GOVERNMENT: The government conceded a major goal with the hasty withdrawal of Article 23, following objections from the opposition and bar associations.
But it scored an own goal all by itself. Because although it backed down, it continues to insist that the provision it withdrew was... right!
The article would have made debt restructuring agreements with servicers an “enforceable title”, without first requiring a payment order or court judgment.
Sevi Voloudaki says it “was good” and “protected borrowers”. Kyriakos Pierrakakis has also defended the provision, dismissing the objections as a “pretext”.
So why withdraw it?
A government with a comfortable parliamentary majority votes for a provision when it believes it is right.
If, on the other hand, it fears a backlash it had not anticipated, especially with elections approaching, it withdraws the provision with a convincing excuse and moves on.
But the government did neither of these two things.
GOVERNMENT II: Dimitris Markopoulos even tried to present the climbdown as some kind of clever parliamentary manoeuvre. “We are withdrawing Article 23 and throwing down the gauntlet,” he told the opposition, challenging it to vote for the remaining provisions.
In other words, he was supposedly doing it a favour in order to expose it!
That was quite a… smokescreen. Because if the article really was good for borrowers, it seems the government denied them that benefit simply to score a few points in a parliamentary clash!
In practice, all this stance does is reinforce the impression that those who drafted and signed the provision had failed to take into account something else: the reaction of the legal profession.
Lawyers raised serious concerns about access to justice, but, as the cynics would have it, they also had professional reasons to object to bypassing procedures that involve lawyers’ fees.
In other words, what such handling ultimately leaves behind is the image of a government with a comfortable majority that may have backed down in the face of a professional group. It then tried to present the climbdown as a tactical choice of its own.
Not so surprising in a parliament full of lawyers. Including on the government benches…
MITSOTAKIS: The prime minister gave a glimpse of his intentions for the next government term, if voters will it, in an interview with “Alpha” radio.
He identified his top priority for the new four-year term as “ensuring the economy continues to grow at a much faster pace than the European average, so that wages rise, we can cut taxes and support disposable incomes”.
He also set out specific targets: “We can have a minimum wage of €1,000 at the beginning of 2028, we can raise the average wage to €1,800 by 2030 and, obviously, as long as the economy continues to perform, we can keep cutting taxes and supporting disposable incomes in the face of rising prices”.
On tax in particular, he said: “When we present our election programme, we will also talk about some additional targeted VAT cuts, which will apply from 2028 onwards”.
There is, however, a long and unpredictable stretch of political time until then.
GSI: The clock is ticking towards Greece issuing a Navtex on the start of procedures for laying the Greece-Cyprus electricity interconnector cable, if the foreign minister is to be believed.
“The cable will go ahead. The Greek authorities will issue the permit for the cable, and we will discuss the rest in due course,” the prime minister stressed, as Foreign Minister Giorgos Gerapetritis said Greece would take the “necessary operational measures” to ensure the project goes ahead.
Speaking to parliament’s National Defence and Foreign Affairs Committee, the head of Greek diplomacy discussed the project and sent a message that Greece would ensure it went ahead as planned, even if Ankara tried to obstruct the cable-laying work.
According to reports, Mr Gerapetritis believes Turkey will not oppose a project linked to French interests and backed by European funding.
Whether that proves to be the case remains to be seen. For now, we note that we have yet to see the Navtex…
SAMARAS: Meanwhile, a staunch critic of the foreign minister, Antonis Samaras did not let pass unanswered Kyriakos Mitsotakis’ “demand” that former prime ministers “should appreciate that when they are in a position far from the power they once held, they should remember their own history a little, and what they themselves did when they were prime minister”.
The Messinian attacked Mr Mitsotakis fiercely, seeking to explain that his time in office and the present day differ greatly when it comes to relations between Athens and Ankara. He accused the prime minister of “trying to feed people, supposedly, ‘pizzas’ and ‘Greek salads’, when the Greek people know, judge and compare”.
And the “hardball” continues…
GEORGIADIS: The health minister did, however, warmly thank Antonis Samaras in a post. Not the former prime minister, but a doctor who… shares his name.
He shared the doctor’s message about Adonis Georgiadis’ early years, his experience of losing his parents and key demands concerning public healthcare.
