– Hello there, you’ve probably noticed we haven’t been talking about poor Stefanos for a while now, because really, what’s left to say or write? It’s not even fun anymore — even Liagas ditched him. But now… I can’t help but give him props for the stunts he pulled on SYRIZA, which managed to change its stance on the Preliminary Investigation Committee in just three hours (he sided with Karystianou). Honestly, the way he left them high and dry over at Koumoundourou was just beautiful — like going shopping in the morning, picking out a pair of shoes, then later looking at them in your mirror, not liking them, and returning them to get something else. Pure magic, right?

They were left frozen… in Palestine
– Meanwhile, as all this important stuff was going on, the SYRIZA delegation was in Ramallah, led by President Famellos. And when they found out (via news sites) that the Kasselites had left them out in the cold by withdrawing their signatures from Koumoundourou’s proposal, they were absolutely stunned. The shock was twofold — not only was SYRIZA’s proposal for the Preliminary Investigation Committee effectively dead, but the internal party storm this fiasco is about to unleash is massive. Not to mention that in Ramallah they barely had any internet connection to coordinate with SYRIZA’s parliamentary secretary Kalamatianos, who was attending the Conference of Parliamentary Presidents.

And now, Gaza… at home
– In Athens, however, as I told you, the Kasselites’ spectacular walkout sent intra-party tensions skyrocketing. SYRIZA members were already grumbling that “it’s going to be Palestine” at the upcoming Party Congress from June 12–15, since they had previously warned the leadership about the risks of co-signing anything with those… oddballs. And now the fallout is hitting not just Famellos, but also the Polakis–Pappas duo.

High treason
– Anyway, one of my sources told me that when Haritsis was asked whether they’d co-sign Mitsotakis’ so-called high treason, he replied with something like, “Guys, this stuff wouldn’t hold water even with first-year students — we’ll be a total laughingstock…”

Cantina Conference (Chatzidakis)
– Chatzidakis had plenty to say yesterday at the Cantina Academy conference — about Greek food, agricultural production, and the water shortages that, sadly, are headed our way. But what really stuck with me was one truly disheartening stat: in order for a foreign worker to get a work permit in Greece, the state requires 39 different permits and certifications before they can start. Now you understand why the workers from countries with whom Greece signs agreements… never actually arrive.

Pierrakakis (Cantina)
– Equally noteworthy was Pierrakakis’ intention to request a U.S. tariff exemption for Greek agricultural products (and yes, apparently there’s a shot the Americans might go for it).

Tsiaras (OPEKEPE)
– Beyond Pierrakakis’ comment at yesterday’s Cantina conference — that starting from January 1, 2026, the Independent Authority for Public Revenue (AADE) will take over OPEKEPE’s role — Tsiaras clarified that agricultural and livestock subsidy payments will continue as normal despite the system overhaul.

Hardalias
– Special mention of Attica’s agricultural production was also made by regional governor Hardalias, who opened (our own) Cantina conference.

The Metlen factory and K.M.
– One of the stops on K.M.’s (Kyriakos Mitsotakis’) tour in Volos yesterday was the old METKA factory in Nea Ionia. Now under the Metlen Group, the facility is expanding — with 50% of the work already done — as it becomes a key plant for Leopard tank production, among other things. Mitsotakis has also committed that 25% of every defense contract will go to Greek companies. Metlen’s strategic investment, budgeted at €45 million, includes new buildings and specialized machinery aimed at manufacturing advanced, high-value metal components. With K.M. was Development Minister Takis Theodorikakos, who, in coordination with Mytilineos, helped get the investment included in the strategic investment framework last December.

Why everyone’s fighting over Vouliagmeni Beach
– It’s not just the most popular organized beach in Attica — it’s also the most profitable. That explains the frenzy of big names (Prokopiou, Restis, Melissanidis, Kokkalis, etc.) crowding the ETAD tender for its lease. We’re talking about Vouliagmeni Beach, which can host up to 8,000 visitors daily. Last year alone, the beach received 420,000 visitors — meaning the operator could easily rake in around €5 million just from entrance tickets. Add in revenues from bars, the “Okeanida” restaurant, sports courts, and all the extra fees the private operator is sure to impose (sunbeds, ticket hikes, parking, etc.), plus new services (like food service), and this beach is a gold mine. The fact that it’s one of the only organized public-access beaches left doesn’t seem to interest ETAD (a subsidiary of the Hellenic Corporation of Assets and Participations — basically collateral from bankruptcy). I doubt ETAD even knows how many public properties it owns, but its CEO, H. Chatzigeorgiou, smartly starts with the easiest-to-monetize assets. They could have at least included some conditions to guarantee average citizens still have beach access under the new setup. But no — the only priority is to celebrate a lease deal worth €50–60 million for 20 (+10) years, a drop in the bucket compared to the €700 million debt ETAD created in the Mantonanakis affair. So the only hope left is the appeal filed with the Council of State by the Vouliagmeni Winter Swimmers Club, which will be heard in September.

