Greetings, before we get to the juicy parts, let’s look at the international obligations bulletin starting today for the Prime Minister. Today, Zelensky is expecting him in Odessa, with the Greek government showing particular interest in the reconstruction of this city, which was traditionally a cradle of Hellenism and still retains a significant Greek element. It is the Summit of the countries of Southeast Europe with Ukraine, which the government initiated in the summer of 2023. Afterwards, K.M. departs for Moldova, which is targeted by Putin, and immediately following that, he will travel to Stockholm, where the center-right Prime Minister Kristersson awaits him, whom the Prime Minister regularly meets also at the EPP. And since he is in Stockholm, K.M. will also participate in the Bilderberg Club meeting for the first time since 2018, back when he was still in opposition.

Surprise

The decision of the Election Court to remove the 3 Spartans from their parliamentary positions caused absolute surprise in Parliament. Not only because no one knew that the final verdict of the supreme special court would be issued on Tuesday noon, after the Pentecost four-day weekend. Mainly because after the recent decision of the criminal court to acquit the members of the far-right group from the offense of deceiving voters, everyone assumed that Stigas and his associates would also escape the Election Court’s judgment.

Parliament with fewer than 300 members for the first time since 1952

However, what causes a major headache for the Parliament’s presidium and creates unprecedented conditions for the functioning of the legislature is the Election Court’s consequent decision not to replace the 3 vacated seats. For the first time since 1952, the plenary session will have to operate with fewer than 300 MPs (297) until the next national elections. Adapting to the new circumstances is not as easy as it seems. I mean, although the prevailing opinion among parliamentary officials and most constitutional lawyers is that the majority thresholds will now be calculated based on the 297 MPs, and thus bill approvals will require 149 “yes” votes instead of the 151 known until now, not all legal scholars share the same view. For example, Evangelos Venizelos — intervening at the conference marking 50 years since the 1975 Constitution, held at Zappeion — said that the total number of seats remains 300, regardless of the Parliament functioning with 297 MPs, so the majority threshold should remain at 151.

On 18/6 the vote for the Preliminary Investigation Committee

The divergence of opinions on the majority threshold might sound to most like a mild procedural disagreement within the acceptable framework of scientific debate. But no… With what we have seen over time, I would not rule out the “instrumentalization” of the issue by the opposition, to claim that the government, in cooperation with the judiciary, is lowering the majority threshold because it fears defections and rebellions in the upcoming vote for the Preliminary Investigation Committee. Firstly, my sources from Maximos make clear that the majority neither intends nor has any reason to fight over whether 149 or 151 prevails. “We have a strong majority of 155 MPs…” they note pointedly. Secondly, the discussion of proposals for the Preliminary Investigation will most likely take place next Wednesday, June 18. Until then, it is rather unlikely that the Election Court’s decision will have been forwarded to Parliament, which means the final vote will normally include all 300 members.

The heterogeneous alliance and the square

An interesting analogy with recent scenes from the past was made yesterday by government spokesman Pavlos Marinakis, likening the heterogeneous alliance of Zoi-Velopoulos-Natsios-Kasselakis with what once happened in the squares, as well as the coexistence of far-right and Left, e.g. regarding the non-election of the President of the Republic in 2014 or when former Parliament Speaker Nikos Voutsis said about the Golden Dawn votes that there are no “welcome and unwelcome votes.” In other words, in some cases the end justifies the means.

Tsipras the arsonist (of SYRIZA)

“He just needs to press the button” to take political initiative, the former Prime Minister Alexis Tsipras seems to have made his decisions, calling the “whole SYRIZA” and other progressive forces who were yesterday at the Megaron Mousikis to all look for the “key” to a different Greece together. Of course, he didn’t reveal his cards, keeping his audience warm for after the “people’s holidays,” and we’ll see. What is certain is that those present yesterday heard a political manifesto, which is why everyone rushed to attend, except Polakis. Of course, Pavlos had already sent early his “Polakistas,” i.e., members of his close circle, to record, as attendees at the Megaron Mousikis ranged from Katerina Papakosta, Panagiotis Kouroumplis who returned from the “Kasselistas,” to the pregnant Efi Achtsioglou, as well as Alexis Charitsis and Petros Kokkalis, who left together. Last but not least, President Sokratis Famellos arrived literally moments before Tsipras’s speech, since the Political Secretariat had first appointed Olga Gerovasili president of the upcoming Congress, for… appeasement. Anyway, apart from Alexis Tsipras, who maintains suspense behind the rebranding, the “PASOK-ites” of SYRIZA keep Koumoundourou on tenterhooks, preparing a “big exit” before the Congress.

