Hello there, before getting into current affairs, I want to touch on an issue that honestly strikes me as incomprehensible. It’s about the complaints from residents or shopkeepers in Kolonaki—and in other areas too—because the police and the City of Athens have (finally) decided to do their jobs properly. That is, to hand out fines for illegal parking wherever the good old Greek lads leave their cars wherever they please. Who gains and who loses from this… Cairo-style scene in the center of Athens? Personally, I think everyone loses. The second thing I hear is that people are complaining because, apparently, there are too many breathalyzer tests happening—and as a result… no one can go out on a Saturday night! Crazy argument, right? Yet this is also making the rounds. So, I hope they keep up the good work (and step it up) — both Chrysochoïdis and Doukas, and of course all the mayors whose cities are dealing with this chaos of illegal parking.

Voridis, the “digs,” and the policy shifts
At yesterday’s Cabinet meeting, a lot of buzz surrounded the National Consumer Protection Authority from e-Takis (the nickname Theodorikakos picked up after unveiling his electronic market control tools), but things really got interesting when Voridis took the floor to speak about his own bill, which focuses on speeding up deportations. “You know Mákis, when he talks about immigration, he gets fired up,” another minister told me. That same minister also picked up on some barbs from Voridis (no names mentioned) aimed at his predecessors at the ministry (Panagiotopoulos–Kairidis), and at Stylianidis, since in recent years, migrants would arrive, settle in, and never leave. What’s also interesting, my source noted, is that even ministers who had previously taken a much softer stance on immigration were now fully backing Voridis’ proposals—for example, Agapidaki, who was General Secretary for Unaccompanied Minors during the first term of the Mitsotakis government.

The Police will be waiting
According to the proposed framework, foreign nationals whose asylum applications are definitively rejected will be taken to pre-removal centers for administrative detention, which will now extend from 18 to 24 months. During this period, migrants will have the opportunity to request a return ticket to their home country. Those who don’t will have a second chance when their administrative detention ends. Specifically, at the exit of the PREKA center, the Police will be waiting with a ticket in hand. Those who don’t seize the opportunity will be taken straight to prison, as illegal stay in the country will now be criminalized. The penalty? Three years behind bars or a fine of €10,000, with no option for conversion or suspension of the sentence.

…And the dismantling of Samaras’ backdoor
One more thing! Under Voridis’ new framework, the loophole that opened under Samaras is being shut for good. I’m referring to the provision that allowed illegal residents to become legal simply by proving they had lived in Greece for at least seven years. Some of you may recall that President Antonis made quite a fuss when Kairidis shortened the time frame from seven to three years. Now, that’s gone for good. The length of illegal residence in Greece can no longer be considered a valid reason for granting asylum.

Karamanlis–MPs
A strange narrative is gaining traction in Parliament regarding the referral of Karamanlis to the Preliminary Investigation Committee, and it wasn’t a coincidence that yesterday Marinakis went on a radio show to clarify that the proposal will be voted for by New Democracy MPs. I mention this because in Maximos Mansion, they’re picking up on some “weird vibes” and have started to make reconnaissance moves. However, the government spokesperson pulled a “dribble” move: he called on opposition parties to vote for the ND’s proposal—even if they don’t agree with it, aside from the felony-related one—to ensure Karamanlis ends up at the Preliminary Committee no matter what. Marinakis, cleverly of course, also pointed a finger at the opposition parties as potential scapegoats if things go sideways.

Kyranakis–Oikonomou
Back to the taxi issue, while the SATA strike continues, Kyranakis made yet another move that irritates Thymios (there’s only one Thymios when it comes to taxis): yesterday he met with the National Taxi Federation. They discussed many industry issues, but what’s interesting is that he brought along two transport planners, who told the professionals that his predecessor Vasilis Oikonomou had never actually conducted a traffic study to justify allowing loaded taxis in the bus lanes. What’s even more interesting is that Kyranakis will start responding publicly to Oikonomou from today in interviews, as the former deputy minister claims his successor “blew up” a ready-made agreement with SATA.

