Hello. It’s been a while since I wrote to you about PASOK. I left them alone for a few days and… the kids managed to make a mess of things again. So, first Doudonis came out and said that Tsipras supports private universities because Benteniotis (who is supposedly one of his people) holds some administrative position at one of them. The truth is that Doudonis confused Benteniotis’ son, who serves in the Hellenic Police, with his father, who works at a private university. The father is 90 years old, a former PASOK MP and minister, and has been in the party for 60 years. These rascals not only don’t know what they’re talking about—they don’t even show any respect. Then Karchimakis (the son, right?) came out and said they would repeal the Pierrakakis law, and shortly afterward Nadia Giannakopoulou—also from PASOK—said that only Cuba operates without non-state universities. Conclusion: Our Nikos is the best of them all when he doesn’t speak at all!

Anniversary and nonsense

Today marks the 52nd anniversary of the Restoration of Democracy in 1974, and by tradition elected politicians usually attend, among other events, the modest reception held at the Presidency of the Republic according to protocol. At least until last year, all—or nearly all—elected party leaders attended, which was seen as a sign of respect both for the institution and for this historic anniversary. But now even that tradition has unraveled, along with everything else around us, due to the politicians themselves—not because of the President of the Republic. I’m told Mitsotakis, Androulakis, and Koutsoumbas will attend, but the remaining party leaders will not, for rather ridiculous reasons. The most ridiculous, according to the columnist, is the newly elected SYRIZA leader Dourou (who, he sarcastically recalls, “did such a great job” as regional governor during the Mati wildfire disaster), because she says that fascists also attend the same reception. Tsipras, I’m told, happens to be away somewhere, and soon they’ll probably tell us that Samaras isn’t attending either because he’s “anti-establishment.”

Samaras and Salmas

Speaking of Samaras, I’m very curious whether Antonis will bring Salmas into the political party he’s reportedly forming. Yes, the very same Salmas who passionately supports the stories about wheeled suitcases supposedly being taken into Samaras’ office at the Maximos Mansion. What else are we going to see?

The new package and the new approach

Defense Minister Dendias gave a fairly detailed briefing yesterday after the Government Council for Foreign Affairs and Defense (KYSEA) approved the massive armaments program worth more than €4 billion that I mentioned yesterday. In September, after Dendias agreed with Mitsotakis that elections will take place in 2027, there will be a more extensive presentation of the Defense Ministry’s long-term procurement plan covering the period from 2027 to 2037. The critical shift in defense procurement philosophy is that Greece is moving away from heavy weapons and large platforms toward small, flexible weapons adapted to the new nature of warfare.

Pessimism about the Gulf

From inside the KYSEA meeting, I’m told Foreign Minister Giorgos Gerapetritis delivered a very detailed briefing on the situation in the Persian Gulf, expressing strong pessimism about the course of the war. The discussion noted that we may now be in much the same position as we were at the beginning of the conflict in the spring, with no prospect of de-escalation, as the hardliners inside Iran have prevailed and are preventing any meaningful negotiations. Given these circumstances, the government is preparing for a difficult winter and, obviously, for another subsidy on diesel fuel, since prices remain—and are expected to remain—at high levels.

Optimism about migration

On the other hand, optimism was expressed within KYSEA regarding migration, where the figures presented by Minister Plevris are declining, including arrivals from Libya. From the discussion, I understand that the Greek side has received assurances from eastern Libya that the slowdown seen in July will continue in the coming months.

The new housing policy through 2035

Housing remains one of the government’s most important priorities because, together with inflation, it is arguably one of society’s biggest problems today. The National Housing Strategy 2026–2035, developed by Michailidou and Skertsos, provides for €6.5 billion in funding and includes 50 measures aimed at increasing housing supply and improving access to housing. Among the main initiatives are approximately 20,000 home renovations, the development of new social housing, a housing program for members of the Armed Forces, and the creation of 8,500 new places in student dormitories. The effectiveness of these measures will depend on how extensively and quickly they are implemented, as well as on whether they succeed in expanding the available housing stock and easing pressure on market prices.

