• Hello and Happy Holidays to all of you, with health and happiness! Safe return to those still chilling out on their post-Easter vacations—or are you perhaps stretching it out through May Day? It’s just around the corner. I’m not sure if that wise leader Nikos A. was right when he grandly declared that this is the most expensive Easter in Greece’s history, but for a nation supposedly broke, the Easter getaway sure wasn’t bad. If you don’t believe me, just ask anyone who was stuck on the highways or ferries.

Good news from K.M.

• Now then, today, in just a few hours, you’ll hear directly from Mitsotakis a package of very positive measures for a broad range of the population. These announcements come on the back of the State’s very strong revenue performance so far this year (we’re talking surplus). But since the Prime Minister is the one who always delivers the good news, we’ll stop here.

Masoutis moves in on Kritikos

• I should point out that despite the general paralysis caused by the Easter period—and the extra uncertainty from Trump’s political shenanigans—deals in the market are steaming ahead. I’m not even talking about the banks (they’re all sniffing around something), but the wider market. For example, Masoutis’ checks into Kritikos’ books—and not just the books—are thorough. A source from the company mentioned, “if no skeletons turn up,” then a binding offer will be submitted within the next two months—something both sides have more or less already outlined. According to a senior retail executive, whether the deal goes through or not, it’s going to reshape the retail map in the long run. If it succeeds, Masoutis will get a “boost” and put pressure on the other big players hovering around positions 2 to 5 in the market (AB Vassilopoulos, Lidl, My market), while Sklavenitis remains rock solid in first place, well ahead of the pack. If it fails, it’ll stir the pot, create headaches for those involved and… opportunities for others. Either way, it looks like a new wave of consolidation in organized retail has kicked off. As one of the “big ones” said to this column, in this new wave, besides the obvious targets (those small-to-mid chains still resisting the shifting landscape), even the big players are now finding it easier to sit down and talk…

The Sarantis brothers going for Dodoni

• And staying on the same wavelength: despite denials from the Sarantis brothers of Olympus and the market rumor mill suggesting the deal “stumbled” due to tariff turmoil, solid sources claim that just before Easter, the Sarantis brothers completed their due diligence at DODONI and submitted a binding offer. Word is the deal is sealed and announcements are expected any moment now. Just a side note: CVC is moving very actively.

EY screening two consultancy firms

• With business booming, the appetite of consulting firms has grown as well, and things are moving fast—largely driven by the Big Four. EY is currently screening two smaller firms in the sector, as part of a strategy to expand both horizontally and vertically in market segments it finds attractive and viable.

Europa Insurance: Ready for two acquisitions in the insurance sector

• Moving on now to developments around Europa Holdings and the capital increase underway by Intracom’s subsidiary. At the center of it all is Europa Insurance, with the capital increase finalizing a plan set in motion months ago. First, the capital raise amount has jumped to €68.3 million from an initial €56 million, because acquisitions in the insurance sector have now been factored into the plan—preparations are already done—and also because other investment funds have shown interest in joining. For the two acquisitions (according to sources) in the broader insurance sector, the initial plan allocates around €17 million. Furthermore, €16.5 million is earmarked for the acquisition of a 35% stake in Europa Insurance, €28 million will go toward strengthening regulatory capital, and about €6 million for working capital. The process officially kicks off on April 28. Intracom Holdings will not participate in the increase, dropping its share from 66.3% to 40% to allow new investors in and boost current shareholders’ participation. Intracom will transfer part of its preemptive rights to Nikos Makropoulos, founder of Europa Insurance, who will end up with 13.4% of the listed company. The rest will be acquired by third-party investors who will collectively hold 13% of Europa Holdings, while shipowner Nikos Moundreas (through Green Hydepark Investments), already holding 8.95%, will fully exercise his rights.

Bakeries and café chains: Champions in electricity theft!

• Wrapping up the deals section, let’s move on to the… shady stuff. So, bakeries and some very well-known coffee chains (you’ll be shocked at the names) are topping the list of major power thieves now under intense surveillance by DEDDIE, with help from law enforcement. The Ministry of Energy’s new leadership is watching the network loss figures with some discomfort. Deputy Energy Minister Nikos Tsafos said in a recent closed meeting that the situation is unacceptable—especially when the government is trying to rein in the factors driving up electricity costs. In the end, it’s us—consumers—who pay for electricity theft via our bills. The stats are merciless: from 5.9% a decade ago, losses rose to 9.8% in 2020, and skyrocketed to 11.4% in 2023, putting Greece dead last in the EU. The problem is blamed on extremely low network investment during the bailout years, plus rising energy prices after Russia’s invasion of Ukraine. Still, it’s a real headache—not just in terms of cost, but because the problem is entrenched, with tentacles deep in the system, using threats and tactics that send shivers down government spines.