All over the place…
Sokratis Famellos called Alexis Charitsis the day before yesterday (Tuesday) to inform him that he’d be sending over the text regarding a Preliminary Committee including Mitsotakis. Indeed, yesterday morning (Wednesday), Koumoundourou sent its proposal to New Left, so the latter can decide whether to give them the needed signatures (they’re short by 4) to submit a second request for a Preliminary Committee. New Left doesn’t believe there’s enough to press charges against Mitsotakis and remains cautious. Still, yesterday morning, facing a deadlock, the ever-familiar Stefanos popped up and suggested (on Real FM) that the six MPs from the Democracy Movement sign the request for a Preliminary Committee if Mitsotakis is included. Of course, there’s still bad blood between him and SYRIZA—left over from the nightclub incident—but he might just grit his teeth and go along, if it means they get to frame Mitsotakis alongside the “coup plotters” of SYRIZA, as he used to call them.

The Alpha deal and the Midas touch
On the market front, the big news is the deal involving Alpha Bank. The Finance Ministry and Bank of Greece have already commented on its significance for the banking system and the expected benefits. Looking at the key players in the deal, V. Psaltis showed that he operates with planning, method, and discipline. He leveraged his strong relationship with A. Orcel and silenced those who claimed the Alpha Bank–Unicredit approach was all about Romania and Alpha’s subsidiary there. He brought in a powerful strategic shareholder, giving the Greek bank new momentum, as both Athens and Milan insist there’s no takeover scenario. X. Holterman proves he has the Midas touch. He invested in Alpha Bank back in 2021 when investment grade status was still a distant dream and followed the “formula” of making debt-free, margin-free investments in undervalued companies. From his known (and unknown) investments in Greece, it’s estimated he’s made around €1 billion in profits, so there’s not much more to say. He earned over €320 million from his stake in Alpha Bank and, assuming he still holds the 3.95% of Optima Bank stock he bought during its IPO for €21 million, that stake is now worth over €60 million. The question now is: what’s Holterman’s next move in the Greek market?

The Big Party of Alpha Bank

Out of the €447.8 million in yesterday’s stock market trading value, €154.1 million concerned Alpha Bank’s share (+6.81%) at €2.98, which, for the time being, is the only banking stock trading at 100% of its book value. The second highest in transaction value—though a far cry from Alpha—was Piraeus Bank (+4.4%) at €6.078, with €59 million in trades, followed by Eurobank (+3.73%) at €2.8 with €53.7 million, and National Bank (+1.52%) at €10.7 with €52.5 million. Yesterday’s session was a banking party hosted by Alpha Bank, while Coca-Cola HBC (3E) didn’t quite enjoy itself (-1.3%) at €47.8. The General Index closed at 1,876.42 points (+1.42%), with trading volume at €447.89 million, €81.89 million of which came from block trades. PPC had a good time at the party too, climbing +2.64% to €13.59, while ELLAKTOR celebrated the good news about Alpha Bank (+2.17%). Bank of Cyprus, now included in the Large Cap Index, rose +2.91% to €6.36 with €18.78 million in transactions, followed by Atticabank (+3.9%) at €0.8. We’ve still got two sessions left before May wraps up, and tomorrow, Friday, we’ll see the MSCI rebalancing—which traditionally brings a dramatic spike in trading activity.

Someone’s Not Happy at CENERGY

The stock market doesn’t seem thrilled, despite the impressive 74% surge in net profits reported by Cenergy’s management for the first quarter. The stock lagged again yesterday (-1.43% at €9.68), despite the market party. Management also presented a backlog of contracts and projects worth €3.4 billion, which means that for the next three years—even if it lands no new projects—Cenergy will remain profitable. The impact from Trump’s new tariff policies seems negligible, and the €500 million it spent on expansion over the past years has already been recouped through new projects. So, it seems a major shareholder is disgruntled about something and is offloading the stock—without a willing buyer stepping in just yet. Cenergy’s market cap currently stands at €2 billion.

Kontopoulos’ Little Briefcase

“Can you remember any other stock exchange presidents in the past running around with a briefcase as much as I do?” With this line, Yiannos Kontopoulos, speaking to reporters at an information session yesterday, tried to back up the efforts made during his term to boost the Greek capital market’s outreach. That may be true, but coincidentally, the “Travel” budget line under the “Other Operating Expenses” of the Hellenic Exchanges Group dropped to €30,000 last year, from €38,000 in 2023, while promotional expenses stayed flat at €80,000… Besides, travel isn’t that necessary anymore—there are platforms like Teams, Zoom, etc. Kontopoulos also tried to explain why there haven’t been any major company listings on the exchange, apart from the Athens International Airport (AIA) IPO, which was a government decision. He claimed even that should count as a positive (a pat on his own back?), since other options for selling a stake in the company were on the table. Overall, the Exchange’s management expects some listings or corporate bonds in the near future but hasn’t mentioned any specifics. The general stance is that they prefer small companies to enter the market and potentially become the next Metlen or Jumbo, rather than going after big-name listings.