“I owe warm thanks for this message to the doctor (I stress: the doctor, not the president) Antonis Samaras,” he wrote.
OLP: Piraeus port failed to reverse the decline in container volumes and profits during the year’s traditionally strong third quarter.
OLP managed to moderate the annual rate of decline in revenue and profits, thanks to an increase in transshipment volumes. But domestic cargo, its most profitable activity, remained a “drag” in the third quarter.
The annual decline in throughput volume reached 34.1%, slightly above the first-half rate (33%). The volume of cars bound for Greece also fell (3.2%).
Third-quarter revenue came to €66.9 million, down 7% year on year, compared with an 8.8% decline in the first half. Revenue for the first nine months totalled €178.8 million (-8.2%).
OLP II: The container-handling agreements for Pier I with PCT SA (a subsidiary of Cosco, which took on the 35-year concession to operate OLP’s piers II and III in 2009) and Cosco, signed with retroactive effect from July, aim to address the sharp fall in domestic cargo throughput.
The agreements provide for improved rates and handling volumes. OLP said that in October, under its agreement with PCT SA, an additional five container ships and 7,843 TEUs were handled through Pier I.
NEBIS: Kostas Nebis is advancing his vision for OTE through to 2030, with the board proposing to shareholders that his term as chairman and chief executive be renewed.
Market sources say the group’s CEO has played a decisive role in OTE’s progress, driving the company’s transformation through the use of artificial intelligence (AI), while also taking the brand forward by bringing Telekom to Greece and adding value to the company and the group.
The same sources say the results are clear: “OTE has not seen 3% EBITDA growth in years”.
Since taking up his role in 2024, Kostas Nebis has set the goal of turning OTE from a leading provider in Greece into a leading telecoms provider in Europe, while also helping the country rise to the top ranks of digitalisation in Europe.
TOURISM: The London-based World Travel Market (WTM), which opened its doors yesterday, is expected to provide the first indications of how the 2027 tourism season is shaping up.
The event, which runs until 5 November, is one of the most important meeting points for the global tourism industry, attracting major travel groups, tour operators, hotel businesses and destination representatives.
For the Greek market, attention is focused on early signs of demand for next year and the prospects for further growth in visitor numbers from the United Kingdom.
It is, after all, one of the country’s most important inbound tourism markets.
ALTER EGO: The international investment community’s analysis increasingly appears to reflect the substantial differentiation and transformation of Vangelis Marinakis’ company into an integrated Media & Entertainment group, with features that set it apart from traditional European companies in the sector.
The report by TP ICAP Midcap is a case in point. It is initiating coverage of the share with a “buy” rating and a target price of €8.30, implying upside of 33%.
The international broker highlights a particularly interesting feature: Alter Ego Media is delivering both faster growth and higher operating margins than most major European media groups.
What appears to set it apart is that Alter Ego Media is no longer confined to the traditional television and publishing model. Instead, it is developing a diversified ecosystem spanning content, digital media, live entertainment and streaming, creating new sources of growth and profit.
TP ICAP forecasts that the EBIT margin will reach 27.7% in 2028, up from 20.8% in 2025, while several European competitors face pressure on profitability.
The €8.30 target price leaves significant upside, without even including the additional potential value of the new streaming platform and other strategic holdings. In other words, TP ICAP recognises not only the group’s current performance but also the substantial potential for further value creation through its business transformation.
COCA-COLA: The stock market’s largest company by market capitalisation will announce key third-quarter financial figures before the market opens.
Eurobank Equities expects positive momentum to continue, with Q3 revenue forecast at €3.50 billion (up 9.4% year on year or 8.7% organically), supported by a 5.1% increase in sales volumes and organic revenue-per-case growth of about 3.5 percentage points.
Growth is expected to remain broad-based, led by emerging markets (up 11% organically), taking organic revenue growth for the first nine months to close to 9%—well above the 2026 full-year guidance for growth of 6%-7%.
The broker, however, forecasts a slowdown in the fourth quarter, owing to four fewer selling days and higher costs. The conference call is expected to focus on whether the company will meet its full-year targets, trading trends and progress towards completing the CCBA deal (South Africa) by the end of 2026.
