The camo & Dendias, Pierre abolishes a tax office madness, the peacemaker Euripides, Albert & Elafonisos, the chaos of Korasidis

Hello, today the M.M will..

.be dressed in camo, as they say, since K.M will speak about the country’s new defense doctrine, flanked by his favorite minister, Nikos Dendias, who will describe in more detail the 12-year defense doctrine of the country.



These more detailed aspects will be presented by the minister in the closed session of the relevant Parliamentary Committee. There will also be other topics such as the new organization of military service, military camps, procurement accompanied by Greek added value, etc.Finally, logicWith an amendment coming to the Pierrakakis bill (on Capital Markets), the State will finally stop suing taxpayers who have regulated debts either through the provisions for 120 installments or for the 70 installments (pandemic).

You may be wondering why the tax office takes you to court if you are paying your installments on time and receiving a tax clearance certificate whenever you request one. Well, because some legal genius who drafted the law did not foresee that the 120 or 70 installments extend beyond five years, thus creating a risk of statute of limitations for the State! So, what has the State been doing until now? Quite simply, one morning, while you’re minding your business, it sends you a criminal complaint to appear in court for debts to the State, even though you know you have been paying your regulated obligation each month like a fool. And I say “like a fool” because whether you pay or someone else doesn’t, both of you end up in court.

.. equally accused.

Of course, what actually happens is this: You go to court with a document from the tax office stating that you or your company is up to date with payments, and instead of being acquitted (since the law does not provide for it), you get a six-month adjournment to return with another document proving you are still up to date. More paperwork, more mental anguish, more legal fees, more wasted time in court. What can I say? It took them a few years, but they finally realized.

..Evripidis’ assurancesAhead of the New Democracy Parliamentary Group meeting and amid whispers, rumors, etc.

, the proposed secretary Apostolos Vesyropoulos took to the “main square” in recent days, searching for any dissenters, worried individuals, or those who might have the idea of setting up a ballot box. I hear that in one of these phone calls, he reached Evripidis “leader of the unruly” Stylianidis, who told him something along the lines of, “What are you saying, my dear boy? No issue with you.” Moreover, leader Evripidis, who is in contact with a wide range of people, is said to have dissuaded some who had thoughts of ballots and other complications.

At the same time, however, he is “moving” around the “group of 11,” which will make interventions and “raise” issues.Message of de-escalationTo prevent the situation from escalating, government spokesman Marinakis sent a message yesterday to ND MPs, distinguishing them from ministers on the issues they raise, including the salaries of uniformed personnel. “Ministers are one thing, MPs are another,” he explained, meaning that MPs have local issues to address or that voters ask them to highlight, making it a different category of concern.

Obviously, the government wants to ease tensions so that they don’t come to Friday’s session with their belts loosened for a fight.Albert, Elafonisos, and AvgerinopoulouOn to something more glamorous, as I hear that Prince Albert of Monaco will visit our country again, specifically the beautiful island of Elafonisos, in mid-April. Whether he will be accompanied by Princess Charlene, I do not know, but the reason for the Monegasque’s presence in our humble abode is to participate in the ELAFONISOS ECO event for the protection of the region’s marine ecosystem.

I am told that Albert has particular concerns about the lionfish, and on April 14, a private dinner will be held in his honor. The strings of this invitation were pulled by ND MP Dionysia Avgerinopoulou, who is a friend of his and the president of the Parliamentary Committee on the Environment.And VIOHALCO eyes defense contractsThe Prime Minister’s announcements today regarding “the planning of defense procurements and the country’s defense policy,” as mentioned earlier, follow European declarations on ReArm Europe, aiming to strengthen the EU’s military capabilities.

With a firepower of €800 billion, developments at both national and European levels have long mobilized major domestic industrial groups, including, it seems, the VIOHALCO group. Reports indicate that communications recently took place to include the group’s subsidiary, Metallurgical Epirus, as a member of the Association of Greek Defense Equipment Manufacturers (SEKPY). Metallurgical Epirus, which had gone bankrupt, was acquired in 2018 by VIOHALCO and is now a subsidiary of Elval Halcor’s copper division.

It was formerly a subsidiary of EBO (now part of EAS), manufacturing shell casings, bullets, etc. It remains to be seen what the group’s plans are to claim a share of the enormous defense procurement pie in the coming years.Smells like another upgradeThe upgrade of Greek banks by Fitch has finally taken place, as this column mentioned yesterday.

In fact, two of the four systemic banks—National Bank of Greece (NBG) and Eurobank—received an investment-grade rating. What is particularly interesting is that Fitch made a very positive reference to the Greek economy, stating that the performance of banks is closely linked to the Greek economy and benefits from its prospects. Given that Fitch will reassess Greece’s credit rating on May 16.

