Greetings, so the source is one of the best I have at M.M., so I don’t think they would mislead me when they told me the following yesterday: “The Prime Minister is furious about this case, where the Council of State suddenly turned people’s plots into fields (properties on the edges of settlements with less than 2,000 inhabitants), because as he himself says, it is not possible for us to have a huge demographic as well as housing problem – especially in the provinces but also generally throughout Greece – and for the state to…eat up people’s property overnight. Really, where did the judges remember this from, dating back to 1983 when the relevant legislation has been in effect until today?” the source concluded. They also told me that “Mitsotakis is not going to let this go under any circumstances and will exhaust all pressure and options in favor of the ownership of these plots.” The truth is we are talking about an absolute exaggeration and a major injustice.

Mitsotakis’ Tours

What with the generally good weather, and what with the improvement of the political climate in favor of ND, K.M. has decided to leave Maximos more and more often, touring Attica and beyond. On Saturday he was in Megara, where he spoke to citizens, while his schedule includes a tour in Evia this coming Thursday. According to the program, he will go to Aliveri and to the inauguration of the carbon capture and storage station at the AGET plant.

The Proposal and Karamanlis

Today or tomorrow, ND is expected to submit its proposal for the preliminary investigation concerning Kostas Karamanlis, on charges of breach of duty as a misdemeanor. I understand that on the same day there will also be some statement from the former minister. The legal document is being finalized, and there will be a reference to Christos Spirtzis, but no prosecution will be made due to the statute of limitations.

OnlyFans – Girls and the AADE

So, I hear from one of my sources in tax affairs that the OnlyFans business is booming in Greece too, with all social media – mainly TikTok but also Instagram – full of Greek or even foreign girls advertising the world’s oldest profession. And we’re talking about earnings in the range of 15–20 thousand euros per month, not bad at all especially when it’s tax-free. Now, for this to be circulating in the tax authorities, it doesn’t seem like good news for the girls. Audits are coming…

The Banks Hit the Markets for Senior Bonds

And now onto market news, starting with the banks which are ready this week and next to run senior bond issuances as part of the MREL framework. The time has come, and after all, all banks, systemic and non-systemic, have announced their intentions during the presentation of their quarterly results. The planning for the entire year is for issues totaling around 2.5 billion euros, which concern the replacement of older maturing bonds or refinancing of issues where such an option is foreseen. Banks are accelerating their moves because interest rates have dropped significantly, but mainly because markets are volatile and investors particularly cautious and selective. Moreover, in these issuances the competition is international, as according to the EBA, in 2025 across Europe the following issuances are expected: 262 billion in senior preferred, 107 billion in senior non-preferred, 18 billion in AT1, and 37 billion in Tier 2 bonds. Timing is always critical, so get ready for announcements from Greek banks entering the markets.

The Swiss Franc Loan Arrangement is Delayed (but in the works)

The Finance Ministry is not ready yet, but promoting a regulation for loans in Swiss francs is a matter of time. A political mandate has been given from M.M., which (rightly) believes that the Government must maintain continuity and that promises must be implemented, regardless of changes in personnel. The banks are under the (mistaken) impression that they roughly know what to expect, but since you can’t make an omelet without breaking eggs, in the end, they’ll be forced to shoulder part of the cost. More to follow soon.

The Two Deals of National Bank and EFG Luxembourg

The National Bank is going through a period of great activity and the signs indicate that there are already advanced talks for specific projects. However, that doesn’t mean moves will happen on a journalist’s timeline. My column’s information about EFG Luxembourg of Spyros Latsis, which has been circulating in the market lately, is that National did indeed consider the scenario of acquiring it, but decided not to proceed. It was judged that while it would be a major move with substance for National – as it significantly strengthens and shifts balances in the field of private wealth management – it is a deal worth 4.5 billion. Since markets are currently highly volatile and in general we don’t know what tomorrow will bring, a deal of such scale carries significant risks for National. I think it’s a safer bet to expect – soon – some kind of agreement in the insurance sector and another deal in a different direction – most likely abroad.

