Greetings, the issue of the Sinai Monastery is not new, as Greece has for years been trying to find a formula to deal with the Egyptian bureaucracy and the legal appeals that began during the period of the Muslim Brotherhood, immediately after the fall of Mubarak, and were later continued by nationalist circles. The goal is to uproot, after 15 centuries of operation, the Holy Monastery of Saint Catherine, to put an end to this place being a sacred site for the practice of religious duties and monasticism associated with Orthodoxy, and to deliver it “sanitized” to a tourism development that the Egyptian government is planning for the entire Peninsula under the title “The Great Transformation.” Now of course, from the PM’s office they say, in all tones, privately and publicly, that the current president Al-Sisi had assured the Greek government and K.M that there would be an agreement at a bilateral level. According to information, the arrangement had been concluded, approved both by Archbishop Damianos and by the Egyptian side, and the Greek delegation that had traveled to Cairo for this purpose had also consented. Signatures had been placed by the relevant ministries and only the signature of the Egyptian Minister of Justice remained. Everyone expected, after Sisi’s statements in Athens, that the agreement’s completion process was now merely a formality. Until the bombshell dropped that the court was ultimately allowed to issue a decision, thus imposing a “judicial fait accompli.” It is telling that the agreement was considered so certain that the Greek ambassador in Cairo was in Athens during those days for official duties.

The Greek chill

The first “chill” was felt by Greek diplomats the day before yesterday and they duly informed the Ministry of Foreign Affairs. Gerapetritis spoke with his counterpart, Badr Abdelatty, and conveyed that the Greek-Egyptian agreement must be honored, while, as of yesterday, the translated text of the court decision was still expected, which the Egyptian side had not even bothered to forward to Athens. Mitsotakis is clearly annoyed, who, among other things, also has a very close personal relationship with Al-Sisi. The message from Athens is that we will not accept anything less than full adherence to the agreement between the two countries. It is now up to the Egyptians to find a way, as they also bear the responsibility for the fiasco. Of course, depending on whom one believes, either the Egyptian bureaucracy is at fault for insisting on an issue that required political handling, or the Egyptian government “hid” behind the bureaucracy and the court ruling.

The late-night correction…

Now, late last night, after the international uproar caused by this move, there was a careful—partial—retraction from Egypt’s side. Both the Presidency (Al-Sisi) and the Ministry of Foreign Affairs stated that they would not touch the Holy Monastery and that it would continue to operate normally, etc., etc., but regarding the ownership status… they muddled things—obviously because they do not want, at this stage, to admit that yesterday’s court decision stands. That is, fine, the Monastery may operate, but it—and all the surrounding lands—belong to us. In any case, the issue will have follow-up or even…adventure.

Samaras

I asked my polling source whether there’s even a stir around the supposed Samaras party—which I don’t see happening, just for the sake of discussion. “We don’t see it either, but if he does it, he’ll struggle to have the fate of GAP—that is, hovering somewhere around 3%, give or take.” Indeed…

Taxi drivers

A few words about taxi drivers, since we’ve clarified that half of them work properly via apps and are good, hardworking, and conscientious professionals. Well, as for the rest—enough with the spoiling, the brazenness, and the fake tough-guy attitude from the Junta days, we’ve had enough. No bus lanes, no exemptions, proper taxes, POS, and order. That’s what public opinion wants too.

In the next “act” the National Bank will star

Piraeus Bank has J. Paulson, Eurobank has Fairfax, and now Alpha Bank has UniCredit. Everything indicates that in the next “act” we’ll see, the National Bank of Greece will play the starring role. The stake still held by the State is the key that opens the door to shareholder reshuffling.