STOXX confusion on the stock exchange

Suddenly yesterday, about an hour before the market closed, a STOXX announcement caused turmoil after the index provider stated that it had decided to postpone the upgrade of the Greek market to developed-market status until June 2027 instead of September 2026. Specifically, the initial announcement regarding the annual country classification for the STOXX World indices stated that Greece would be reclassified from an Emerging Market to a Developed Market, with the change taking effect on June 21, 2027. Research notes from foreign banks (such as UBS) quickly appeared, discussing an eight-month “gap” between FTSE outflows and STOXX inflows, while the banking index fell by as much as 2%, to 2,799 points, dragging down large-cap stocks. The market went into alarm mode, explanations were demanded, and eventually a corrective announcement followed. STOXX clarified that the reclassification concerned only the STOXX World Indices and not the STOXX Total Market Index (TMI), which underpins major European benchmarks such as the STOXX Europe 600 (SXXP) and STOXX Europe Banks (SX7E). Therefore, the reclassification will indeed take effect on September 21, 2026. Furthermore, the STOXX document makes clear that Greece has exited the Watch List entirely, unlike nine other countries still in limbo, including Poland. As a result, the main scenario remains unchanged: approximately $1.5 billion in inflows during the September rebalancing, offsetting FTSE outflows. It should also be noted that the investment narrative remains heavily centered on banks. According to JP Morgan, nine Greek stocks will join the pan-European index, with almost 90% of the inflows directed toward the four systemic banks included in the STOXX Banks index. Those who sold during the confusion handed attractive entry points to other investors. Interestingly, in the same classification Bulgaria and Cyprus were upgraded to Frontier Market status.

The stock market agenda changes next week

The STOXX episode demonstrated that in a market exhausted by a succession of capital-intensive corporate actions—placements, capital increases, bond issues, IPOs, and the like—even moderately important news can create the appearance of a market sell-off, as happened yesterday, because investors’ nerves are frayed. The intensity of yesterday’s selling on the Athens Stock Exchange suggests that the correction was driven more by technical factors than by the substance of the news itself. The question now is whether the market has already absorbed most of the supply created by recent corporate transactions or whether more time will be needed to restore the balance between supply and demand. The positive news for investors already positioned in the market is that next week’s agenda shifts toward corporate earnings, giving renewed reasons for interest, at least in selected stocks.

New positions at Nova ICT

The ownership changes at Nova ICT have already begun to be reflected in its management structure. A few days after the completion of the acquisition of a 50% stake by Motor Oil Group’s Ireon Technologies, and the entry of the Latsco Family Office and EOS Capital Partners into the investment structure, the company’s general meeting elected a new board of directors, marking the transition to a new era. Nikos Giannakakis becomes chairman, Nikos Chrysanthopoulos vice chairman, Alexandros Bregiannis remains CEO, and the new five-member board also includes Dimitris Afentoulis (CEO of the Latsco Family Office) and Isidora Parga (Senior Legal Counsel at Motor Oil). The company will likely be renamed at a later stage to reflect the broader ownership changes.

The best year to buy an apartment in central Athens was 2016

The best year—in terms of investment returns—to buy an apartment in central Athens was 2016. This is according to an analysis by Deutsche Bank comparing average prices per square meter across 69 cities worldwide and how much they have increased over the past decade. Athens, with an average price slightly above $4,500 per square meter, ranks 55th, while Hong Kong, Zurich, Seoul, Singapore, and Geneva occupy the top five positions. The analysts note that apartment prices in Hong Kong have fallen by more than 10% since 2019, yet the city has retained first place. Tokyo has dropped 20 places since 2016, falling to 25th, while London—one of only ten cities where prices have declined—has slipped five places but remains the seventh most expensive city in the world. However, when comparing price increases since 2016, the picture changes, with the real winners found in Eastern Europe. Budapest stands out with a gain of nearly 210%, followed by Manila, Prague, Athens in fourth place with an increase of about 150%, and Riyadh.

PPC is moving faster in fiber optics

PPC (€22.22, -1.33%) announced yesterday that its fiber-optic network is expanding into 15 new areas—11 in Attica (from Agioi Anargyroi and Acharnes to Keratea, Lavreotiki, and Marathon) and four in Thessaloniki (Agios Pavlos, Efkarpia, Stavroupoli, and Oreokastro). In several of these areas, competitors have not yet even arrived. PPC’s FiberGrid network has reached 2.05 million homes passed, with more than 1.3 million households ready for service, all within the last 30 months. For comparison, OTE—the undisputed leader until now—began deploying FTTH in 2018 and, by the end of March, had surpassed 2.1 million homes and businesses, aiming for 2.4 million by the end of 2026. The incumbent still leads in absolute numbers, but the newcomer is winning decisively in terms of deployment speed. With expansion into more than 100 areas, FiberGrid’s goal is to reach 3.8 million households by 2028—surpassing OTE’s 2030 target of 3.5 million. Since June 10, a non-binding term sheet between PPC and Vodafone has been in place for a 50-50 joint venture created through the merger of FiberGrid and Fiber2All, focused exclusively on the wholesale Fiber-to-the-Home (FTTH) market. Fiber2All adds another 550,000 homes ready for service, meaning the combined company would begin operations with 1.65 million immediately available connections. For now, the agreement remains in the due diligence and regulatory approval process. It took a century for Greece’s electricity grid to cover the entire country. Judging by the numbers, PPC’s fiber-optic network is in a much greater hurry.

