Hello, then. The latest “hot-off-the-press” news is that Mitsotakis is reportedly preparing a good move regarding the party secretary position: appointing a well-known young politician who also performed well in the “guillotine” of the Ministry of Transport (after Tempi), Kostas Kyranakis. As you can understand, at the stage we are in now—that is, at the end of the four-year term and before elections—this would also be very good for him personally, provided he ultimately decides he wants it and Mitsotakis finalizes the choice. Formally, there is no obstacle; in the past, both Zagoritis and Meimarakis ran for Parliament while serving as party secretary. Voridis is also expected to take on a role, most likely as chairman of the Constitutional Revision Committee, which, as we learned yesterday, is expected to complete its work during the summer. Is K.M. moving quickly so as to keep the option of autumn elections open? We’ll see over the next two or three months.

Polls pouring down like rain…

Meanwhile, polls continue to come down like rain, and along with them chairs keep being thrown at Nikos A.’s head. Today there are some party bodies meeting in PASOK, but don’t expect anything significant. The inevitable seems unavoidable and depends on when elections are held. If K.M. springs a surprise and calls elections in September, PASOK will go down without a fight under Nikos; if elections are delayed until 2027, then we’re talking about a different scenario, possibly without him. I asked my polling source why half the polling firms place PASOK third and the other half fourth behind Karystianou’s party, and the answer was: “It’s a matter of weighting.” With truly meticulous weighting, the two parties differ only marginally—not even by a full percentage point. I was also told that it makes a difference whether polling data are weighted according to the 2023 national elections or the 2024 European elections. What matters, in my view, is that with the polarization we are heading toward, the first- and second-place parties will ultimately rise significantly—especially if we end up with a second electoral round—while the third party will likely fall back into single digits. I’m also waiting for Marantzidis’s poll, which measures support for Tsipras using a very large sample, to see what it shows.

Tsipras–Famellos

An eyewitness told me that Tsipras and Famellos did not exchange a word at the funeral of Nasos Athanasiou. That may well be true, but it gives me an opportunity to make a comment. Honestly, the spectacle of the former SYRIZA—the party that governed us for six years—splitting into seven pieces, fighting, reuniting, denouncing one another, and then repeating the cycle endlessly is, I believe, a global political novelty. It ought to be included in political history—or political science—textbooks and taught as a case study. What’s amusing is that Famellos will most likely end up running alongside Tsipras. In simple terms, there is so much despair in the opposition that, in the end, Androulakis has brought back to the surface that entire wandering (and fragmented) “First Time Left” circus.

Tsipras’s party machinery

Next week will be a week of developments in Alexis’s “Hellenic Police” (a sarcastic nickname/reference), which is about to acquire organizational bodies. Timing-wise, announcements are expected toward the end of next week, and there will reportedly be two types of bodies: one smaller and one broader. However, don’t expect anything resembling a Central Committee. That will emerge after a party congress, which is certain to take place only after the elections, because Alexis does not want to reintroduce the dysfunctions and inner-circle politics of the old SYRIZA before the election campaign. The core group staffing these bodies will come from the 300 signatories of the founding declaration submitted to the Supreme Civil and Criminal Court (Areios Pagos).

A new era for applications to the public sector

One of the most important provisions of Hatzidakis’s law for creating a more citizen-friendly state is now becoming reality. From now on, every citizen application submitted to the public administration will be uploaded to politis.gov.gr—a platform that is genuinely very easy to use. Citizens will be able to log in and see who the responsible civil servant is, what stage their case has reached, and when processing is expected to be completed. “It’s a small revolution for the public sector,” said Hatzidakis, and he is arguably right. Not only will citizens find procedures easier, but there will also be greater transparency, and public employees will be under more pressure to work consistently.

