• Hello there, so the good news we teased yesterday morning via Mitsotakis’ address did indeed come just a few hours later, and no fair-minded person can deny that the measures were right – both these and others that still need to be taken – especially when safeguards against tax evasion are working and, largely because of that, economic windfalls are being generated. If everything in the country and the economy worked properly, all surpluses should go toward investments, because those – even in the longer term – create wealth for everyone and jobs. But how could any government not support pensioners or weaker citizens renting their homes, when prices have skyrocketed in the four years since the Russia-Ukraine war?

M.M – Mitsotakis

• Now Mitsotakis, who’s coming today to protothema.gr at the Eugenides Foundation for an online interview where he’ll give a few more details about the measures, was apparently in a visibly good mood yesterday – something we hadn’t seen in quite a while. Pierrakakis made a “strong debut” at his ministry with positive measures, Hatzidakis and Petralias also worked on these surpluses with Pitsilis (AADE), and even though they caught some flak for the anti-tax-evasion measures, they were all smiles. I mean, that’s how it goes – when benefits are announced, everyone’s a winner. At Tempi, only a few got the blame…

One good measure at a time…

• M.M’s plan is to be able to roll out one positive measure every week – military salaries, “The Dome,” marine spatial planning, the minimum wage, Chevron, yesterday’s measures, and next up is another package for train safety. “We need to show the bike is moving – something we, as a government, had been missing for quite a while,” a source at Maximos Mansion told me. They also said, “with the measures in favor of tenants, there’s a good chance the state will actually make money, not lose it. Because many renters will be forced to declare the actual rent to get the one-month bonus. And for property owners, we cut the ENFIA, and of course, their property values have risen too.” I’m just passing it on word-for-word – you can judge the reasoning.

From the press conference to the plane

• Kyriakos Pierrakakis and Thanos Petralias bolted… running from yesterday’s press conference at the Finance Ministry to catch their flight to Washington for the IMF Spring Meeting. What you might not know is that they’re from the same generation and were actually classmates at the Athens University of Economics and Business – even if they were in different political camps back then. Still, they reunited on Nikis Street and are now working well together.

At the highest level

• The details regarding Greece’s representation at the Pope’s funeral, which will take place this Saturday at St. Peter’s Basilica, are being finalized – maybe even today. What’s certain is that we’ll be represented at the highest level; it’s still possible that Mitsotakis himself will go, otherwise President of the Republic Kostas Tasoulas will attend.

Change of plans

• Mitsotakis’ return from a brief Easter break reshuffled his schedule for ministry visits this week. This morning he’ll visit the Ministry of Social Cohesion and Family, where Domna Michailidou will receive him. Tomorrow – instead of today – he’ll visit the Ministry of Climate Crisis and Civil Protection, while Friday is open for a visit to the Ministry of Education, with the Ministry of Environment and Energy still “pending.”

The… frostiness between Ethniki and Piraeus Bank (and the tactics)

• Officially, all’s well – courteous and polite. In reality, though, relations between National Bank and Piraeus Bank are frosty, as Zikos would say. The reason? The move Piraeus made in acquiring Ethniki Insurance – something National Bank just can’t swallow. Behind closed doors at their Aiolou Street HQ, some heavy words and characterizations are being tossed around – even talk of piracy. Of course, these things happen in business, but what’s more concerning for Piraeus is National Bank’s intent to use every legal means to protect its client base, which is fully recorded within Ethniki Insurance. That means the necessary approvals (e.g., Competition Commission, etc.) won’t be a walk in the park for Piraeus. The Piraeus management is fully aware of the challenges and sensitivities ahead before the Insurance deal is formally sealed, and is being very careful not to provoke National Bank. As part of this, Piraeus has decided that no one from the bank’s side will join Ethniki Insurance’s Board of Directors for the next two years, in order to smooth out the approval processes. This also (partly) explains Piraeus’ immediate show of support for the current management of the Insurance company.

