SKERTSOS: Using examples of leaders from the European experience who governed their countries for a double-digit number of years, Minister of State, Akis Skertsos, attempts to answer those who… ward off the third consecutive term of Kyriakos Mitsotakis and “set political renewal as an end in itself without asking the ‘innkeeper’, that is, the citizens themselves”.
Specifically, as he notes in an article (in “Kathimerini”), Helmut Kohl and Angela Merkel governed Germany for 16 years each. Margaret Thatcher for 11.5 years and Tony Blair for 10 years in Great Britain. François Mitterrand for 14 years, while Jacques Chirac for 12 years in France. Felipe González for 13.5 years in Spain, Mark Rutte for 14 years in the Netherlands and Jean-Claude Juncker for 18 years in Luxembourg.
“These countries did not become less democratic because their citizens repeatedly voted for the same political leadership”, stresses the prime minister’s close associate and points out that, judging by the outcome, many of these countries progressed economically and socially during periods of prolonged political stability and reform continuity.
And Kyriakos Mitsotakis may not be Kohl, Merkel, Thatcher or Mitterrand, but the ballot box dilemmas have begun to be placed hard on the table.
NEW DEMOCRACY: The ballot boxes are approaching… threateningly and the related pre-election gatherings with citizens are becoming more frequent. Along with them, the invitation messages (sms and e-mail) arriving to party officials and members.
Two such, for instance, arrived in the last 24 hours to New Democracy members. The first from the parliamentary representative, Dimitris Kairidis, who yesterday invited his political friends to a café in Nea Ionia, together with the Minister of Health, Adonis Georgiadis, both candidates in the northern sector of Athens. The second from the Minister of Defense, Nikos Dendias for a “friendly meeting” with the citizens of the southern sector at a venue in Alimos, next Friday.
Leaving aside for a while their ministerial and parliamentary duties, everyone also has the next day on their mind. The political scene seems fluid and developments perhaps even rapid…
P.S. Adonis Georgiadis, after yesterday’s event in the north, in a post of his, got ahead of Piraeus and announced the participation of the well-known photographer, Dimitris Skoulos, in the blue lists.: “I welcomed to our ballots (in Piraeus B) my tennis teammate Mr. Dimitris Skoulos as well”, he noted.
INDUSTRY: In the wake of the letter of the “16” and the pressure from the entire industry over energy costs, something seems to be moving in the government camp.
Although it is not clear in which direction the “exercises” between YPEN and YPOIK are heading for the activation in Greece as well of the European state aid scheme (CISAF), the column is informed that if a solution is found, the support measures for industry will be included in the announcements of October 14 for heating oil.
If the information is true, then at the General Assembly of SEV on October 6, we should not expect specific announcements accompanied by figures.
As regards the key question, about the amount of the measures, the only thing the column can cite is the figures circulating in the market and which come from calculations by industry circles.
According to them, the estimated cost for energy-intensive businesses outside CO2 compensation, whose consumption is 1.5 terawatt-hours, is calculated at 45 million euros per year (135 million over three years).
And to these should be added an additional 100 million euros per year for all the other industries, that is, those already receiving compensation (with consumption of 6.5 terawatt-hours), which, if they become eligible for CISAF, will be entitled to receive 50% of the maximum permitted aid amount.
Adding up the figures, a total amount of 140-145 million euros per year emerges.
The question here does not concern only the ability to find the above resources from the budget. But also whether the government can politically announce support measures of such a size for industry, when the information about relief for households, that is, the funds for the subsidy on the selling price of heating oil, together with the expansion of the relevant allowance, speaks of about 100 million euros.
More soon.
BALKANS - TRUMP: Expectations for the weakening of the US president in the midterm elections, mainly due to the conflict in the Persian Gulf, were expressed in recent days by his political opponents, in a way that also concerns our country.
The first blow came through Politico.eu, where a piece was published conveying the concerns of European officials, because various Balkan countries appear ready to include (American) natural gas in their planning.
The reasoning? That these countries, many of which are in the accession process, may, it says, “become addicted” to natural gas (!). So they may… disrupt Europe’s clean energy strategy!
Instead of apologizing, that is, for banning Russian natural gas without having secured long-term contracts, with the result that, after the conflict in the Middle East, Europe is paying for gas up to 12 times more expensively than the US, they criticize the countries trying to do something.
And at the same time they are also hitting the vertical corridor for transporting American natural gas, in which Greece is taking the lead.
Almost simultaneously, we had from the American side the second blow as well, this time against the US ambassador to Greece, Kimberly Guilfoyle, who belongs to the president’s inner circle.
Again with American natural gas as the main axis and with the big deals being closed in the wider Balkans and Eastern Europe region by American companies and Greek interests at the center.
The aim is to make it appear that the Trump administration and his inner circle confuse diplomacy with business, as if the previous ones did not do the same!
BALKANS - TRUMP II: This political dispute between the Americans and the European liberals with Trump perhaps also explains the reluctance shown by the Europe of the formidable Ursula (there is only one Ursula) to facilitate the vertical corridor.
Although it was she herself who promised the American president… “the moon” as regards the American gas that the EU would buy!
