– Greetings. Today, with his return from Brussels, K.M. will… crash land straight into the OPEKEPE issue, as he’s called upon to find a solution that’s compatible with a reality in Greece that dates back to the days we joined the EEC (for the older generation). You see, the mismanagement and squandering of EU funds in our country started with the famous MOPs (Mediterranean Integrated Programs) during Andreas’ era, when Greeks were getting subsidies to build rooms—chicken coops, really—on the islands for tourists. And this pattern has continued pretty much uninterrupted to this day with agricultural subsidies, as we literally hear (thanks to wiretaps) from MPs and OPEKEPE officials.

What’s going to happen?
– The question is more political—and perhaps (not definitely) less criminal—judging by the case file (not the forwarding memo from the European Prosecutor), which was… anything but urgent, spanning 34 pages for Parliament’s “residents.” M.M. is called to decide whether to go, as PASOK and possibly other parties want, with a Preliminary Investigation Committee, or opt for the milder Parliamentary Inquiry, which would examine the agricultural subsidies… from the day they were born—basically, a couple of decades ago. There’s also a third option: “We do nothing because we’re the government that dismantled OPEKEPE and lanced the boil of mismanagement,” but that doesn’t seem likely (borderline impossible). On the contrary, a Parliamentary Inquiry that… scoops up everyone and suits all sides seems good on the surface but has two drawbacks: first, it’s time-consuming (months…), and second, afterward, we’ll still have to ask whether any offenses were committed—if yes, then it’s back to square one with a Preliminary Investigation. So, we’ll waste six months on bad publicity, making the effort pointless. That said, even today, the Inquiry scenario seems the more likely.

Contempt
– What K.M. and M.M. will actually do we’ll see in the coming days. We’ll also see how high the media bar gets set. What is already clear, however, is the poor image and contempt emanating from the political system. Every… sore MP sneakily asking for a little favor for their voter. And that only benefits the fringe parties—though whether they’ll talk much remains to be seen, because, well… a client is a client. We’re talking 750,000 farmers and livestock breeders. And where’s the base? Why, in proud Crete, of course!

The Dark Anniversary
– I’m starting today’s market news not with fresh updates, but with a dark anniversary we must not forget. Exactly 10 years ago, it was also Friday, June 27, and the General Index at the Athens Stock Exchange closed up +2% at 797.57 points, in the wake of rumors about a “successful negotiation” between the then government and the lenders. That same evening, Prime Minister Alexis Tsipras announced the referendum. Monday never came for the Athens Stock Exchange. The banks closed, the market froze, and we had to wait until the ominous date of August 3, 2015, for the Stock Exchange to “resume normal operations,” opening with a record-breaking -16.23% drop in the General Index. A record that’s never been broken. Today, 10 years later—after thousands of businesses were destroyed by the capital controls and everything that followed, thousands of workers lost their jobs and futures overnight, and all of Greece queued at ATMs for 20 euros—the General Index is flirting with 1,900 points and another historical record: 8 consecutive weeks of gains.

Tourism Movement Uneven
– The war conflict in the Middle East has, at least for now, ceased—and that’s a good thing, because reports say major branded hotel units in Crete were losing around 150,000 euros per day during the height of the bombings, due to cancellations and no-shows, mostly from Israeli and other Middle Eastern customers. And that’s happening in Crete, a destination that’s actually doing well this year. There’s also an issue with American tourists, who are seeing their income drop and the dollar weaken. Santorini, four months after the earthquakes, still hasn’t resolved its port issues and is seeing a 30% decline in tourist traffic. Mykonos is following suit. As tourism businesspeople note, this season is showing major asymmetries in traffic from the start. Some regions are doing exceptionally well (e.g., the Dodecanese, Athens, etc.), while others are experiencing a noticeable decline compared to last year.

A New Major Tourism Deal?
– Staying with tourism, rumors in the market suggest that a major deal will be announced over the weekend. This column is always cautious with market gossip, especially when it comes with a built-in announcement date. Still, I’m noting it because, so far—over the last six months—we’ve seen the biggest business deal of the year in tourism with shipowner G. Prokopiou acquiring Astir Vouliagmenis. Also, Sani/Ikos acquired three hotels in Halkidiki from Goldman Sachs—a project expected to exceed 400 million euros by 2029, to build the first Ikos Grand Resort. There’s also high activity in Kos, where the five Kypriotis hotels ended up under HIG.

Even Schools Under ETAD Control
– And since we’re talking about ETAD, I should mention that a Herculean effort is underway to bring order to the unorderable. Its leadership is striving for digital transformation, new internal organization, and detailed mapping and categorization of properties, aiming to clean up the real estate portfolio—which, believe it or not, includes… schools! Many of the properties came into ETAD’s hands after passing through three or four different public agencies, and a new legislative framework is urgently needed for ETAD’s holdings. Obviously, this isn’t a job that can wrap up soon, but if a modern legal framework and a proper asset categorization are put in place, some property portfolios could be put to use in various ways.