Strong first quarter for OPAP

Analysts expect OPAP to announce yet another strong quarter the day after tomorrow (28/5), supported by betting revenue and the steady growth of its online operations. At the same time, revenue from online casinos will continue the excellent performance of recent quarters, while Joker’s strong results—offering the highest jackpot in its history—will also play an important role. AXIA forecasts total gross gaming revenue (GGR) at €584.9 million, up 6.4% year-on-year, EBITDA at €201.1 million (+5.7%), while net profit after minority interests is estimated at €119.6 million (+5.6%). Attention, however, is turning to the upcoming quarters, and AXIA sees challenges on the horizon. Last year’s second half benefited from Euro 2024 and positive betting results, so comparisons in the upcoming quarters are expected to be more demanding. Furthermore, due to the significant rise in the stock (which analysts had not anticipated), surpassing price targets, AXIA states that OPAP’s recommendation and valuation are under review, with an update expected soon.

Ungrateful people…Sorras’ coffee maker up for auction? Give us a break

Ah, where are the days of Artemis Sorras, who promised to erase Greece’s debt with the… shares of the unforgettable Bank of the East and his $650 billion. Unfortunately, we let that… opportunity go to waste and lost both Sorras and his bizarre business dealings from the spotlight. Those days are so far gone that, as the column has learned, an auction is scheduled for May 30, with the debtor being the (also unforgettable) “non-profit civil company ‘E.SY. – Hellenic Assembly’,” legally represented, with last known headquarters in the municipality of Perama, Attica, at 1 Makedonias Street, now with unknown address. For those with poor memory, this was the party through which Sorras decided to save us—since we refused to save ourselves. Yet, this ungrateful people showed no gratitude at the ballot box, and “Hellenic Assembly” ended up in the dustbin of history. In the meantime, though, it seems they left behind some debts despite the… billions of their leader. So, a private individual is putting the following items up for auction on the 30th: 2 aluminum metal ladders, 8 boxes of brochures, 1 portable radiator, 3 halogen heaters, 1 INOX induction unit, dimensions approx. 1.5×1.0x1.0m, 1 professional INOX counter, approx. 1.5×1.0x1.0m with three drawers, 1 professional INOX counter with 3 sinks and 2 overlapping cupboard doors, approx. 2.0×1.0x0.8m, 1 EUROCAL wall shelf, 1 MORRIS mini fridge, 1 SILVERCREST coffee maker, 2 two-seater sofas, 1 wooden coffee table with wheels, 1 plastic table with metal base, 1 square melamine table with metal base, 1 white desk, 2 drawer units with 3 drawers each, 1 VERO desktop tower, 1 TURBOX monitor, 1 TURBOX keyboard, 1 REACT amplifier, 1 white melamine shelving unit approx. 3.0×1.5×0.5m, 12 chairs with wooden back and gray leather seat, 1 white melamine shelving unit approx. 1.6×1.0x0.5m, 1 shelving unit approx. 1.6×1.0x0.5m with a double-door cupboard, 1 BRΧΑΝΤ A/C unit, 1 whiteboard approx. 1.2×1.0m, 2 white desks with 2 drawers each, 120x80cm, 1 old HP photocopier out of service, 1 HP screen, 1 IBM keyboard, 1 water cooler “NERA KRITIS”, 1 TELEFUNKEN monitor, 1 LG monitor, 1 PACKARD BELL monitor, 17 metal chairs with wood and leather seats, 8 square tables approx. 80x80cm with metal legs, 1 HP computer out of service, 1 small SAMSUNG XPRESS M2675F multifunction printer, 1 bookshelf with 3 shelves and various binders approx. 200x80x50cm, 1 bookshelf with 2 shelves and various binders approx. 160x60x40cm, 1 air conditioner of unknown brand with mirrored grey surface, 1 LG TV remote control, 1 LG air conditioner remote control, 1 YOKOHAMA air conditioner. As noted in the seizure report, “the described movables are old, of average quality, and some of them in poor condition.” Thus, they were all valued together at €500 and will be offered with a starting price of €300. It is further clarified that all this… clutter has been placed “under the custody and safekeeping of the enforcing creditor I. P., due to the difficulty of transporting them,” and remains with him in limbo. What can I add? All… faithful (if any are left), come forth.

