PARLIAMENT: Those who have been trying to spot signs of early elections—that is, elections this fall—since yesterday have found one, and a very clear one at that: the almost fast-track pre-revision process for amending the Constitution, so that voting in the current Parliament is completed by the end of August.
What does this mean? That Parliament may then be “ dissolved ” at any time to call for an election, if Kyriakos Mitsotakis so decides.
As this column has noted many times, the current Parliament, known as the “Proposing” Parliament , must approve which articles of the Constitution are to be revised and in what direction, while the next Parliament, the “Revising”, will determine their new content and vote to approve or reject them.
Any article that receives 151 votes in favor in this Parliament must receive 180 in the next—and vice versa. The goal is for the new Constitution to be the product of the broadest possible consensus and not merely a parliamentary majority of a single party.
According to the schedule, therefore, the Constitutional Committee to be appointed in the coming days will work at full speed to finalize the articles to be revised, which will be approved by the Plenary in two votes: one on July 27–28 and the second on August 27–28, since there must be a one-month interval between them.
Thus, as of September 1, the path to the fall elections will be clear as far as the mandatory procedural steps for the pre-revision of the Constitution are concerned…
As for the votes, unless the opposition changes its stance (which it won’t…), no article will “pass” this Parliament with 180 votes, so that the next government won’t have the freedom to approve them with just 151 “yes” votes.
ELAS: Another signal was sent regarding Efi Achtsioglou’s move to Alexis Tsipras’s party. In fact, it came from the party’s spokesperson, Theoni Kufonikolakou, who spoke publicly in the highest terms about the now-former MP.
To put it in perspective, she said, among other things, that…“Achtsioglou’s mind is a train” and that her decision to resign as an MP was courageous. A point that the MPs of NEAR (and soon of SYRIZA) who prefer to go independent in the hope of gaining glory and honor in the Hellenic Police should carefully consider… when they “smell” elections.
Of course, Ms. Koufonikolakou reiterated that everyone is welcome in Tsipras’s party but “they cannot come with guaranteed privileges or reserved positions.” Something that, of course, will become clear in time…
SEV: According to reports, Nikos Loulis will be on the Association’s ballot. He is one of the most successful representatives of the new generation of Greek business leaders, with a strong track record.
Having taken the reins of the family business during an extremely difficult period for the country, in 2010, he managed not only to preserve the legacy of Loulis Mills but also to transform the group into a modern, outward-looking player in the food market with a global footprint.
Low-key yet high-performing, Nikos Loulis is widely respected in the industrial sector. His entry into the SEV race symbolizes the transition to the next chapter of Greek manufacturing.
DRS HELLAS: Michael Panagiotakis is taking on a central role in Greece’s new major recycling initiative, assuming the helm of DRS Hellas, the company that will operate the new return system for plastic and metal packaging.
The company has already delegated extensive responsibilities to the general manager, giving him a decisive role in the management, operation, and representation of DRS Hellas.
The return of the former head of DODONI to such a demanding project is considered particularly significant for the market, as the new deposit return scheme (DRS) model will require major investments in infrastructure, logistics, digital systems, and partnership networks with retailers and the beverage industry.
The project is expected to radically change the way packaging is recycled in Greece.
IDEAL HOLDINGS: Behind the upcoming listing of Attica Department Stores on the Stock Exchange, Ideal Holdings is gradually building a larger plan centered on City Link and premium retail in downtown Athens.
Management’s announcement that Attica is acquiring three more stores reinforces the strategy of further expanding the luxury and premium portfolio, at a time when Athens is attracting more and more tourists.
Regarding the property and the relationship with Piccar, which leases City Link from the Army Share Fund, Mr.Papakonstantinou, responding to Euro2day.gr , said that “Piccar remains the tenant, and that will not change.”
IDEAL HOLDINGS II: However, if you ask this column, the most interesting thing about everything the Ideal executive said is that he will not proceed with an acquisition solely to utilize available capital. With €100 million in cash, open bank lines of hundreds of millions, and limited borrowing, Ideal has the luxury of waiting.
Of particular interest were Papakonstantinou’s remarks regarding capital management philosophy, characterizing the maintenance of excessive cash reserves without a clear investment plan and without a substantial return of value to shareholders as “unacceptable.”
His remarks did not go unnoticed, as he “highlighted” the practices of companies that choose to hoard liquidity rather than use it productively or return it to investors.
Emphasizing capital discipline, he argued that when there are no investments with satisfactory returns, excess capital must be returned to shareholders.
ALLWYN: Armed with strong first-quarter results, the group’s management appeared at yesterday’s conference call with analysts confident that it will achieve the targets it has set for this year.
On the stock chart, a recovery from the year’s low of €11.78 —reached on May 20—has been underway in recent sessions. After a four-session winning streak, the stock closed yesterday at €13.38.
The return from the low exceeds 13%, but it is still down about 30% for the year.
KRI KRI: The correction in the Serres-based dairy company’s stock proved to be a “one-day wonder.” Yesterday, with a 2.33% gain, the stock climbed to €28.6, setting a new record.
The move comes in the wake of strong first-quarter results. Total gains since the start of the year have exceeded 50%.