CEO Change (after two years) at the… immovable Fourlis

-Dimitris Valachis ultimately stayed two years in the CEO seat at Fourlis, officially announced around this time in 2023 as the successor to Apostolos Petalas. The latter had steered the group for 17 years, and since Fourlis has shown it values stability, Valachis’ replacement sparked market chatter. Especially when it emerged that the new CEO would be Giannis Vassilakos, for years head of Kotsovolos and a key architect of the successful course of the chain that now belongs to PPC. Some sources now say a leadership change had been in the pipeline—though originally expected in the fall—as Valachis had completed a broad transformation plan for the Group and shareholders hadn’t provided clear guidance on the next steps. The same sources say the transition was accelerated by Vassilakos’ departure from Kotsovolos two months ago. At Fourlis, they held a high opinion of the well-known manager—also through his role at SELPE—which led to initial flirtation and then a formal offer that Vassilakos accepted, as such positions are scarce in the retail market. Valachis will oversee key Group projects until their completion and is reportedly leaving in a fully secured position, while Vassilakos will assume his duties at Fourlis on July 1. Meanwhile, the company’s general shareholders meeting on June 20 is expected to provide more details from Vassilis Fourlis himself about the CEO change and, more importantly, the Group’s new strategic direction for the years ahead, as Fourlis seems to be searching for its compass—a fact that’s also reflected in the stock market. The stock falls into the… unmovables category, even as the ASE rallies and many investors are left scratching their heads, since the Group is financially sound and remains a retail leader with IKEA as its ace in the hole.

Competition or Fear of the Commission?

-I don’t know why—call me suspicious or skeptical—but I find it hard to believe that competition will suddenly start working its magic on ferry ticket prices. Attica Holdings deployed two modern high-speed vessels with a total capacity of 2,000 seats on Cyclades routes, and word is they kicked off with an aggressive pricing strategy. In plain terms, Attica entered routes previously dominated by Sea Jet. It’s still early to gauge whether real competition is heating up, but let’s not forget that the Competition Commission carried out surprise inspections in the ferry sector last March and is now preparing a major investigation into the industry.

The Mysteries of Kekropas

-The mystery might be unveiled this morning at 9, during the annual General Shareholders Meeting in Paleo Psychiko. The game began on Tuesday, May 27. With above-average trading volume, the Kekropas stock climbed to €1.145. A week later, on Tuesday, June 3, it rose to €1.23 on heavy trades. On Wednesday, it reached €1.32. Yesterday, with 240,881 shares traded, KEKROPS shot up to €1.66, a +22% jump. It eventually closed at €1.65, up 21.32%. The rumors and “inside info” are swirling. Some believe one of the two main shareholders (Kokkalis or Peristeris) will bow out, selling their shares €0.50 above last week’s price. Others are concocting even more imaginative scenarios. The company’s market cap—which posted losses of €1.38 million in 2024—has now reached €32.8 million.

National Bank and Piraeus Bank Recovered Dividend and Capital Return

-The National Bank of Greece and Piraeus Bank quickly “absorbed” the losses from the €0.422 per share dividend cut by the former and the €0.298 per share capital return by the latter. NBG bounced back above €10.5, erasing Tuesday’s -2.76% drop. Similarly, Piraeus climbed above €5.6, recovering recent losses, with its market cap now exceeding €7 billion. Yesterday’s buying wave was accompanied by large block trades in both bank stocks. For NBG, three pre-agreed trades took place at prices between €10.3 and €10.52, totaling 2.174 million shares worth €22.513 million. As for Piraeus, four blocks were exchanged at €5.53–€5.57, with a total of 5.634 million shares changing hands, totaling €31.197 million.