Oceanis, Seanergy, and Star Bulk prepare for the stock market

The Hellenic Capital Market Commission has cleared the way for shipping companies to list on Euronext Athens by adapting the regulatory framework to facilitate dual listings. As a result, Euronext Athens has become more competitive and has interrupted the momentum previously enjoyed by the Oslo Stock Exchange for shipping-related offerings. This has triggered activity that already brought Safe Bulk to the Greek stock market, while three more Greek-interest shipping companies are preparing to take advantage of opportunities in the capital markets. In addition to Seanergy, owned by Stamatis Tsantanis, which plans to issue fixed-income securities in the coming days, Oceanis, owned by the Alafouzos family, has a similar plan. Star Bulk, owned by Petros Pappas, is also preparing a share offering on Euronext Athens to raise capital. Given that we are already in June, with Seanergy, ADMIE, and Attica Department Stores already scheduled for offerings, and since July and August are generally unsuitable months for such transactions, more shipping-company moves toward Euronext Athens should be expected in the autumn.

Greeks are buying Macans and Cayennes — record sales for Porsche

At Aigli Zappeiou—where in earlier years S&B, known to older readers as ARVA, also held its general meetings—Paris Kyriakopoulos, head of Motodynamics, outlined the company’s prospects. Speaking in the presence of family members during the company’s general meeting, he emphasized that the conditions are in place for 2026 to surpass the previous record in operating profitability. Last year the company recorded record sales across all activities. Porsche operations also achieved record registrations, with the fully electric Macan taking first place among premium electric SUVs. Kyriakopoulos referred to the flood of new brands entering the market, especially in electric vehicles, and announced that deliveries of the fully electric Cayenne will begin next month, something expected to be reflected in this year’s results. Motodynamics is also entering the competition through its exclusive representation of NIO. The first NIO House is scheduled to open shortly at the 14th kilometer of the Athens–Lamia highway, with expansion into Cyprus and Bulgaria also planned. Regarding Sixt, he expressed optimism, saying that bookings have not yet been significantly affected by the Iran situation except in relation to customers from the Middle East and Israel. Yamaha, meanwhile, continues to gain market share in motorcycles.

SpaceX threatens Cosmote, Vodafone, Nova (and all traditional telecom operators)

Although on a different scale and level, it is a clear fact that SpaceX poses a major threat to traditional telecommunications providers worldwide. The latter have already begun implementing countermeasures, usually by launching comparable services, bundling products and benefits, and generally investing more heavily in customer relationships. Now, however, competition is moving to another level. According to SpaceX’s prospectus as it heads toward a mega IPO in the United States, the company intends to build a network of ultra-high-speed data-transfer satellites covering the entire planet. Starlink already has more than 7,000 telecommunications satellites serving 165 countries. In addition, SpaceX is developing Direct-to-Cell services, enabling ordinary smartphones to connect directly to satellites without special equipment. Agreements with telecom providers already exist in numerous countries, and the technology is expanding rapidly. This makes a new intensification of competition against traditional fixed-line and mobile operators highly likely in a market that is especially sensitive to pricing and service bundles. SpaceX is unlikely to pursue market share merely through cheaper pricing; it may also offer AI services. Its model dramatically reduces cost per user and creates economies of scale that are difficult to replicate. If that happens, traditional competitors will need to find a response—or watch their market share shrink.

Ideal: 25-year record driven by capital return and Attica IPO

Ideal Holdings shares are trading at multi-year highs, firmly above €7. The stock rose 1.71% yesterday to close at €7.14, reaching a remarkable 25-year high, levels not seen since May 2001. Strong buying interest has been fueled by important announcements made during yesterday’s shareholders’ meeting. The meeting approved management’s proposal for an additional cash distribution in the form of a capital return amounting to €0.70 per share, with an ex-dividend date of July 24. Shareholders also approved broader use of proceeds from the company’s capital increase and the creation of a treasury-share distribution program. At the same time, group chairman Lambros Papakonstantinou signaled the upcoming stock market listing of subsidiary Attica Stores. The listing process has entered its final phase, with the IPO scheduled for June 24–26. The market is reacting positively because the development is expected to unlock significant value for the parent company and attract new institutional investors who see strong growth prospects.

