PSALTIS: This year’s regular general meetings of the banks provided the opportunity for bankers to state more clearly the challenges facing the economy and, by extension, domestic business and the banks.
Given that these are the last general meetings before the national elections, remarks that in other years were phrased indirectly were this year said out loud.
The general meeting of Alpha was the last and, according to Chameleon, the one that condensed the issues in the most extensive and coherent way. The bank’s CEO, Vasilis Psaltis, described the framework of the challenges: the growth model, through tourism and consumption, is not sufficient, the economy needs a productive base, exportable products and services, businesses that think on a decade-long horizon.
The investment rate did increase to 17% in 2025, but it still falls short of the European average (21%), while the country continues to lag dramatically in labor productivity compared with Europe (i.e. it stands at 60% to 65% of the European average).
PSALTIS II: As for the role of the banking system in the transition to a more productive model, Vasilis Psaltis placed particular emphasis on the need to create an institutional framework, as well as (banking/insurance) products, that strengthen institutional savings through the second and third pillar, as the country has one of the lowest rates of investment penetration in Europe, which is exhausted in bank deposits.
At the same time, he reiterated that it is a priority being implemented for Alpha to transition to a more advisory role, covering on a personalized basis every aspect of the customer’s financial life, as well as the adoption of a different philosophy in corporate lending, which will now be based on what risk is worth taking for the bank.
Within the above framework, Alpha defines as key sectors for corporate lending, beyond tourism, those of energy, infrastructure, logistics, manufacturing and shipping.
SYRIZA: After the umpteenth and… stentorian “no” by Alexis Tsipras to an orderly cooperation, that is, at party level, of ELAS with SYRIZA, the leading figures of Koumoundourou “came to their senses,” according to the popular saying.
So whereas in previous weeks they were calling on the dissenters (Polakis-Pappas-Dourou-Rigas etc.) to respect the decision of the Central Committee, now they are backtracking.
What did that decision bearing the stamp of Sokratis Famellos say? That SYRIZA would not go into the elections in opposition to ELAS and that if this happened it would be a “strategic mistake”.
The same people, through the words of secretary Anastasia Sapouna (who is the “right hand” of president Sokratis), stated that we did not understand correctly, because SYRIZA never said that it would not run in the elections independently, nor that it would suspend (essentially) its activity.
Why the retreat? On the one hand, the decision in question caused anger among those remaining in the party, since president Sokratis failed to explain (even minimally, not adequately) how SYRIZA would continue to function without MPs.
On the other hand, the (former?) minority gathered the 73 signatures, that is, three more than the 70 required for the Central Committee to be convened again, with the obvious aim of canceling the previous decision.
President Sokratis, therefore, is obliged to set a new meeting within 15 days for it to become… “hell,” as emerges from the fierce mood of the officials who want an independent run in the elections.
If the Central Committee cancels the previous decision, which was the presidential proposal, it is certain that Mr. Famellos will very difficultly (if at all…) be able to remain party president.
Let us see an extraordinary congress and election from the grassroots (i.e. it is mandatory) of a new president amid the two-month paralysis of the July-August period and …we will have seen everything in this party.
SYRIZA II: In this case, the favorite for the position of president is considered to be Pavlos Polakis, since all the messages from the (remaining) grassroots say that only he, because of his combativeness and distinct presence, can “bring SYRIZA back from the dead.” Not for spectacular things, but “at least to get into Parliament”, as even non-fanatical supporters of his say.
And this is where the fun begins: Nikos Pappas has already thrown party (i.e. not personal) bridges toward Charilaou Trikoupi, describing as “the biggest mistake we made in 2015” the fact that SYRIZA did not cooperate in government with PASOK!
Thus canceling a steady line of argument of eleven years, according to which the non-cooperation was deliberate, because the then PASOK “would have brought us down from government at the first turn so that the scenario of the ‘left interlude’ could be implemented”.
Why the …awkward opening by Pappas? “Obviously to leave open a window of cooperation with PASOK after the elections”, is the interpretation of a “green” factor with knowledge of the processes.
In short, with this “opening,” Pappas is addressing voters who are not attracted by ELAS and who would prefer governmental cooperation with PASOK (or support for it in Parliament, if it is not about participation in the cabinet) in order for the Mitsotakis government to leave.
This scenario of course presupposes that PASOK’s electoral goal of “first party at the ballot box” is achieved. Something that, for the time being, does not seem likely…
KASSELAKIS: The yesterday’s departure of Theodora Tzakri from the “Democrats” was anything but… a bolt from the blue. The trigger was Kasselakis’ invitation to Adonis Georgiadis for a television interview on his Internet channel.
The reason, of course, is different:
On the one hand, the former “green,” then “pink” and subsequently “purple” Theodora is said to have been discussing for quite some time with Charilaou Trikoupi participation in a PASOK ballot. As a cooperating candidate, obviously, so that she is not… caught by the MP term-limit “cutter” that applies to its members (i.e. she has exceeded 20 years of continuous presence in Parliament).
On the other hand, Stefanos Kasselakis wants complete weaning from anything reminiscent of former SYRIZA, since he is forcefully turning the wheel toward the liberal center. (For the… honor, however, he clarified that he himself asked Ms. Tzakri to step down as vice president of the “Democrats”).
