Postcard from Athens
Μηδὲν ἄγαν – Nothing in excess
By day, golden light spills over the ruins, and the city feels grand, expansive—a place where democracy was born, where philosophy was shaped, where myths and gods once walked among mortals. By night, Athens changes. The soft glow of streetlights flickers over crumbling neoclassical facades, graffiti-covered walls, and silent alleyways where stray cats watch you from the shadows. The contrast is striking. This is a city of beauty and decay, resilience and struggle, ambition and fatigue—all at once.
Next to the Acropolis, everything feels ridiculously small—especially yourself. Athens does not just stand; it looms. It reminds you that true greatness is not the work of a single moment or a single person, but the result of centuries of collective effort, endurance, and reinvention. The city carries this weight of history effortlessly, its past seamlessly blending into the present, as if time itself moves differently here.
Compared to Istanbul, where I was just a few weeks ago, Athens feels more relaxed, unhurried. People are out shopping, dining, enjoying the city—despite the winter chill that makes some reconsider their terrace seats. There is a quiet confidence in the way Athens moves, an acceptance of its contradictions. It is neither fully thriving nor fading away—it simply exists, on its own terms, in its own rhythm.
View of the Acropolis from Arepagus Hill
Between resilience and struggle
Over the course of my stay, I spoke with a variety of local people each offering their own perspective on life in Greece today. While their experiences varied, common themes kept emerging: corruption, economic hardship, the struggle to regain purchasing power, and the realities of a changing job market.
Here are some of the things I heard most frequently:
“Greece has a real issue with corruption.”
During my stay, protests erupted against the government’s attempt to cover up evidence in a tragic bus crash that killed several children. The incident reignited widespread frustration over deep-rooted corruption. No taxis, no buses, shops closed—everything shut down in protest. It wasn’t just a strike; it was a statement. People are fed up.
The anger was sparked by the government’s handling of the Tempe railway disaster, where a passenger train collided with a freight train, killing 57 people. The tragedy exposed years of neglect, mismanagement, and cover-ups. Two years later, justice still hasn’t been served. Evidence was allegedly concealed, and accountability remains elusive.
Unlike in other countries where corruption lurks in the shadows, in Greece, it’s an open wound. People speak about it as a fact of life. And maybe, in some twisted way, that awareness is its own form of resistance.
Perhaps, in a strange way, the Greeks’ awareness of it is a step toward keeping it in check. Corruption is estimated to cost the EU between €179 billion and €990 billion annually, accounting for up to 6% of its Gross Domestic Product (GDP).
Meanwhile, the much-anticipated Ellinikon project, heralded as Europe’s largest urban regeneration endeavor, has been a focal point of both optimism and skepticism. Spanning approximately 6.2 million square meters on the site of Athens’ former international airport, this €8.5 billion development aims to transform the area into a vibrant city within a city, featuring residential, commercial, and cultural spaces.
However, whispers of impropriety have shadowed its inception. A friend confided, “The right person made the right arguments for the person in power to sign the permit. Here we are.” Concerns have also been raised about the preservation of land and sea views, with allegations that urban planning decisions across Greece are often swayed by relationships, power, and money, rather than stringent regulatory oversight.
The project’s scale is monumental, with plans to create a 2 million square meter Metropolitan Park—one of the largest coastal parks globally.
Economically, it’s projected to contribute 2.4% to Greece’s GDP and generate over €14 billion in state tax revenues, alongside creating between 70,000 and 80,000 new jobs.
Overview of The Ellinikon project from their website
Taking the train toward Glyfada, I passed by this vast expanse of land, once open and untouched, now destined to become the next grand attraction of the decade. But all I could see were empty plots, skeletal concrete towers slowly rising, and the distant hum of unfinished ambition.
I couldn’t help but feel for those who once had access to this stretch of nature and uninterrupted sunset views, now reduced to glimpses through holed fences—reminders of what was lost.
