selling disconnected assets of some National and Piraeus, giving different banks a accidental to bargain and frankincense reshaping marketplace balances. Was the program abandoned? “Not entirely,” says a reliable source. The file adds that the program remains connected the table, arsenic a benignant of “battle plan” for the close moment, if and erstwhile it arises. P.S.1: All of the supra is, of course, officially denied. P.S.2: This behind-the-scenes script could perchance propulsion up Piraeus Bank’s stock price, due to the fact that if its valuation rises, each these plans go uneconomical.

Why the Belgians Want Eurobank

Meanwhile, different concern is unfolding. The Ministry of Economy has its eyes connected KBC and the acquisition effort the Belgian slope is making successful the Dutch market. If this determination into the Netherlands doesn’t spell through, Greece should beryllium acceptable to invited the Belgians. Their archetypal people is Eurobank, and the 2nd is Piraeus Bank. They similar Eurobank due to the fact that KBC already has a subsidiary successful Bulgaria. By acquiring Eurobank, they would make the largest slope successful Bulgaria, portion simultaneously gaining a beingness successful Greece and Cyprus. The question is whether Prem Watsa, aft truthful galore years connected Eurobank’s shareholder register, would participate negotiations to sell, for example, 10% present and gradually the remaining 20% implicit time. He runs an security group, has held the concern for 10 years — we shall see…

The Hint from Theodorikakos to Supermarkets

There were 3 cardinal moments successful yesterday’s gathering betwixt Development Minister T. Theodorikakos and supermarket representatives, regarding the inaugural to trim prices connected 1,000 basal goods. The archetypal 2 progressive the negotiations themselves. The astir important result was that supermarkets agreed to discounts of implicit 5% connected packaged products. The 2nd cardinal constituent was the statement to use the measurement until the extremity of the year, with the curate pushing for it to proceed into 2026. The 3rd and astir absorbing infinitesimal came erstwhile Theodorikakos told the concern representatives not to confuse this treatment with the fines imposed by DIMEA (the marketplace enforcement agency), due to the fact that helium is legally obligated to enforce them — otherwise, helium would beryllium committing a dereliction of duty. I presume the supermarket representatives caught the hint.

October 6 and 9: Key Dates for Intralot…

The superior summation (AMK) of Intralot with currency contributions continues and volition beryllium completed adjacent Friday, done a combined home and planetary offering, with a maximum connection terms of €1.27 successful some bid books. The superior summation is already considered afloat covered, and the institution is expected to rise astir €400 cardinal from overseas (€316 million) and Greek (€84 million) investors. Of this, €300 cardinal volition spell toward acquiring Bally’s Interactive, and €90 cardinal toward repaying existing debt. On Monday, October 6, the last connection terms volition beryllium announced. On Thursday, October 9, the caller shares volition statesman trading connected the Athens Stock Exchange. This AMK is the last signifier of the woody to make the caller Intralot–Bally’s group, pursuing the €900 cardinal enslaved contented earlier this year, which attracted €3.3 cardinal successful offers from much than 200 concern portfolios. From that constituent onward, the travel of the “new Intralot” begins. Together with Bally’s Interactive, it volition signifier a radical wherever online gaming accounts for astir 70% of revenues, with the UK arsenic its main market. Based connected 2024 figures, the caller operation represents revenues of implicit €1.1 cardinal and EBITDA of €410–420 million.

…and the Thousands of Derivatives Contracts

And since we’ve opened the Intralot chapter, it’s worthy mentioning that yesterday astatine noon determination were much than 399,000 Futures contracts connected the Derivatives Exchange for Intralot’s stock — each astatine a premium, i.e., supra the €1.27 maximum offering terms for the superior increase. Each declaration corresponds to 100 shares, meaning there’s a “volume” for aboriginal transactions of 40 cardinal shares. Yesterday’s 2.36% emergence successful the stock terms to €1.30 indicates comfy oversubscription of the superior summation by Friday. The aforesaid happened with the peculiar enslaved issues, which attracted €3 cardinal successful demand, with €850 cardinal yet raised. All this shows that the moves are good planned and executed. Of course, everything volition go wide connected Friday — unless the entity falls connected our heads…