The talented Mr. Milionis

Vasilis Milionis, known from the Energa–Hellas Power case, had active involvement in the energy project of “Larisa Thermoelectric S.A.,” which includes the construction of a natural gas power plant in Larisa, announced with fanfare last week. The investment, worth around €600 million, is being carried out by a consortium including Israeli-owned Clavenia Ltd (38.5%), DEPA Commercial (35%), which joined six months ago, Sirec Energy—a private equity firm via its subsidiary EUSIF Larissa (16.5%)—and Volton (10%). The plant, with a net capacity of 792 MW, is expected, pending the final investment decision, to begin construction in early 2026 and be operational by 2028. In this project, the talented Mr. Milionis is said to have played a key role in its development, as chairman of the board until mid-2021 and later as advisor. I remind you that Vasilis Milionis, who was initially sentenced to 10 years in prison but was acquitted on appeal in 2019, shook the nation 15 years ago with the energy scandal in which he was a central figure. It was then revealed that two private electricity companies (Energa – Hellas Power) were collecting the “property tax” included in electricity bills (EETIDE – predecessor to ENFIA) from customers but were not passing it on to the State—a case for which they were accused of embezzling over €230 million. In May 2021, Milionis was replaced by an Israeli executive at “Larisa Thermoelectric S.A.,” and since then he had disappeared from the energy map. Only to reappear in the medical cannabis business again with the Israelis of Tikun Olam Hellas, reportedly also having a shareholder link to the new Larisa project. Some involved in the project said last week that the Israelis removed him from the ambitious Larisa plan when they realized he was an unacceptable figure in the market and that his name carried a negative connotation. Still, whether Milionis is or isn’t part of the company behind the grand plans for an energy hub in Thessaly (natural gas plant, data center, etc.), I hear that he now shows strong interest in the defense sector. From energy to medical cannabis and now to defense ventures—if nothing else, Milionis seems to have a natural talent for spotting where the money flows!

Decisions for 26 projects worth €2.5 billion in Healthcare

This afternoon, the Governmental Committee for Projects of National Strategic Importance will convene and—according to information—assign 26 significant projects with a total budget of €2.5 billion to the Hellenic Corporation of Assets and Participations (HCAP) and the Strategic Contracts Unit. The government is satisfied with the speed and quality of the projects implemented by the HCAP’s PPF unit in the health sector, which completed 92 renovated hospitals and 160 Health Centers within timelines and budgets.

The stock exchange worries only because of its own success

By just a tenth of a percentage point (0.10%), the General Index on the Athens Stock Exchange missed the chance to post its 6th consecutive positive week—thanks to Trump and his tariff announcements. Today, with both the London and New York markets closed, the Athens market will move guided solely by the short-term needs of institutional investors, who see the General Index up by +22.64% year-to-date, the Banking Index by +35.63%, and the FTSE25 by +25.57%. The major event of the week comes tomorrow with the annual MSCI review of stock market classifications, with the key question being whether the Greek market will be included in the watchlist for potential reclassification into the Developed Markets category. Inclusion of the Athens Stock Exchange in the watchlist is considered pivotal for fund managers and investment funds active in both Emerging and Developed Markets. News is also expected from Cyprus, not only regarding the large dividend (€0.48/share) from the Bank of Cyprus but also announcements about the future of its shareholder structure.

The PotUS’s crafty moves

The U.S. President carefully chose the day to announce his ideas about imposing a 50% tax on European products (starting June 1) and at least a 25% tariff on iPhones sold in the U.S. but manufactured abroad. As mentioned, Wall Street is closed today, Monday, for Memorial Day. This was the first time President Trump directly targeted specific companies with tariffs, later stating he would also impose 25% tariffs on Samsung products if not made in the U.S. Americans will have ample time to decide whether Trump is bluffing once again. Market speculators, however, had yet another opportunity to “play” with Trump’s statements. The Dow Jones dropped 256 points (-0.6%). The S&P 500 fell -0.7%. The Nasdaq -1%. All three indices recorded their worst week since April. It’s worth remembering that Apple CEO Tim Cook, like many others, made large donations to Trump’s Inaugural Fund and attended the Washington event, seated near Meta Platforms’ Mark Zuckerberg and Amazon’s Chairman Jeff Bezos when the colossal $500 billion tech investment plan was unveiled at the end of February. Markets have largely stopped debating the truth of the PotUS’s claims or the real impact of his threats on the growth prospects of the world’s largest economy. What they cannot ignore, however, is the impact they are likely to have on corporate earnings—whether that’s Apple or the countless U.S. companies that rely on overseas sales to generate profits.

They’re building nuclear batteries for the Moon and Mars

Zeno Power Systems has just raised $50 million to build nuclear batteries that work where regular batteries can’t: in the depths of the oceans, the Arctic, in space, and even on the Moon. Zeno Power’s technology uses the decay of radioactive material to generate energy—no sunlight or power outlets required. The company has already signed major contracts with NASA and the U.S. military and secured fuel from the Department of Energy. They’ve added a former Navy chief to their board of directors. The future of energy might not be solar—it might be nuclear, silent, and built for the coldest, darkest places, not just on planet Earth.