Eurobank’s agricultural war on Piraeus

• And since Piraeus got in National Bank’s way, Eurobank sees no reason not to get in Piraeus Bank’s. Having absorbed Agricultural Bank, Piraeus holds an edge in financing the primary sector and agrifood businesses. Eurobank has now decided to target this market too, using new financing products with lower interest rates as its main weapon. It’s aiming at greenhouses, agricultural innovation, and production – trying to bundle loans with services. To that end, it’s signing deals with “external partners” to build a competitive package. Piraeus, for its part, won’t let this client base slip away without a fight and is preparing to launch new financial tools that combine interest subsidies with lower collateral requirements.

Papachristou (HCAP) tightens the noose on state-owned enterprises

• Two main elements will define Papachristou’s new strategy at the Hellenic Corporation of Assets and Participations when it comes to the former public utilities. As someone who knows the market inside out, the new CEO plans to ramp up supervisory control, demanding real business results from the subsidiaries – with strict restructuring plans, quarterly audits, and digital tools aimed at overcoming long-standing inefficiencies. The idea is to shift from managing stagnation to building growth and profitability. The second pillar, naturally tied to the first, is about infrastructure investment: from now on, subsidiary boards will be fully responsible for executing the required investments using their own capital reserves. That’s especially important as Recovery Fund money starts to dry up. Word is, Papachristou has even introduced the motto “One win every month” to instill a culture of performance and accountability. Let’s see how it plays out.

GEK TERNA cuts the ribbon

• Tomorrow, GEK TERNA is expected to inaugurate the third and final waste management facility under the Peloponnese PPP scheme, in the Kallirroi area of Messinia. With this, the €152 million project for integrated waste management reaches completion. This unit, which had been running in pilot mode until now, will handle 60,000 tons of municipal waste annually out of a total system capacity of 200,000 tons. The project now belongs to GEK TERNA’s portfolio, following the sale of TERNA Energy. Environment and Energy Minister Stavros Papastavrou is set to lead the opening ceremony.

Andreadis projects at the former Allatini Ceramics site

• STANDA S.A., led by Stavros Andreadis, recently completed another €2 million capital increase as part of its preparation for two major developments—one at the historic Allatini Ceramics site in Thessaloniki and the other on Diaporos Island. The company’s total equity capital now stands at €35 million. The Thessaloniki project, which involves a mixed-use redevelopment of the old industrial complex, is progressing steadily on the licensing front. Rumor has it that the Andreadis family is close to finalizing a strategic partnership with a major real estate developer to help push the project forward. The plan includes restoring listed buildings and constructing a landmark high-rise residential tower.

AEGEAN bets big on Cyprus and Turkey

• Two markets that have long been favorites for Greek travelers—Cyprus and Turkey—are seeing renewed focus from AEGEAN this season. The airline recently launched a direct Heraklion–Istanbul route, expanding its international network from Crete’s largest airport, alongside increased capacity from Athens and Thessaloniki. In Cyprus, AEGEAN is boosting its seat offerings by 22% this year, adding routes like Larnaca–Rome and deepening partnerships in the region. The airline will also have a strong presence at the upcoming Travel Expo Cyprus 2025 (April 25–27), with its local sales team attending.

Greece borrowing cheaper than the U.S.—the world upside down

• Today, Greece is holding a 26-week Treasury bill auction for €500 million, maturing in October 2025. At the last such auction, the yield was 2.1%, but that’s likely to shift. Currently, Greece’s 10-year bond yields around 3.35%, while the U.S. 10-year stands at 4.41%. The 2-year German bond has dropped to 1.63%, its lowest since 2022. Investors are increasingly viewing Europe as a safe haven for savings, widening the yield spread between U.S. and German bonds to 1.95 percentage points—the highest since February. Meanwhile, the steepening U.S. yield curve signals growing investor skepticism around dollar-denominated assets.