.. another upgrade seems likely.

Before that, S&P’s assessment will take place in mid-April.Maria Damanaki appointed Vice President of Quest HoldingsMaria Damanaki has been appointed Vice President, as an independent non-executive member, of the Board of Directors of Quest Holdings. The well-known politician has been involved in the management of Theodore Fessas’ group for years.

The...

chaos of KorasidisNow, let’s move on to a truly fascinating and utterly...

Greek story. Nearly 11 years have passed since November 2014, when Radio Korasidis was declared bankrupt, and yet the liquidation of its bankrupt estate is still ongoing. Since that distant time, bankruptcy trustee Gabriel Patrikios, a lawyer from Piraeus, has been engaged in a marathon effort to liquidate the remaining “silverware” and accurately record the company’s assets.

Needless to say, even today, he continues to discover forgotten ownership rights belonging to a company that was once a leader in the electrical appliances market. To start from the beginning, he initially took over a plot of land in Mykonos, properties in Nea Filadelfeia and Koukaki, three warehouses in Rhodes, a plot in Pyrgos, Ilia, as well as a ground-floor store on Grigoriou Lambraki Street in Piraeus. Between 2015 and 2017, he proceeded with the liquidation of movable assets (merchandise, inventory, etc.

). After lengthy bureaucratic delays, the liquidation of the real estate assets began in 2018. From then until 2021, the Mykonos plot, the properties in Nea Filadelfeia and Koukaki, and the three warehouses in Rhodes were indeed sold, while in 2024, the plot in Pyrgos, Ilia, was auctioned off via electronic bidding.

Meanwhile, times had changed, governments had changed, and even the auction system had evolved...

The adventure of the Piraeus officesThe main “silverware” was the large office building that served as the company’s headquarters in Piraeus. Resolving the property’s ownership status and completing its legal retransfer to Radio Korasidis required years of legal and bureaucratic battles, which finally concluded at the end of 2022. Due to further procedural requirements and additional complications, the sale process only began in early 2024.

A total of six attempts were made under the old auction system, with the last one on May 23, 2024, but none succeeded. Consequently, in October last year, electronic auctions commenced. Thanks to persistent efforts by the bankruptcy trustee, the process finally had a positive outcome, and on December 13, 2024, the large property changed hands, being acquired by Newsphone Hellas—owned by entrepreneurs Apergis and Theodosis, who also control Levante Ferries—for €3,417,100.

Still uncovering properties and sharesDuring the process, Patrikios has discovered additional properties (stores, warehouses) and even movable assets that were nowhere officially recorded. According to reports, these included shares of a major company, which, following the required procedures, were repurchased by the company itself. There was also a forgotten small plot of land next to the office complex in Piraeus, which was acquired by Newsphone Hellas.

Even a portion of the rooftop of the Notos Galleries building in Kotzia Square belonged to Radio Korasidis, but despite dozens of property transfers over the years, no one had noticed it. In the coming period, the liquidation of the property that once housed the first Radio Korasidis store in Piraeus, on Grigoriou Lambraki Street, is planned, along with another property in Kallithea. Later, the logistics center in Thebes—considered the “heavy artillery” in terms of value—will also be auctioned.

By then, more assets will likely be discovered by the trustee, who, in the course of this liquidation, has essentially become a detective.Increases in domestic container tariffs by PPAThe PPA stock broke records in the first session of April. It recorded a double-digit percentage increase, coming within a breath of 40 euros for the first time ever.

The historic high in revenue, profitability, and dividends announced the day before yesterday, following the release of the 2024 financial results, played a decisive role. At the same time, yesterday’s +12.66% was the fourth-best daily performance in its history and the highest in five years.

Investor interest was intense, with turnover exceeding 1.3 million euros and volume reaching 34,000 shares. It is now just shy of 1 billion euros in valuation.

In fact, if it strengthens further, PPA will become the 26th billionaire of the Stock Exchange. The stock market surge was triggered, as mentioned, by the results announced by management, particularly the historically highest dividend of 1.92 euros per share, which will be distributed by summer.

Presenting PPA’s prospects to analysts yesterday, management, after promising full implementation of its investment program, strongly implied that it would proceed with a careful repricing of its services to justify its ambitious profitability targets, which bring the stock’s P/E ratio down to 10. Analysts were even more enthused by management’s intention to eliminate bank debt using just 10% of its cash reserves. Analysts now set an average price target of 48 euros, with an upside potential of more than 21% from current levels.

