-Hello there, yesterday I asked my own source about the polls and the damage the government has taken from the OPEKEPE affair. Not because I don’t read or follow the reports from other outlets that publish polls, but because I always trust my sources—tried and tested over time. So, they told me that public opinion measurements clearly show people’s anger over the agricultural subsidies scandal. In voting intention, there’s a 3-point drop, but those voters aren’t shifting to another party. That’s why, when they’re asked about estimated vote share, the loss drops to half that. What’s coming through loud and clear is that people want the money returned by those who pocketed it. That’s why Mitsotakis keeps hammering the point home in a booming voice—he did the same again during his tour the other day. Still, while anger may be seen as a less serious polling indicator, at this stage—six years in and after the Tempi tragedy—bouncing back is a tougher equation. “Just when we were climbing, we took a hit and now we’re back at square one…” my source concluded.

Counting MPs…
-Now over at M.M., there’s a bit of anxiety—not about the vote on the OPEKEPE Inquiry Committee, because that one’s open and no blue defections are expected. The next vote, though, is on the Preliminary Investigation Committee proposed by the opposition, and that one’s secret. As is well known, there are about ten ND MPs who are disgruntled and have, from time to time, voted against the party line, filed anti-government questions, etc. Could they stir the pot and vote in favor of the probe, pushing it through Parliament? The answer is, in theory, yes—but that would lead us straight to snap national elections. And how many MPs are up for that? So I’d say it’s unlikely—but a defection by 2 or 3 MPs just for that vote? That’s on the table. Preparations are underway to avoid leaks. We’ll see.

What Lebanon is (asking of) us
-Let’s switch to international affairs: today’s visit by Dendias to Lebanon is an important one. Greece has an interest in being seen as indispensable to Lebanon in this new landscape, especially with Hezbollah out of the picture. The Lebanese, under former general Aoun as president, have a good relationship with Greece and have formed a sort of “triangle” with France. Unsurprisingly, they’re also asking us for support. I’m told they need surplus M113 armored vehicles, which we can provide, plus medical supplies and consumables. There’s also talk of training their armed forces’ personnel at Greek military schools. Dendias will also meet with the Patriarch of Antioch, John, since tensions with Christians in the wider region—see Syria—are flaring up again.

The successor at DYPA
-A change of face, but not of scene—that’s how things seem to be shaping up at DYPA after the departure of now-former Governor Spyros Protopsaltis, who moved over to the Ministry of Agricultural Development as Secretary General. The name currently floating around as his replacement is that of current Deputy Governor Gianna Chormova, who has a strong technocratic profile and held key responsibilities—ranging from the agency’s property portfolio and technical services to vocational education, training, and nurseries.

The gastronomic oligarch
-The Metsovone cheeses and Averoff wines had practically become a running joke during Tasoulas’s presidency of Parliament—since the entrepreneur who ran the Parliament’s restaurant back then hailed (guess where?) from the glorious region of Epirus. When Tasoulas moved on to become President of the Republic, many rushed to post celebratory messages online, claiming that “at last, the gastronomic oligarchy of Ioannina is over.” Well, someone should tell them to be patient. The Epirote (unknown to me personally) has won the contract again and will continue to run the Parliament’s kitchen.

Retsos: The tourism revenue target is last year’s levels
-Yesterday, Giannis Retsos, president of IOBE, spoke of a “flattening out” of tourism revenues this year during the presentation of the quarterly Greek Economy Report. The CEO of Electra Hotels—and a tourism industry veteran from his previous role as head of the Hellenic Association of Tourism Enterprises—stated that the goal this year is to match or slightly exceed last year’s revenue. The logic goes like this: after ten years of steady growth since 2014 (excluding the COVID crash), it was only natural that revenue would level off at some point. This year, Athens and Thessaloniki are doing very well, according to airport data. Based on his experience, Retsos didn’t rule out a slightly negative trend—not necessarily this year, but from 2026 onward—citing pressure on European incomes (our main market) and low American consumer sentiment due to geopolitical tensions in our region. “Our core markets are being affected,” said Retsos, describing it as a “mild crisis of normalcy”—nothing like the 2010 crisis or COVID—but one that will still require a strategy. Destinations must be better prepared in terms of infrastructure, and “our product has to offer value. In some cases, prices are higher than the quality offered, or quality has dropped. Things are getting tougher for Mediterranean markets, and the winners will be the ones best prepared.”