The Acquisition of Algosystems by Profile and the Olayan Ties

Following yesterday’s file report, Profile was obliged to denote to the Stock Exchange that it is successful precocious negotiations to get astatine slightest 85% of Algosystems, aiming to grow its activities successful the cybersecurity sector. This is simply a significant, though not large, acquisition for the Greek IT market.
Algosystems has a precise absorbing history. It was founded successful 1986. Akram Sayioun led the institution for 22 years, and successful 2020 helium became Chairman of the Board, handing implicit absorption to his children, Alexandros and Tamara Sayioun. Until 2016, the largest shareholding successful Algosystems belonged to the Olayan Investment Co. group, but the institution retained a household character, with galore executives moving determination for implicit 15 years. The Olayan Group is the well-known concern radical founded successful 1947 by Suliman Saleh Olayan, 1 of the wealthiest Saudi businessmen. After his decease successful 2002, his lad Khaled took implicit arsenic president of the group, portion his 3 daughters besides assumed important roles. Lubna Olayan was 1 of the archetypal women of Saudi root to instrumentality connected enactment positions successful the backstage sector. Today, the Olayan Group is simply a multinational institution headquartered successful Liechtenstein, with offices successful New York, London, Luxembourg, Athens, Singapore, and more. The Greek bureau of Olayan Investments Company Establishment is housed successful a distinctive domed gathering connected Poseidonos Avenue successful Glyfada. In January 2024, Andreas Doumouros was appointed CEO of Algosystems. He has worked astatine the institution since 1989 arsenic Technical Director, pursuing an 11-year vocation astatine OTE.

Response to Giannitsis’ Criticism

Yesterday, the European Commission appointed ELSTAT President Thanasis Thanopoulos arsenic Deputy Director-General of Eurostat (DG ESTAT). The quality carries dual significance: political, arsenic it serves arsenic a applicable effect to caller disapproval by erstwhile curate Tasos Giannitsis — who questioned the method of GDP calculation successful his articles — and nonrecreational (for immoderate astatine least), arsenic the presumption of ELSTAT President is present open.

The Vietnamese successful Greece for Business and Shipping…

A 20-member authorities delegation from Vietnam, led by the Vice President of Parliament, is visiting Greece from October 2. The extremity is to clasp meetings with the Greek authorities and concern circles.
From a shipping perspective, Vietnam is processing its shipbuilding industry, focusing initially connected vessel repairs alternatively than newbuilds. Branches of large Eastern shipyards person opened determination and are winning contracts. The nexus betwixt the 2 countries is the honorary consul successful Greece, shipowner Gavriil Petritis, who is hosting a luncheon for them contiguous astatine the Flisvos Marina. “They’re funny successful maintaining bully relations with Greece and its shipping sector,” diplomatic circles said, adding that their ngo is challenging due to the fact that the Vietnamese are cautious and hesitant successful their actions — a stance that limits their flexibility. Regarding their shipyards, immoderate are reportedly neglected, but overseas investors are arriving to renovate them. Shipping executives notation that the occupation is that the Vietnamese cannot supply refund guarantees, nor tin they physique caller ships, which is wherefore they absorption connected repair visitors.

…And the Germans Follow Closely Behind

A antithetic radical is expected to get successful Piraeus successful mid-October: eleven German maritime exertion companies participating successful a concern ngo nether the auspices of the German Ministry of Economy and Energy (BMWE). What’s absorbing is that the Germans are not coming lone to showcase their know-how but besides to spot firsthand however they tin “fit” into Greek shipping. The scheduled B2B meetings amusement that matchmaking is astatine the core. They volition bring with them “green” propulsion systems and energy-saving solutions, arsenic good arsenic integer applications for ships, shipyards, and ports.

Cosmote’s Surprise

Next Monday, Cosmote has invited property representatives to a “Magenta Presentation.” It’s nary longer a concealed that Kostas Nebis volition contiguous for the archetypal clip the T-Phone, the caller T-Mobile telephone that, among different features, volition leverage Artificial Intelligence successful collaboration with Perplexity. We person entered the epoch successful which telecommunications companies are evolving into TELCO–TECH firms, offering a operation of telecommunications and high-tech services enriched with AI. Expectations for these caller services person pushed OTE’s marketplace capitalization backmost supra €6.5 billion.

The Proposal for Electric Car Leasing and the Listed Companies

It’s an thought that has worked good successful France. The Ministry of Transport has submitted a petition to the European Social and Climate Fund. If each goes well, backing volition get by 2026. The thought is to let young workers and low-income professionals to get an electrical car for commuting, astatine a precise debased monthly lease outgo of €50–100. If approved, astir 11,000 electrical vehicles volition beryllium included successful the program, with the authorities subsidizing astir of the monthly lease cost. An archetypal fund of €450 cardinal has been drafted (€150 cardinal for backstage individuals, €300 cardinal for professionals), but each of this depends connected support by the Social and Climate Fund. This has sparked large discussions connected the Stock Exchange astir which companies volition benefit, with Auto Hellas (Eft. Vassilakis) and Motodynamics (Paris Kyriakopoulos) seen arsenic premier candidates. In immoderate case, 11,000 electrical vehicles correspond a important marketplace opportunity.

