Hello, I’m starting with news that is “cooking” imminently from Pierrakakis. A law is being considered under which the State will waive any legal claim in order to “cut” the compensations owed to citizens from natural disasters like Mati, Mandra, etc. Naturally, the legislation will also automatically apply to Tempi. Generally, the intention is for the State not to pursue citizens to the end (third degree), but as you understand, this is a decision that cannot easily pass through the various organs of Justice (Council of State, Legal Council, etc.). However, my source tells me Pierrakakis “wants to do it and it will happen.” That’s a good thing.

Meloni–Berlin–USA

A period of intense international obligations begins next week for K.M., after yesterday’s meeting with Al Sisi. We begin on Monday, when he is expected to be in Rome and meet with Giorgia Meloni – their meeting has been pending since February, and they briefly spoke at Pope Francis’ funeral. Today’s meeting between Kyranakis and Salvini in Rome about trains is also a necessary precursor. Next Tuesday, Mitsotakis is being awarded by the Economic Council in Germany, which is an association of 11,000 businesses affiliated with the CDU. Present at the related event in Berlin will also be the “fresh” Chancellor Merz, who has a good relationship with Mitsotakis – they may also have a one-on-one meeting, though that is not yet confirmed. It should be noted that the Germans strongly support Greece’s economic transformation, as well as the digitization of the state. And later, Mitsotakis goes to the USA, as on May 20 he will preside over the session of the UN Security Council.

The lunch with the Egyptians at Aigli

After the completion of the Supreme Council with the Egyptians, Mitsotakis took Al Sisi and his entourage and went to Aigli Zappeiou for a meal. The Egyptians had requested an interior rotunda with a good view of the outside, even though the weather yesterday felt… like Cairo. From the menu, to inform you, there was a Greek approach with horiatiki salad, greens pie, stuffed cabbage rolls, beef as the main course, and lemon pie for dessert. Naturally, the meal was “dry,” without wine. Beyond that, in private, Mitsotakis and Al Sisi discussed everything thoroughly, covering regional matters and issues in our neighborhood (Syria, Gaza, Libya, Turkey) and agreed to coordinate for the UN Security Council, due to Greece’s two-year participation. On the Greek side, there were Gerapetritis, Papadopoulou, and Chatzivasileiou from the Foreign Ministry, Theodorikakos and Papastavrou, and on the Egyptian side the Ministers of Petroleum, Energy, Investments, and so on.

The message to the university rectors

The leadership of the Ministry of Education (Zacharaki – her speech is scheduled for Friday – Deputy Minister Papaioannou and Secretary General Bourantonis) will be at Porto Carras today to participate in the Rectors’ Summit. From Saturday until yesterday, the provisions for the intervention were being written feverishly to tidy up the mess at the universities. Here’s what we have: there will be automatic initiation of disciplinary procedures for students who cause incidents – e.g., the one who slapped the woman in the cafeteria at the Polytechnic campus, beyond the criminal case, will see his student status immediately suspended – while, in case of conviction, he will be permanently deleted from the registry. Also, rectors will have strict deadlines for submitting safety plans, although the Ministry of Education is retreating from the idea that was on the table to link university funding to the submission of these plans.

Famellos

Let’s move now to the opposition, which is not exactly having its best days judging by the new wave of polls that show it gaining no ground no matter what happens—on the contrary. I read that Mr. Famellos filed a lawsuit against the “Truth Team”—fine, that’s his prerogative. But when they responded saying they would also sue him, he started whining in Parliament and asked for his immunity not to be lifted. Now, this trick where MPs sue and accuse whoever they want but at the same time do not want (even voluntarily, until the law changes) to be judged by the courts, has become ridiculous and is of course one reason why these politicians and their parties are continuously losing credibility. If you want to sue, you should also be ready to be sued. Or not?

There go the fronts…

Each one on their own… I’m referring to the opposition and specifically to PASOK and SYRIZA, which have abandoned their previous tactic of competing over who takes the lead in joint actions regarding the Tempi case. A tactic that ultimately made both of them look like the “tail” of Konstantopoulou, boosting her party to double-digit percentages. I’m informed that two separate proposals for the formation of a preliminary inquiry committee will be submitted—one from PASOK, likely ready by the end of next week, and a joint one from SYRIZA and New Left. For the latter, however, I remain cautious, since significant internal disagreements must be resolved before any text can be presented. Specifically, I hear that the Famellos–Kalamatianos wing wants a preliminary committee only for Karamanlis, whereas Kokkalis, Koumoundourou’s regular legal affairs spokesperson, insists that if Christos Spirtzis’ name is not included, he won’t touch the case.