What happened to bank shares on the stock market

Bank shares were at the center of yesterday’s sell-off, dragging the Athens Stock Exchange lower for a second consecutive session. The initially positive mood reversed, with the General Index closing at the day’s low and testing critical technical support levels, as pressure on banks outweighed any positive company-specific news elsewhere. The main trigger was a Supreme Court ruling in favor of borrowers covered by the Katseli Law regarding the calculation of interest. The court ruled that interest should be calculated on the monthly instalment rather than on the total outstanding debt, overturning the banks’ previous position. The decision immediately revived concerns among investors regarding the potential impact and costs for bank balance sheets. The management teams of the systemic banks are now awaiting the full legal reasoning in order to quantify potential losses in current and future cases. Sentiment had already been weakened by delays in dividend and capital-return distribution dates. The minor delay stems from pending formal approvals from the ECB’s Supervisory Mechanism (SSM), which caused nervousness among short-term investors. As a result, the banking index fell 2.21% to 2,624.45 points. Piraeus Bank came under the strongest selling pressure, dropping 2.99% to €8.70. National Bank followed with losses of 2.52% to €14.335, Alpha Bank fell 2.5% to €3.70, and Eurobank declined a somewhat milder 1.79% to €3.83.

KRI KRI: Approaching the billionaires’ club

The market capitalization of the dairy company KRI KRI, based in Serres, reached €940.7 million yesterday despite the market’s overall decline. Its valuation is approaching €1 billion, making the Tsinavos family’s listed company the most valuable publicly traded food company on the Greek stock market. Earnings of €0.42 per share have a secret: exports of Greek yogurt, which account for 65% of sales, with the next target being 70%. This year the company is investing heavily in Greek frozen yogurt to expand its international footprint. The United Kingdom remains its most dynamic market, with growth exceeding 45–50% in the first quarter. CFO Konstantinos Sarmadakis estimates that within two years the British market for Greek yogurt could surpass Italy in size. The next major bet has already been announced: KRI KRI is preparing to enter China’s frozen-yogurt market, expanding its international presence to more than 42 countries. At the same time, the “Greek Yogurt Dynamo” project, expected to be completed by the end of 2027, will double production capacity compared with 2024. This responds directly to the CFO’s acknowledgment that the company has, in many cases, already exhausted its current production capabilities.

The Tottis Family Properties

This column has previously referred (March 24) to the Tottis family’s troubles with property auctions. As a reminder, Tottis Café in Thessaloniki was for decades one of the city’s most famous gathering spots. The auctions concerned the family company (“Tottis-Tottis Group of Companies – Class Catering Services”), which went bankrupt in 2015. On May 7, the first auction hammer fell for three properties. The first was a prime apartment on Thessaloniki’s waterfront with unobstructed views of the Thermaic Gulf, measuring 185.69 square meters. According to the appraisal report, “the property is located in the most privileged and expensive area of Thessaloniki, on the old waterfront and very close to the White Tower.” The starting price was €1,293,500, but no buyers emerged. The second property was a large 200-stremma (approximately 50-acre) estate in Epanomi, featuring a 246-square-meter two-story house described as “abandoned, looted, and completely deteriorated.” It was offered at €1,039,000 and, as expected, attracted no interest. The third property was a 180-square-meter maisonette in Panorama, in the residential development “Macedonia.” It entered auction with a starting price of €295,000, but this auction also failed. Yesterday, Thursday, June 4, the repeat auction took place with reduced starting prices. Two of the three properties changed hands. The apartment was reoffered at €970,125 and sold for €970,177. The Panorama maisonette, which started at €221,250, sparked a bidding battle and was ultimately acquired by its new owner for €290,001. The estate and property in Epanomi, however, remained unsold once again, despite the reserve price being reduced to €779,250.