Space Hellas: gains with a reason. Another extension for the tender

In an otherwise sharply declining and disappointed stock market, the Athens Exchange’s standout performer yesterday was the sudden optimism surrounding Space Hellas (€7.48, +4.47%). The positive sentiment appears to have been fueled by expectations surrounding Monday, July 27, when—at least in theory—the extended deadline for expressions of interest in the €515 million tender for Greece’s new digital identity cards was due to expire. The question is whether the enthusiastic stock market knew yesterday that, according to information and in all likelihood, the management of the Hellenic Growth Fund, which is conducting the tender on behalf of the Ministry of Citizen Protection, is expected to grant yet another extension, this time until September 10. The key to this process lies in the constantly shifting corporate alliances that continue changing until the very last moment. The tender covers the complete digitalization of the issuance of secure documents (identity cards and passports) through a two-phase competitive dialogue procedure, financed with national funds, with an estimated duration of 138 months. In simple terms, the winner secures an abundance of work and eleven years of stable revenue. Space Hellas is widely regarded as one of the leading contenders in this game of ad hoc alliances. The company was the first to publicly confirm its participation at its June General Assembly, while in the previous tender—which was canceled in the autumn of 2022—its consortium with Zetes had reached the final stage. So far, reports indicate that four bidding groups have emerged: OTE–Byte–Idemia, Unisystems–Veridos, Space Hellas–Nova–Zetes–Thales, A fourth group centered around Austria Card with Toppan. If the alliance with Thales and Nova is confirmed, the consortium would be stronger than the one assembled in 2022. However, all these alliances remain in flux and are being redesigned, and the latest extension confirms that. It is also worth remembering that spectacular share-price gains achieved on trading volumes worth only a few tens of thousands of euros may not prove especially durable.

Cenergy: A breather after Euroxx’s vote of confidence

Cenergy remains on a recovery path, posting four consecutive positive trading sessions. The stock has displayed notable defensive characteristics recently, and yesterday it maintained its gains despite the broader market decline. Since breaking below the psychological €20 threshold, it has developed strong upward momentum. The first short-term target is €24.20—the price at which the recent placement was carried out—while the next objective is to surpass its all-time high of €26.20. A key catalyst supporting investor demand is Euroxx’s latest research report, which describes Cenergy as an “attractive entry opportunity” following the completion of its capital increase. Euroxx set a target price of €26.50, citing the group’s strong fundamentals, its substantial order backlog in cables and steel pipes, and its positioning within the global energy transition.

Motor Oil continues its rise

Motor Oil’s stock is now within touching distance of €50, having gained more than 25% in a single month. To some extent, the rally is justified by the sharp rise in international oil prices and refining margins. However, the market also appears to be pricing in significant corporate developments. Since late June, construction group AKTOR has submitted an offer for 75% of Ilektor and Thalis (both indirectly wholly owned subsidiaries of Motor Oil), with exclusive negotiations underway and expected to conclude by early September. The transaction would unlock value and generate liquidity from non-core operations during what is currently a golden period for refining. On another front, there is natural gas. AKTOR is discussing participation with Motor Oil in the development of a floating LNG regasification terminal (FSRU). In response to an inquiry from the Hellenic Capital Market Commission, the listed company confirmed that it continuously evaluates partnerships in the natural gas sector, although no binding agreement currently exists. Everyone in the market knows, however, that an FSRU has long been a strategic objective for the Motor Oil Group. Expectations of a €2-per-share dividend also make the bet on future developments appear relatively safer.

