Hello, yesterday’s murderous attack in Thessaloniki against “ordinary people” who simply belong to a political party, New Democracy (ND), proves beyond any doubt what we have been saying for many years: there is, in reality, no such thing as “light” terrorism, because when someone throws a Molotov cocktail or plants a small gas-canister bomb, they can easily kill people. This was proven in the Marfin case, where three innocent people were burned to death by Molotov cocktails, and it was also demonstrated yesterday with the gas-canister bombs, as the 70-year-old mother of lawyer and ND political candidate Aphrodite Nestora lost her life after simply going downstairs to see what had happened in the apartment building where she lived. Tragically, on this very date five years ago, Aphrodite Nestora lost her sister, and yesterday her mother—who had been raising her underage nephew—was murdered. It is time for this to end, because ordinary people, including ND voters, may understand inflation and perhaps even instances of corruption, but they cannot tolerate violence and terrorism around them for no reason. Yesterday, ND showed some quick reflexes in response to the tragedy: Mitsotakis, Chrysochoidis, and Adonis immediately traveled to Thessaloniki, while Kyranakis began mobilizing people early yesterday morning to organize a gathering this afternoon outside Hippokrateio Hospital. Under the slogan “We Are Not Afraid of You,” and wearing matching T-shirts, ONNED is calling for today’s gathering, at which ND MPs from Thessaloniki and elsewhere are, naturally, expected to attend. The issue, of course, is whether the perpetrators will be found and arrested.

Hatzidakis’ message to ministers

One of the key features of the application designed by ND MP Vangelis Liakos, titled iKO, which will be installed on the mobile phones of ND MPs in the coming days, is the ability to schedule appointments with ministers. This addresses one of MPs’ most longstanding complaints—that ministers ignore them. Yesterday, after Liakos finished his presentation, Vice President Hatzidakis drew ministers’ attention to the matter, saying that there would now be records and evidence whenever ministers failed to make themselves available to MPs.

The compromise over deputy regional governors

Yesterday, Mitsotakis formally gave the green light for incumbent deputy regional governors who wish to do so to run as ND candidates, provided that they resign during July. This amounts to a meaningful compromise with ND MPs who had been complaining, since the resignations of incumbents will remove objections about unfair competition. I am told that more than ten deputy regional governors are seeking places on the electoral lists, although no final decisions have been made. And why should there be, after all, when speculation is growing stronger that Mitsotakis is considering holding elections toward the end of spring 2027, or even in the summer, as I mentioned the other day?

Maria’s troubles

Maria K. may have begun her political career with fiery declarations against investment funds, but yesterday it was revealed that she herself co-owns an apartment purchased from doValue through the company Where About Travels, which she owns jointly with her former partner, Giannis Moysidis. She owns 50% of the company and serves as its managing director. Through this company, an apartment on Ioulianou Street belonging to an Indian family that apparently could no longer meet its mortgage payments was purchased at an electronic auction. The purpose of the purchase was obvious: to convert the apartment into an Airbnb in a somewhat run-down but very central Athens neighborhood. There is nothing illegal about any of this. The purchase was lawful, and Karystianou lawfully participates in the company as a founding partner. However, one cannot criticize investment funds on the one hand while buying property from a loan servicer on the other, even if one later pretends not to know anything about it.

Revenge… served cold

The revelation regarding the Ioulianou Street property is obviously the response of former associates of Karystianou to what she had angrily been saying over the weekend about “leadership ambitions” and that she would “take care of” Elpida. The matter was known to forensic expert Kokotsakis and another businessman from Crete named Fronimakis, both of whom left the party project led by Maria and had come across the case, pointing out that it was something her political opponents could use against her. Maria’s defense, however, is problematic. Through associates, she put forward the very weak argument that she joined the company (owning 50% and serving as managing director, lest we forget) merely to help her former partner Moysidis, who was a tax resident abroad, and that she was not the real manager because Moysidis handled all the work. Her associates make matters even worse by claiming that Karystianou “could not have been involved in that specific transaction” at the time it took place (September 2023), because only a few months earlier she had lost her child. Now, do you know many people who own 50% of a company who do not consult the other 50% shareholder before making such a purchase? Perhaps—but in politics, such arguments do not hold water. In short, revenge in politics, as elsewhere, is a dish best served cold.