Spetses—Anarchy—Black Money

A few weeks ago, we dealt with the “vehicles of Hydra,” meaning various types of vehicles creating a very bad image on the island, which, as is well known, might be the only one now where motor vehicles are completely banned except for very few exceptions—and those only for construction work, which when finished must leave the island. Today—and for as long as needed—we will focus on the neighboring island of Spetses. There (where, unfortunately, 30 years ago there were no motorbikes or cars either), there is another equally big problem, which beyond aesthetics and safety concerns in case of a fire, also involves black money and thugs. It concerns the situation prevailing in the famous Old Port of the island, where to dock your small boat, boat, inflatable, or a mega yacht you must (or had to) pay a large sum of money, obviously without receipt and certainly not to the rightful recipient, which is the Port Fund, the municipality, or in any case some state or municipal authority. The… malicious tongues say on the island that the “object” of the dispute between the State and various local big shots as well as their Athenian protectors (who have houses and boats) is estimated at about 250,000 black euros. I will therefore describe the timeline of lawlessness with the 77 illegal moorings in Spetses, as conveyed to me by a completely reliable local source. 2017: The first complaint—the beginning of the thread. Everything started in 2017 when the then Port Authority Chief of Spetses, during his inspection at the Old Port, discovered the existence of illegal moorings—buoys placed without permission. Following the legal procedure, he filed an official complaint to the Property Service, which in turn requested from the competent Municipal Port Fund (MPF) of Spetses the preparation of a topographic diagram to map the illegalities. 2021: The Piraeus Prosecutor’s Office intervenes. The case seemed to have “frozen” until 2021, when the Piraeus Prosecutor’s Office intervened, ordering a preliminary investigation based on the earlier complaint of the Port Authority Chief. Although judicial investigation started, no inspections took place in 2021 or the following two years, a fact that kept the illegal status intact. December 2023: The Property Service returns. Six years after the initial complaint, the Property Service finally conducted an inspection at the Old Port of Spetses and found 77 illegal moorings. May–August 2024: The demolition order and delayed notification. In May 2024, the Property Service posted the demolition order at the Spetses Town Hall and the Municipal Port Fund. However, for an unknown reason, the same order reached the Spetses Port Authority only in August—three months late—complicating the management of the situation further. February 2025: Docking ban—the port under scrutiny. Faced with the inaction of the services and the absence of crews to remove the illegal buoys, the Port Authority Chief Maridakis took a strict measure: he banned docking of boats at the 77 moorings, citing serious legality and safety reasons. This move caused turmoil, and the Port Authority Chief faced fierce criticism from some media accusing him of “closing” the Old Port and banning boat mooring—a claim officially denied shortly thereafter. “There is no general ban on mooring in the Old Port. On the contrary, dozens of places previously occupied illegally by private individuals are being freed. The Port Authority Chief’s decision applies exclusively to the 77 illegal moorings recorded by the Property Service.” The mayor accused some media of deliberate or mistaken reports, emphasizing there is no reversal from the Ministry of Shipping. Safety at red alert—stacks of boats and cemented seabed. A decisive factor in taking measures was the increasing risk: the managers of the illegal moorings had created “stacks” of boats, with vessels tied very close to each other, even at the port’s entrance—at the spot of the mermaid statue—eliminating any possible escape route in case of emergency. The danger of fire was visible, with local officials warning of a potential horrific accident with fatalities on dozens of boats, especially if the fire breaks out at night. Even more shocking: nearly 100 additional illegal moorings cemented to the seabed—previously invisible in inspections—were found by underwater cameras. The new approach and restoring legality. The new administration of the Municipal Port Fund of Spetses, together with the municipal authority, has now taken initiative for a full reform of the Old Port’s operation: demarcation and official licensing of mooring areas, intensive inspections to enforce legality, transparency in revenue collection to boost the local community with revenues that may amount to several hundred thousand euros, given the many mega yachts docking at the island. The mayor has already begun removing the illegal moorings with a private crew, effectively putting an end to a situation that for years served narrow interests and operated uncontrollably. Black money and prosecutorial investigation—the Port Authority Chief who opened Pandora’s box. The case doesn’t stop there. The former Port Authority Chief Panagiotis Maridakis took the initiative to post price lists for each of their services by the mooring staff, notifying the competent authorities and conducting regular checks. Reports speak of fees ranging from 500 to 1,000 euros for each docking and undocking— all without receipts. Meanwhile, the case file is still open, and a wide network of illegal commercial activity in mooring services may be revealed. From anarchy to cleansing. The timeline of the 77 moorings case in Spetses is a characteristic example of how years of tolerance and inertia can breed widespread lawlessness—and how adherence to the law, even if it clashes with interests and provokes reactions, is the only way for an organized and safe island. And one last thing. Both Kikilias and Mitsotakis, who has been informed by his minister, support the full enforcement of order and the end of this lawlessness.

