Hello, today I would like to attempt an apparently unrelated connection between two events which, although they seem “distant” from each other, certainly share some common elements. So, about 4–5 days ago, shortly after Zelensky’s meeting with the leaders of major European states in Kyiv (Macron, Scholz, Starmer), a video surfaced on social media which supposedly showed Macron…hiding a little bag of coke that was on the table of a train, next to a small spoon typically used (!!!) by users for their dose, etc., etc. This video spread across the globe in the blink of an eye, and according to the BBC, which reported on the matter, it was seen by 85 million people or at any rate had that many views. The…claim was amplified and pushed further by two official Russian officials along with thousands of fake accounts (bots). Now, what is the truth: when one zooms in and focuses on the “little bag” or “white paper” with the “coke,” it becomes clear that it was a used tissue, most likely Macron’s, which is why he picked it up—not to hide it, in any case—while the “dose spoon” was actually one of those stir sticks used for coffee or tea. However, social media had already drawn its conclusion: the coke belonged to Zelensky and he apparently treated the boys—Emmanuel, Keir, and Friedrich—to a line to lift their spirits! Now let’s move on to something much more serious and painful, especially for us and even more so for the 57 families who lost loved ones in Tempi. Out of this entire tragic case, involving both longstanding and current responsibilities for the accident, public opinion was led and focused on a “fact” which turned out to be a wretched lie, as it seems. Slowly but steadily, we learned that there was no smuggled xylene, etc., in the train cars. And we learned this not only yesterday, when the Polytechnic made it official, but for weeks now, since all the foreign universities had denied ever issuing a report regarding flammable materials being transported in the wagons. So what are we left with from the so-called “experts”? A guy making media rounds, spewing nonsense. Note: not even the Maximos Mansion escaped this mass hysteria when the xylene theory first emerged, sometime in March. The Prime Minister himself was “led” to go on TV (Shroiter interview) and almost admitted that there might have been something illegal involved. Of course, back then, had K.M. asked those who were in a position to know the basics of the case (e.g., Floridis), he would have been much more cautious even in his statements at the time. But anyway, such things happen, let’s assume. We are living in an age where a story, whether accidental or pre-constructed, can lead to mass delusion and naturally produce, ultimately, painful consequences.

Opposition

Now regarding this theory of xylene and the cover-up, which indeed initially shocked the public but in essence shifted attention away from the government’s real responsibilities, as is well known, the entire opposition embraced it. And with the same fervor—Zoi with Androulakis and Famellos with Velopoulos. And even today they refuse to admit it (or at least to remain silent) and, predictably, denounce whoever or whatever they don’t like. But the damage has been done—everywhere, and of course to themselves as well.

In New Democracy

And to be completely fair, when the xylene theory was boiling over, I saw Adonis, Pavlos Marinakis, and later Floridis, Plevris, and Voridis resisting the mass hysteria. Or not?

On the 7th floor of the Athens Court of Appeal: The Triantopoulos Case

With the drawing of the senior judicial officials who will form the Judicial Council, all procedural matters for the formal referral of Christos Triantopoulos to regular justice have been completed by Parliament. I’ve also learned that the Judicial Council will operate on the 7th floor of the Athens Court of Appeal, as no suitable spaces were found within the Supreme Court building. Let us recall that the former deputy minister will be investigated for a potential misdemeanor offense of breach of duty, for actions taken immediately after the tragic train collision in Tempi which, according to the opposition, amounted to a cover-up. Of course, Triantopoulos’ referral coincides with the publication of the National Technical University of Athens’ report, which attributes the fireball to engine oils and the electric arc generated by the violent collision. In this way, the scenarios about the transport of illegal flammable substances—on which the cover-up narrative was built—are being dismissed, if not definitively disproven.

Friends’ Meeting

The good rapport between Mitsotakis and Merz, which was captured on camera at the Chancellery, continued in their private talks, according to a reliable source who is well-informed on people and matters. “It was a meeting between friends,” the source told me, reminding me that the two have spoken several times before, having also met two weeks ago in Valencia. During their one-on-one meeting and the joint lunch, they discussed European affairs and defense, the EU’s united stance on tariffs, the war in Ukraine, as well as investments, energy, and digital governance. In fact, I’m told that Merz supports all energy interconnection projects Greece undertakes in the broader region.