The Ellinikon project was supposed to be completed by 2021, yet standing there, next to the construction site, it was clear: this won’t be finished anytime soon. Why? That’s a question with too many answers.
View of the Ellinikon Riviera Tower in 03/2025 VS finished 3D version
“We never recovered the purchasing power we had before the crisis.”
What struck me most was how consistently people repeated this phrase—almost verbatim. Even younger Greeks, who were still in school during the 2008 financial crisis, echoed the sentiment. It made me wonder: is this a political narrative that has shaped public perception, or an undeniable economic reality?
Greece was undoubtedly hit harder by the crisis than France. Some people recalled a time when suicides were reported daily—tragedies driven by financial despair. It was far more dramatic than what I remember experiencing back home.
One article from the NY Times recaps the situation well: “Greece became the center of Europe’s debt crisis after Wall Street imploded in 2008. Ireland, Portugal and Cyprus were also forced to take international bailouts. But Greece had it the worst, requiring three rescue packages from 2010 to 2015, totaling 320 billion euros, or $343 billion, with bitter austerity terms. Household incomes and pensions were slashed. The economy shrank by a quarter, and hundreds of thousands of businesses collapsed as banks shuttered. By 2013, nearly a third of Greeks were unemployed.” New York Times
To get a clearer picture, I dug into Greece’s economic data—GDP per capita, employment rates, inflation—to see if the numbers matched what people were telling me. And they did.
Source: World Bank, Influidence
On paper, the economy is recovering, but in reality, wages haven’t kept up with the rising cost of living.
Greece is one of the few countries in Europe that still hasn’t regained its pre-crisis purchasing power (adjusted for inflation). Between 2007 and 2023, people lost 11.6% of their purchasing power, which might explain why so many of those I met juggle multiple jobs—not just to make ends meet, but to create more options for themselves. That said, Greece’s GDP per capita has actually grown faster than Germany (+4.66%), France (+9.54%), and Italy (+15.67%) since COVID, rising +21% in constant prices. But that growth isn’t translating into everyday life.
The average net salary in Athens is around €1,000, while rent ranges between €600 and €1,000, depending on location and size (Source: Numbeo data, 28/02). It doesn’t take an economist to see that the math isn’t adding up.
And as some of my conversations with locals emphasized, this is just further proof that wealth isn’t spreading—it’s concentrating at the top, locked in the hands of the wealthiest.
“Most of us work multiple jobs.”
The gig economy isn’t unique to Greece, but here, it seems almost a necessity. People take on different roles, not just to make ends meet, but to explore new paths and escape the rigid constraints of traditional employment.
This trend feels aligned with a broader shift—one that I’ve noticed among Gen Z and Millennials across Europe and beyond. Fewer people are willing to commit to a single employer or a job that doesn’t align with their values. The old “suck it up and take the money” mentality is fading, especially in societies where education levels are high. Today, companies that fail to adapt to this mindset—whether in Greece or elsewhere—risk losing their most talented employees.
The same applies to fund managers. The firms that will thrive are not just the ones offering the highest paychecks, but those that can genuinely engage and retain talent by aligning with their values.
“A lot of companies have moved here in recent years.”
Athens has experienced a notable influx of multinational corporations in recent years, drawn by a combination of strategic tax incentives and a burgeoning talent pool. The Greek government has implemented policies to attract foreign investment, including a 50% income tax exemption for individuals relocating to Greece for employment or business activities, applicable over a seven-year period. Additionally, businesses may benefit from a super deduction of 30% for advertising expenses incurred in fiscal year 2023, subject to certain conditions.
A flagship example of this investment wave is Microsoft’s €1 billion commitment to establish three data centers in the greater Athens area, marking the company’s first cloud region in the country. This project is anticipated to bolster Greece’s digital infrastructure and stimulate economic growth. However, the endeavor faced significant delays, with bureaucratic hurdles postponing construction permits for four years. (Sources: datacenterdynamics.com; thenationalherald.com)
Despite these substantial investments, many Athenians report challenges in securing well-paying, stable employment. The presence of multinational corporations has not uniformly translated into improved job quality for the local workforce, highlighting a disparity between macroeconomic indicators and individual economic experiences.