Since last night, PPC offers internet retail

For some days now, the PPC advertisement was playing, announcing something new coming to the market. The news has arrived: since last night, PPC offers internet retail, raising the bar of competition with the three well-known telecom providers. It had been known for months that PPC would enter the telecommunications market, but no one knew exactly when. PPC entered the market with an aggressive commercial policy and very competitive prices. Specifically, it offers the option of a new network, with 100% fiber optic to the home, with prices starting at €17.90 per month and speeds up to 2.5 Gbps, targeting over 600,000 households and businesses in 13 municipalities of Attica that have the option to switch networks. PPC’s new network is progressing very quickly as it installs fiber optic cables aerially, thus covering entire areas rapidly without the time needed to build a network from scratch. PPC’s goal is to reach 3 million households and businesses nationwide and already aims for 1.5 million lines by the end of this year.

Coca Cola HBC: Looking at an acquisition—and if it doesn’t work out, will distribute a special dividend

While many companies are maintaining a wait-and-see stance amid global developments, Coca Cola HBC appears to be planning acquisitions. At least, that’s what emerged from the recent remarks made by the Group’s CEO, Zoran Bogdanovic, at Deutsche Bank’s global consumer goods conference. According to his statements, the ideal scenario would be a new acquisition within the Coca-Cola ecosystem. As insiders note, these “family” deals tend to be smoother and faster. Provided, of course, the Coca-Cola Company gives the green light. Until then, Coca Cola HBC’s management says it is also keeping an eye out for other, smaller acquisitions outside the Coca Cola system that fit strategically, fill gaps, and make financial sense—such as the case of Three Cents. In any case, Z. Bogdanovic clarified that there’s no rush. “If we don’t find something worthwhile, there’s always the option of a special dividend,” he said, referring to the Group’s strong liquidity, with the net debt-to-EBITDA ratio currently below 1.

Interrogative mood from funds at Goldman Sachs’ road show

Today in a Berlin that feels more like spring turning into summer, major funds from the U.S. and Europe will be “interrogating” Greek and Cypriot banks at Goldman Sachs’ premier financial conference. From the Soros Fund to the Canada Pension Fund, investment entities managing over €4 trillion will pose key questions to the banks—most of them related to interest rates. While rate cuts appear to be slowing down—potentially ending up at 1.75% by year-end—banks will inevitably need to prove that everything they’ve promised in terms of dividends still holds. And of course, they’ll need to demonstrate how and if they plan to revise their business strategies—not just for this year but for 2026 and 2027 as well. Knowing what’s on the questionnaire, international players want to see alternative revenue sources beyond interest income, equity deals and returns, capital adequacy, and return on capital. And in the background—what else—dividends.

Olympia Dialogues also with Panos Germanos

Yesterday, the colonnade of the Zappeion Hall was full for the “Olympia Dialogues Europe: Reclaiming Vision, Driving Action” event hosted by the Olympia Group, featuring keynote speaker Dr. Josef Ackerman. In addition to the Deputy Prime Minister, Kostis Hatzidakis, the President of the Hellenic Bank Association, Gikas Hardouvelis, and Olympia Group CEO Andreas Athanasopoulos—who also conversed with Josef Ackerman—bankers, entrepreneurs, and many market executives were in attendance. Among them were Ch. Megalou (Piraeus Bank), F. Karavias and G. Zanias (Eurobank), Takis Arapoglou (Bank of Cyprus), Vasiliki Lazarakou (Capital Markets Commission), Theodoros Fessas (Quest Group), Alex Fotakidis (CVC), Andreas Xirokostas (SAP), Rania Aikaterinari (SEV), as well as banking executives and Olympia Group executives from Greece and Cyprus. In the front rows, in a discreet spot, observant attendees noticed Panos Germanos, founder of the Olympia Group, who, although known to shun publicity, couldn’t have missed an event of this scale. His presence in Athens—since he has spent most of his time abroad in recent years—may be related to imminent changes in the Group, expected to be announced shortly.