The First Attempt astatine a Trend Shift successful the Market

The Athens General Index started October “on the close foot,” aiming to execute a 12th consecutive period of gains — thing that has ne'er happened before. The marketplace has been successful a consolidation signifier for weeks, but yesterday’s archetypal league aft the nine-month play gave immoderate signs of a inclination shift: on with the rise, determination was a satisfactory trading volume. The league began cautiously amid uncertainty, with the General Index slipping to 2,025.95 points (-0.41%) aboriginal on. By midday, the banks led a rally, pushing the Index up to 2,057.78 points (+1.16%), earlier closing astatine 2,056.38 points, up 1.09% for the day. Trading measurement reached €220.5 million, including €30.1 cardinal successful pre-arranged transactions. Trades successful Piraeus, Alpha, and Eurobank shares accounted for astir fractional of the day’s full transactions. Piraeus (+3.27% to €7.45), National Bank (+3.48% to €12.79), Eurobank (+2.29% to €3.35), and Alpha (+1.47% to €3.66) led the way, followed by Cenergy (+2.79% to €12.54) and PPC (+2.71% to €14.40). Coca-Cola mislaid the €40 enactment level (-0.75% to €39.76). Hellenic Exchanges continued its mild diminution (-0.6% to €6.6), awaiting quality astir its engagement with Euronext. Mevaco, aft an unforgettable +21.9% the erstwhile day, closed with +3.59% astatine €8.65. The league besides brought a antagonistic record: Austriacard Holdings fell beneath €5 for the archetypal clip since January 2023, erstwhile it began dual listing successful Athens and Vienna.

Paris Dragnis and the Statue

The statue of the mythical Jason volition beryllium inaugurated connected Saturday, November 1, 2025, astatine the cardinal pier of the Port of Volos. Shipowner Paris Dragnis, primitively from Volos, is the sponsor, though helium had wished to stay anonymous until now. A level of astir 182 m² (perimeter 54 m) has been constructed to big and item the sculpture. Its placement is symbolic, arsenic this is the spot where, according to mythology, the Argo docked. This statue follows the announcement a twelvemonth agone of the instauration of the Dragnis Foundation’s taste center, which volition big acquisition and societal initiatives.

New Head of Communications astatine JTI Hellas

JTI (Japan Tobacco International) Hellas is the Greek subsidiary of the planetary JTI Group, 1 of the largest baccy companies successful the world. In Greece, the institution is progressive successful the import, distribution, and selling of baccy products (traditional cigarettes and alternate nicotine products). As of yesterday, Dr. Simos Sidiropoulos has taken connected the relation of Director of Corporate Affairs and Communications astatine JTI Hellas, with responsibilities spanning Greece, Cyprus, and Malta. Sidiropoulos, successful his forties and with world experience, joined JTI Hellas successful 2022 and has since been progressive successful the Greek market, serving arsenic Corporate Relations and Communications Manager.

Luxury Hotels Are Thriving — Budget Ones Are Struggling

A Bank of America survey reveals a striking infinitesimal successful the planetary hospitality industry: luxury is booming, portion fund destinations are suffering. Worldwide, luxury hotels are breaking occupancy records, portion fund edifice chains are struggling to support the lights on. BofA describes the concern arsenic a “K-shaped recovery,” wherever economical fortunes diverge sharply. The information is telling: spending connected accommodation by low-income consumers has fallen by 2% since 2023, adjacent arsenic wide user spending has accrued by 1%. This means that portion immoderate are spending more, others are drastically cutting back. The “legends” of fund hotels — specified arsenic Choice Hotels, Wyndham, and Spirit Realty — erstwhile considered “safe havens” during recessions, are present connected the sidelines. The irony? What was erstwhile considered “cheap sleep” is present proving precise costly for investors. On the different hand, luxury brands are flourishing. Accor saw a +18% summation successful luxury country income successful the archetypal quarter, portion Hilton is readying to sextuple its banal of high-end accommodations. Wealthy consumers are not conscionable traveling — they’re investing successful experiences, comfort, and premium services. This inclination is besides evident successful Greece, wherever luxury boutique hotels and five-star resorts are filling up, portion fund accommodations look accrued contention and squeezed nett margins. Behind these numbers whitethorn prevarication a broader economical truth: the mediate people is shrinking, and user behaviour is polarizing. Businesses that people the “golden middle” oregon fund segments hazard uncovering themselves successful a “dead zone” successful the market. The aged look — “low prices for the wide market” — nary longer works successful a satellite wherever that wide marketplace simply doesn’t person the money.