Greetings. As soon as the Tempi case dropped off the agenda—at least until the trial—a new political story has emerged, involving two former Ministers of Rural Development from New Democracy in the OPEKEPE scandal, at least according to the European Public Prosecutor’s Office. Of course, let’s clarify something that makes a difference in the court of public opinion when it comes to scandals: it’s one thing if European funds were siphoned off to go to shepherds and livestock farmers who declared bogus fields, pastures, and sheep, and quite another if ministers of a government pocketed money themselves. To put it plainly—and without downplaying Greece’s or the government’s involvement in misusing EU funds—neither Voridis nor Avgenakis has been caught with their hand in the cookie jar.

M.M.

• Yesterday at Maximos Mansion, there was a lot of unease, as no one had seen the case file from the European Prosecutor to know exactly what the two ministers are being accused of. This morning, government officials were to be briefed. The case file reportedly includes lawful wiretaps of employee conversations—but not of ministers—possibly some emails and other data that “tie” the scandal together. However, it’s unclear whether this evidence implicates ministers or just OPEKEPE staff, with the political figures merely being included for investigation to determine the extent of their involvement. My source at Maximos told me that if the European Prosecutor’s evidence is serious, there’s no alternative but to follow the path taken by Triantopoulos and Karamanlis. But if the case turns out to be flimsy or leads nowhere, then no harm done.

Coincidence after Tempi?

• At Maximos, they don’t believe for a second that it’s a coincidence the case emerged the moment Parliament wrapped up the Tempi issue—because, remember, if the opposition requests it, political figures can be brought before Parliament for a preliminary inquiry. And let’s face it, if there’s evidence, the opposition will absolutely make that request. Now, you might ask: “Will Androulakis really push for ministers to be indicted because they handed out free money to livestock farmers and shepherds from proud Crete?” If I say yes or no, I’d be lying—because, honestly, no one has a clear picture at this stage. So neither do I.

Floridis–Zoe

• I assume you saw what happened the other day during the parliamentary debate over the preliminary investigation, with Floridis and Zoe (Konstantopoulou). I don’t think she’s ever suffered such a political takedown in her career—because Floridis simply laid out the hard facts. A woman with Konstantopoulou’s profile and political stance does not go to such lengths, with such tricks, to defend a serial rapist. What struck me, though, was that Floridis got flak from the Left for supposedly revealing the names of the raped women—while Konstantopoulou got a pass for her actions. Meanwhile, all these women—foreign nationals—have already spoken publicly, both in Greek and foreign media.

Damage control on the Right

• Mitsotakis’s visit yesterday to Western Thessaloniki and his presentation of a string of ongoing infrastructure projects was clearly a move to contain the bleeding on New Democracy’s right flank. For example, in Ampelokipoi, the Greek Solution party came in second in the 2024 EU elections with over 17%, while in Kordelio, ND and Greek Solution were neck-and-neck at around 21%. Things have gotten even trickier for ND, as MPs admit, with voter leakage toward Latinopoulou—and NIKI is also gaining ground in the area. So Mitsotakis is trying to patch things up with his presence and announcements, though recently, Thessaloniki’s 1st district has become one of the lowest-performing “blue” regions in the country.

Patras–Pyrgos to open end of July

• A major project will be inaugurated by Mitsotakis at the end of July: the 65-kilometer Patras–Pyrgos stretch, from Pyrgos to Kato Achaia, is being delivered. This is the main project overseen by Christos Dimas, who will conduct his fourth on-site inspection next week—the works are progressing smoothly. The remaining 10 kilometers to Patras will be ready by November, while in parallel, five new interchanges and 14 flood protection interventions are underway in the area.

China experiment and the new General Manager at National Bank

• And now to market news, starting with the National Bank of Greece, which for the past year has been running one of the most pioneering—and daring—remote work experiments. What’s unique globally is that the remote work didn’t involve a branch employee, but the actual General Manager of Human Resources. We’re talking about Evi Hatziioannou, the current HR GM and Executive Committee member, who has been under notice since last May. Since September 2024, she’s been living in China, where she relocated with her family after her husband accepted a lucrative job offer. During this time, she continued to perform her HR duties remotely, thanks to modern telecommunications, while flying to Athens every month or two for three to four days to handle work matters in person. Meanwhile, the National Bank has been searching for her replacement. Reportedly, CEO P. Mylonas has made his pick. The new HR GM—set to assume duties in September—is an external hire from Germany: Mirka Nemfakou. She currently works at Adidas headquarters in Herzogenaurach as Senior Director of HR for Central Europe. She holds a Master’s in HR from Brunel, and has previously worked at Coca-Cola HBC, KPMG, and Avon Cosmetics.

