GSI: “The less we say publicly, the better,” Cyprus President Nikos Christodoulides said a few days ago about the Greece-Cyprus cable. He added that this was also the informal understanding with Mitsotakis and Macron.
Wise words. But, it seems, not everyone heard them.
Even before Greece issued its NAVTEX, leaks had begun in Proto Thema about the arrangements with the French, their contacts with Ankara and the entire process that was supposed to allow the surveys to resume.
Everything seemed to be going well until Turkey issued its counter-NAVTEX and Ankara announced that the “consensus” process had not been completed.
That was when the leaks to pro-government media began to… shift. Suddenly, the problem was with the French, who had not handled the wording of the briefing properly and had failed to grasp the issue’s political significance for Greek-Turkish relations.
But rather than looking for someone to blame through media reports, would it not be better to let diplomacy do its job?
We have also not forgotten that just one day after Christodoulides’ call, George Gerapetritis reportedly warned parliament of an… “operational intervention” if Turkey tried to obstruct the project.
And this despite the fact that, according to the same reports, he believed Ankara would not react, given its interests with France, the situation in the wider region and European funding.
We are left wondering, then, who exactly is served by the tough talk and the related leaks at a time when a delicate diplomatic understanding is being sought.
GSI II: Judging by events in recent days, an intriguing diplomatic word game is under way.
Athens speaks of “notification”. Ankara speaks of “consensus”, arguing that, in the worst case, we own the “apartment”… jointly. The French are looking for the right wording, and may also be providing maps showing the ship’s route, while Hakan Fidan says “everything is normal, everything is fine”.
But in our view, the substance remains largely unchanged.
Turkey continues to assert rights over the disputed maritime areas, while Greece rejects those claims. Neither side appears willing to abandon its position.
If the French vessel Abeille Marengo carries out the surveys, including in areas disputed by Turkey, without being forcibly obstructed, Athens will have scored a significant tactical victory—but the basic geopolitical balance will not have changed.
Ankara, for its part, will probably argue that the surveys were conducted with its knowledge and consent, and the geopolitical game will continue, with the same conflicting positions and claims.
We believe that this very scope for differing interpretations may be the key to the diplomatic understanding.
Let us not fool ourselves. The real success will not be for each side to declare itself the winner of another diplomatic stand-off.
It will be for the Great Sea Interconnector to go ahead and ultimately be completed. It is a project of enormous strategic and energy importance to Greece, Cyprus and Europe.
That requires determination, a low-key approach and substantive diplomacy—not tough talk and leaks that are more likely to undermine the whole effort.
MITSOTAKIS: Yesterday, Kyriakos Mitsotakis toured Serres, a Karamanlis stronghold, without… a Karamanlis, as part of his campaign visits around the country.
It may have been the first time a leader of New Democracy had visited the “cradle” of Karamanlism without a representative of the family at his side. That was because Kostas Achilleas Karamanlis, who has announced that he will not stand in the upcoming election because of his legal entanglement in the OPEKEPE scandal, chose—in agreement with Maximos Mansion—to stay away from Mr Mitsotakis’ visit.
And while we are on the subject of Serres, the prime minister takes every opportunity to speak warmly of the party’s founder, Konstantinos Karamanlis, while carefully reaching out to former prime minister Kostas Karamanlis in the hope of securing a statement of support—in the name of party unity.
NEW DEMOCRACY: A large crowd gathered in Florina again this year for the now customary tsipouro distillation hosted by the local New Democracy MP, Stavros Papasotiriou.
Among those who accepted the invitation and attended were Adonis Georgiadis, Niki Kerameus, Margaritis Schinas, Zetta Makri, Tasos Bartzokas, Fondas Baraliakos, Fanis Pappas, Dimitris Vartzopoulos, Vassilis Giogiakas, Maria Kefala, Spyros Koulkoudinas, Christos Staikouras, Anna Mani Papadimitriou, Lakis Vasileiadis and Lazaros Tsavdaridis.
Also there were former prime ministerial secretary-general Grigoris Dimitriadis; the Metropolitans of Florina, Prespa and Eordea, Mr Irineos, and of Fthiotida, Mr Symeon; Florina Mayor Vassilis Giannakis; and the heads of hospitals in Western Macedonia and the 3rd Health Region.
The atmosphere, the column hears, was cheerful, with guests enjoying their host’s hospitality, as well as tsipouro, meze and live traditional music.