Waiting in the wings over Tzakri

A number of PASOK officials are quite literally waiting to corner party leader Nikos if he brings before the party bodies a proposal to allow Tzakri to return to the party as an affiliated member. Geroulanos has already fired some warning shots, Diamantopoulou is well known to strongly dislike Tzakri, and many others argue that Kastanidis was excluded from the electoral lists on the grounds that he had exceeded the term limits set by the party constitution, so Tzakri should not be brought back as an affiliate. In any case, it is certain that Nikos will delay bringing this issue forward—if he brings it forward at all, given how things have developed.

Philip Vryonis convicted of market manipulation

Turning to business news and an entrepreneur from years past: yesterday, the Court of Appeal for Felonies convicted Philip Vryonis, his daughter, and one of his associates of market manipulation. The case concerns trading in the shares of ALMA ATERMON during the period 2007–2009. It had been investigated by the Hellenic Capital Market Commission, which had already imposed administrative fines. Philip Vryonis was sentenced to five years’ imprisonment for market manipulation and a total sentence of nine years. His daughter received four years’ imprisonment for market manipulation and six years in total, while his associate received two years for market manipulation and three years in total. All sentences were suspended, and Vryonis was ordered to post bail. The Hellenic Capital Market Commission participated in the appeal proceedings as a civil claimant.

GEK TERNA: The path opens toward the MSCI Developed Markets Index

The successful completion of GEK TERNA’s €659.3 million share capital increase not only strengthens the company’s cash reserves to finance its investment program, but also creates the conditions for an important stock-market development: the inclusion of its shares in the MSCI Developed Markets Index. The significant increase in the company’s free float resulting from the offering is considered crucial because it improves share liquidity and increases the likelihood of meeting the international index’s eligibility criteria, a development that could lead to fresh capital inflows from major international passive and active investment portfolios.

EOS Capital: More business moves expected by year-end

We should expect further activity from EOS Capital, led by Apostolos Tambakakis. The company announced the first closing of its third fund, which is launching with €209 million and is expected to reach total commitments of €300 million. At the same time, Tambakakis is actively exploring new transactions that are expected to materialize before the end of the year.

High fever in the IT sector

Two years ago, the Greek information technology market was dominated by major consolidation deals. This year, the market has entered the second phase of consolidation. The “golden” deals of 2024 removed the Athens Stock Exchange’s two leading business software companies, Epsilon Net and Entersoft. Before the first half of 2026 had even ended, the sector had already recorded a double-digit number of transactions. Greek private equity firms, foreign funds, and strategic investors are all competing for stakes in the country’s leading IT companies. Real Consulting, owned by Nikos Vardinogiannis, completed its acquisition of OTS. Diorama II, managed by Deca Investments, acquired a 40% stake in Dotsoft. Softweb is acquiring 51% of Alphabit Cybersecurity. QnR is reportedly pursuing two more acquisitions in defense technology and shipping, while Uni Systems and Byte remain active, keeping opportunities under close watch. The focus has also shifted. The market has moved away from the previous “compliance play” era (myDATA and electronic invoicing) into the age of acqui-hiring—acquiring ready-made developer teams in a market where talent is scarce. The new frontier is artificial intelligence and defense technology. Projects financed by the Recovery Fund have now been delivered and are being evaluated for payment. Dual-use defense technology has become the new growth area, while Southeastern Europe (Romania, Bulgaria, and others) is emerging as the strategic expansion region. Among market participants, the name EntersoftOne is now mentioned more frequently than any other. The domestic business software champion, created through the merger of Entersoft and SoftOne under Panos Germanos’ Olympia Group and Imker Capital, is reportedly attracting the interest of foreign groups. Recently, rumors circulated about Italian investors, although these were denied. Management has publicly positioned EntersoftOne as an acquirer for 2026–2027, with targeted expansion primarily in Romania. It therefore does not appear to be an acquisition target itself. A strategic partnership, perhaps? What is certain is that as the number of independent acquisition targets shrinks, valuations soar, and market speculation spreads faster than signed agreements.