Alpha Bank derivatives

• Alpha Bank and Alpha Services and Holdings are merging, with the latter being absorbed by the former. Accordingly, Alpha Services and Holdings will hold an extraordinary general meeting on Monday. Due to stock market procedures, June 24 will be the last day Alpha Services and Holdings shares are traded, and on June 30 trading will begin for the new Alpha Bank shares. There’s an interesting twist in this process: even though the Alpha Bank shares will maintain full historical continuity with those of Alpha Services and Holdings in terms of price, VWAP, etc., they will technically be a different stock. This means that derivatives tied to the old stock cannot roll over, so positions will have to be closed and new ones opened with the new Alpha Bank stock.

ELLAKTOR: Reggeborgh to acquire 1.5% from MOH next month

• After wrapping up its divestment program (Aktor Concessions, Kampas, Gournes, etc.), the next step for ELLAKTOR is resolving remaining shareholding issues. In the coming month, Reggeborgh will exercise its third and final option to acquire 1.5% of ELLAKTOR from Motor Oil, as per the 2022 agreement between Reggeborgh/Holterman and Motor Oil/Vardinogiannis. After this transaction, Motor Oil’s stake will drop to 22%, while Reggeborgh’s will rise by 1.5%. For Motor Oil, as Giannis Vardinogiannis noted, this was a solid investment that yielded good returns (including capital returns), with the possibility of fresh capital input still on the table. For Holterman, this will mark the final act of this investment move. All signs now suggest that the… Corfiot Dutch billionaire will shift his attention elsewhere, following his high-profit exits from GEK TERNA (and TERNA Energy), ELLAKTOR, and Alpha Bank.

Intra-Christian “Dispute” Over Shares

• Differences, as is well known, exist even in the… best of families — and certainly in associations or companies guided by the Christian spirit. Especially when financial matters arise, the ecclesiastical teachings about harmony and solidarity take a back seat, and secular methods for resolving disputes take the wheel. As I’ve learned, such a Christian dispute has emerged between the association named “Christian Brotherhood Lydia”, based in Asprovalta, in the Municipality of Volvi, and the company “Radio and Television Station Orthodox Information Broadcast S.A.”, with the trade name “4E,” based in the Municipality of Ampelokipoi–Menemeni, in Thessaloniki Prefecture. The dispute is financial in nature, and I’m told that an auction has been scheduled for November 12 — unless a… truce is reached by then — against the association, initiated by the broadcasting company. What’s going under the hammer isn’t real estate but shares: specifically, 100 share certificates numbered from 1 to 100 (001 – 100), each representing 300 registered shares — making a total of 30,000 shares — valued at €4 each. So, the total estimated value is €120,000, with the starting bid set at two-thirds of the valuation, that is, €80,000. The debt that triggered the seizure amounts to €188,920.30. I assume these are shares of the broadcasting company itself, as the custodian and escrow holder of the certificates to be auctioned has been appointed as none other than the company’s Vice President and CEO. The missionary brotherhood “Saint Lydia” began its journey in the 1950s and counts among its initiatives the TV station “4E.” The company itself was founded in 1993, with aims that include “promoting, preserving, and spreading the Orthodox Helleno-Christian spirit and ethics both inside and outside Greek territory,” “promoting and disseminating Hellenocentric ideas, and the works of ancient, classical, and modern Greek philosophers,” and “transmitting the Helleno-Christian spirit while restoring and reinforcing moral values and love for family and Greece in general.” As for its share capital, after successive increases, it now amounts to €519,171.60, divided into 432,643 registered shares, each with a nominal value of €1.20.