Leon and Marietta (Patitsa) dive into tourism real estate

• One more “entry” we had recently in terms of new companies. Just a few days ago, yet another shipowning family set up a corporate vehicle—doing what else? Real estate. And not just any real estate—tourism real estate. This one’s from Leon Patitsas and his wife, Marietta Chrousala, who launched “White Gem I.K.E.” with initial capital of €2.4 million. The company’s main activity includes, among other things, buying, selling, and transferring real estate in any way; improving, developing, leasing, subleasing (urban and rural properties); building hotels and tourism facilities; tourism-focused property development and sales, both in Greece and abroad; setting up, operating, and running tourism businesses like travel agencies, car rental agencies, yacht chartering offices; and also opening and managing restaurants, bars, entertainment venues—you name it. Based on the capital contributions (divided into 2,400 equity shares at €1,000 each), the company is… completely family-run. In other words, Leon Patitsas paid in €2,376,000 and got 2,376 shares, while his wife Maria Chrousala-Patitsa contributed €24,000 and received 24 shares. But here’s the juicy bit: the company seems to have made its first chess moves even before being officially set up. From the context, it looks like €303,144.95 out of Leon’s total €2.376 million was already paid to cover costs tied to the future acquisition and development of a property in the “Santa Maria” area of Paros. That €300K was paid as a “down payment to the seller”—none other than Rothschild Martin Maurel (the Paris-based Rothschild & Maurel family bank), presumably acting on behalf of the seller.

The ASE evaluates today the gift from Standard & Poor’s

• The “Good Friday gift” from Standard & Poor’s will be evaluated today by our stock market, alongside the climate of major uncertainty that continues to be stirred up by Trump’s “inspirations,” which keep affecting all major asset classes—including stocks, bonds, currencies, and oil. Volatility is hitting every submarket. All key volatility indices are rising simultaneously, reflecting the growing global uncertainty caused by U.S. trade policy and the PotUS’s daily announcements. In Athens, the General Index will start the session at 1,642.17 points and, despite the losses of Holy Thursday, the weekly gains during the 4-session trading week reached +3.76%, with the banking index at +4.98%. Following the upgrade, still below investment grade, to “BBB” from “BBB-” announced by Standard and Poor’s, the market will now turn its attention to the announcements from FITCH in 3 weeks, on May 16. DBRS and Scope already rate the Greek economy at “BBB,” that is, one notch above the last “step” of investment grade, with a stable outlook. Moody’s and Fitch keep Greece one notch below, at “Baa3” and “BBB-” respectively (with stable outlook), with Moody’s being the most recent to upgrade the Greek economy to investment grade, on March 14, 2025. National Bank will open today’s session at €9.10, Eurobank at €2.307, Piraeus at €4.70, and Alpha Bank at €2.07. OTE—with many block trades on Holy Thursday—dropped below €16, to €15.68, and OPAP to €18.71. All these stocks, after the upgrade, will have a little more to say to the market today, along with Coca-Cola and PPC, which helped keep the General Index at decent levels.

IT sector in pre-election mode

• Big games are being played in the IT sector these days, but to be honest, I’m not sure what exactly lies behind the “friendship offensive” by Efi Koutsoureli of the Quest Group toward the leadership of the Hellenic Association of Information and Communication Technology Enterprises (SEPE), and especially toward SEPE president and head of K & P TECHNIKI, G. Paparidou. Efi Koutsoureli’s proposal to “open up SEPE” to all IT companies, but have each company’s voting power depend on its size, personally strikes me as an election move, since—as is well known—elections for the new SEPE leadership will be held on June 25.

The golden age of gold

• Easter Sunday marked the 55th all-time record (within the past 12 months) for the price of gold. It reached $3,400 per ounce. Donald Trump published his “Non-Tariff Cheating” list, China issued an official warning that it will retaliate against countries cooperating with the U.S. in ways that endanger its interests, the geopolitical drama got a new boost, and gold—as the ultimate safe haven—shone once more. Technical analysis shows the next resistance level on the charts at $3,600. And if even that fails to hold back gold’s momentum, then the path opens up to $4,000 (!)—a +20% jump from the $3,329 price tag it carried on the morning of Holy Thursday. Trump’s focus on exposing non-tariff protectionist practices signals more tension ahead in the global tariff war. Gold is benefiting and smashing records, but from here on out, its price increases are fueled more by scenarios and “narratives” than by fundamentals. If, for instance, Trump (once again) changes course or if the trade war suddenly cools down, the price of gold could collapse just as fast as it surged. We’ve seen this before. Back in 1978–79, with inflation running wild and the global economy stuck in stagnation, after the second oil shock and Khomeini’s rise to power in Iran, gold soared as a safe haven to $700 an ounce (February 1980). But once things shifted and economies found their balance, it took 27 years—until 2007—for gold to surpass its 1980 record. Then, in just five years, in 2011–2012, it climbed from $700 to $1,690, only to fall again over the next three years.

Today, gold is shining brighter than ever before in history.

The mysteries of Netflix

• Right after the Holy Thursday session closed on Wall Street, Netflix chose to release its first-quarter results. With a big twist: For the first time, Netflix did not disclose the number of subscribers—a figure analysts have always relied on to gauge the market’s overall trajectory. In the previous quarter (Q4 2024), Netflix had reported a substantial “net gain” of 18.9 million paid subscribers—a record that far exceeded forecasts. This time, the company’s leadership limited itself to informing shareholders that “both operating income and revenues for the quarter were above expectations, thanks to slightly higher income from subscriptions and ads.” That announcement is open to two interpretations: It might be a good sign that people aren’t tightening their belts to the point of canceling subscriptions (or so we might assume). On the other hand, one could conclude that every other form of entertainment has become so expensive that people now prefer to spend their hours on the couch watching shows and movies.