URBAN PLANNING DEPARTMENTS: We have learned that within 10 to 15 days of taking office, the then-new Regional Governor of Attica, Nikos Hardalias, removed one of the key figures involved in the case from a critical position.
Similarly, the spouse of the aforementioned individual was removed from the Urban Planning Department of the Municipality of Kifissia in January 2025, at the initiative of Mayor Vasilis Xypolytas.
And yet, these individuals continued unhindered to assume important positions in other departments until the very end, for reasons attributed to their connections with key figures in the government and party apparatus.
Until the… bombshell dropped, which has already swept away two secretaries-general and—from what we’re hearing—another is set to follow.
The case could very well turn into another major bombshell for the government, as it brings to mind, all too vividly, the widespread corruption of the OPEKEPE scandal.
Not that anyone with experience in urban planning didn’t realize that “things were going on,” but the scale of the rot and the number of prominent figures involved—mainly engineers—is shocking. Giving the impression that here too, during the government’s tenure, the long-standing craft of corruption has become… an industry, serving the pockets of its inner circle.
BAKOGIANNIS: Among other things, for those who don’t remember, Efthymis Bakogiannis, Secretary General of the Ministry of Environment and Energy, who remained in his post throughout the current government’s term—until his sudden resignation to focus on “his academic duties”— as soon as… the scandal broke—had distinguished himself for yet another reason.
He was the one who drafted and implemented the infamous Fire Safety Regulation for private properties, which sparked massive backlash and was never enforced.
To be precise, the cost of implementing it was deemed unrealistic, the Ombudsman expressed doubts about its constitutionality, while various organizations complained that it shifted the state’s responsibilities onto the citizen.
Although this was a serious matter that ended in such a spectacular failure, Mr. Bakogiannis, who was a key figure, had stated at the time... undeterred:
“The drafting of this Joint Ministerial Decision began in 2022, it was enacted in 2023, and for 2023—which was the first year the regulation was published—implementation was optional and recommended for all properties falling within its scope.”
As if it were going to be implemented in the coming years.
In the end, as we all know, it was promptly tossed into the trash bin in 2024, despite years of… study. Strangely, he remained in his position after the spectacular fiasco.
Because, as the gossip goes, he had a very powerful… “uncle in Koroni.”
THEODORIKAKOS: In economics, numbers are often the most reliable indicator of intentions and results.
In his two-year report at the Ministry of Development, Takis Theodorikakos highlights a portfolio of 915 investment projects, totaling 2.5 billion euros, with the potential to create 15,000 new jobs.
This translates to more than 20 new jobs on average per investment, an indication of the impact these projects can have on the real economy. Equally interesting is that the majority of the investments are directed toward the regions.
SYRIZA: Socrates Famellos will make full use, according to his associates, of the political framework of the Thessaloniki International Fair (TIF), where party leaders present their platforms and hold the “traditional” press conferences.
What they don’t explain is what the leader of a party (SYRIZA) that decided not to participate in the elections in order to support another party (ELAS) will have to say at the TIF.
In other words, what program will he present, since his party—even if it hasn’t dissolved by then—will certainly not be in the next Parliament?
In fact, from what we’re hearing, dozens of members of SYRIZA’s Central Committee are being… forcibly prevented from resigning by party officials and members so they can move “cleanly and unhindered” to Alexis Tsipras’s ELAS. (Note: We have explained why they must not resign “right here and now”: so that “the party is not handed over to Polakis, Dourou, and Pappas”).
The impatient ones, however, are warning President Sokratis: wrap up the loose ends quickly and make it clear that “SYRIZA is over” because we do not intend to wait until September.
With or without the Thessaloniki International Fair…
CONSTITUTION: We were discussing a fast-track debate in Parliament on the Constitutional Revision yesterday morning.
As it turned out, at the first meeting of the newly formed Constitutional Committee, the process will be a bit like… spray-wipe-done, since, according to the opposition, its chairman, Makis Voridis, has given it a timeframe of just one month, until July 15, to complete its work.
Based on this timeline, 12 committee meetings are scheduled (three per week), compared to the 18 meetings in the previous revision process in December 2018.
Given the tight schedule, the first vote in the Plenary Session of Parliament on the articles to be revised will take place on July 28, and the second (note: it must be one month after the first) on August 28.
So that immediately afterward, the prime minister can, if he so decides, call for fall elections…
CHANIA BANK: Yiannis Michos, Executive Director of the Chania Cooperative Bank, reportedly submitted his resignation “unexpectedly”; however, we are told, had made a good impression on the Athens market, as he had been working methodically all this time to find investors (both foreign and Greek) who would take on the task of saving the “business.”
