GSI: We return to the subject today because we see so much being written and said by so many.
Those who expected Greece this time to push ahead with the surveys for the Greece-Cyprus cable in defiance of Turkey — something that, of course, did not happen off Kasos in the summer of 2024 — have probably not been following developments over the past few months.
Otherwise, they should have realised in good time that this time the Greek side had chosen the path of... resourceful Odysseus.
In August, France’s Meridiam acquired 66% of the Great Sea Interconnector, leaving ADMIE with 34%. The cable contractor, Nexans, is French, as is the research vessel Abeille Marengo.
In other words, we made sure the project acquired a strong French identity, both commercially and operationally.
And who is taking on the task of “informing” Ankara and “co-ordinating” with it over the surveys? France, of course — a country with which Erdogan has been cultivating ties... (particularly in the defence industry) and whose relationship he therefore does not want to damage.
Government spokesman Pavlos Marinakis insisted yesterday that Greece had not co-ordinated with the Turkish authorities over the project. He said the French note verbale was simply a notification, with no request for consent.
Of course, he is a spokesman and will express the official line. But portraying all this Franco-Turkish diplomatic activity as nothing more than the filing of informational documents is, frankly, a fairy tale for children.
To put it plainly, the answer is “staring us in the face”: routing the discussions through Paris appears from the outset to have been at the heart of Greece’s plan.
And the fact that the opposition is protesting in Greece, while some ultranationalists in Turkey are raising the temperature, gives us the impression that the process is moving in the right direction.
Provided, of course, that Ankara does not suddenly change course.
GSI II: Our assessment, based on the information available today, is that the most likely scenario remains the one laid out in exhaustive detail by Proto Thema, two days before Greece issued its NAVTEX.
That is, following Franco-Turkish co-ordination, Turkey would issue a new NAVTEX that would effectively allow the surveys to proceed, while claiming to have given its “consent”.
Athens would then respond with a counter-NAVTEX, rejecting Turkey’s jurisdiction.
That would enable the French vessel to do its job, while each side maintained its familiar positions. This was apparently the original scenario, but it seemed to stall when the French had not yet completed the written notification in a form acceptable to Ankara.
That was followed by an angry Turkish counter-NAVTEX, diplomatic contacts, revised wording and, finally, Hakan Fidan’s reassuring statement that “everything is normal, everything is fine”.
Now we must see whether the words will translate into action.
We hope the French vessel will carry out the surveys, without tensions flaring up again on the ground. That would be a significant tactical success for Greece, allowing a project of enormous strategic importance to finally move forward.
Greek-Turkish disputes over the specific maritime areas will, of course, remain. And each side will be able to present the process in whatever way suits it.
What matters, however, is that the surveys take place and the cable moves forward. If that can be achieved without fresh crises and complications, resourceful Odysseus will have proved more useful than all manner of... sabre-rattling.
THEOCHARIS: We said we should lower the temperature over the Greece-Cyprus cable, but Deputy Foreign Minister Haris Theoharis seems to have decided to lower the... level of the debate too!
Speaking on Skai yesterday, the country’s deputy foreign minister compared the French note verbale to Turkey with a little PPC slip notifying customers of a power cut!
“It’s not asking for my permission. It’s informing me so I can make arrangements,” he explained, adding that the scenario was very simple and that he was describing it so people could understand.
Thank you for the help, Minister. It also shows how much respect you have for the public and voters!
Except that, first, planned power cuts are announced by HEDNO, not PPC, as ordinary people have known for years. But we would not want to spoil such an inspired comparison over a detail. More importantly, consumers do not dispute the network operator’s jurisdiction or send... warships to stop its technicians!
Turkey, by contrast, disputes Greece’s jurisdiction in the disputed maritime areas, demands consent for the surveys and has already issued a counter-NAVTEX.
That is precisely why so many diplomatic contacts, French notes verbales and carefully chosen words were needed.
And that is why it is so important for the GSI to move forward without a new crisis.
The aim is to get the cable laid while protecting Greece’s positions. Not to convince television viewers that Greek-Turkish disputes can be resolved with a... slip of paper stuck to the front door.
We would therefore suggest that the deputy minister show greater respect for his office. And leave electrical comparisons to the experts.
BAKOYANNI: Dora Bakoyanni expressed her disagreement with Kostas Karamanlis over the Greece-Cyprus electricity interconnector in a television interview.
“What he said — that simply notifying Turkey about the issue opens a dangerous path — is not true. Simple notification has nothing to do with recognising jurisdiction. Ask any international law expert and you will get the same answer.
“Our response to the Turkish-Libyan memorandum — an unwelcome development for us — was so immediate and so strong that Turkey did not expect it,” the former minister said on ANT1, adding:
“Let’s stop beating ourselves up and claiming that Greece is weak.”
As Ms Bakoyanni said, Ankara, following the official line, “accepted a note verbale, the lowest-level diplomatic step. All countries with any interest in the issue were notified. To me, it is insignificant...
“Turkey was informed and is satisfied, whereas at one time it was demanding permission… France did it because it wants to be absolutely sure and avoid tensions in the region.”
OLYMPIACOS: Parliament’s plenary session is due to vote today on the provision concerning Olympiacos’ stadium, which is included in the Environment and Energy Ministry’s bill to improve electricity market design.
Under the provision, the use, administration and management of the Georgios Karaiskakis Stadium site will be granted for 49 years, subject to conditions.