RAAEY: Will the President and Vice President Stay or Go?
– The term of RAAEY’s Vice President, Dimitris Psychogios, is expiring in the coming days, and it’s unclear whether it will be renewed or he’ll be replaced. According to sources, he remains reassuring in his circle, insisting he’ll stay on. However, instead of a progress report on the crucial water sector—which the Regulatory Authority formally took over in 2023—what dominates is a sense of inertia and delays. Even though several Municipal Water and Sewerage Enterprises (DEYAs) submitted cost, operation, and investment data months ago, and EYDAP has publicly confirmed it’s waiting for new tariff approvals, RAAEY hasn’t issued a single decision. The result is a regulatory vacuum that undermines providers’ sustainability, deprives critical investments of revenue, and leaves consumers without fair, transparent pricing. Psychogios is at the center of criticism—he was appointed nearly two years ago amid growing challenges like climate change, water scarcity, and aging infrastructure, yet there’s still no regulatory roadmap or strategic plan. Note that RAAEY President Thanasis Dagoumas’ term is also ending, and no word has been given on renewal or succession.

LAMDA: Real Estate Portfolio Valued at €3.3 Billion
– LAMDA’s general meeting lasted three hours, from 2:00 to 5:00 PM. CEO Odysseas Athanasiou spoke extensively about the company’s positive momentum—with the self-financed Hellinikon project, malls drawing heavy traffic, and strong revenue from marina operations. However, he noted, “All the good things we’re doing haven’t been reflected in the stock’s performance, which has been poor. What we can control are the fundamentals—and that’s what we’re focused on.” The stock’s performance, he admitted, is anything but satisfying—even though analysts set a target price of €11. Athanasiou highlighted the broader European real estate landscape, where companies are trading below their actual value, and development firms have been out of fashion for years. High interest rates have also affected property valuations. The company has faced internal challenges since COVID-19, such as rising material and energy costs, market imbalances due to surging demand for construction, delays, and labor shortages. The CEO reiterated that the company has strong fundamentals, with a real estate portfolio valued at €3.3 billion—“a figure that will increase as the project advances”—and roughly €700 million in cash. “By 2027, many projects in Hellinikon will be complete, and this will be reflected in the company’s profitability and fundamentals.”

Countdown for HERON-NRG
-After months of negotiations, it seems the deal is finally done. The terms of the SPA have been agreed upon and are currently being finalized in writing. HERON Energy, part of the GEK TERNA Group, is tying the knot with NRG of the Motor Oil Group. An 11% market share of the Greek energy sector is marrying a 5% share, aiming to challenge Protergia (Metlen Group), which currently holds around 22%, for the second spot. In first place, the undisputed leader remains PPC (Public Power Corporation), with a market share well above 50%. Given that market shares are known, the price to be announced is of great interest—it will reveal today’s market valuations. The new company to be formed is expected to have equal ownership between the two groups, with GEK TERNA contributing greater value, which will result in a significant cash benefit for them upon closing the deal.

How Aegean plans to use the €250 million from its bond issue
-After a considerable time, retail bonds are making a comeback on the Stock Exchange, this time through Aegean. This coming Monday, the public offering of the company’s bonds will begin, aiming to raise up to €250 million. The bond will have a 7-year maturity, the public offering will conclude on Wednesday, July 2, and the bonds are expected to start trading on the ASE on July 7. In the event of full subscription, net proceeds will amount to €244 million, which Aegean intends to use to repay the existing bond loan by March 2026 (€122 million), fund aircraft and engine acquisitions by the end of 2028 (€41.5 million), and for working capital purposes (€80.5 million) until the end of 2026. According to the bond’s prospectus, the company’s current fleet consists of 85 aircraft, with three more expected by the end of 2025—two Airbus neos and one ATR 72-600. For 2025, the Group will offer around 7% more seats than in 2024, although this figure will ultimately depend on geopolitical developments, as the company has had to suspend flights to Israel, Lebanon, etc.

Trading buzz around Dimand
-It appears that what D. Andriopoulos presented at Dimand’s general shareholders meeting stirred existing shareholders and attracted new ones. Yesterday, the stock rose over 4%, reaching €10.3, with a market capitalization exceeding €192 million. The General Assembly was convinced and decided not to distribute a dividend from 2024 profits this year, but instead to carry the profits forward to fund the company’s and Group’s investment program. So far, the management has released concrete information only about approximately €800 million in investments in two landmark properties in Gournes and Kampa, Heraklion, Crete, targeting the development of social housing, affordable housing, and hotel units.

