MIGRATION: Lately, quite a few highly interesting data have started to emerge and be published in Europe regarding the fiscal cost/benefit relationship of migration.
Denmark’s Ministry of Finance calculated that in 2019 migrants and descendants of Western origin had a positive net contribution of DKK 11 billion during the year, that is about EUR 1.47 billion at current exchange rates.
However, for foreigners who did not originate from the West, the contribution was negative by about EUR 3.62 billion in the same year, so the overall balance for the year was negative by about EUR 2.15 billion.
As also noted in the same report, the largest part of the negative contribution, about EUR 3.22 billion, concerned people originating from the Middle East, North Africa and certain neighboring countries in the wider region.
MIGRATION II: Even more revealing, however, is the distinction by reason for entry. In a Dutch study, the estimated net contribution of a first-generation migrant over the entire course of his life in the country is positive by EUR 153,000 when he has come for work.
If he has come for “family reunification”, the contribution turns negative by EUR 182,000, while if the purpose is securing asylum, then the fiscal burden reaches… EUR 392,000.
In the broad category of those coming from non-Western countries, the corresponding estimate is plus EUR 90,000 for entry for work, versus minus 433,000 for entry through asylum.
This is a very critical difference that is lost when we put all migrants in the same basket.
GREECE: And what is happening in our country? you will ask. We have not identified such data as the above from the competent services (pictured: Thanos Plevris).
According to Eurostat, in 2025 Greece issued 69,786 first permits to citizens of non-EU countries. 54.8% fell into the “other reasons” category, versus 22.8% in the EU as a whole.
But what does Eurostat include among “other reasons”? Residence permits are divided into four categories. Work, family, studies and “other reasons”.
The latter includes, among other things, international protection and residence permits that do not belong to the first three categories. Therefore, the “others” are not necessarily those who are granted asylum.
The bottom line, however, is that since Greece invokes worker shortages, it needs more legal entries for specific jobs and faster access to work for those who acquire the right to stay.
But it also needs a public accounting. How many work, what contributions they pay and what support they receive, by permit category, after one, three and five years.
So that we judge policies by the result, and not by the announcements.
KONTONIS: Among the former ministers under SYRIZA who had departed with fierce criticism of Alexis Tsipras and are discussing their return with Koumoundourou, there is also… Stavros Kontonis.
The former Justice minister, from 2020 until recently, has stood out in the polemic against the former prime minister (his), focusing on the changes to the Penal Codes shortly before the snap elections of 2019, but also on the handling of the confrontation with Golden Dawn.
Mr. Tsipras’s interlocutors did not believe this leak that began circulating early on Saturday, but the front page of Sunday’s Avgi brought them back to reality: “SYRIZA is discussing with Kotzias, Kontonis, Stathakis, Malama - Triple programmatic counterattack” was the “hit” on the front page.
In the case of former MP (he was not elected in 2023) Giorgos Stathakis, it will be of particular interest whether the discussions also concern his candidacy in Chania where Pavlos Polakis is consistently elected.
If so, the “collective leadership” of Dourou-Polakis-Pappas is counting days. Not to say hours.
Whether big or small, this party will never cease to surprise.
DRAGASAKIS: On the other hand, there is also the former deputy prime minister who, since returning to Parliament in the spring (after the resignation of Efi Achtsioglou from her parliamentary seat), has not stopped talking about the need for PASOK-ELAS cooperation.
Yannis Dragasakis of the Tsipras government, having cut off all contact with Koumoundourou (i.e. although he was sworn in as a SYRIZA MP, he became independent immediately afterward), is promoting convergences with frequent interventions.
He himself invokes the need for domestic political life not to suffer “Italianization”, but also that the rapid developments in Germany lend themselves to such searches.
In ELAS they do not disagree, but at Charilaou Trikoupi they do not even want to hear it. At least before the elections.
REBALANCING: The last session passed without surprises, before the restructured FTSE and STOXX indices came into effect, with the market simultaneously being reclassified as developed.
The value of transactions amounted to EUR 4.6 billion, but front running by hedge funds and prop desks covered the manifested demand from passive developed-markets funds that track the above indices.
Index-heavy stocks declined, with the exception of those of NBG, GEK, while on the contrary shares with a “tight” free float (PPA, Optima, Credia) and long-term-horizon investors, due to business object (AIA, ADMIE), posted significant gains.
REBALANCING II: Friday’s session confirmed the estimates of domestic stockbrokers regarding the outflows-inflows balance and the coverage of demand by flippers.
On the other hand, the latest estimates by JP Morgan proved overly optimistic. It is recalled that JPM moved its estimates for the inflows-outflows balance due to rebalancing quite dramatically within a few months. From pessimistic it turned slightly optimistic and subsequently excessively positive.
Stockbrokers and fund managers consider it the most likely scenario that the market will be troubled during the next sessions, as a result of absorbing a significant baton change, the disappointment of excessive expectations, the fluid international environment and the rebalancing “tail” moves.
MINISTRY OF DEFENSE: The Pentagon is opening the door of its huge real estate portfolio to the market. The new regulation of the Armed Forces Real Estate Utilization Agency (FAAED) sets out four “routes” of utilization. Disposal, leasing, land-for-flats exchange and surface right.
Investors will be able to claim properties through open or closed bidding tenders and electronic auctions, while direct award after negotiation is also provided for in the cases specified by the regulation.