It’s Raining Blocks and Placements on the ASE

-Lately, it’s been “raining” blocks and placements on the Athens Stock Exchange—that is, large equity placements into institutional portfolios. These packages act as new launchpads for the market. Obviously, the professional managers buying at these prices today are well aware of the market’s four-year upward trend and the fundamentals of the companies they’re investing in. In yesterday’s session, of the €227.7 million total turnover, €59.5 million came from block trades in blue-chip stocks—clearly not targeting retail investors. Over 60% of yesterday’s trading volume focused on Piraeus, National Bank, and Alpha Bank stocks. For the third consecutive session, the General Index closed in the green at +0.23%, landing at 1,839.22 points—close to the auction session high. Coca-Cola showed no willingness to support the market, closing down -1.16% at €46. Eurobank (+1.2%) traded at €2.78 with a turnover of “just” €15.4 million. OTE (+0.34%) joined in at €17.7 with €9.6 million in trades. All in all, of the €227.7 million in trading, €216 million was concentrated in FTSE25 stocks—leaving very little room for mid- and small-cap equities…

Lavipharm Ramps Up Production

-Lavipharm is building a new transdermal production unit at its Peania facility to fulfill third-party orders, with multinational pharma giant iNova Pharmaceuticals—owner of the Betadine brand—being the first major client. Until now, Lavipharm produced 45 million patches annually, exporting products worth around €25 million. Starting in 2026, the plant’s capacity will ramp up to 120 million patches. In liquid formulations, capacity will rise from 3.5 million bottles to 20 million, with Betadine as the flagship product.

Lessons from Ukraine

-Last Sunday, Ukraine successfully carried out Operation Spiderweb. We saw on TV an unprecedented drone attack on five Russian airbases, including Belaya base in Irkutsk—some 4,500 kilometers from the Ukrainian border. The operation, planned over 18 months using 117 AI-powered drones, disabled 41 Russian strategic aircraft and inflicted damages worth $7 billion. While Western intelligence agencies have offered more conservative assessments, it remains a striking asymmetric blow. Greek defense and resilience firms, part of a 30-member business delegation in Kyiv, had the opportunity to be briefed by Ukrainian companies on their new defense doctrine—which changes every two weeks. The doctrine focuses on drone warfare and establishing infantry UAV units staffed by young soldiers often skilled in video games. The “robot zone”—a 30-kilometer stretch operated solely by unmanned vehicles—is the new normal on the Russo-Ukrainian front. The Greek mission returned yesterday with plans to submit concrete proposals to the country’s political and military leadership aiming to redefine Greece’s defense doctrine, invest in UAV technologies, and train personnel to meet the demands of modern warfare.

Recovery Fund Pays, Superfund Delivers

-Projects totaling €3 billion will be delivered by mid-2026 by the Strategic Projects Preparation Facility (PPF) of the Hellenic Corporation of Assets and Participations (HCAP). By December this year, it will have completed €1 billion worth of projects. Yesterday, the Minister of Shipping and Island Policy signed off on a €9 million project to deepen the channel and harbor basin at the port of Stylida. On the same day, the Prime Minister inaugurated the fully renovated Health Center in Velestino, with €4 million in upgrades now offering quality services to local residents. These projects share a common thread: the PPF unit of HCAP, which prepared, tendered, and contracted them—along with funding from the Recovery and Resilience Facility.

After Gold, Silver Takes Off Too

-Silver is soaring to its highest price in 13 years, surpassing $35.8 per ounce and heading straight for $36. Since the start of the year, silver is up 24%, outperforming many major business groups. According to the Silver Institute, global demand is expected to outstrip supply for the fifth consecutive year. Meanwhile, tech stocks on Wall Street are having a field day. The S&P 500’s market cap has grown by roughly $7.5 trillion since its April 7 lows. Of that increase, 54% is thanks to the so-called “Magnificent Seven” tech stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, Meta), which boosted their combined capitalization by $4 trillion. Notably, Tesla and Nvidia shares are up 53.6% and 42.6% respectively.

Lagarde’s Political Future

-Many believe that France’s conservative bloc urgently needs Christine Lagarde’s leadership to gain governability. She herself doesn’t deny that her career began in politics—she was the first female Finance Minister of a G8 country. Some thought she might leave her ECB post early to… move to Davos and take over the World Economic Forum from Klaus Schwab. Yesterday, the ECB chief shut down all such speculation, stating that she intends to serve out her term: “Let me say very clearly that I have always been and remain fully committed to fulfilling my mandate, and I am determined to complete my term.” Lagarde’s term ends in 2027. Truth be told, Christine Lallouette (her birth surname) has resigned early before—leaving her IMF post in 2019 to take the helm at the ECB. Even then, in a 2018 Financial Times interview, she had publicly denied interest in the job.