Hello, I think that despite the fact that the news coverage and developments continue regarding the infamous report of EODASAAM, there is no longer any point in commenting on it. Everyone understands that, although many chapters of it—perhaps most of them except the infamous one about the fireball—contain accurate findings, unfortunately, the report has been turned into worthless scrap paper. Therefore, I will stop here and honestly, whether this whole case ends up in the courts or not, I repeat that it constitutes, as it unfolded, yet another deep wound for the relatives of the victims.

Tariffs–Markets

Yesterday the markets somehow stabilized, both due to the sharp declines of the previous days and because the world leader is playing various communication games, winking at various solutions, making the warm turn cold and vice versa two or three times a day. The road ahead will be long and uncertain, so let’s not be optimistic because such optimism is baseless.

Pierrakakis–Stournaras

Kyriakos Pierrakakis and Giannis Stournaras will be traveling together at the end of the week to Poland. The Finance Minister has Eurogroup and ECOFIN meetings (Poland holds the EU presidency), while the central banker is attending the ECB bankers’ gathering. On the agenda, of course, are the tariffs that are “frightening” the global economy, but a source reminded me yesterday that the last Greek minister who attended a council in Poland was Venizelos, who, in a hotel basement in Wrocław, Poland, heard Schäuble present his proposal for Grexit, way back in 2011. Fortunately, 14 years later, Greece is no longer the “black sheep” of the EU and Pierrakakis is not at risk of finding himself in any basement with strange discussions… but still, it won’t be easy.

ND without a Vice President?

At the end of the month, in Valencia, Spain, the EPP congress will take place, and ND is one of the largest parties of the European center-right, with Mitsotakis having been prime minister for six years. Still, based on current data, the party will not have a vice president (there are ten), and the term of General Secretary Thanasis Bakolas will not be renewed either, as he is planning to open a consulting company based in Brussels. There was talk of Meimarakis running for the position, but he doesn’t seem interested. Thus, it seems ND will not have a vice president either in the EPP parliamentary group (where Meimarakis held the position until the European elections) or someone of its own in the party, where Manfred Weber will now have complete control.

The Gathering of the Disappointed

A book is always a good excuse for various old friends to gather and share stories. That’s what I understand will happen at the book presentation of former minister Argyris Dinopoulos, who has written a work about the interests that overthrew Samaras, brought in Tsipras, and are now backing Mitsotakis. The book, which will be presented Friday afternoon at the Journalists’ Union (ESIEA), will resemble a “gathering of the disappointed” with Mitsotakis. Note the speakers—“Karamanlis loyalists” and “Samaras loyalists”: Marios Salmas (preparing to form a party), Thanasis Giannopoulos, Kostas Markopoulos, Antonis Bezas, Nikos Nikolopoulos, Giorgos Orfanos, Panos Panagiotopoulos, Thanasis Skordas, Manolis Angelakas, Kostas Tzavaras, Nikos Stavroyiannis, and Savvas Tsitouridis.

The Stock Exchange reacted, but concern remains

With the best session of the last 53 months, buyers responded to the three-day sell-off of the previous days, absorbing much of the shock that had temporarily pushed Athens Avenue into negative territory for 2025. Specifically, yesterday’s +6.19% gain in the General Index was the strongest daily performance since November 9, 2020, when the index closed at +11.46%. Trading activity exceeded €300 million, with investors rushing en masse into stocks that had taken a hit, making their valuations attractive. Indicatively, over 21 million shares changed hands in Alpha Bank, 12.5 million in Piraeus, 11.9 million in Eurobank, 5.2 million in NBG, 5.18 million in Intralot, 2.1 million in Attica Bank, and 1.1 million in PPC. Still, investor concern is far from settled, as all matters related to Trump’s tariff policy remain open, although it appears that Washington is heading into negotiations with all of its trade partners. The big question, of course, is what will happen with China.

€15 million loss from cyberattack on Fourlis

Four and a half months after the cyberattack that occurred at the end of last November on the systems of Fourlis Holdings across all countries in which it operates (Greece, Romania, Bulgaria, Cyprus), investors learned that this malicious act cost the group €15 million in sales. The cyberattack, possibly the most serious to date on a Greek listed company, at the time caused disruptions in store operations—mainly IKEA—and in online sales functions. These disruptions lasted from December 2024 through February 2025. As of March 2025, the company stated in its 2024 financial results announcement that all systems and data had been fully restored. The question, however, is why it took until April to inform investors of the extent of the damage, and furthermore, how were the issues resolved? Were ransoms paid, as is common in such cases? Was there another approach? All of this is critical information, and given that the group is listed, it had an obligation to inform investors in a timely and more transparent manner. As for the impact on the financial results, the company said it achieved rapid cost adjustment (meaning?) to absorb the impact.