Even if only one interested party appears, the tender may be awarded.
MOBILE: A new regulation by the ADAE imposes double identity verification before providers serve sensitive requests, from SIM or eSIM change and PIN reset to number portability, call forwarding and password changes.
Based on what the Independent Authority requires, identification will mandatorily take place on two levels, regardless of whether the request is submitted in a store, by phone or via app.
The second “check” includes SMS, telephone confirmation, email, OTP or approval through the provider’s application.
The new rules come into force at the end of November.
MINISTRY OF DEVELOPMENT: Engineers, industrialists, electricians, plumbers, refrigeration technicians and machine operators are once again getting a common table at the Ministry of Development.
The Technical Professions Committee is being reconstituted, as it was judged that, after years, its representatives needed updating.
At the core are officials from the Ministries of Development, Education and Labor, together with representatives of the TEE, the SEV, the GSEVEE and the GSEE.
Depending on the issue, market people will also be invited to the table. From electricians and elevator installers to plumbers, refrigeration technicians and machine operators.
The Committee will meet at least twice a year.
PIRAEUS: After Alpha, Eurobank and NBG, Piraeus updated its financial calendar, adding the distribution of an interim dividend, with ex-dividend date on December 21, record date on December 22 and payment start on December 28.
The amount to be distributed, in cash, will range, according to analysts’ estimates, between EUR 100 and 125 million and the “reserve” of reserves will be used. By year-end the process will move forward so that Ethniki Asfalistiki distributes a (pre)dividend from 2026 earnings or a capital return to Piraeus.
LAVIPHARM: The group’s net debt recorded a significant increase (i.e. by 41%) in the first half, rising to EUR 37.66 million from EUR 26.57 million at the end of 2025.
The group’s adjusted EBITDA from continuing operations amounted in the half-year to EUR 7.08 million (+5.2% year-on-year), with the margin declining to 20.6% versus 28.5% in the first half of 2025. Correspondingly, the EBIT margin from continuing operations fell to 13.01% from 15.73%.
The net debt to EBITDA ratio, although increased, remains at satisfactory levels.
KEKROPS: During last year, the listed company acquired the stakes held by the GEK TERNA, Intracom groups as well as two other minority shareholders in the company EVROAK Real Estate SA, thus raising its stake to 13.94%.
EVROAK Real Estate SA controls strong minority stakes in two companies, of Piraeus interests (Strix), which are running the development projects of 105 stremmas of land in Lavrio. With the completion of the General Urban Plan of Lavrio, mixed land uses (residential and professional) were determined, while the development planning will be carried out in cooperation with Dimand.
Kekrops filed a request to determine a temporary unit compensation price for a plot of land it owns in Psychiko, which has been expropriated by the Municipality, but under the current legislation it is not possible to lift the urban expropriation in order for it to become buildable, as it is designated as a grove.
The compensation determination application, against the Municipality of Filothei-Psychiko, has been assigned a hearing date for October 6.
CREDIABANK-EUROPE HOLDINGS: With the initial exchange ratio (1.446 new Crediabank shares for every 1 Europe Holdings share), the draft merger agreement of Crediabank-Europe Holdings was approved.
Thus, 212,257,200 new Crediabank shares will be issued, which will be allocated to Europe Holdings shareholders. After the completion of the merger, Europe’s shareholders will hold 9.614% of the bank’s new share capital.
Europe was valued at EUR 209.45 million and Credia at EUR 1.844 billion.
CREDIABANK-EUROPE HOLDINGS II:. The absorption of Europe Holdings will increase Crediabank’s capital ratios, instead of reducing them, as would be logical. Europe Holdings has net worth of EUR 139.8 million.
Normally, the acquisition cost of Europe AEGA (i.e. about EUR 75 million) should be deducted from this. This, however, will not happen because the above acquisition cost is lower than 10% of the bank’s capital. The supervisory framework provides for the above exception.
As a result, Crediabank will not consolidate Europe AEGA with the RWAs method and a 250% coefficient. The merger will strengthen the capital counted in CET 1 by about EUR 80 to 90 million, increasing the ratio by about 1.5% on a pro forma basis.
SNAPPI: The neobank closed fiscal year 2025 with losses before provisions, impairments and other expenses of EUR 24.8 million. Losses after taxes amounted to EUR 19.97 million from EUR 7.9 million in 2024 and total equity on 31/12/2025 stood at EUR 50.46 million.
Given that Snappi started its commercial operation in September 2025, the 2025 fiscal-year performance matters only from the perspective of the starting point. The neobank had deposits of EUR 27 million at the end of 2025, of which time deposits were EUR 22 million.
Loans (after provisions) amounted to EUR 576 thousand, personnel expenses came to EUR 8.67 million and administrative expenses to EUR 13.44 million.
Intangible assets amounted to EUR 24.4 million, of which EUR 22.85 million concern software.
REFINERIES: Turmoil, mainly in Northern European refineries, has been caused by the reported notification by Aramco that it is stopping crude oil supply for one month, due to strikes suffered by the East-West pipeline facilities.
Mediterranean refineries have more alternatives regarding crude supply, while the increase in cost is offset by strong refining margins. It has not been clarified whether Aramco’s notification concerns only cargoes from the Red Sea or also extends to those through the Strait of Hormuz.
The market expects that the Saudis will channel more crude oil through Hormuz, partly offsetting the interruption of flows through the East-West pipeline.