KEDE: What happened at the KEDE conference in Kalamata was no credit to local government. The protagonists were Haris Doukas and Dimitris Kafantaris, and the row centred on a vote.
Specifically, the Athens mayor openly challenged the procedure, alleging vote-rigging and calling for a roll-call vote.
“Roll-call vote now!” Haris Doukas shouted. Some delegates booed, and KEDE Secretary-General Dimitris Kafantaris responded angrily to the Athens mayor:
“Get out of here, man. Get out of here. Aren’t you ashamed? Come on, vote-rigging in local government!” he said, ordering him off the podium.
There were further protests and shouting, and Mr Doukas’ request for a roll-call vote was ultimately rejected.
SKF VERTEVO: A new arrival from Sweden on the Greek market, this time in industrial equipment.
SKF Vertevo AB has decided to establish a Greek presence, setting up SKF Ver`tevo Greece on Friday, with its registered office on Syngrou Avenue.
What is notable is that the new company is wholly owned by the Swedish parent but starts with capital of just €1. Clearly, that figure tells us little about the group’s real capabilities or its plans.
Its business will include bearings, industrial components, mechanical equipment and maintenance services. Alexandros Vourakis and Christos Verriopoulos will jointly lead the company.
MARINE FUELS: And from Sweden to Glyfada. Global Bunker Supplies Greece was established on 6 November, with five equal partners and initial capital of €5,000.
The partners are Andreas Vardakis, Ioannis Yfantidis, Antigoni Venizelou, Efthymios Georgios Giotas and Panagiotis Stavrou. Panagiotis Stavrou and Ioannis Yfantidis will manage the company.
The company will broker sales of petroleum products and provide vessel bunkering, fuel transport and logistics services.
E-MOBILITY: Cyprus-based SPEAKAI LTD and Greek company SOLAR X IKE have decided to join forces, setting up GMX Energy Solutions SA, headquartered in Marousi, with capital of €100,000.
The two companies will each hold an equal 50% stake in the new venture. Vasileios Kopelas will be chief executive, and Maria Pasiopoulou chairwoman.
The company will trade electricity for e-mobility, store energy and provide technical consultancy services.
STEGGOS: Another company has entered the Greek real estate market, with initial capital of €500,000. Premier Investments International is based in Alimos, and its sole shareholder is Cyprus-based Suntopia Limited.
Georgios Steggos will be chairman and chief executive. What we do not yet know is whether a specific property or portfolio is already earmarked for development behind its establishment.
REAL ESTATE: From Alimos to Iraklio, Attica, where Padelia SA has been established with capital of €25,000. Its business will cover real estate investment, hospitality and portfolio management.
The shareholders are Steven Menegatos, Charles Nicholas Menegatos and Konstantinos Giousis, each with a 33.2% stake. The remaining 0.4% belongs to Konstantinos Kokkinos Knoll, who will be chairman and chief executive.
REAL ESTATE II: The column spotted an interesting detail in the latest company registrations in GEMI: a specific property in central Athens. The newly established P Twenty Three IKE, set up with capital of €100,000, appears to have its sights on 23 Perikleous Street.
The company is owned equally by Dimitrios Protonotarios and Efstathios Dimitrios Kollias.
The articles of association do not make only a general reference to real estate; they name the property at 23 Perikleous Street as a possible acquisition target, and provide for due diligence and financing procedures. Any purchase, however, will require a unanimous decision by the two partners.
BANKS: The Athens Exchange’s move to developed-market status was greeted with celebrations. A few weeks later, the bank-share table tells a less festive story.
Since 18 September, the day of the rebalancing, six of the seven listed banks have been in the red. The only exception is Optima Bank, up a marginal 1.38%. Optima is also the undisputed leader this year, with gains of 80.93% since the start of the year.
The others have posted losses. CrediaBank is down 7.07%, National Bank 6.97% and Piraeus 6.37%. They are followed by Alpha Bank, down 4.15%, and Eurobank, down 3.97%. The decline at Bank of Cyprus has been more modest, at just 0.94%.
The move effectively brought the domestic market more into line with international markets, as the expectation it had enjoyed until then faded.
That expectation, combined with improved financial results and higher shareholder returns, has helped sustain substantial gains since the start of the year, with CrediaBank the sole exception.
Piraeus is up 41.74%, Bank of Cyprus 32.24%, Eurobank 30.80%, Alpha Bank 26.54% and National Bank 25.23%.