The Parish Church and the €280,000 Auction Hammer

Since we are on the topic of auctions, here is something noteworthy. It is not exactly common to see churches involved in foreclosure auctions. These days, however, such cases do occur, though rarely, often because of shared ownership arrangements. One such case concerns the Parish Church of Saint Mark Eugenikos in Kato Patissia. The church is located on Alexandrou Papanastasiou Street, very close to Agios Nikolaos railway station, and has found itself listed as a debtor in an electronic auction scheduled for next November. The parties initiating the action and acting as plaintiffs are not banks or loan servicers but two private individuals. The auction concerns a buildable plot of land “with existing old single-story structures upon it, one measuring 54.30 square meters and the other being dilapidated and measuring 25 square meters,” located in Athens in the area known as “Kasida,” “Agrielies,” or “Parapigmata,” at 112 Liosion Street. To make a long story short, this property—which carries no other encumbrances—came into the ownership of both the private individuals and the church through inheritance over various periods. Today, ownership is divided as follows: One plaintiff owns an undivided 1/12 share. The second plaintiff owns an undivided 2/12 share. The defendant, the Parish Church of Saint Mark Eugenikos (a public-law legal entity), owns an undivided 9/12 share. The enforceable title is a court ruling issued last year by the Multi-Member Court of First Instance of Athens (Property and Land Registry Division). The reserve price for the church’s ownership rights has been set at €280,000. These things happen too.

Elefsina Begins Picking Up Speed in Shipbuilding

The agreement between Antipollution and ONEX for the construction of four modern anti-pollution vessels at the Elefsina Shipyards—with the possibility of expanding the order to eight vessels—has particular symbolic significance for those closely following developments in the shipbuilding industry. Behind the signatures lies a message of confidence in the capabilities of Greek shipbuilding. Industry insiders note that the greatest value of the agreement is that shipbuilding work is returning to Greece. For decades, even Greek companies looked abroad for solutions, assuming domestic facilities could not meet the requirements of modern vessel construction. That perception now appears to be changing. Every new vessel built in Greece means work for engineers, skilled workers, subcontractors, equipment suppliers, and dozens of small and medium-sized enterprises connected to the production chain. In simple terms, a greater share of the value added remains within the country. At the same time, the choice to build eco-friendly vessels for Antipollution, owned by Vyron Vassiliadis, highlights the direction in which the market is moving. Environmental compliance and green technologies are now major areas of investment in shipping, and those capable of offering specialized vessels gain a significant competitive advantage.

Ioannis Martinos’s Big Bet

In shipping, most major families build the future on the foundations laid by the previous generation. Ioannis Martinos chose to leverage the enormous legacy of Thenamaris while simultaneously forging a new path for Greek maritime entrepreneurship. Those who look beyond the numbers see that Signal is not merely a maritime technology company. Rather, it represents a strategic effort to shift the center of gravity from ownership of ships to ownership of knowledge, data, and digital tools that influence how the industry operates. Martinos’s decision to leave the executive leadership of one of Greece’s largest shipping companies and start a new venture with only a small team was viewed by many as risky. Today, however, the acquisition of AXSMarine, expansion into new activities, and continued investment in artificial intelligence indicate that the original gamble is beginning to pay off. The presentation took place last Tuesday evening and was attended by Dinos Martinos, Thanasis Martinos, Andreas Martinos Jr., George Economou, Stamatis Tsantanis, Haris Vafias, and many others. For the first time, a third-generation Greek shipowner is seeking not to expand a fleet but to build a technology platform with global influence.

Haris Vafias’s Forecasts for the Future of Shipping

At this year’s Posidonia exhibition, one of the Greek shipowners who captured the attention of international investors was Haris Vafias. His central message was that markets never move in straight lines. Those who believe today’s prosperity will last forever are probably ignoring the lessons of shipping history. His reference to the current “euphoria phase” was no coincidence. In Wall Street terminology, the most dangerous stages of a cycle are usually those when most people assume that good news will continue indefinitely. Vafias essentially reminded his audience that today’s strong shipping revenues are supported to a large extent by extraordinary geopolitical circumstances: sanctions, rerouted trade flows, and military conflicts that have reduced available shipping capacity. The question he posed is precisely the one occupying the world’s largest investment funds today: What happens when the wars in Ukraine and the Middle East end? What happens if sanctions are lifted, ships return to normal commercial routes, and hundreds of vessels currently on order begin entering service? Vafias warns of the classic risk of oversupply. That is, the point at which demand begins to normalize while shipping capacity—the supply of vessels—rises sharply. It is telling that his intervention was met with reservations but not outright disagreement from many industry executives. Even those who do not foresee a repeat of 2008 acknowledge that the continuing expansion of shipbuilding activity is a variable requiring close attention.