€20 million makeover for state airports
-Speaking of tourism, it’s worth noting that the Civil Aviation Authority (CAA) is planning a critical spruce-up of state-run airports, serving a dual purpose. This includes tenders for facility management services, cleaning, and upgrading restroom facilities. Beyond the obvious—how the country’s tourist image is shaped by the first and last impressions at its airports—these moves also come ahead of the upcoming process to privatize 22 regional airports, following the path paved by Fraport with the 14-airport clusters in 2016 and more recently the Kalamata airport awarded to the Fraport–Kopelouzos–Konstantakopoulos consortium. The facility management tender will have a budget of €20 million for four years and is expected to be awarded by year’s end. A similar timeline applies to the cleaning services contract, which promises “stricter and higher-quality standards.” Additionally, a unified tender for a full upgrade of restroom facilities is being planned, with work slated to start this winter.

An OPAP surprise in the works
-The gambling market’s turnover has stayed consistently high in the first five months of the year, even if it’s slightly below last year’s equivalent period. What also stands out in the Gaming Commission’s data is OPAP’s especially strong performance. Besides agency and VLT revenues—which rose 4.4% compared to the first five months of 2024—analysts noted a strong performance in online games, where OPAP leads the market, with GGR up 18.6%. Analysts at BETA noted in a report that GGR growth has outpaced OPAP’s forecast (+2%) for the 2025 fiscal year. With Q2 wrapping up, they expect another solid quarter thanks to strong trends in April and May. Meanwhile, NBG Securities is forecasting about 3% GGR growth for 2025, has raised its EBITDA estimates for 2025–2027 by 6–7%, and has named OPAP one of the top dividend plays in the domestic market, raising the target price to €21.80.

Koutsolioutsos appeal over €2.5 million fine rejected
-The Administrative Court of Appeals has rejected the appeal by Giorgos Koutsolioutsos, who sought to overturn a €2.5 million fine imposed on him in October 2019 by the Hellenic Capital Market Commission for market manipulation. The fine was linked to a Folli Follie press release issued after QCM’s allegations, in which the company claimed the allegations were false. The Commission deemed the release misleading and levied the €2.5 million fine.

The top 10 that pushed the ASE close to 2,000 points
-The Athens Stock Exchange had plenty of allies in its push to break through the 2,000-point mark for the first time in over 15 years. Sector-wise, bank stocks closed at a new 10-year high, the mid-cap index hit 2,900 points—last seen in November 2009—and the large-cap index made a bold move toward 5,000 points, a level last reached in August 2011. There were also 8+2 stocks that either hit new multi-year or all-time highs or came within a whisker of this year’s peaks. Eurobank and Alpha Bank reached prices last seen in November 2015 (a 10-year high), Piraeus Bank hit a 4-year high (last seen in April 2021). GEK TERNA broke the €21 resistance and closed at €21.5 for the first time since January 2000. Aktor touched €6, closing at €5.99—a 16-year high (November 2009). Jumbo hit a new all-time high, heading toward €31. Fourlis, after an 8-day rally, broke above €4.5—a level not seen since September 2023. Profile reached a record high at €7.47, even briefly breaking the €7.5 barrier intraday. And finally, two stocks nearly touched their ceilings: PPC ended at €14.66, just below its yearly high of €14.69 and even reached €14.72 intraday—its ninth straight session above €14 and now eyeing €15, a level unseen since November 2009. ADMIE closed at €3.32, near its all-time high of €3.34 hit just days ago.