Vardinogiannis’ sports facilities

More and more powerful business figures are investing in sports-related activities. And I do not mean only the familiar fields of football and basketball, but a variety of other sports as well. I hear that Nikos Vardinogiannis has not been left out of this trend either. The son of the late Vardis Vardinogiannis, who controls the diversified AVE Group, proceeded yesterday, Wednesday, July 1, to establish a company called Tennis Gardens, headquartered on Kifisias Avenue in Marousi. The company’s purpose is to provide sports facility services (including 4-a-side, 5-a-side, etc.) for football, basketball, and tennis, retail sales of sports equipment, as well as sports and recreational education services. The initial share capital amounts to €25,000, divided into 25,000 company shares with a nominal value of €1 each, all contributed by Nikolaos Vardinogiannis. The company’s management has been entrusted to Angeliki Kairi, who has experience in the field, having been a tennis player with a notable career on both Greek and international courts.

Seanergy: Where the bond proceeds will go

Interesting details emerge from the prospectus for the public offering of bonds that Seanergy Maritime Holdings plans to issue in order to raise up to €100 million. The bonds will be listed for trading on the Bond Market of the Athens Stock Exchange. The public offering will take place from July 6 to July 8, while trading is scheduled to begin on July 13. The bond issue is directly linked to Seanergy’s investment program, which aims to renew and expand its fleet with one newly built Newcastlemax vessel and six Capesize vessels. Accordingly, the net proceeds, estimated at €95.6 million if the offering is fully subscribed, will primarily finance this investment program. Approximately €76 million (US$86.6 million) will be used to cover part of the purchase price of the company’s seven vessels currently under construction or, should attractive opportunities arise, to acquire second-hand vessels. The remaining approximately €19.6 million will strengthen working capital. The company’s current fleet consists of 19 vessels with a combined carrying capacity of 3,463,843 deadweight tons (DWT), an average fleet age of 14.9 years, and a book value estimated at US$530.5 million.

The challenges of valuing defense companies

Speaking at a conference, Theodoris Tzouros, Senior General Manager and Chief Corporate & Investment Banking Officer at Piraeus Bank, highlighted a number of issues that hinder the attraction of significant private investment into Europe’s defense sector. He noted that defense is an industry where much of the most important commercial information is either classified or commercially sensitive, making it difficult for investors to value companies accurately. Public market investors struggle to assess defense companies without access to information such as order backlogs or export licenses. Traditional financial models undervalue the worth of signed government contracts relative to conventional balance-sheet metrics. This creates a “winner-takes-all” dynamic in which a small number of specialized investors capture most of the available opportunities.

ECB nearing a decision

The European Central Bank is considering raising the minimum reserve requirement ratio to 2%, from the current 1%, with the aim of reducing the approximately €4 billion in annual interest payments it makes to banks while also absorbing part of the banking system’s excess liquidity. The proposal remains at an early stage of discussion, and any decision by the ECB’s Governing Council is expected in the autumn of 2026. In any event, the impact on banks’ interest income is expected to be marginal to negligible.

Motor Oil is recycling its portfolio

Motor Oil has entered into exclusive negotiations to transfer a 75% stake in HELECTOR and Thalis to AKTOR—that is, the core of its waste-management business. At first glance, this move appears to signal a shift in priorities from the circular economy back toward refining. In reality, it may be something more complex. Just a few days earlier, the company had acquired a 60% stake in EN.ACT (June 2) in the same sector, while at its annual general meeting (June 17), management explicitly stated that it would sell “mature” investments while pursuing “early-stage” opportunities with greater upside. The sale of 75% of HELECTOR, while the refinery retains a 25% stake and a specialized infrastructure partner assumes operational control, fits precisely into that strategy: monetizing a mature asset. The same pattern appears in the sale of a portfolio of photovoltaic and wind farms to PPC (€237 million, June 4), as well as the issuance of a €400 million Eurobond (June 8) at a 3.75% interest rate that was oversubscribed by more than €1.4 billion. Again, the same formula: selling mature investments, securing inexpensive financing, and building new positions. According to reliable information obtained by this column, attention is once again focusing on refining—the company’s core business, which remains its primary cash-flow engine. In other words, asset rotation is not an end in itself. It is the fuel for a change in strategic priorities, in light of the Exarchou–Vardinogiannis alliance (which also includes, for now, non-binding discussions regarding FSRU/LNG projects). The market welcomed the move: the stock rose to €39.96 (+4.12%), just a few days after the ex-dividend date for its €1.40 dividend (June 26).

