Maximou may be keeping a secretive attitude about the “basket” of announcements at the International Exhibition of Thessaloniki, making some meaningless leaks, but Kyriakos Mitsotakis will not deviate from the well-trodden path.
The announcements will have a social sign, or at least this will be attempted, in order to appease the discontent that exists. Especially on the housing cost front.
For rents, as for the prices on the supermarket shelves, the anger is great… and it can be heard, even if there is no opposition.
The oil is to blame…
That’s why the prime minister hastened to communicate, through the ministry, that if it weren’t for the increase in olive oil prices, the food index would start to decline.
Of course, in the new “olive oil” season it seems that the situation is going towards normalization, but this will take a long time to be seen on the shelf.
There is, however, consideration for a temporary reduction of the VAT on olive oil, from the current 13% to 6%.
But I emphasize… the reduction will be temporary for possibly a few months, while we will be talking about a reduction in the price of about… 1 euro per liter.
The housing crisis avalanche
The Prime Minister cannot fail to mention, and if he does not do so he will be asked about it, the major problem of housing that is facing the big urban centers.
Students are also looking for accommodation recently and there are not a few of them.
The percentage of income that is “eaten up” by rent now exceeds 35% (Recognite data), but if you consider that the big problem is more young people (absence of own residence), who are paid less, then the percentage can exceed even 50%.
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The mixture
As I understand there is a plan for the government to “play” with tax rates in order to create incentives in the market.
That is, to increase the rate for short-term rentals, like AirBnB, and reduce it for long-term ones, so that the owners change their tactics.
But those who keep their apartments closed, at the mercy of taxation, should also change their tactics and make them available.
Two measures that, as market people have commented to me, are doomed. And this is because they are moving in the wrong direction.
The main thing they commented to me is that the government will “suffocate the cow” of AirBnB, a main source of income for many and for the tax authorities themselves.
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Contact with servicers
Another plan that Maximou is working on is to dispose of foreclosed properties by servicers, i.e. claims management companies, in order to increase the supply.
After all, the servicers themselves have submitted proposals to the Ministry of Finance to facilitate the entry into the market of a very important real estate stock.
It is not easy, however, as any measures should also include speeding up the relevant actions by mortgage offices and courts.
On this front, however, I learn that there is nothing for the prime minister, since Minister Floridis will speak about domestic violence.
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The business world?
The absolute darkness, however, also exists on the business front, especially at a time when the latest data from the Bank of Greece showed negative credit growth in July.
Seasonality may also be to blame, but the news from the Recovery Fund funds front was not the best either. I refer you to the latest report on the execution of the budget…
Thus, several foreign investors may be waiting for the prime minister, together with Moody’s analysts to give the final “score” on the economy on September 13, but Kyriakos Mitsotakis does not seem to intend to give a more pro-business sign to the speech of.
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Cable that… burns
Even when his political interventions may be more than necessary, especially in the large project of 2 billion euros for the Greece-Cyprus cable.
ADMIE even received an ultimatum from Nexans, that if the issue is not resolved it will suspend development work.
And it makes sense since the Cyprus Energy Regulatory Authority (CERA) is blocking the project, showing that the solution is now at a political level. Perhaps even higher… since in the relationship of those involved there is also… a third party (see Turkey).
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ETAD’s properties
The exploitation of ETAD’s properties is now moving to a political level. The thermometer has risen in the market and this can be seen in the opening of many holdings.
After all, the privatization plan is over for TAIPED and now the weight is given to real estate concessions.
And one of the “headaches” for the Superfund is the utilization of ETAD properties.
And as I read in the interview of the Minister of National Economy and Finance Kostis Hatzidakis in Sunday’s Kathimerini, the plan envisages the creation of holding companies where the tourist properties will be gathered for exploitation.
Dimitris Politis
I looked it up a bit more to see what the minister meant and learned how the managing director of TAIPED Dimitris Politis had this idea and the Minister of National Economy and Finance was quick to adopt it.
As I am informed, if and as long as ETAD succeeds in collecting a sufficient sample of 1,000 properties to be exploited then they will be divided into groups.
Each group will include homogeneous properties, e.g. commercially. These will be included in one holding company. There the way will be opened for the entry of developers by acquiring a package of shares and with the help of the public their utilization will proceed.
Other forms of exploitation
However, until this is done as, according to my sources, ETAD has a lot of work ahead of it to dispose of the “clean” properties, TAIPED will proceed with the utilization of the portfolio in other forms.
B.C. the model with the logistic park in Phyli, which is the competitive dialogue. And I learn something like this about the former Gonou camp in Thessaloniki and possibly about Tae Kwon Do…
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When does Maximou decide for National?
So a lot of work awaits the government when the TIF ends. After all, we also have the matter of the national team in front of us.
Time is counting down for the “team” of consultants who will undertake to run the placement for the remaining 18% of the share capital of National Bank from the HFSF.
Some information wants Maximos to make the final decisions next week.
The advisers who want to take the job are many, and they are pressuring – enough as we learn – the government to hasten its verdict.
The project is estimated to start immediately after the completion of the Prime Minister’s visit to the TIF. And certainly before the American elections…
Which, as we have repeatedly emphasized, hide… traps. Because no one can predict what will happen should Donald Trump return to the Oval Office of the White House.
However, the investment interest in National Bank remains strong since the Greek banks as a whole have a strong story to… sell in the coming years.
And enough profits to distribute to their shareholders…
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A “white knight” for Folli Follie
The quest to find a “white knight” in Folli Follie continues at a feverish pace.
The company’s bond lenders have long tasked an outside partner with finding a strategic investor to throw in a lifeline.
It looks like the bondholders are not willing to hold the breather much longer…
I am informed that the effort is in full swing, with the consultants scouting possible targets both in Greece and abroad.
The influx of new capital is considered absolutely necessary for the survival of Folli Follie, after the court’s refusal to put the frozen assets in favor of the reorganization plan.
I remind you that the company has been operating for the last 6 years without a loan, prepaying its merchandise purchases in cash.
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Unbelievable…
It was incredible what we heard in the last few days. I don’t know how else to describe it…
The central facilities of the Tsakiris Family in Thessaloniki were completely burnt down… by arson!
For this act there was an acceptance of responsibility in a text on a well-known website of the anti-authoritarian space, which is signed by the self-styled group MAZ (Front for the Liberation of Lives).
He “punished” the company for killing animals, while also issuing threats of similar action in the future if, as it is reported, “you rebuild it.”
I remind you that the American FBI characterizes such acts as… “eco-terrorist”… Or are they… family?
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