Low-cost rally at the Athens Stock Exchange

• The Athens market stood out yesterday among European bourses, lifted by the S&P upgrade and Eurostat’s confirmation of Greece’s strong fiscal surplus. Every stock in the FTSE25 ended in the green—except TITAN (-0.86%), which closed at €40.2. The General Index climbed to 1,672.19, up +1.83%, aiming for the 1,700-point milestone. Turnover reached €141.6 million, with over €60 million in bank stocks alone. Eurobank surged +6.11% to €2.448, followed by Alpha (+5.36% to €2.181), Piraeus (+4.26% to €3.9), and National (+2.2% to €9.3), now valued at €8.5 billion. Coca-Cola HBC hit €44, with a market cap of €16.4 billion—up 32% from three months ago. In mid-caps, HELEX (+3.25%), ADMIE (+2.22%), and Ideal Holdings (+2.1%) also stood out.

Athens Airport nears €3 billion valuation

• Today, Athens International Airport (AIA) is initiating its script dividend process. Of the €0.78 dividend per share, €0.33 is eligible for reinvestment. Tomorrow, the Bank of Greece will cut its own dividend. Meanwhile, AIA’s stock gained +2.85% yesterday to close at €9.73, with trading volume exceeding €5.5 million. The airport’s market cap now stands at over €2.9 billion. Shareholders have until May 8 to decide on reinvestment. New shares will be priced based on the average volume-weighted price (VWAP) between April 25 and May 2, with a 3% discount applied.

Winners in the dollar-cost game

• Despite a brief uptick yesterday, the S&P 500 has lagged behind global indices since early last year. The situation is even tougher for international investors, as both U.S. equities and the dollar have been sliding. Over the past two months alone, the S&P has dropped around 16% in value—but in Swedish krona terms, the loss exceeds 25%. The only bright spot? Companies with operational costs in dollars are benefiting from the currency weakness, easing pressure on their balance sheets.

The dollar… is not feeling well

• What began as a tariff dispute is now evolving into a geopolitical and economic confrontation – with consequences far beyond trade. The U.S. President has decided to weaponize the dollar in order to achieve his goal of repatriating industrial production, but the cost of this choice is heavy. For the past 50 years, anyone buying oil paid in dollars. This gave birth to the “petrodollars,” which allowed the U.S. Federal Reserve to print money without concern, creating debt without worry. But this regime has ended. Last March, China signed Liquefied Natural Gas agreements with the United Arab Emirates – worth billions – and paid in yuan. The following month, India paid for oil it purchased from the UAE in rupees for the first time. Brazil and China made an agreement for direct transactions in real and yuan, without any dollars involved. In February, Nigeria renewed a 1.5 billion yuan swap with China to boost trade in yuan instead of dollars. Saudi Arabia, a founding member of the petrodollar club, is now considering accepting Chinese yuan for the oil it sells. The U.S. attempted to punish China in February for buying oil from Iran by imposing more sanctions. China’s response? Use the digital yuan – a traceable, sanctions-resistant currency – and abandon the SWIFT system controlled by the U.S. Meanwhile, the infamous BRICS (Brazil, Russia, India, China, South Africa) are urging their alliance members to shift to local currencies, abandoning the dollar. In April, India’s central bank told domestic banks to settle trade with the UAE in rupees and dirhams. Then, on April 1st, Saudi Arabia joined the mBridge Project – a multinational central bank digital currency platform. This allows countries to trade directly without touching dollars or U.S. systems. The petrodollars are decreasing. The U.S. won’t collapse, but global trade is rewriting its own rules.

Gold is soaring, but metals indicate a recession

• Today, you can buy more than 107 ounces of silver with just one ounce of gold. Silver has never been this cheap in history. The copper-to-gold ratio has fallen to the lowest level in at least 40 years. This ratio has halved over the last 3 years. The decline has accelerated in the last month, as gold prices have risen by +9%, while copper prices have fallen sharply by -8%. Statistical and market experience shows that when the copper-to-gold price ratio decreases so dramatically, it is always followed by a weakening of global economic activity. Previous significant drops in this index occurred during 2020 and 2008. Today, the copper-to-gold price ratio suggests that the U.S. economy has entered a recessionary environment.