Vote of confidence in HELLENiQ ENERGY

HELLENiQ ENERGY continues to demonstrate strong momentum, having recently reached an 18½-year high of €11 per share—a level last seen in January 2008. During yesterday’s trading session, however, the stock fell 2.4% to close at €10.78. The decline is viewed as purely technical, resulting from the stock trading ex-dividend following the final dividend payment of €0.38 per share. Eurobank Equities upgraded its recommendation on HELLENiQ ENERGY to “buy”, with a target price of €12.60, while Pantelakis Securities set a target price of €12.50.

EYDAP reaches €11 for the first time in 18 years

EYDAP has returned to record territory, attracting considerable investor interest on Athens’ stock market. Closing at €10.86 and reaching an intraday high above €11—specifically €11.12—the stock traded at levels not seen since June 2008, marking an 18-year high. The return to record levels was accompanied by unusually strong trading activity. Turnover reached €1.37 million, while trading volume totaled 126,000 shares. EYDAP’s gain for the year now exceeds 38%, and its market capitalization has risen to €1.15 billion.

Greeks trust mutual funds—but not necessarily equity funds

Data for the first half of the year released by the Hellenic Fund and Asset Management Association show that U.S. Equity Mutual Funds returned 19.65%, Index Funds gained 18.39%, and Greek Equity Mutual Funds rose 17.85%. However, purchases of mutual fund units did not follow those performance leaders. Fresh capital did not chase the highest returns. The largest share of inflows (€794.75 million) went into International Bond Funds, which offer relatively modest returns but also account for the largest market share (37%). Greek savers are constructing their portfolios more cautiously. Total assets under management in Greek mutual funds have now reached €32.82 billion, up 11.48% since the end of 2025, representing an increase of €3.38 billion. Net inflows of €1.98 billion accounted for 58.56% of that increase. Put simply, the market’s growth was driven not only by rising asset prices but also by deliberate long-term investment decisions rather than enthusiasm for market rallies. Following International Bond Funds, inflows were allocated to Balanced Funds (€263 million), Structured/Special-Type Funds (€251 million), and Developed Markets Equity Funds (€219 million). This allocation suggests a preference for diversification rather than speculation. Total assets under management are now only €1.72 billion below their historical peak. The question now is whether this new, disciplined investment culture will endure through the first genuine market correction.

Semiramis will not take a single step back on Genco

Wall Street analysts interpret Diana Shipping’s decision to extend the fully committed financing for its public offer to acquire Genco Shipping & Trading as a carefully calculated move that goes beyond the financing aspect of the transaction. The objective is to send a clear message that the Greek company possesses both the capital and the determination to complete the acquisition while simultaneously increasing pressure on Genco’s management. In public takeover bids, maintaining financing—in this case totaling US$1.412 billion from international banks—is a critical indicator of credibility and removes any doubts about the company’s ability to fund the acquisition despite the extended timetable. Analysts also attach particular importance to the fact that the company did not revise its offer price of US$27.34 per share. The minor adjustment to the financing structure is solely related to Genco’s sale of two vessels and does not reflect any change in strategy or reduction in banking support. At the same time, Diana continues to invite Genco’s board of directors to enter negotiations while avoiding open confrontation. However, its reference to the growing level of shareholder participation in the tender offer is steadily increasing pressure on the management of the American company. For Wall Street, attention is now focused on one question: How much longer can Genco avoid sitting down at the negotiating table while Diana continues to strengthen its position?

Guilfoyle showcased Washington’s man in Greek shipping

The intervention by the U.S. Ambassador to Greece, Kimberly Guilfoyle, at the Regular General Assembly of the Propeller Club Port of Piraeus, which took place at the Hotel Ilissia in central Athens, publicly highlighted the role played by the now-departed, three-term president of the Club, Kostis Fragkoulis, in strengthening Greek–American relations in shipping. She revealed that from the very first days of her presence in Greece, Fragkoulis was the one who opened the doors of the Greek shipping community for her, bringing her into contact with leading representatives of Greek shipowners. She also spoke of a close cooperation which, as she said, led to business missions, conferences, high-level meetings, and joint initiatives in Greece and the United States, aimed at further strengthening the strategic relationship between the two countries. What is noteworthy is that the U.S. ambassador chose to place such strong public emphasis not only on the achievements of the Propeller Club, but primarily on the individual who, in her view, functioned as a bridge between the American diplomatic mission and the world’s most powerful shipping community. Kimberly Guilfoyle’s statements went beyond the limits of a ceremonial event and highlighted the role played by personal relationships in the exercise of so-called soft diplomacy between Athens and Washington. After all, Kostis Fragkoulis continues his career as the first non-American president of the International Propeller Club.