Therefore, we should also expect the departure of the penultimate MP (of SYRIZA) left to him from among those who followed him, Giota Poulou, who absolutely cannot stand the new political profile.
As for the last MP, Rallia Christidou, the bets point to her remaining by Stefanos’ side, since she herself does not come from the “womb” of SYRIZA either, with which she was elected MP.
SECURITIZATIONS: Future cash flows from the intermediate-rated securitization bonds are being “eaten up” by the government’s regulation for loans under the Katseli law.
With the establishment of interest calculation on the monthly installment, in a standalone manner, as well as the retroactive effect of the provision, securitization collections over a 15-year horizon will decrease.
The impact will affect senior notes bonds only in terms of the repayment time (i.e. they will be repaid at a slower pace), banking executives estimate.
The more substantial blow will be received by the mezzanine notes bonds, which will have lower revenues over a 15-year horizon. Whatever the borrower gains, the holder of the mezzanine loses—as an expectation of cash flows.
The example cited by Kyriakos Pierrakakis to show the benefit to the borrower is read in reverse for the holder of the mezz. A borrower, with an outstanding balance of 144,500 euros in January 2024, before the regulation would pay a monthly installment of 731 euros for 300 months. Total 219,300 euros.
With the new method, the monthly installment falls to 483 euros (i.e. of the 483 euros only 1 euro is interest) and the total amount that will be paid until the loan is repaid is formed at 144,900.
The regulation concerns more than 100,000 loans.
BANK OF KARDITSA: Pre-provision loans of Bank of Karditsa (Bank of Karditsa) amounted to 170.2 million euros on 31/12/2025, increased by 4.9%.
However, income from loan interest increased last year by 10.7% as a result of the loan mix (i.e. mainly small and very small businesses) and the reduction in the cost of acquiring deposits. Deposits amounted on 31/12/2025 to 280.2 million euros, increased by 18.6%.
During this year, the cooperative bank that acquired a nationwide license is rumored to have opened up also in the large business sector, acquiring a small part of the borrowing of a listed company.
ENTERSOFTONE: A capital return amounting to 53.99 million euros was decided by the extraordinary general meeting of Entersoftone, held on June 18, through capitalization of an amount from share premium and subsequently a capital reduction with cancellation of 53,456,346 shares.
The capital return move maintains, if not intensifies, the rumors about a possible sale of the company.
Chameleon has referred to a specific proposal that Panos Germanos has received from a fund for Entersoftone.
MOTOR OIL: The “granddaughter” company of Motor Oil, Anemos Res (consolidated through MORE), which is active in the production and sale of electricity from renewable sources, posted a significant reduction in figures last year.
Its turnover fell to 85.5 million euros from 95 million euros in 2024, as a result of less favorable wind conditions, gross profits decreased to 14.95 million euros from 26.6 million euros and pre-tax profits to 1.37 million euros from 16.24 million euros.
Its net debt stood at the end of 2025 at 351.3 million euros, but it will decrease drastically this year as a result of the sale of operating wind parks, with a capacity of 107MW, to PPC, based on the PPC- Motor Oil agreement.
It is noted that the entire staff of Anemos was transferred last year to its parent Motor Oil Renewables (MORE), a possible indication of a broader corporate restructuring.
LAMDA DEVELOPMENT: For many of the visitors, the first contact with The Ellinikon Sports Park was revealing.
The roads they used, the quality of the sports facilities, the lighting, the organization and the overall functionality of the space created the sense of a complete, high-quality destination, where nothing suggested that it is part of a major project still under development.
In the many small discussion groups that formed, several commented that they are now beginning to realize that Elliniko is not only the Tower or residences for a few, but a project that is coming to connect with the neighborhoods, offering upgraded infrastructure and new options for a higher-quality life in the city.
Moreover, the “super special” route held as part of the Acropolis Rally was also excellent, on a closed high-specification track specially configured for this specific event in the area of The Ellinikon Sports Park.
AKTOR: Within the week (some estimate even today) the market is expecting new announcements from the group’s management about business moves with… significance.
Alexandros Exarchou last week announced an investment plan of 3 billion euros, which will be financed by the group’s flows, the upcoming share capital increase of 650 million euros and the 300 million euro bond loan to be issued.
The goal is to achieve earnings before taxes, interest and depreciation (EBITDA) in the range of €600 - €700 million from 2031, through the parallel business development of new sectors, such as RES, LNG and PPP - Concession projects.
On the board the stock is galloping. From 9.9 euros on June 15, it closed on Friday at 13.38 euros, with the return at 35%.
ADMIE: Blue chip behavior from ADMIE in Friday’s session, with the stock appearing ready to change track after the completion of the share capital increase as well.
The stock hit a new all-time high, at 4.9 euros, with a jump of 6.29% and also a “mammoth” turnover of 24 million euros.
The gains for the stock over a three-month horizon add up to an impressive 75%.
COCA COLA: The “heaviest paper” of the Greek market also reached a new all-time high, climbing to 56.2 euros on Friday with a further rise of 1.08%.
The stock completed one week of gains, with a cumulative rise of about 7.8%, as the market is pricing in the consolidation of Coca Cola Africa.
The market capitalization of Coca Cola HBC has now also broken the barrier of 20 billion euros, climbing to 20.97 billion euros.