Waiting for the Competition Commission

Piraeus Bank has submitted the file for the acquisition of Ethniki Insurance to the Competition Commission and to DG Com. At the bank, they expect the acquisition to formally close by the end of the year, provided of course there are no objections or other legal complications that would cause delays. In any case, the decision of the Competition Commission is of interest, and whether the Authority will set a framework of parameters and obligations for the new shareholder with the aim of protecting the customer base of the National Bank held by the Insurance Company. The most likely scenario is that the acquisition agreement of Ethniki Insurance will be completed within the timeframe anticipated by Piraeus Bank. The column — despite political and supervisory assurances that this is a matter between Ethniki and Piraeus Bank, in which they will not intervene — estimates that ultimately, and at the right time, there will be actions taken to prevent the escalation of the dispute between the two banks.

At ELTA, the appetite has opened. More deals are coming

The agreement between ELTA and Alpha Bank for the provision of complex financial services marked a pivotal step in their transformation journey. It is not simply a collaboration, but a strategic partnership with depth, which fully utilizes the network of 1,100 ELTA branches, offering citizens and small businesses across the country a full range of banking services through Alpha. While Alpha Bank is the first and main partner of the initiative, in the long-term planning of ELTA’s management, the participation of other banks is also envisaged. However, not under the same terms: the other partnerships under consideration mainly concern basic banking operations, aiming to strengthen presence in local communities and to ensure alternative options, especially in the regions. The ultimate goal is a multi-banking service model — but with clear stratification. The ambition of the management is for ELTA to evolve into a reliable and flexible banking access gateway for all, and with Alpha taking the lead, ELTA is opening up its banking range.

Unibios (formerly VIOSOL) and the water business

Unibios is a listed S.A. company on the Stock Exchange engaged in technologies for the sustainable and responsible use of water, energy, and the Green Economy more broadly. In the summer of 2008, it replaced VIOSOL, which was not doing very well, and was transformed into a Holding company. Unibios has a subsidiary in Luxembourg, Watera International, which installs water treatment systems in many countries in Europe, the Middle East, and Africa. Last week, Unibios announced that it sold one of its properties in the Volos Industrial Zone to Metlen and received €3.5 million. At the same time, it announced that it acquired a French company that designs, builds, and installs desalination systems powered by solar energy, turning seawater and brackish water into potable water, called Osmosun. Finally, the former VIOSOL and now Unibios announced the listing of its Luxembourg-based subsidiary, Watera International, on the Euronext Stock Exchange. The obvious goal of all these moves is — through the French Osmosun — to expand Watera’s activities with access to the attractive water treatment and reuse markets of France and Francophone African countries (e.g. Morocco, Algeria, etc.). All of the above sent Unibios’ stock to the limit up yesterday, above €2, and the company’s capitalization above €35 million. It is worth noting that yesterday’s trading in the stock — worth approximately €700,000 — corresponds to a month’s worth of transactions in earlier times.

Attica Bank sidestepped the correction

A correction session for banking stocks, but not for Attica Bank. It showed better performance compared to the systemic banks and maintained an upward trajectory for the fourth consecutive day, consolidating its presence above the psychological threshold of €0.8. The stock climbed to a two-month high, with the daily turnover exceeding €1.8 million and the volume reaching 2.21 million shares. Attica Bank’s return in 2025 is estimated at +18.3%, approaching with merit the yearly high of €0.868.

OTE, ADMIE, and ElvalHalcor

In quiet operation, OTE continued its “ascent” to a three-year high, completing a positive 5×6 that brought it to the edge of €17.4 for the first time since June 2022. One of the standouts of yesterday’s session was ElvalHalcor, reaching €2.4 for the first time since the end of January 2024, while to see the stock at €2.5, we would have to “travel” even further back in time, specifically to April 2021. Among the few stocks that resisted profit-taking was ADMIE, which matched its all-time high of €3.11, gaining for the fourth consecutive day with momentum from the start of operations of the Attica-Crete electric interconnection. Unibios recorded a double-digit rise with significantly increased turnover, breaking the “barrier” of €2 and reaching the highest level since March 2012. A clear positive catalyst was the deal to acquire 65% of the French Osmosun. Finally, BriQ Properties closed in positive territory for the 7th consecutive session, surpassing €2.8, which constitutes a new all-time record.