The provision allows for capacity to increase — from an estimated 33,500 to 52,000 seats — through the reconfiguration of the stands and construction of a new lightweight roof. It also sets specific maximum height limits for the facilities, new stands and stadium roof.
The aim is to bring the stadium into line with modern international standards, improve its functionality and safety, and upgrade sports infrastructure, with Olympiacos Football Club funding the necessary work.
REAL ESTATE: Lamar Development, the Dubai-based international luxury residential development group, is seeking to enter the Greek property market. Through its Luxembourg-based parent company, “Lamar Europe SARL”, the group has set up “LAMAR OIKOS M.A.E.”, headquartered on Kifisias Avenue in Chalandri.
According to GEMI, the new company was established on 9 November 2026 as a single-member société anonyme, with share capital of €25,000 and Lamar Europe SARL as its sole shareholder.
Henri Jonathan Hottinger, a partner at Lamar Development with a pivotal role in the group’s European expansion, was appointed director and manager.
The establishment of the company in Athens may be linked to Lamar’s broader €250 million investment plan in Europe, where it already has a strong presence in Spain and Portugal.
“Lamar Oikos” aims to provide business advisory services, manage holding companies, and buy, sell and develop prime real estate.
REAL ESTATE II: The management of digital technology company Clever Digital is entering the Greek property and tourist accommodation sectors through “THEKA Properties S.A.” , with initial share capital of €600,000.
According to the company’s articles of association filed with GEMI on 9 November 2026, 90% of the share capital (€540,000) was subscribed by “CLEVER DIGITAL S.A.”, while its executives, Theodoros Kapetanakis and Theodoros Kalamaras, each contributed 5% (€30,000).
SPACE HELLAS: A review concerning a former statutory auditor of the listed company lies behind its contacts with the Capital Market Commission, the column understands.
The process concerned the audit work for the 2022 financial year and was part of the quality review system run by the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB).
According to sources, HAASOB sent its report to the Capital Market Commission, which then sought clarifications from Space Hellas on specific issues. The questions put to the company’s representatives relate to that report.
According to the same sources, who are familiar with the company’s position, about three weeks ago the Commission informally invited a member of management and the chair of the Audit Committee to a face-to-face meeting. The company was told from the outset that it was not under investigation.
The Commission asked for information on four issues, one of which concerned intangible assets. The representatives gave specific answers on the spot, as the sources note that they could respond immediately. More detailed answers were then requested so that the responses would also be provided in writing.
These were sent last Friday, and the company’s current statutory auditor was also informed so that they could give an opinion on the responses.
On the broader issue of intangible assets, sources note that “there are intangible assets which, under international accounting standards, you are entitled not to amortise at all. For others, you are entitled to amortise them over 10 or 20 years. You can do anything, provided you justify it.”
BANKS: The sector staged a strong rebound, with the four systemic banks split into two groups. Eurobank and National Bank led the way, both gaining more than 5%, with combined trading of more than €105 million — 30% of yesterday’s stock market turnover.
Piraeus and Alpha Bank rose at a slower pace, just over 2%. Piraeus recorded the highest trading value of the four, at more than €75 million. Alpha Bank’s turnover was limited to €27 million.
NATIONAL BANK: During the third quarter, NBG reduced its risk-weighted assets. Part of the reduction was reflected in its investment portfolio, whose value fell by about €170 million from 30 June.
The decline came mainly from bonds held at amortised cost.
PPC-QUALCO: Their joint subsidiary Qualco Intelligent Finance (75% Qualco, 25% PPC) is distributing an interim dividend of €4.9 million from current-year profits to Qualco and PPC.
The company, which operates as a sub-servicer of PPC receivables, reported nine-month profits of €22.9 million and has distributed €17.7 million to its shareholders.
ALLWYN: Behind JP Morgan’s Underweight rating and €9 target price, which dealt an immediate blow to the share (closing at €10.25, down 8.32%), the report sets out factors investors should pay attention to.
Despite the bearish scenarios for its operations in the US and Brazil, analysts recognise that Allwyn retains strong defensive characteristics: about 55% of sales come from exclusive licences, 40% from lotteries, while its dividend yield is close to 9%.
In the firm’s optimistic scenario, fair value rises to €12.2, about 9% above the €11.22 closing price on 6 November.
There are several potential catalysts. A US Supreme Court ruling in favour of state oversight of prediction markets would put the brakes on PrizePicks’ competitors, although not before the second half of 2027.
The return of sports betting in Brazil would lift the valuation to €9.6-9.7. Favourable terms in licence renewals (Austria, Illinois, OPAP) and faster deleveraging would reduce the risk of a dividend cut or capital increase.
At PrizePicks, meanwhile, amounts wagered rose 35% in the second quarter. If the combination of fantasy and prediction markets expands the pie rather than dividing it, growth could surprise on the upside, JP Morgan acknowledges.
There is also the “bet” on developed markets (DM). With Greece’s upgrade in May 2027, Allwyn will need a free-float market capitalisation of about €2.65 billion, up from €1.8 billion today, to enter DM indices. The bank notes that this target could also be achieved through a share re-rating.
The next milestone is the quarterly results on 19 November.
ALLWYN II: The company is proceeding with the distribution of 271,883 treasury shares to 1,969 shareholders who opted to reinvest their interim dividend through the Scrip Option. The free float (excluding treasury shares) will edge up to 20.3%, or 154.6 million shares.
Major shareholder KKCG deliberately did not take part in the dividend reinvestment, as doing so would have reduced the free float shortly before the MSCI index review. It will therefore receive €121.5 million in cash.