Greece Exports Know-How Through the Growth Fund

Yesterday, the EU–Moldova Investment Conference (“Invest in Europe’s Next Success Story”) took place in Chișinău at MAIB Park, marking one year since the signing of the EU Growth Plan for Moldova, which includes a €1.9 billion package for 2025–2027. For decades, Greece approached accession-candidate markets through trade fairs, delegations, and ceremonial handshakes. Meanwhile, larger countries such as France, Italy, and Germany were building the economic alliances that would determine future projects, procurement contracts, and funding flows. That situation has changed. The new driver is Greece’s Growth Fund (the Superfund), and the key instrument is the Project Preparation Facility (PPF), the unit that develops and tenders multi-billion-euro projects in Greece with speed and transparency—from hospitals and the railway system to the Thessaloniki International Fair and the Olympic Athletic Center. Under an initiative of the Foreign Ministry and under the supervision of the Ministry of National Economy and Finance, Greece is, for the first time, sending an organized team of technical experts abroad. The relevant memorandum was signed in September 2025. As of yesterday, implementation has officially begun. According to sources, the agreement provides that the PPF will also conduct public tenders on behalf of the Moldovan government. In other words, Greece will export its entire project-development and procurement model to Chișinău.

The Bond Market Is Mocking Trump

Kevin Warsh was sworn in as the 17th Chair of the Federal Reserve on May 22, and President Trump’s message to the man he selected was clear: cheaper money and lower dollar interest rates. The markets, however, are not obedient. The swap curve is now pricing in roughly 20 basis points of rate increases by the December meeting. Before the Iran war, at the end of February, those same contracts were pricing in a 50-basis-point rate cut. The narrative of monetary easing has been shattered. The obvious reason is inflation, which refuses to decline. Over the last five years, the Consumer Price Index has remained significantly above the Federal Reserve’s 2% price-stability target. Producer prices have surged to 6%, their highest level since December 2022. All of this is occurring while economic growth slowed to 1.6% in the first quarter. Warsh’s problem is that he chairs a committee that does not share the ambitions of the President of the United States. At the April meeting, the Federal Open Market Committee appeared more divided than at any point since 1992. Four of the twelve central bankers disagreed with the official decision, and an increasing number of officials want to keep open the possibility of raising rates. The new Fed chair finds himself in a family dispute he did not choose. His first major test comes on June 17. Markets expect another “wait-and-see” decision from the Fed. However, expectations of dollar rate hikes are steadily growing toward year-end.

The Cryptocurrency Bear Market

It was only eight months ago—in October 2025. Bitcoin had reached $126,200. The total cryptocurrency market capitalization exceeded $4.37 trillion. At the time, everyone was talking about institutional adoption, digital gold, and a new architecture for money. Today, the mood could not be more different. Bitcoin is currently trading between approximately $62,000 and $64,500—roughly 50% below its 2025 peak. Total market capitalization has fallen to $2.27 trillion. The Crypto Fear & Greed Index collapsed to 11 on June 3, 2026, while outflows from U.S. spot Bitcoin ETFs have exceeded $2 billion in recent trading sessions. Some days have recorded outflows exceeding $600 million. The situation is even worse among altcoins. According to Pantera Capital, the broader universe of tokens outside BTC, ETH, and SOL has declined by nearly 60%. In fact, the non-Bitcoin token market has effectively been in a bear market since December 2024, making the downturn both deeper and longer-lasting. The decline accelerated after Kevin Warsh’s nomination for the Fed chairmanship in January 2026, which some investors interpreted as a signal of tighter monetary policy. In any case, the prevailing mood became one of risk reduction and capital preservation. The migration of capital from crypto assets into technology and AI-related equities is accelerating. Bitcoin’s dominance is being challenged, yet the departing funds are not flowing into altcoins either. Wall Street statistics suggest that historical crypto bear markets last, on average, between 9 and 18 months. The current phase is only eight months old.