He’s not out of it yet…

Last February, this column wrote about the ordeal of journalist and former MP Grigoris Psarianos, due to the involvement of his property in the foreclosure saga. I remind you that he is also a “victim” of the Swiss franc story, for a loan originally amounting to 408,000 CHF in 2008, for which the National Bank registered a mortgage pre-notation on the disputed property in the amount of 530,400 CHF. However, in an earlier declaration of assets, it was stated that the original amount was 271,955.30 euros and the remaining debt 370,213.07 euros, with a maturity date of the obligation on 14/03/2028. It was further noted that “the loan had been issued with a Swiss franc clause and was initially served (7.10.2011) to the said banking institution with an Extrajudicial Protest-Declaration of Setoff due to its tortious and unfair commercial practice, from which I suffered damage, and subsequently a Lawsuit (17.07.2013), which has not yet been tried.” The initial auction was scheduled for February 26, 2025, initiated by doValue, with a starting price of 153,000 euros, and concerned an autonomous and independent horizontal property (a hall) on the second floor, with an area of 100.60 sq.m., located in Athens, in the area of “Diavolorema” or “Krimnitsa” or “Psychiko,” near the Gendarmerie School and on Mesogeion Avenue, in an apartment building constructed in 1983. It consists of a single open space, a W.C., and a balcony facing Mesogeion Avenue, and it is presumed to be used as an office. That auction was suspended at the last moment. However, it seems the former MP is not out of it yet, as on May 23, the initiating party reinstated the property on the electronic platform, with the repeated auction scheduled for September 10, 2025, and with the same starting price.

Josef Ackermann in Athens

Josef Ackermann is one of the most influential bankers in Europe. The former CEO of Deutsche Bank, who also served as chairman of the Bank of Cyprus, will speak at the “Olympia Dialogues,” a forum organized by the Olympia Group, at the Zappeion Megaron. With interlocutors including Deputy Prime Minister Kostis Hatzidakis, National Bank Chairman Gikas Hardouvelis, and Olympia Group CEO Andreas Athanasopoulos, the German banker will analyze the prospects of the Euro amid the storm of tariffs. Greeks remember well Ackermann’s constructive role during the Greek crisis in 2010, before Greece officially turned to the International Monetary Fund. At the time, Ackermann had proposed a Franco-German mechanism, a comprehensive plan to German Chancellor Angela Merkel and French President Nicolas Sarkozy to help Greece deal with the liquidity crisis and avoid an even deeper crisis. Ultimately, Ackermann’s proposal was not adopted, and all the tragic events of the memorandum crisis followed, not only in Greece but also across the rest of Europe.

A Greek startup expands to the UAE

The phrase “From zero to one” refers to the book by Peter Thiel, co-founder of PayPal and key supporter of President Trump. The book is a guide to innovation and entrepreneurship. In it, Thiel argues that real progress is achieved when we create something entirely new (from 0 to 1), instead of improving existing ideas (from 1 to n). A characteristic example of this philosophy is a new Greek startup, AI Employee, which managed, within 4 months, to develop and implement specialized Artificial Intelligence collaborators and agents in key sectors of the Greek economy (telecommunications, banking, and energy), surpassing 1 million euros in contracts. Now, AI Employee is further expanding in Greece and the United Arab Emirates, hiring 30 new collaborators who will specialize in vibe coding to continue its innovative trajectory. Vibe coding is emerging as the most important reskilling competency for executives, with high added value for economies like Greece’s, where, due to the absence of major investments in GPU Data Centers, flexibility is a competitive advantage.