Also of interest is the absence of the executive board member (former head of HRADF) Dimitris Politis, who is currently in China and is expected to return with new information and directions from PPA’s major shareholder.A chessboard over HelleniQ EnergyLast Friday, despite the general downward trend, many willing buyers appeared for HelleniQ Energy shares at prices up to 7.94 euros.

On Monday, with the broad market decline, HelleniQ Energy shares plunged -2.92% to 7.65 euros, though with increased turnover.

Yesterday, the stock regained momentum at 7.7 euros. HelleniQ Energy is characterized by its high liquidity, allowing powerful portfolios with deep pockets to take advantage of fluctuations and “accumulate” shares or, if you prefer, “build positions.

” Its shareholder structure consists of Paneuropean Oil & Industrial Holdings (Cyprus) Ltd with 40.1%, the Superfund with 31.18%, and 28.

41% owned by the broader investing public. The key aspect of this shareholder structure is the lack of uniformity in the investment strategies of the major shareholders. Clearly, some parties are interested and—more importantly—exploiting the differences among key shareholders to consolidate their position for the future.

The Superfund has started its visitsIn the past, HRADF held stakes in major energy companies and sought ways to capitalize on them. Today, things have changed. The Superfund, led by Giannis Papachristou—clearly in coordination with the government—is intervening much more actively in the energy companies it holds stakes in.

The Superfund controls 31.18% of HelleniQ Energy, 100% of DEPA, 35.3% of PPC (where its CEO sits on the Board of Directors), 11.

3% of EYDAP (where the state controls 61.33%), and 24% of EYATH. The new CEO of the Superfund has begun a series of visits to all these companies, demonstrating keen interest in shaping the country’s energy policy.

From a passive shareholder (as HRADF was), the Superfund is now claiming a more active role.Moderate reactionWith the German stock market celebrating the tariff countermeasures Europe is preparing to announce and the U.S.

stock market suffering from fears of stagflation and a weak labor market, the General Index of the Athens Stock Exchange tried to showcase its resilience without exaggeration. Yesterday’s session was highlighted by the eleven stocks participating in today’s Wood & Co. roadshow in New York.

Piraeus, Alpha Bank, Bank of Cyprus, Metlen, PPC, HelleniQ Energy, OPAP, GEK TERNA, Sarantis, and EXAE closed in positive territory, supported by the confidence exuded by their results and the business plans they will present at the roadshow. Yesterday’s session had a low transaction value of 151.22 million euros, with only 10.

8 million euros in block trades, indicative of investor hesitation. The General Index remained in positive territory throughout the session, closing at 1,698.34 points with a 0.

78% gain, having reached as high as 1,709.88 points (+1.46%) during the day.

Alpha Bank recorded the highest transaction value of the day (29.8 million euros) and achieved the best performance among systemic banks (+2.23%) at 2.

249 euros, while Piraeus, with 25 million euros in trades, closed with a gain of +2.1% at 5.154 euros.

Eurobank rose +1.34% to 2.50 euros, while National Bank held at 9.

5 euros (+0.61%). The day’s champion was PPA’s stock (+12.

66%). ADMIE (+4.3%) returned to 3.

03 euros, Noval (+2.06%), and Alumil (+1.42%) confirmed their momentum.

New responsibilities for the Consumer OmbudsmanFollowing the Code of Conduct on misleading discounts and commercial offers, the Ministry of Development is preparing a new regulatory framework that significantly strengthens the role and responsibilities of the Consumer Ombudsman. Until now, the Independent Authority “Consumer Ombudsman” has played an institutional, mediatory, and conciliatory role between consumers and the market. Since the consumer movement in Greece is essentially nonexistent, the government has decided to grant the Consumer Ombudsman more interventionist powers, aiming not only at informing consumers but also at enforcing compliance among commercial enterprises.

The “liberation day” of the American economyHe didn’t want to make announcements on April Fool’s Day because what he is announcing today is unbelievable. Starting today, the U.S.

is imposing new tariffs, with President Trump calling it “Liberation Day,” a move that may prove as significant as President Nixon’s decision in 1971 to end the dollar’s gold standard. The new tariffs—25% on Canada and Mexico, even higher on China—are intended to protect American industry and are expected to trigger a trade war, leading to a depreciation of the dollar and rising goods prices. China has already announced countermeasures to mitigate the impact of the tariffs, but for Europe—with its massive trade surplus with the U.

S.—the news is particularly worrying. The U.

S. Trade Policy Uncertainty Index has surpassed 25%, higher than its peak during the first Trump Trade War. The S&P 500 has dropped more than 10.

5% in six weeks and is now in correction territory, erasing $3 trillion in market value within days of trading. On February 19, the S&P 500 had reached an all-time high of 6,147 points. The sell-off accelerated in March when President Trump stated that he “does not watch the market.

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