Officially, it is emphasized that the resignation was for personal reasons, an excuse that does not sound all that convincing, given the critical period the bank is facing.
As for the investors who were set to join the bank—which, it should be noted, has a significant proportion of non-performing loans—they are reportedly still on standby.
NUCLEAR POWER: At least seven to eight regions in Greece meet the basic criteria to host a small or large nuclear power plant, based on seismic, geomorphological, demographic, and other data taken into account in similar cases.
This is the conclusion reached by the study conducted by Athlos Energy in collaboration with the American firm Cambrian Nuclear, which identifies potential sites for reactor locations, ranging from Central Macedonia and Thrace to Southern Euboea and the Peloponnese, without, however, specifying particular locations—a move that could create misleading impressions, given that the country does not yet have a comprehensive regulatory framework for the development of this technology.
Nevertheless, the study takes the recent debate a step further, as it assesses the country’s suitability for different types of nuclear technologies.
This ranges from large conventional reactors using existing technology to small modular reactors (SMRs) or even micro-reactors, known as “pocket reactors.”
The criteria considered in this initial assessment include seismicity, faults, flooding, topography, and the risk of landslides. It also assessed proximity to urban centers and residential areas, existing energy and transportation infrastructure, as well as access to water resources (which are essential for cooling).
This column has learned that Athlos’ initiative does not stop here. A technical study is set to be published in June covering the entire nuclear fuel cycle of a potential plant in Greece, from the source of origin to its costs, the country’s needs based on various scenarios (for the development of one or more plants), as well as the overall management approach that should be followed.
In July, the company also aims to publish an initial economic and technical analysis (in collaboration with a foreign partner) regarding the investment amount, job creation during the construction and operation phases, and a range of economic multipliers—that is, the direct and indirect benefits to GDP.
RECYCLING: DRS Hellas is rolling out the packaging deposit return system and is seeking a contractor to operate the network of smart recycling machines.
The scale of the project is reflected in the €500,000 bid bond and the requirement for experience managing a fleet of over 100 machines.
The contractor will be responsible for everything from technical support to data management, as well as coordination with logistics and maintenance providers nationwide. Bids must be submitted by June 19 at the DRS Hellas offices in Marousi.
GUARANTEES: Golden Eggs is backing an affiliated company to secure financing of up to 15 million euros. It is offering not only a corporate guarantee but also a collateral package:
Real estate, trademarks, equipment, bank accounts, and insurance claims are all on the table.
TECHNOLOGY: Epirus is attempting to build its own innovation ecosystem with €3.9 million in funding for an Innovation and Entrepreneurship Park. Incubators, accelerators, co-working spaces, and support for startups are included in the plan.
The challenge, of course, is not building the infrastructure but whether they will be able to keep talent and businesses away from Athens and… abroad.
INVESTMENT: Natural Soft is investing €4.2 million in a new production facility for paper hygiene products in Michaniona, securing a grant of over €2 million.
The investment involves the production of toilet paper, paper towels, and related products, and is expected to create 10 jobs.
AEGEAN: The reaction to the airline’s stock following news from the Middle East and the decline in oil prices was expected.
On the trading board, the stock was up as much as 6% (€12.90), while it closed the day up 4.68% at €12.74. Trading volume was also notable, exceeding €4 million.
Following this move, losses since the start of the conflict have been limited to 7.14% and to 10.66%since the beginning of the year.
AIA: In contrast, trading in “Eleftherios Venizelos” was sluggish. Gains were limited to 0.86%, with the stock closing at €10.57. Losses due to the Middle East conflict stand at 7.6%, but the decline since the start of the year has been nearly wiped out.
The company is issuing a seven-year bond worth €500 million, aiming to refinance debt and promote investments.
BALLY’S INTRALOT: Moody’s rates Bally’s Intralot’s acquisition of Evoke as “credit positive.”
The rating agency notes that the transaction substantially improves Evoke’s credit profile, primarily because it drastically reduces refinancing risk through the end of the decade.
The most important factor, it notes, is that new financing commitments totaling £889 million have already been secured, which will fully cover the debt maturities in 2028.
Of course, the firm is also looking at the bigger picture. Evoke’s integration into the Bally’s Intralot group is expected to generate benefits from the consolidation of the customer base, data analytics systems, and technology investments. The firm estimates that this combination will ensure higher profitability and stronger cash flows in the coming years.
Interestingly, Moody’s is even leaving open the possibility of upgrading Evoke’s bond issues following the completion of the transaction, provided the new capital structure is confirmed.