Competition Commission: Decisions on banks and the oil market

And now I move on to the market, starting with the… tough stuff. So, the Competition Commission has now reached the final stage and by the end of June is preparing to publish the results of its investigation into bank interest rates. But besides the banks, the investigation into the functioning of the oil market is also nearing completion. The government will receive the Commission’s proposals on how the oil market should operate, and then the ball will be in its court regarding what and how it will legislate. Let me take this opportunity to note the following: After nearly two years (!) of back-and-forth, today—barring surprises—the announcement for the hiring of 50 staff members at the Competition Commission is expected. They will mostly be lawyers, economists, and a few with IT expertise. Obviously, you can imagine that from the announcement to the actual hiring will take another year, so the strengthening of the Commission’s human resources will have taken nearly three years. Cheers to that.

The 400 Welders of Metlen

The big business in Defense and the much-discussed revival of the defense industry over the past few months do not only require contracts, assignments, etc. They also require a whole ecosystem that functions and can deliver. And that alone demands brains but also… hands. And unfortunately, as in other sectors of the economy, labor is lacking, especially technical personnel. Already, across almost the entire industry, technicians, engineers, welders, and so on are scarce as nearly an entire generation of workers was not trained due to the abolition of technical education and, as a result, did not enter the labor market! So what will happen with the ambitious plans that major Groups have already begun implementing in the Defense Industry sector? Yesterday, the President of SEV, on the sidelines of the presentation of the annual study on the business climate, said that the Association is now undertaking educational programs to help industries either train or retrain personnel. Within this framework, he explained that in Magnesia a major training program is expected to be launched for up to 400 workers as welders following a request from a specific member of the Association! After a brief search, I also found the name of the member, which is none other than Metlen! The Group is investing in creating a large complex in Magnesia to strengthen its existing activity in the Defense Industry and is desperately looking for personnel with any background to utilize them as welders.

Processes for financing businesses listed in TIRESIAS (even if they’ve settled their debts)

Since we brought up SEV, I should mention that the central message of yesterday’s — first — press conference by the new President of SEV, Spyros Theodoropoulos, was “Merge or we’re doomed,” and he used the results of an annual opinion survey of businesses conducted by MRB to persuade. The need for the consolidation of small or medium-sized enterprises so they can gain size, infrastructure, and the ability to respond to developments was the central message. Inevitably, the discussion led to financing from the banking system, and there an idea emerged that seems to have already matured: Businesses that are still listed in the TIRESIAS records, even though they have already settled their debts, should be eligible for financing from the banking system. It seems that some developments have already been set in motion in this area, and announcements are expected, since banks are also members of SEV.

Aktor’s new arm and the… French scent in real estate

Even from the establishment of new companies, the AKTOR Group’s aim to enter new activities and revenue streams is evident. So, a few days ago, the Aktor Group acquired a new arm. The new company is named “Aktor Special Concessions and PPP Projects Single-Member S.A.” and operates under the trade name “Aktor Special Concessions and PPA Projects.” Its purpose is the activities of holding companies, construction project management services, projects for bridges and tunnels, port operation services, constructions for dams, and even water airport operation services, among others. The initial share capital is €25,000, fully paid up at the time of establishment by the sole shareholder “Aktor Concessions and PPP Projects Holdings S.A.” The first Board of Directors includes Alexandros Exarchou (Chairman & CEO), as well as Anastasios Aranitis and Konstantinos Adamopoulos as members. Also, a few days ago, “Knikos Single-Member P.C.” was established, based in Chalandri, with the purpose of managing and trading real estate. It is a subsidiary arm of the French Eximium, a family-owned portfolio investment company created by Michel Baulé, managing investments in listed and unlisted companies and real estate worth over €500 million, including 75,000 sq.m. of commercial and industrial spaces. The initial share capital was set at €1,200,000, divided into 1,200,000 capital contribution shares with a nominal value of €1 each. The sole shareholder is Eximium, which has paid €200,000 at establishment, while the remaining €1,000,000 will be paid by 30.11.2025. The company’s manager is Laurent Yves Baule.

Back in the court: The Koutsolioutsos

Today, the trial in the appellate court for the Folli Follie scandal is expected to resume at the Three-Member Court of Appeals. Last April, the hearing was postponed, and it remains to be seen whether there will be another delay today. Meanwhile, a few days ago, specifically on the 4th of the month, seven years passed since the QCM revelations that began to unravel the web, exposing the deeds and misdeeds of the Koutsolioutsos. The case still drags on, just like the company itself, which is hoping for the release of assets to breathe or attract an investor.