The mysteries of Cetracore–JetOil: You leave, you come

Cetracore–JetOil has acquired yet another interim management team. As is well known, the company has been caught up in difficulties since last December, when all of its assets were frozen as a result of European sanctions against Russia. At the time, the company announced the suspension of its operations after its principal shareholder, Murtaza Lakhani (head of the Mercantile Maritime Group), was included in Council of the European Union Decision 2025/2594, which lists individuals and entities subject to sanctions related to Russia’s invasion of Ukraine. Shortly beforehand, on November 6, 2025, the Extraordinary General Meeting elected a new Board of Directors, appointing Shazia Mukhtar as Chairwoman and CEO. She is reportedly a senior executive at Mercantile Maritime, which is controlled by Lakhani. Subsequently, on May 26, 2026, the Single-Member Court of First Instance of Thessaloniki issued an interim order following an application to appoint temporary management for the company “to carry out all urgent acts necessary to safeguard its interests.” This first interim administration consisted of: Shazia Mukhtar as Chairwoman and CEO, Inna Kochetova (Corporate Legal Counsel at Cetracore Energy GmbH), Ioannis Kourtesis. As clarified at the time, they were appointed “until the hearing, and subject to the hearing,” of the application scheduled for June 23, 2026. There have since been new developments. According to relevant documents, Shazia Mukhtar withdrew her application for the appointment of interim management on June 18. “As a consequence, on 18.06.2026 the interim order dated 26.05.2026 issued by the President of the Single-Member Court of First Instance of Thessaloniki… ceased to be effective,” the documents state. Then, on July 14, another interim order was issued by the same court appointing a new temporary administration consisting of: Inna Kochetova as Chairwoman and CEO, Ioannis Kourtesis, Kyrylo Feofanov (identified as Control and Operation Manager of Austria’s Cetracore Energy GmbH). They are tasked with carrying out all urgent actions necessary to safeguard Cetracore–JetOil’s interests and will serve as members of the Board of Directors until the hearing of the application on September 3, 2026. A confusing situation, with constant personnel changes—and an increasing number of Russian names appearing.

Why shipowners are putting the brakes on Saudi Arabia

It didn’t take the sinking of a single ship to change the market’s behavior. A few warnings from the Houthis and the first course changes by oil tankers were enough to send a clear message: shipping companies are no longer waiting for the first strike. They are adapting before it happens. The movements of the Greek-owned aframax Rodos (owned by Dynacom) and the Chinese VLCC Xin Long Yang are more than just operational decisions. They are the first concrete evidence that the Houthis’ embargo on Saudi ports is beginning to affect maritime trade routes. The background is even more interesting. In recent years, Saudi Arabia invested heavily in the terminal at the port of Yanbu, transporting crude oil by pipeline from the Persian Gulf to the Red Sea so it could bypass the Strait of Hormuz whenever tensions escalated. Today, however, even that alternative route appears to be unsafe. Conversations in the shipping offices of Piraeus have changed. People are no longer asking whether the Houthis can carry out their threats. They are asking how much it costs to ignore them. And when fear begins to dictate shipping routes, maritime decisions are based not only on freight rates but also on risk levels. Perhaps the most striking development is that the Houthis appear to be achieving something that until recently seemed unthinkable. Without officially closing any sea lane and without launching a new wave of attacks, they are nevertheless compelling shipowners and charterers to redesign their voyages.

TEN’s deals are filling its cash reserves

While the tanker market continues operating at high speed, Tsakos Energy Navigation (TEN) has agreed to sell two 2006-built Suezmax tankers, Alaska and Archangel, for a total consideration of approximately $51 million. The significance lies not only in the transaction itself but also in its timing. Despite renewed tensions between the United States and Iran, valuations for older tankers remain strong, and buyers continue paying substantial premiums for vessels capable of generating immediate revenue. Market observers note that TEN is consistently executing its fleet-renewal strategy. It is no coincidence that during 2026 the company has already completed several vessel sales, generating significant liquidity. These funds are being directed toward financing the company’s extensive newbuilding program, which includes VLCCs, shuttle tankers, LR1 product tankers, and LNG carriers.

The Greek registry and overlooked international achievements

While discussion surrounding Greek-owned shipping usually focuses on new ship orders, acquisitions, and geopolitical crises, there is another area in which Greece continues to succeed quietly. Despite its strengths and weaknesses, the Greek ship registry remains among the world’s most reliable and highest-quality registries—a fact confirmed by all major international inspection organizations. It is no coincidence that the Tokyo MoU once again kept the Greek flag on its list of high-performing registries this year, while shortly afterward the Paris MoU retained Greece on its “White List” of the world’s leading flags. At a time when competition among ship registries is intense, the Greek flag continues to serve as a mark of reliability for shipowners. This may well be the Greek shipping industry’s most meaningful—and least publicized—success. That said, there is still a long way to go before the registry becomes not only safe but also more competitive. Of approximately 5,600 Greek-owned vessels, only about 600 currently sail under the Greek flag.