This scenario underscores a broader paradox observed in various urban centers: economic growth and increased foreign investment do not automatically equate to widespread prosperity. While the cityscape evolves with new developments and corporate presences, the tangible benefits for the average resident often remain limited. This raises critical questions about the distribution of economic gains and the true beneficiaries of such growth.
Furthermore, concerns about a potential real estate bubble have emerged, as multinational investments drive up property values, potentially sidelining local buyers and altering the urban fabric. This situation calls for a nuanced examination of what “economic growth” entails when the broader population continues to face economic hardships.
Greek Equity Stories
Kri Kri : The Hidden Dairy Gem
I originally planned my trip to Greece to investigate Euroseas (ESEA) a company that specializes in the ownership and operation of containerships, facilitating the transport of dry and refrigerated containerized cargoes, including manufactured products and perishables.
But for some reason that I explain in my Notes on shipping, I did not pursue the investigations.
However, while I was there, I flagged another company called Krikri.
Kri Kri Milk Industry S.A., established in 1954 and headquartered in Serres, Greece, specializes in producing dairy products, notably ice cream and yogurt. The company sources 100% Greek milk from the Serres region, ensuring authenticity and quality in its offerings.
In recent years, Kri Kri has embarked on strategic expansions to broaden its market presence:
- U.S. Market Entry: Approximately six months ago, Kri Kri introduced its Greek Frozen Yogurt to supermarkets in Texas, marking its initial foray into the U.S. market. This move followed positive receptions at international fairs in Houston and Denver.
- European Growth: The company has experienced significant growth in key European markets. In the UK, sales increased by 42%, while in Italy, there was a 21% rise. Additionally, Kri Kri successfully launched its products in France, with yogurt exports now accounting for 62% of its total yogurt sales.
The company holds more cash than debt on its balance sheet, displays a 30% payout ratio, a long-term 30%+ operating margin, has been growing at 18% on average for the last 5 years, and is trading at 11.2x EV/EBITDA or 15x PE.
They have a range of products including high protein yogurt and traditional Greek yogurt. Here are some samples I could capture in supermarkets.
This will be one of the companies I will investigate further in the next weeks/months!
Kri Kri products in a AB supermarket in the center of Athens
General market
The Athens General Composite Index (ATG) is Greece’s main stock market index, made up of 61 companies. Below is a breakdown of the top sectors by market capitalization.
Banking dominates the index, making up 30%, with six major banks leading the way: Eurobank Ergasias, National Bank of Greece, Piraeus Bank, Alpha Bank, Bank of Cyprus Holdings, and Optima Bank.
Beverages come next, accounting for 14.5%, but this weight is entirely due to a single company: Coca-Cola HBC. It’s the second-largest bottler in the world, covering 29 countries, mainly in Eastern Europe and Russia.
Source: Investing.com, Influidence
Athens, Between the Eternal and the Fleeting
Athens is a city that wears its contradictions with pride—a place where ancient ruins stand defiant in the face of modernity, where a nation burdened by crisis still finds ways to create, rebuild, and move forward.
It is a city that forces you to reckon with time—past, present, and future interwoven in a way that few other places achieve. In the shadow of the Acropolis, you feel both insignificant and inspired, reminded that true greatness is not the work of a single moment, nor a single generation, but of persistence, reinvention, and the quiet defiance of a people who refuse to fade away.
Greece has struggled. Its people have endured. But if history has shown us anything, it’s that Athens does not just survive—it prevails.
And so, I leave this city with a list of companies to investigate, a deeper understanding of its economic paradoxes, and an admiration for the resilience of its people. Some places you visit and forget. Athens, however, stays with you—etched in marble, whispered through its streets, written in the weight of history that still shapes its future.
A small street in Plaka
Sunset view from Mount Lycabettus
Sunset at the beach, Paleo Faleiro