The new European “wallet” and the bet of Greek shipping

The creation of the European Competitiveness Fund is not just another financing program from Brussels. It is the first serious attempt by the EU to move from obligations imposed on the shipping industry to financial support. Until now, European policy required shipping to invest in expensive green vessels, new fuels, and digital infrastructure, without opening a corresponding funding pipeline. The background shows that in Brussels, the view has matured that the competitiveness of European shipping cannot be maintained through regulation alone. Capital is needed, especially in the face of generous state subsidies provided by China, South Korea, and other Asian economies to shipbuilding and maritime technology. For Greece, the real stake is not only whether it will secure funds, but whether it will manage to place Greek shipyards, ports, technology companies, and research centers at the core of European partnerships. Whoever participates from the beginning in the design will claim the largest share of the next phase. The rest will be limited to the role of mere recipients of the new rules.

POTUS revenues of $2.2 billion in 2025

In the United States there is no “declaration of assets and liabilities” system. Instead, there is the annual report of the Office of Government Ethics. In the 927 pages of this year’s report published by the U.S. OGE on June 30, there is a figure that changes the profile of Donald Trump’s wealth. Out of $2.2 billion in total revenues for 2025, more than $1.4 billion came from cryptocurrencies and digital tokens. Donald Trump believes in cryptocurrencies and does not hide it. The infamous meme coin, the memecoin $TRUMP, brought him $635 million in royalties. World Liberty Financial, co-founded by the President’s sons and the children of presidential envoy Steve Witkoff, added about $580 million from token and share sales. Last year, the same company declared just $57.35 million. This year, ten times more. The historic “jewels” of the Trump empire—golf and resorts—generated over $500 million (Doral 122, Mar-a-Lago 77), amounts that now seem small compared to crypto revenues. At the same time the family was collecting profits, the market value of the tokens collapsed. The $TRUMP trades at around $1.68 (it once reached over $74), while WLFI has lost -80%. Small investors who trusted them were likely left with glory and losses. The President is legally exempt from conflict-of-interest rules, while his administration is implementing a crypto-friendly regulatory framework. An OCC decision on a banking license for WLF is pending, a company we recall is family-controlled. The White House denies any conflict of interest, citing a trust managed by the sons. When the regulator and the regulated share the same surname, who prices the risk?

Christine Lagarde’s regrets in Sintra

Every year at the end of June, the ECB gathers in Sintra, outside Lisbon, Portugal, the elite of global monetary policy. The annual ECB Forum on Central Banking is the European equivalent of the U.S. Jackson Hole symposium. Statements made there are closely read as directional signals. This year, on the central bankers’ panel, the head of the ECB did not mince words. “I regret one thing. I felt bound by forward guidance.” With this phrase, Christine Lagarde formalized a shift that had been developing for months: the transition from “forward guidance” to “framework guidance.” Forward guidance told markets what the ECB would do. In contrast, framework guidance only explains how decisions are reached, based on three criteria: inflation outlook, underlying inflation dynamics, and the strength of monetary transmission. Therefore, from now on there is no commitment to the path of interest rates. This is the new message to markets. Investors must adjust financial conditions themselves, without waiting for the central bank. Markets will do their job, and the ECB will “buy time.” When explosions in the Middle East began feeding into inflation, market rates tightened already in March, well before the ECB’s decision in June to raise euro interest rates. On the same panel, the new Fed chair, Kevin Warsh, said “we found common purpose,” while Andrew Bailey and Tiff Macklem also opposed forward guidance. Thus central bankers agree: they are returning to their core job in an era of more frequent inflation shocks from the supply side, which escalate and unwind abruptly. In other words, post-meeting central bank statements will convey less certainty about future developments and will require greater responsibility in reading the data. The era in which the central bank “held the markets’ hand” is over.