The “fierce rivalry” between Motor Oil and TITAN for a spot on the MSCI

-An interesting stock market game, full of ups and downs and plenty of plot twists, is playing out between two of our market’s blue chips: Motor Oil and TITAN. The “rivalry” is over a coveted spot in the MSCI Greece Standard Index. Motor Oil, following a decision by Morgan Stanley, was removed from the MSCI Greece Standard and moved to the Small Cap Greece Index. TITAN’s stock, despite the company having met the capitalization threshold during the previous revision (February 2025), was not included in the MSCI Greece Standard. Hopes were high that it would be accepted—but that didn’t happen in the May 2025 review either. All eyes are now on the August revision. Motor Oil has increased its liquidity, and its market cap has exceeded €2.8 billion. TITAN, bolstered by its U.S. subsidiary, had managed to hit a €3 billion market cap, though in recent days it’s slipped to €2.9 billion. Three weeks ago, MSCI gave a “wink” to the Athens Stock Exchange, hinting at possible inclusion on a watchlist, with the end goal of classification among the “developed markets.” That makes the August revision all the more interesting.

The… other polls

-Don’t think that in Greece we only run opinion polls to measure political party popularity, projected election winners, and the overall political landscape. There are other areas where public sentiment matters too. For instance, the Center for Renewable Energy Sources and Saving (CRES) has initiated a public opinion survey on citizens’ awareness and attitudes regarding carbon capture and storage (CCS). This is a literally… burning issue, as it relates to global warming, climate change, and the extreme weather events already affecting our daily lives. Carbon capture and storage technology is one of the most effective tools to reduce emissions, and it’s already being used in many countries abroad. There are even plans for similar projects in Greece (in Prinos and elsewhere). So, CRES—after a request by its Directorate of Renewable Energy Technologies (DRET)—decided to gauge public knowledge and attitudes on the matter. The survey will be conducted with a budget of €5,580.

When startups make money…

-Warply is a Greek startup that in recent years has gained international recognition for its loyalty and customer engagement programs, especially in the fields of e-commerce (mobile commerce) and contactless payments. At the same time, to ensure revenue, it had developed a successful and profitable real estate management arm through its professional platform, proprtyinvestor.gr. The adoption and smart use of AI technologies helped Warply grow strategically in Greece—in banking, retail, and even in the public sector—and expand into regions like the Middle East and North Africa. All this prompted Warply’s leadership to spin off its real estate business, which includes buying, renovating, and managing properties from auctions, along with the pro-tech services offered through the proprtyinvestor platform. The new, 100% subsidiary will include Warply’s property portfolio and, along with initial capital contributions, will have a share capital of €2 million. Five employees from the parent company will also be transferred. This move gives the real estate unit the flexibility to grow independently through mergers and acquisitions with other portfolios. Apparently, the spin-off helps manage investment risks and reflect the value of the assets in a distinct financial entity—making it easier for investors and lenders.

China is changing maritime transport with a “wind-powered” oil tanker

-If it turns out to be practical and effective, it could change the future of global shipping. China has managed to launch the world’s first oil tanker powered by wind. No, it’s not a sailboat. It’s a massive 110,000-ton oil tanker outfitted with giant metal wings that stick out as if it’s trying to take flight. By harnessing the power of the wind, the tanker can save about 14.5 tons of fuel per day and avoid emitting 45 tons of CO₂. The irony? This “wind-powered tanker” is used to transport… crude oil.

Trump’s “new win” and the fallout for Coca-Cola

-Ecstatic once again, the American President announced on social media that—apparently thanks to his pressure—Coca-Cola agreed to replace high-fructose corn syrup (HFCS) with real cane sugar in its U.S. products. Immediately after the post, shares of Archer-Daniels-Midland (ADM) and Ingredion, the two main producers of HFCS, dropped by 5% to 7%. Understandably so, since they’re about to lose a major client. Coca-Cola’s own stock dipped slightly too—obviously because the per-unit production cost is expected to rise. Cane sugar costs about $0.40–$0.50 per half-kilo of product, while HFCS runs at $0.20–$0.30. Of course, it remains to be seen how widespread the use of cane sugar will actually be across Coca-Cola’s product range. Clearly, Trump is trying to curry favor with sugarcane growers (mainly in his beloved Florida), but decisions like this impact a lot of other people—like corn farmers and the American industries that produce HFCS. “Make America Healthy Again,” Trump might exclaim—but the difference in nutritional value is negligible.