Profile gears up for announcements
-The market cap of IT firm Profile has surpassed €170 million, hitting a new all-time high. Rumors and reports suggest that within the next few days, Profile will announce an SPA for a new acquisition that will secure the €13 million in operating profit promised by management for this year. Should Profile indeed post €13 million in operating profit, the Enterprise Value to EBITDA ratio will be below 12—considered attractive for the sector. H. Stasinopoulos declares his presence in the major shake-ups of the defense industry, stating, “Nowadays, defense industry projects are innovation projects—focused on Artificial Intelligence and software. We’re monitoring developments from the standpoint of a specialized software developer. Whether it’s AI systems, real-time response systems, cloud infrastructure, or big data—we’ll participate directly or indirectly.”

New trend on the ASE: Dividend hunting, before and after
-The day before yesterday, GEK TERNA went ex-dividend, cutting €0.41, and still continued upward—rewarding loyal investors. In yesterday’s session, METLEN not only didn’t lose its €1.50 dividend, but closed at €46.68 (+1.17%). A new trend seems to be forming in the market, with investors chasing high-dividend stocks that don’t flinch but keep climbing. Next in line are TITAN with a €3 dividend and HelleniQ Energy with €0.55. Market sentiment has shifted considerably, with the General Index nearing 1,890—closing yesterday at 1,882.83 points (+0.62%) with trading volume at €231.4 million, including €39.8 million in block trades.

With +28%, the ASE boasts one of the best performances globally
-The 15-year record high of the General Index came alongside multi-year highs for other key stock indices. Specifically, the General Index reached its highest point since April 21, 2010—the last time it saw the 1,900 mark. It has risen over 28% this year, making it one of the top performers globally. The banking index closed at its highest since November 19, 2015, up nearly 51.5% year-to-date. The Large Cap index closed at its highest level since August 3, 2011, with a return over 32% in 2025. Mid Cap reached levels unseen since November 19, 2009, rising 18.85% this year. Optimism about a listing on the LSE pushed Metlen to a new all-time high, with a return nearing 40% as the first half ends, and a market cap at €6.68 billion. Eurobank closed above €2.90 for the first time since November 9, 2015, up over 30% this year, making it the second most valuable ASE-listed company at €10.67 billion. Cenergy stood out (+5%) at €9.66 with €2.93 million in trades. In contrast, Coca-Cola HBC (-0.89%) at €44.4 posted a fourth straight negative session, with only 2 positive closes in the last 11. Viohalco, Jumbo, and Helleniq Energy closed with gains above +2%, while Lamda, TITAN, PPC, GEK TERNA, and EYDAP all gained more than +1%.

New Development Law kicks into gear
-The government aims to support businesses in transforming the country’s economic model by boosting regional investment, production, manufacturing, and innovation. Development Minister T. Theodorikakos announced the official launch of “the first development scheme of the New Development Law, focused on manufacturing,” with a total budget of €150 million—half in grants and half in tax exemptions. Additionally, he stated that by Monday two more schemes will be announced, each with a €150 million budget: one tailored for border regions and prefectures with incomes below 70% of the national average, and another for large investments exceeding €15 million.

EATE management stays on
-Green light has been given by Deputy Finance Minister N. Papathanasis for the renewal of the management of the Hellenic Development Investment Bank (EATE). The terms of Ch. Lampropoulos and A. Lymperopoulou end at the close of the month.

Will war mask the troubles of the U.S. economy?
-As always, “memorandum-style” policies of internal devaluation, spending cuts, and heavy taxation initially cause a recession. That’s exactly what’s happening now in the U.S. All economic indicators are flashing signs of a slowdown. The leading economic index (LEI) from the Conference Board fell -0.1% in May—its sixth consecutive monthly drop. The LEI has declined in 37 of the last 39 months, down nearly -5% year-on-year over the past 6 months, now sitting at a 9-year low. Historically, such prolonged declines have preceded every U.S. recession since 1960. The dollar is weakening, prices are rising, uncertainty is mounting. Interest rate cuts by the Fed aren’t enough to reverse course. The real question is whether the consumption of ammo and bombs can spark an uptick in productivity.

A major shift in U.S. mortgage lending
-The two giants of the U.S. mortgage market, Fannie Mae and Freddie Mac, have announced they plan to recognize cryptocurrencies as reliable assets for collateral in loan issuance. This decision, clearly made in close coordination with FHFA head William Pulte, opens the door to a new era in mortgage lending—bringing digital currency into the center of everyday economic life. Fannie Mae and Freddie Mac guarantee over half of U.S. mortgages. For the first time, investments in Bitcoin, Ethereum, and other cryptocurrencies will stand on equal footing with cash, stocks, and bonds in mortgage applications. Converting crypto to dollars will no longer be required—a de facto legitimization of digital currency at the heart of the traditional U.S. financial system. The extreme volatility of the crypto market doesn’t seem to faze the two housing finance behemoths. Whether their move proves right remains to be seen.