Why Siamisis Went to Geneva

• Calm and realism were the notes struck by HELLENiQ ENERGY CEO Andreas Siamisis from the podium of the General Assembly, as he responded indirectly to concerns over instability in the Middle East. “We don’t get crude from the Gulf,” was his notable one-liner, adding meaningfully, “Crises come and go — in Iran, Iraq, Libya, Russia.” Without underestimating the conflict between Israel and Iran, he emphasized the resilience of the Group’s supply chain and didn’t miss the chance to highlight operational capability by mentioning the first transaction from the new trading office in Geneva, which took place just the day before. HELLENiQ now has a strategic presence in the global product market — and he made sure to remind us of that. Siamisis also addressed a shareholder’s question about the necessity of opening the Geneva office, which was associated with the activities of Spyros Latsis. He clarified that it is a 100% subsidiary of the Group, staffed by experienced international market professionals, including Greeks, and will act as the “agent” for the company’s trading arm. As he stressed, Geneva has always been a strategic hub for the big oil players, offering access, connections, and speed in global transactions — and that was the decisive factor behind the choice. He noted that there are other hubs like London, Dubai, and Singapore, but they were deemed “unsuitable” for HELLENiQ ENERGY — either due to distance or differing business environments. Hence, Geneva was selected as a neutral but globally connected center. The company now exports 50% of its production, and with demand in Europe considered stagnant or even declining, the strategy is clear: if the market is “dying,” you don’t stand still — you go and find it elsewhere.

Intralot’s Moment

• Amid yesterday’s market Armageddon, two stocks stood out with positive signs and increased trading volumes: Intralot and Intracom Holdings. There is now market certainty that major shareholding changes are on the way at Intralot. Since the May 28 session, where 3.8 million shares changed hands (within the €1.05–1.066 range), Intralot has shown high activity. In subsequent sessions, the lowest trading volume was around 500,000 shares. On June 12, trading exceeded 1 million shares. Yesterday, Intralot saw nearly 3 million shares traded, with the closing price at €1.09 (+1.68%). Large open positions in Intralot’s stock are also noted in the Derivatives Market, which closes today. Meanwhile, Intracom Holdings also joined in Intralot’s party. The optimism has solid ground, as the Kokkalis side controls (directly and indirectly) 29.931% of Intralot’s share capital, while the Korean Soohyung Kim’s side holds 26.861%.

Tourism Stocks Get Jittery

• Officially, Coca-Cola HBC’s top executives in Greece claim they’re not at all worried about the effects of the military operations in the Middle East on tourism. But in the Athens Stock Exchange, the four main “tourism” stocks are struggling. Aegean Airlines fought hard to maintain a €1 billion market cap, but over the last 7 sessions, it’s lost 11.5% of its value. Athens International Airport (-1.17% at €9.60) lost the €3 billion cap and about 4% in value over the past week. Attica Holdings, now below €2, has also dropped 4% since the bombing began in Iran. Lastly, Autohellas is suffering from market inaction, losing 7% in the last trading week. The conclusion? The “Tourism Quartet” of our Stock Exchange appears spooked by war developments — unlike consumer-focused Coca-Cola, which remains unfazed.

Stock Market: War Drums Spark Fear

• We have to go back several years, to the summer of 2022 (June 30–July 6), to find another six-session losing streak at the Athens Stock Exchange. The battle for the 1,800-point level was lost. The General Index, without the support of American funds due to a U.S. holiday, fell -1.25% to 1,779.43 points. Transaction value was €183.50 million, including €14.1 million in block trades. JUMBO alone (+1.67% at €27.96) wasn’t enough to keep the Index afloat. As usual, banks became victims of their own success — anyone needing liquidity had the opportunity and market depth to execute their moves. Sarantis and VIOHALCO fell hard, with losses of -3.65% and -3.09%, respectively. Bank of Cyprus drew attention with a mega block trade that closed just before the end of yesterday’s session: 3.5 million shares changed hands at €5.86 per share, with the package exceeding €20.5 million. Sentiment across European stock markets was negative, and the analysis began and ended with war reports. Even Wall Street futures for today’s session were in the red, as everyone priced in an escalation on the geopolitical front. Very few stocks stood out amid the war clouds, each following its own separate storyline. In such periods, financial data analysis and technical indicators offer little chance of success.

Strange Moves in Gold

• It’s no longer news that international gold prices are soaring to historic levels. Since the beginning of the year, gold has gained +29%, outperforming even the S&P 500 on Wall Street. Gold Exchange-Traded Funds (ETFs) are seeing record inflows — around $85 billion. The main buyer, making massive monthly purchases on the gold markets, is the Central Bank of China. What’s even more interesting is the behavior of other central banks — from smaller and less powerful nations, many of which either belong to or cooperate with the BRICS countries (Egypt, Ethiopia, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan). These central banks, representing weaker economies, feel they must maintain higher cash reserves to support their currencies — so they’re cashing in on high gold prices, selling gold, and stockpiling cash. On the other hand, the Central Bank of China isn’t concerned with cash reserves — it’s solely after the precious metal.