Of course, earlier, with Trump on the rise, such… minor rebellions were done… quietly. Now, with Donald under pressure, they are becoming more visible. This political dispute, however, would make sense if there were not on the table Europe’s absolutely real problem, which is paid for first and foremost by the citizens.
With Russia, a large part of Europe considers itself to be almost at war and does not even want to hear about supplies of (cheaper) gas from there. Something that is NOT expected to change for a long time.
The major suppliers that remain, therefore, are basically two. Qatar, which however is at the center of the conflict in the Middle East—and is not expected to change… location—and the US, with which we neglected to sign long-term contracts, perhaps so that we as Europeans would not “become addicted”.
So we pay for gas… through the nose. And we suffer, but do not learn, as Europeans.
P.S. Meanwhile, however, the information in the WSJ report that US Ambassador Kimberly Guilfoyle, referring to the collapse of the Romanian government, stated that “we can do this in any country we want. We can do it here too [Greece]”, to which Stavros Papastavrou is said to have reacted on the spot, caused strong reactions in Greece. PASOK, ELAS and SYRIZA are asking the government for clarifications on the matter.
METLEN: According to the financial statements, the group is in the process of submitting or has already submitted claims against project customers, with the aim of recovering part of the expenses incurred in fulfilling its contractual obligations.
It is recalled that the group formed provisions from January 1 to June 30 for onerous contracts of 153 million euros, which concern the Protos (United Kingdom) and Grudziądz projects in Poland.
Of the above provisions, 67 million euros burdened the results of the first half of this year. The claims raised did not meet, on June 30, the relevant recognition criteria provided for by IFRS.
EYDAP: The impressive improvement in profitability, due to the new higher tariffs, resulted in the company stopping “burning” cash to finance its operations.
Last year, in the first half it had negative free cash flows of 26.4 million euros. This year, it generated free cash flows of 5 million euros. First-half capex amounted to 39.2 million euros with 43% covered by European funds
EYDAP II: The outstanding receivables balance from customers remains steadily high, after provisions.
On June 30 it amounted to 187.7 million euros, from 169.7 million euros at the end of 2025. Before accumulated impairment provisions of 109.7 million euros, the receivables balance amounts to 297.4 million euros from 280.9 million euros on June 30, 2025.
The increase came from private customers, whose overdue debts to EYDAP amounted on June 30, 2026 to 168.6 million euros, recording an increase of 10 million euros in one half-year.
Unsettled private debts, with payment delay of more than 90 days, amount to 93.8 million euros and EYDAP has accumulated provisions of 58.5 million euros.
The “usual suspect” Public sector (local authorities, public utilities, State) increased its debts to EYDAP by only 2 million euros (i.e. 60.5 million euros). Of the 60.5 million euros of total debts, 42.7 million euros are overdue by more than 90 days and EYDAP has formed provisions of 34 million euros.
ALPHA REAL ESTATE: The company continues to maintain a strong cash position of 67 million euros, with zero borrowing. On the other hand, it now owns only one owner-occupied property and one investment property, the sale of which has been set in motion and is expected to be completed by the end of the year.
It is recalled that Alpha Bank decided in the second quarter of this year to reorganize the corporate structure in the real estate sector.
It remains to be seen whether and how the above reorganization will affect the listed Alpha Real Estate, whose shares have been placed under surveillance status due to insufficient free float.
BARBA STATHIS: Pressure on profit margins from the increase in raw materials and the temporary regulatory framework, which was in force until June 30 for basic food items, was recorded in the first half at the Barba Stathis group.
EBITDA edged up slightly (6.9 million euros), thanks to the improved contribution of subsidiary Halvatzis, but profit after taxes fell by 6% to 2.8 million euros.
OLTH: The operating cost efficiency of the Port of Thessaloniki declined during the first half, putting pressure on profit margins and “eating up” part of the positive effect from the increase in turnover by 8.9% (i.e. 59 million euros).
The gross profit margin fell to 45.7% from 47.2% in the corresponding period last year and the operating profit margin to 36.1% from 38.8%.
Thus, EBITDA increased at a rate lower than sales (i.e. +4.88%), amounting to 26.1 million euros, profit before taxes came to 21.1 million euros and net profit to 16.48 million euros.
The company placed the amount of 105.96 million euros in term deposits with a duration of more than 3 months, while on June 30 it held cash and cash equivalents of 9.5 million euros, with zero borrowing.
Capex for the period amounted to 16 million euros and was more than covered by the generation of 26 million euros from operating activities.
EYATH: The increase in the listed company’s operating expenses, by 27.7%, and in cost of sales, by 8.94%, “swallowed” the positive effect from the tariff increases.
Thus, although turnover strengthened by 14.5% (i.e. 47.4 million euros) and gross profit by 31.18% (13.58 million euros), at the EBITDA level the increase was limited to 2.77% (8.08 million euros), while profit before taxes recorded a decrease, by 11.47%, to 4.39 million euros.
Cash flows from operating activities amounted to 9.1 million euros with capex at 13 million euros. The gap was covered by using cash reserves, which fell to 45.2 million euros.
The medium-term investment program of EYATH amounts to 221.6 million euros. Although it has zero borrowing, an improvement in operating profitability and cash flow generation is required in order for it to be implemented smoothly.