The mysteries of KEKROPS continue

Last Friday at 9:00 a.m., ahead of the long weekend, the General Assembly of shareholders didn’t see the enthusiastic turnout one might have expected, and the meeting was postponed. The stock price of KEKROPS, which had inexplicably surged by 40% between May 27 and June 5, corrected by -4.5% on Friday after the postponement. Yesterday, enthusiasm returned (+12.06%) with the share price at €1.7650 and 133,414 shares changing hands. Interpretations that the surge is due to utilization of land in Palaio Psychiko through land sales and residential development likely do not fully explain this new wave of enthusiasm.

New all-time high for the Athens Airport stock

A few weeks ago, on May 23, Euroxx Securities had raised its target price for Athens International Airport’s stock to €10.9/share (up from €9.4/share previously). However, it simultaneously downgraded its rating from “overweight” to “equal weight,” suggesting that after a sharp 31% rise, there was limited upside left. Yesterday, the stock reached a new all-time high of €10.3 (+1.48%) with 152,443 shares traded. Increased passenger traffic, the launch of new routes, and expectations for another strong tourism season are sustaining investor interest.

Games begin again at the Thessaloniki Port

For a long period following the shareholders’ general meeting, Thessaloniki Port Authority’s stock had stagnated, as if waiting for something. Last Friday, ahead of the long weekend, the stock “woke up”—not in terms of price, but in trading volume. A total of 31,300 shares changed hands, and the stock rose +0.66% to €30.6. Yesterday, however, the game changed. It seemed as if someone had been waiting for a major shareholder to exit the Thessaloniki Port on Friday, and on Tuesday, aggressive buying began, pushing the stock up to €32.4—though with low trading volume. By the end of the session, the stock closed at €33 (+7.84%), with a market capitalization of €332.64 million.

Money flowing into the stock market

With slow and steady “steps,” the Athens Stock Exchange continues its path toward long-term highs. Contributing to this are American funds expanding their positions. The market has now recorded five consecutive gains, climbing from 1,822 to 1,855 points. The yearly high stands at 1,879 points, and for higher prices we’d have to go back to April 2010. The aforementioned U.S. funds appeared yesterday when auction procedures began. That’s when buyers emerged for the heavyweights. The total value of transactions reached €188.26 million, with only €10.18 million in block trades. As for the stock records accompanying this latest surge, National Bank easily surpassed its previous yearly high of €10.7, climbing to €10.85—a 10-year record. Next stop: €12.1 from late November 2015. Similarly, Eurobank flirted with its 10-year high of €2.8, reaching an intraday high of €2.823 before closing at €2.794. Among blue chips, Motor Oil closed above €25 for the first time since last June. In the mid-cap segment, Hellenic Exchanges (EXAE) “locked in” the €6 level, hitting €6.18, with a daily high of €6.24. This extended its 11-year record, with the next higher prices dating back to September 2014. The Port of Piraeus also reached a new all-time high, coming within a whisker of €47.

NVIDIA’s big moves in European Artificial Intelligence

The CEO of tech giant NVIDIA, Jensen Huang, is touring Europe and closing multi-billion-dollar deals. In the coming days, Huang will unveil Germany’s largest Artificial Intelligence Data Center. It will use 100,000 high-tech chips worth $30,000 each—representing a $3 billion equipment investment alone. After his visit to Germany, Huang set his sights on London. There, during London Tech Week, Prime Minister Keir Starmer announced with great fanfare a major £1 billion investment aimed at increasing Britain’s computing power twentyfold. Starmer’s motto: for the UK to become an “AI maker, not an AI taker.” NVIDIA’s boss, Jensen Huang, responded simply: the UK has “incredible” talent in Artificial Intelligence… but lacks the real digital infrastructure to harness it. Britain is competing with the U.S. and China, both investing hundreds of billions in AI. In comparison, the £1 billion announced by the British Prime Minister seems quite small. After London, Huang is heading to Paris. It seems that after securing massive private deals in the Middle East, he’s now in Europe to lock in government contracts—paid for with public money.