The optimism exuded by the statements of the Prime Minister Mr. Kyriakos Mitsotakis – and the … Economist – about the prospects of the Greek economy seem to be probably exaggerated. And this is proven when … they bump into reality. Which is tough!
The ESEE
Yesterday ESEE presented its annual report. I will not dwell on what is recorded, you will have read all this in other columns of the OT. I just want to make a few points.
Concentration
Firstly, according to the research of INEMY – the ESEE institute – over the last 20 years, the number of very small commercial enterprises has decreased by more than 46%. That is, as pointed out in the report, “concentration is strengthened with an increase in the average company size, with the pressures on the self-employed continuing”.
“tax evaders”
And now I want to come to the “head tax” imposed at the end of last year by the Minister of National Economy and Finance Mr. Kostis Hatzidakis on the self-employed. That is, among others and in the self-employed section of the investigation, considering everyone arrested as tax evaders.
Stagnation
Moreover, according to the report, 49% of small businesses last year showed stagnation compared to 2022. And 52.1% predict unchanged performance in the immediate future. You understand that the imposition of the tax certainly cannot go unnoticed – by this particular social category. At least in the elections….
He is going to be late
The INEMY report has other interesting facts. For example, according to its authors, “the Greek economy will be slow to return to pre-triple crisis (debt, pandemic and energy) levels”.
Bad two months
And on top of that I will also add that according to the data of research companies the volume of sales of consumer products decreased impressively in January, but also in February it does not feel good! The accuracy we were talking about!
Healthy?
In essence, the Greek economy is based on tourism, infrastructure investments based on European funds and exports, which seem – at least for now – to have “hit a ceiling”. It is obvious that the mixture is not healthy…..
—-
The new deal
From the first moment that Motor Oil entered the share capital of Ellactor, in the spring of 2022 and then acquired 75% of “Anemos” with the RES portfolio of the construction group, it was strongly circulated in the market that the energy group would not stop only in this acquisition.
He also wanted, they said, Elektor, Elektor’s other subsidiary that operates in the waste management sector and produces green energy from four biogas units.
It’s probably time for a new deal, as I’m informed…
Motor Oil
Just a few months ago, Motor Oil acquired the remaining 25% of “Anemos” as a result of which the entire RES portfolio was transferred to the MORE subsidiary.
Now, Motor Oil is moving on to its next step, which is the acquisition of Elektor. The information says that the energy group of Corinth and Ellactor are continuing the negotiations. Recently the two companies with their stock market announcements had denied the conclusion of any agreement between them for Elektor as well as the fact that no offer fell on the table.
So I learn that the discussions continue…
—
Cutting of the cake
The pie cutting events continue unabated. Both in the public and private sectors.
Yesterday I was informed that it was TAIPED’s turn to cut the pie.
Among others, the Minister of National Economy and Finance Mr. Kostis Hatzidakis and of course the administrations of the Superfund and TAIPED attended.
As I learned why for this modest event there was no announcement (until yesterday at least) nor a post by the minister on tik tok, the latter expressed his satisfaction with the work of the Fund: “Your work speaks,” characteristically noted Mr. Hatzidakis, underlining the Fund’s contribution to “the utilization of public property but also the consolidation of the new concept for the best possible exploitation of it”.
The Metropolitan of Neapolis – Stavroupolis
The cutting of the TAIPED pie, however, also had a guest, whose presence at a Fund event one would not have imagined.
As I was informed, it was the Metropolitan of Neapolis-Stavroupolis Mr. Varnavas.
What is the reason for his presence?
In TAIPED there is the tourist property “Coast and Camping Poseidi Halkidiki”. A part of the approximately 36 acres out of the total of approximately 300 has been used by the Metropolis for a number of years, having developed a camp for the needy. The specific property was granted for decades by the public to the Metropolis with contracts that were renewed at regular intervals.
In May 2023, by an act of the cabinet, the specific area was granted free of charge by TAIPED to the Metropolis for the implementation of a social project. And its granting is without a time limit, while at the same time it facilitates the more efficient utilization of the greater part of the property in Poseidi, Halkidiki.
The Metropolitan’s presence probably symbolizes the other face of concessions and privatizations…
#ESEE #Economist #Mitsotakis #negotiations #Elector #Metropolitan #cutting #TAIPED #pie #Economic #Post