Destination Santorini

A large crowd is expected next week, on June 4th, in Santorini—a top-tier destination that’s under pressure this year due to the seismic activity back in February. For context, scheduled incoming international flight seats for the 2025 summer season through October are just over 745,000—a double-digit drop of 12.5% compared to summer 2024. Last year, the island ended the season on a high, with total passenger traffic up 3.7% compared to 2023 (unlike fellow premium destination Mykonos, which was down 2.7%). Clearly, the number of airline seats offered is a crucial indicator of demand, which is down this year—especially since the season started late. Many hotels were still closed in May, not having had enough time to get ready during winter. Now, next Wednesday, during the 6th Regional Congress of the Hellenic Chamber of Hotels (POX)—and the 1st in the Cyclades—co-hosted by the Santorini Hotel Association, a good number of key figures are expected to attend, including members of the government, MPs, tourism and transport businesspeople, hotel association presidents from across Greece, and more.

The Araxos-Kalamata War for EasyJet

The tender process by the Superfund for the utilization of 22 regional airports—currently managed by the Civil Aviation Authority—is dragging on, with a long road ahead. The goal is to find concessionaire investors to upgrade these outdated infrastructures, many of which are in busy tourist hotspots like Paros, Milos, and Naxos. Until the process is completed, a behind-the-scenes war is underway to attract international airlines to these smaller airports to ensure their survival. With a last-second buzzer-beater move, the Peloponnese Governor D. Ptochos secured a deal with EasyJet, managing to keep part of its flight schedule from moving from Kalamata to Araxos—an effort pushed by the Western Greece Governor, N. Farmakis. At the last minute, after Ptochos made some concessions to EasyJet, a much-hyped meeting in Western Greece with Chief Commercial Officer Paul Bixby was abruptly canceled. Araxos lost this round but still leads in international arrivals among the 22 “small” airports and was vying to become a central air hub for both passengers and cargo. Last Thursday, a special event was held for Araxos Airport, with the only takeaway being the meaningless decision to rename it to “Patras Airport.” The EasyJet agreement and any air traffic growth have now gone out the window… For now, Araxos Airport survives thanks to local hotel magnates footing the bill.

Honorary Doctorate at University of Piraeus for G. Zavvos

The President of the Hellenic Development Bank, G. Zavvos, will be awarded an honorary doctorate from the Department of Economics at the University of Piraeus. The ceremony will take place on June 11 at 19:00 at the Eugenides Foundation.

Elon Musk Funds Telegram

Telegram, a competitor to Zuckerberg’s WhatsApp, allows for private chats, group discussions, and massive “channels” that broadcast messages to subscribers. It’s extremely popular in Russia and in some Northern European countries like France. Yesterday, Telegram’s CEO, Pavel Durov, announced with great satisfaction that he had signed a one-year deal with Elon Musk to integrate Musk’s AI technology from “X”, specifically xAI’s @grok, into all Telegram apps. Durov also revealed that Telegram’s finances will get a major boost, receiving $300 million in cash and equity from xAI, plus 50% of all xAI subscription revenues generated via Telegram.

War Over Water

The war that broke out between India and Pakistan may appear to be about the disputed region of Kashmir, but in truth, it’s also about water. A ceasefire has been declared and hostilities have ceased—for now. However, the issue of water resources remains. There’s an old 1960 treaty between India and Pakistan that governs the shared rivers flowing through both nations. The Indus Waters Treaty—signed with the World Bank’s mediation—allocates usage of the vast river system of the Indus between the two countries, as both depend on it for electricity and agriculture. Water is scarce, and climate change is making droughts worse. In April 2025, India plans to suspend the implementation of the 65-year-old treaty. Renegotiating the agreement has long been a goal of India’s right-wing, which argues it’s outdated and unfairly favors Pakistan. Prime Minister Narendra Modi sees this as a political escape hatch. He’s using the treaty to push for a broader negotiation on various issues dividing the two neighbors. Pakistan is far more dependent on the Indus River than India. If India cuts off the water flow, it’s not just a pretext for war—it becomes a fight for national survival.