The businessman behind CD Media

CD Media, which in 2022 acquired just over 29% of listed company Intertech, was methodically preparing its move. CD Media, owned by entrepreneur Spyros Yamas (Centric also holds a stake), purchased a 26.87% stake in Intertech from Konstantinos Amoiridis. As his total stake rose to 56.9%, a mandatory public offer was submitted. The market sees the ultimate goal as CD Media’s entry into the stock exchange via a merger with Intertech. Yamas, now 63, was born in Ndola, Zambia, returned to Greece in 1974, and after completing his studies, worked in South Africa. In 1994, he founded CD Media, which saw significant growth but also endured a major crisis, leading the company in 2017—partly due to capital controls in Greece—to move its tax base to Romania. Since the 1990s, the company has been active in the gaming sector, collaborating with major providers such as EA Sports, Warner Bros Games, and others. In addition, following the death of his wife, S. Yamas founded the “Elena Iliopoulou Yamas Foundation – Research and Scholarships for the Treatment and Prevention of Cancer.”

Georgakopoulos’ new “Pisti”

In a new move on the business chessboard, the tireless manager Christos Georgakopoulos—famous for his trademark bow tie—creator of “European Reliance Asset Management,” founded a new company. On Tuesday, April 8, a new company called “Pisti Single-Member I.K.E.” was established, clearly evoking the former group, with the purpose of real estate trading, leasing, and management. The company is based in the municipality of Rafina-Pikermi, and its initial share capital is €3.7 million, divided into 37,000 capital contribution shares with a nominal value of €100 each. The entire capital was contributed by Christos Georgakopoulos, who also assumed the role of manager. It is recalled that in 2022, European Reliance was acquired by Allianz for €7.8 per share (valued at €207 million), and it is estimated that Georgakopoulos and his family (his wife and two daughters, who together held 27.04% of the company), received nearly €56 million from the sale. Georgakopoulos remained at the helm of European Reliance for a transitional period after the acquisition but eventually stepped down. And now, he has evidently decided to bet, with a small part of his liquidity, on real estate.

DIMAND and its REDS project in Gournes, Heraklion

Dimitris Andriopoulos of Dimand has shifted into full gear for new projects, announcing the day before yesterday in ETHI that he is pursuing at least 5 new large projects, which, if implemented, would be worth over 1 billion euros. The executives of the listed company did not mention anything that could reveal the new projects, beyond a general reference by D. Andriopoulos regarding the events of the new year, that the company had submitted a dossier in the non-binding process for the National Insurance building on Syngrou Avenue, which, as is known, did not lead anywhere, although future moves are not ruled out. However, there is interest in the information that has circulated in the market regarding the possibility of a very active investment involvement by DIMAND in the project of the former American Base in Gournes, Heraklion, engaging in discussions with REDS, which has taken on the project after winning the relevant tender. For those with a good memory, four years ago, DIMAND was among the interested parties in the project during the relevant tender by TAIPED, offering a financial bid slightly above 38 million euros, while REDS’ bid was slightly above 40 million euros. The listed company, which celebrates its 20th anniversary this year — an important milestone it wants to significantly strengthen with new, large agreements — is reinforcing its position at all levels, including its staff. A notable (silent) appointment is that of Panagiotis Kapetanakos, former CEO of Noval Property REIC, in March, in the company’s investment sector.

A completely different IMF Summit

This year’s Spring Summit of the IMF and the World Bank is scheduled for the end of April, from Monday, April 21st to Saturday, April 26th, immediately after Easter. Everything will be different this year. American officials, analysts, economists, and their theories will all be adapted to the new Trump reality. All delegations and meetings will focus on the new stars of American political and economic life, while traditional major meetings, such as those of the Politico magazine — which is now excluded from official press briefings — will gain an entirely different dynamic. The same, of course, applies to Greece, which has a new Minister of Finance who will make his own mark.

Interest rates will decrease, but it will be…for the worse

The tariff war is radically changing investment strategies. Major central banks will be forced to accelerate interest rate cuts, not because the economies are resilient, but because they will need increased protection. In America, announcements from large business groups have already begun, clearly talking about a slowdown in capital expenditures and a revision of plans for new hires. Europe’s economy is more exposed to global trade, and its industrial core — especially in Germany — is particularly vulnerable to the barriers now being placed on exports. There is a major difference: This time, central bank interest rate cuts will not increase the appetite for investment risk. The upcoming interest rate cuts will be defensive. Therefore, they are unlikely to justify a rally in stocks. Long-term government bonds, stocks that pay high dividends, infrastructure, and gold seem likely to gain ground in investment portfolios. Exchange rate balances will also change since “safe havens,” like the Swiss franc and the Japanese yen, will counterbalance investor anxieties. Currencies of emerging economies exposed to trade flows will now face increased risk, especially those tied to commodities or vulnerable to capital flight.

Visa chases the “biggest bank,” the battle for the issuing of the Apple Card

According to a report by the Wall Street Journal, Visa offered approximately 100 million dollars to Apple to replace Mastercard as the network provider for the Apple Card. This development came after Goldman Sachs’ decision to withdraw from the consumer loan sector, leaving the position of credit and debit card issuer vacant. In addition to Visa, American Express has also shown interest in collaborating with Apple. Visa’s offer of 100 million dollars corresponds to approximately 13 cents per active Apple Pay user or 7.14 dollars per Apple Card account. In comparison, Capital One pays between 471 and 706 dollars per account for the acquisition of Discover Financial Services, highlighting the strategic value of the Apple Pay network. If Visa succeeds, it will dramatically shift the balance in the consumer finance market.