Central bankers fall silent when oil speaks

Government bond yields are rising in tandem across all advanced economies, evidently because developments in the Strait of Hormuz have pushed oil prices to $100 per barrel. The yield on the U.S. 10-year Treasury stands at 4.70% (+2.2 basis points to 4.677%), the U.K. 10-year gilt has climbed above 5% (5.072%), and Germany’s 10-year Bund is trading at 3.19%, close to its multi-year high of 3.2% reached in May. Besides rising oil prices, the bond market is also under pressure from a wave of new government debt issuance. Large fiscal deficits point to increased sovereign borrowing. In London, gilt yields rose by four basis points following Burnham’s tax cuts for the hospitality sector. Nervousness is evident even in shorter maturities. Germany’s two-year government bond yield is now above 2.8%, its highest level since July 2024. This suggests that markets are not merely worried about inflation—they are also pricing in a response from central banks. Money markets are pricing the European Central Bank’s deposit rate at 2.70% by December and 2.78% by February 2027, up from 2.25% today, with the first rate hike expected as early as September. Christine Lagarde spoke yesterday, while next week Federal Reserve Chairman Kevin Warsh is due to speak. For the moment, both are effectively remaining silent regarding current interest rates. Although Kevin Warsh had clearly advocated lower U.S. dollar interest rates before his appointment, since last June’s gathering of central bankers in Sintra, Portugal, he appears to have changed his rhetoric. He now says the Fed “will deliver price stability” and continues to emphasize the central bank’s independence from Trump’s pressure for rate cuts, focusing instead on inflation, which has climbed to a three-year high.

Apple launches device sales through… leasing

The biggest change in Apple’s business model will not be a new advanced device. It will be leasing contracts. Reports—which Bloomberg appears to consider credible—say that on July 28 Apple will launch its new “Apple Upgrade” program, covering most iPhone, Mac, iPad, and Apple Watch models in partnership with Sweden’s Klarna Group as the financing provider. Apple devices will no longer be sold exclusively—they will also be leased. Lease terms will be: 24 months for iPhones and Apple Watches; 36 months for Macs and iPads; with only a light creditworthiness assessment. Apple is ending new enrollments in both its existing iPhone Upgrade Program and its conventional financing plans. The Apple Upgrade program also has exclusions. Not included are: Apple Watch SE, the entry-level iPad, the iPhone 16, the MacBook Neo, as well as corporate and educational purchases. Put simply, the cheaper models will continue to be sold outright, while the more expensive ones may instead be leased. This new commercial strategy comes shortly after price increases of several hundred dollars for Macs and iPads, driven by the global memory shortage that has sharply increased component costs. The new—and more expensive—iPhones are already expected in September. In return, Apple is offering a leasing option with monthly payments intended to soften the shock of the higher prices. Interestingly, two years ago Apple abandoned plans for its own subscription-based hardware program. By partnering with Klarna, it can offer leasing without taking on the associated credit risk. For Klarna, the partnership provides access to a highly desirable segment of customers.

A new billionaire every day

In 1987, Forbes magazine counted the world’s billionaires for the first time. It found 140 of them. Forty annual lists later, this year’s ranking sets a new record with 3,428 people possessing fortunes exceeding $1 billion. That is 400 more than last year. In other words, the world gained at least one new billionaire every day. Their combined wealth has surged to $20.1 trillion, an increase of $4 trillion in a single year, with the average billionaire now worth $5.8 billion. That amount of wealth is roughly 75 times Greece’s GDP. The undisputed star of this year’s list is artificial intelligence. Forbes attributes the explosion in wealth primarily to the AI boom and soaring technology valuations. Nvidia’s stock has risen by more than 40% over the past year. Elon Musk tops the list with a fortune of $839 billion—more wealth than the next three richest people combined. He is the first person ever to exceed $800 billion, and, according to the columnist, will almost certainly become history’s first trillionaire. At the very top, the ranks are becoming increasingly exclusive. The number of people with 12-digit fortunes (over $100 billion) has reached 20. There were none as recently as 2017. Those 20 individuals control $3.8 trillion, nearly 20% of the total wealth of all billionaires. Geographically, the United States (989 billionaires with $8.4 trillion in wealth), China (539), and India (229) account for 51% of all billionaires across the 80 countries represented in the ranking. This is what Bernie Sanders sees, the columnist says, and why he proposed a 5% annual wealth tax. According to economists, such a tax would raise $4.4 trillion. Elon Musk alone would owe $42 billion every year. The proposal, of course, has virtually no chance of passing Congress in today’s Washington. But it has an audience that is growing at the same pace as the billionaire list itself.