The share fell to €57 yesterday (-0.87%), after a two-day rally.
EYDAP: Edison forecasts a gradual increase in dividend yields and a strong recovery in operating profitability for EYDAP, highlighting the prospects created by the new regulatory framework.
The broker estimates the company will resume distributions with a dividend of €0.18 per share for 2026, rising to €0.20 in 2027, €0.21 in 2028 and €0.23 in 2029. These estimates imply a payout ratio of about 50% of earnings, while management is expected to present an official dividend policy.
Operationally, Edison forecasts EBITDA rising from €82.4 million in 2026 to €110.5 million in 2029, with revenue increasing from €418.1 million to €443.1 million. The regulated asset base (RAB) will be a key factor. It is estimated to approach €1.6 billion over the next decade, yielding 6.24%.
At the same time, the €2.8 billion investment programme is being financed to a significant extent by grants and loans from the EIB. At the end of June 2026, EYDAP had cash reserves of €279.6 million, while Edison notes that expansion to 43 providers could increase its customer base by 20%.
The estimate that the company could recover an additional €323 million from the state and the regulator is not included in the forecasts, as it remains uncertain whether, or when, the money will be received.
The share is within touching distance of its record high of €13.96 (21 October), after closing yesterday at €13.84 (+0.87%).
BRIQ PROPERTIES: BriQ Properties shares trade ex-dividend from today, with no entitlement to the interim dividend of €0.10 per share. The total distribution amounts to €4.77 million, representing a dividend yield of about 3%.
Shareholders can reinvest some or all of their dividend under the four-year reinvestment programme, which totals €30 million. The price of the new shares will be set using the volume-weighted average price (VWAP) for the first five trading sessions of the election period, from 6 to 12 November, with a 2% discount.
The option to elect to reinvest will be available from 6 to 19 November 2026. The dividend is scheduled to be paid on 26 November, when trading in the new shares is also expected to begin.
The €0.10 amount is net, as distributions by real estate investment companies (REICs) are not subject to the 5% withholding tax.
LAMDA: Eurobank Equities forecasts a 6% decline in nine-month revenue to €417 million and negative adjusted EBITDA of €24 million for the listed company, ahead of its third-quarter results, due after the market closes today.
The broker attributes the deterioration in adjusted EBITDA, from a profit of €102 million in the first nine months of 2025, entirely to a €94 million loss from Ellinikon. It estimates that the group’s other activities have remained broadly stable.
Including revaluations and other gains of €38 million, reported EBITDA is estimated at €14 million, compared with €253 million last year, when revaluation gains of about €151 million were recorded.
Eurobank Equities forecasts a net loss of €72 million, compared with a profit of €116 million in the first nine months of 2025. Net asset value (NAV) is expected to fall to €1.48 billion, or €8.67 per adjusted share.
The conference call with investors is expected to focus on profit margins and further land sales at Ellinikon.
METLEN: Sources close to the company spoke yesterday of “the misrepresentation of corporate decisions and financial data”, commenting on a report about the distribution of €83 million from accumulated profits from previous financial years of METKA SA to METLEN, its sole shareholder.
They said the distribution was made in accordance with current legislation and the prescribed corporate procedures, with the capital safety thresholds set by Law 4548/2018 strictly observed. They added that it was a transparent process, always disclosed to both shareholders and investors.
It is worth remembering that METKA SA is not listed. The decision was therefore made public where the law requires: in the General Commercial Register (GEMI). It is also worth noting that distributing funds to a parent company ahead of a listing is common practice.
All the more so when a group is undergoing a transformation and changing its structure.
That is precisely what was officially announced on 7 October. Metlen is bringing its infrastructure activities together in a standalone, wholly owned subsidiary, METKA Group, which will include METKA SA, M Concessions and Unison. It is this new group—not METKA SA on its own—that is expected to head to the stock market in the near future.
In any case, when the public offering goes ahead, the company will be valued on the basis of what it owns at that time, and everything will be set out in the prospectus. Put simply, the new investor will “pay” for what the new group owns, not for what has already been taken out.
That explains the irritation among our sources, who described the report as using “sensationalist language in an attempt to create a false impression in the market”.
Strong words, which they are not in the habit of using...