Tel Aviv here

On the Tel Aviv Stock Exchange (TASE), the rise is explosive and the returns of many stocks are unprecedented. With a return of 130% in just the last 12 months, led by strong performance in sectors such as technology, the defense industry, financial services, and pharmaceuticals, this rally has not gone unnoticed internationally, resulting in the Tel Aviv Stock Exchange receiving significant international capital inflows. However, there was a technical difficulty for several investors and funds, as stock trading in the Israeli market takes place from Sunday to Thursday. This is changing, though, from early 2026, as the Tel Aviv market aligns with the trading days of most stock exchanges, and thus TASE will shift to a Monday through Friday trading week, at 14:00 local time, in order to observe Saturday as the Jewish day of rest.

The Alternative Market of the Athens Stock Exchange

The strategy of the Athens Stock Exchange is to address relatively small companies with growth potential that could begin their market journey from the bottom and rise higher, to the benefit of small shareholder investors. Through the listing of companies in the Alternative Market as well as the Parallel Market, they seek companies with business value ranging from €50 million to €100 million. Of course, the risks are high for investors and the outcome uncertain. Investors in the Alternative Market often face the risk of being trapped, as liquidity is not always sufficient, nor are the business ventures of the listed companies guaranteed to succeed, with the best-case scenario being the stock “hovering” up and down at the same levels with minimal trading. However, in recent years, there have been listings—primarily from the IT sector—that have shown positive development, as the Alternative Market functions as a test tube for entry into the Main Market. A notable example is ONYX, which was listed in the Alternative Market in July 2024—then under the name MED—with a valuation of €35 million. Its transfer to the Main Market is currently underway, with a market capitalization exceeding €103 million. All of this, of course, is based on a project that remains to be realized. At the same time, to strengthen the Alternative Market, tax incentives were introduced for private investors participating in new listings (with a 50% deduction up to a maximum of €900,000), a reduction in the taxation of interest on corporate bonds from 15% to 5%, and super-deductions for expenses related to company entry into the Main Market.

Germany Wants to but Can’t

According to official data, in 2024, Germany’s public debt reached €2.6 trillion (around 64% of GDP). The new German Chancellor Friedrich Merz, in order to fund the country’s ambitious new defense doctrine, is attempting to extend the maturities of government bonds by issuing more 50-year duration bonds. However, the market is not playing along. Long-term interest rates in the German bond market have surged. The yield curve is steepening rapidly. The yield on the 30-year Bund has risen to 3.114%, and at the same time, the yield spread between the 2-year and 30-year German government bond has exceeded 1.3%. This is the largest gap since 2019. Given this situation, the German debt management agency (Deutsche Finanzagentur GmbH) is struggling to find buyers for very long-term bonds such as the 50-year bunds, and for now, it has abandoned any idea of repeating the “miracle” of the 100-year bonds that only a local government, the state of North Rhine-Westphalia, dared to issue in 2020.

The End of the Yen Carry Trade

For more than 34 years, Japan was globally considered the top creditor, the most reliable lender. The massive savings of the Japanese steadily and cheaply funded the global debt markets. Not anymore. Japan—as announced by its finance minister—has lost its “top creditor” status in the world. Germany has risen to first place, although it naturally has its own problems to solve. Germany has a large current account surplus, which reached €248.7 billion in 2024. Japan’s surplus, by comparison, amounted to €180 billion. Additionally, the euro appreciated about 5% against the yen last year, making Germany’s foreign assets appear even larger, especially when compared to the yen. All this means that the world is seeking new financial ecosystems. Officially, Japan’s downgrade is attributed to the decline in savings, its demographic trends that erode the current account surplus, and the consistent depreciation of the yen. In reality, however, the root cause lies in the collapse of the Yen carry trade—the ability investors once had, and no longer do, to borrow cheap yen and invest in high-yield markets. And now the consequences will show: The global supply of ultra-cheap yen liquidity is shrinking, volatility is rising in risk assets funded by yen, liquidity is tightening in emerging markets and FX markets that depend on leverage financed by the Japanese yen. As the yen becomes increasingly unstable, debt denominated in JPY becomes more dangerous.