Who’s Selling, Who’s Joining Qualco

Tomorrow, the IPO of Qualco for the listing of its shares on the Stock Exchange will conclude, with PIMCO and the other shareholders – company executives – offering part of their stake. Specifically, PIMCO (via Amely), currently holding 10%, will see its stake reduced to 7.70% through the public offering. Similarly, Wokalon, which owns the remaining 90% and is offering the largest portion of shares, will drop to 61.88%. Participants in Wokalon include, among others, chairman Orestis Tsakalotos (33.3% pre-IPO), CEO Miltos Georgantzis (33.7% pre-IPO), CFO Nikos Manos (18.6%), etc. As cornerstone investors in the public offering, Latsco Hellenic Holdings has committed to 3.4 million shares (for a 4.85% stake post-listing), Antenna Group BV (Kyriakou) also for 3.4 million shares, and Green Hydepark, controlled by shipowner Giorgos Moundreas, for 1.78 million shares (2.55% stake). It is reminded that the share price range has been set between €5.04 and €5.46, with the company aiming to raise up to €57.3 million.

The Attempt to Revive Frigoglass

Not only does Frigoglass still exist, but recently it has been excelling on the stock market, literally soaring to a 52-week high with a price of €0.298. Its market capitalization reached €26.5 million, as a restructuring plan appears to be underway. Everything will begin with a €1.28 million capital increase, which was enthusiastically approved a week ago by the general shareholders’ meeting. It will be entirely covered through contributions in kind, specifically through the transfer of all shares of the Spanish company Provisiona Iberia, S.L. and the Portuguese company Serlusa Refrigerantes, LDA. Prior to the general meeting, at the beginning of April, Frigoglass received a €1 million loan from the affiliated company Kar-Tess Holdings. In the market, it is said that the “resurrection from the dead” effort is being coordinated by a former stockbroker and close friend of Georgios David Sr., Vasilis Kararizos.

ASE: MSCI Index Semiannual Review on Tuesday

President Trump stated that in a few days he will make an “extremely important” announcement that will not concern tariffs or geopolitical developments, but will place America in a very favorable position. The markets — once again — believed him (helped by the resumption of trade talks with China), and U.S. stock exchanges opened enthusiastically yesterday. In Europe, the revival of the Franco-German axis boosted market confidence in the future of euro-denominated assets. In Greece, energy expectations, the good image of public debt, business deals, and upcoming new credit ratings for Greek creditworthiness revived investor interest in banks and blue chips. Next Tuesday, the MSCI index semiannual review will be announced, Fitch Ratings will speak on Friday, May 16, about our credit rating, and Scope Ratings will follow at the end of the month. All this boosted bank stocks, with Alpha Bank (+3.49%) leading the race at €2.286, Piraeus (+1.02%) following at €5.15, Eurobank (+0.91%) at €2.449, and National (+0.75%) attracting significant investment interest and transactions at €9.45. Thus, the General Index closed the session at 1,727.32 points (+0.65%), with trading value swelling after midday to €144.3 million, including €14.2 million in block trades. Aegean (+3.26%) appeared relieved by developments at €12.68, along with Athens International Airport (+1.83%) at €9.175. Coca Cola held strong (+1.19%) at €45.84, Motor Oil (+2.06%) at €21.8, and Jumbo, which announced increased four-month sales, gained +1.3%. The new historic high of OLP (+2.5%) at €41 and the continued rise of ADMIE (+3.45%) at €3 no longer count as news.

Memorandum-style policies of D. Trump are paying off

For the first time since 2020, the U.S. government managed to reduce – by 13.5 billion dollars – its interest expenditure in the first quarter of 2025. This means that on an annual basis – based on current data – it will pay 1.1 trillion dollars in interest. Donald Trump is implementing traditional memorandum-style policies: he imposes taxes on consumption, reduces state expenditures, and fires public employees. Even today, interest payments on U.S. public debt remain double what they were five years ago. The government is obliged to spend more than 3 billion dollars – per day – solely on interest. As a percentage of GDP, interest payments reached 3.7% and are currently just below the levels of the 1980s–1990s.

A crystal castle in the Abu Dhabi desert

Since Abu Dhabi has now firmly entered – due to basketball – the daily discussions of Greeks, the decision of the Disney Group to build a crystal castle in the middle of the desert, in the capital of the Emirate, is of interest. The Disney Group announced it will create a high-tech theme park – the most technologically advanced park in its history – in Abu Dhabi. In the desert, crystal castles, futuristic rides with state-of-the-art vehicles, and Marvel gadgets will sprout, all designed by Disney. The project will be financed and managed by a local company called Miral. It will be located on Yas Island, that is, where Ferrari World and Warner Bros World are headquartered. In Abu Dhabi, through which 120 million visitors pass every year, Disney aspires to impress technologically and combine the magic of Mickey Mouse with the style of the Emirates.