The “Thorns” and Communication Channels

Of course, not everything is rosy. On the matter of the EU’s cooperation with third countries, Mitsotakis was quite clear about Turkey’s non-involvement—something Merz understands, although he’s not like Scholz in this respect. As for migration, an issue where the Germans are keen on deportations, I understand that discussions will follow between Germany’s new Interior Minister Dobrindt and Voridis, who holds the portfolio. Still, I’m told Mitsotakis and Merz speak directly, and there’s a practical logic of resolving arising issues. Channels of communication do exist—for example, the new chief of the Chancellery, Jakob Schrot, has been friends for 10 years through the EPP with Tasos Chatzivasileiou. Also, a “tasty” moment during the introductions of the delegations was when our ambassador in Berlin, Alexandros Papaioannou, spoke German to Merz, who lingered, holding his hand a bit longer.

The Lunch and the CEOs

In general, the atmosphere at the Chancellery was cheerful. On the Greek side, those present included Michalis Argyrou (head of the economic office), Chatzivasileiou, Aristotelia Peloni, Milton Nikolaidis, Kyra Kapi, and Giorgos Efthymiou. The menu featured beef fillet, preceded by a salad with smoked fish. In the afternoon, before being honored by the CDU’s Wirtschaftsrat at the Marriott hotel auditorium, Mitsotakis had a coffee with CEOs of major German companies who wanted to meet him and discuss matters.

Spoiled Unionists…

So, as is well known, major restructuring and reorganization of services and responsibilities are underway in the Independent Authority for Public Revenue (AADE) with the goal of improving the operation of tax offices. This is already yielding results in public revenue and reducing tax evasion—after all, surpluses don’t appear out of thin air. But of course, this doesn’t sit well with unionists, who issued a statement urging tax officers not to conduct inspections outside working hours and not to drive official vehicles. Charming, aren’t they? All this, of course, wouldn’t be happening if that cursed tenure in the public sector were to finally come to an end.

Generali, Einstein, and Bioiatriki

In the healthcare sector, there’s notable movement, as shown in yesterday’s news about Generali being in talks to acquire Euroclinic. An experienced industry insider commented on the development by citing Einstein’s saying that it’s pointless to repeat an experiment that failed, as it will yield the same result—referring to the late Kontominas’ failed endeavor with Euroclinic. Still, the sector is in turmoil, as I hear that the Spanou family of Bioiatriki is also in talks with investors. I wish them the best, although it’s a tough exercise—because with €13 million in EBITDA, €60 million in loans, and €70 million owed in clawback payments, striking a deal won’t be easy.

The deal for Piraeus Bank’s ATMs is moving forward

By the end of next month, barring unforeseen circumstances, the significant agreement for the sale of part of Piraeus Bank’s offsite ATMs to Printec is expected to be completed. The deal, which requires a series of approvals, stipulates that around 800 of the bank’s ATMs will be transferred to Printec, while the remainder or a significant number of them, mainly in island and remote areas, will remain with Piraeus in order to ensure residents’ access to banking services. Printec started 37 years ago in the field of printers (hence the name) and was the first company to bring POS devices to Greece in 1989. Over time, it evolved into a multinational company providing transaction automation technology solutions to businesses and organizations, with a presence in 17 countries, holding a leading market share in ATMs and POS systems, and serving all major banks. In fiscal year 2023, its consolidated turnover reached €116 million, with EBITDA at €14.8 million. In the same fiscal year, Printec Hellas agreed to upgrade and simultaneously extend the lease and maintenance of ATMs for Eurobank, thus securing stable revenue until 2030.

The shock at the Port of Thessaloniki

Just when the shareholders of Thessaloniki Port Authority (OLTH) were expecting a triumphant – remote – general meeting to plan the so-called “beyond the port” activities, meaning the integration of OLTH into the supply chain, offering intermodal transport solutions to and from key Balkan countries with hubs in Sofia, Niš (Serbia), Skopje (North Macedonia), and many others, came yesterday’s cold shower: the request to postpone the general meeting submitted by the representative of the State on the Board of Directors. The market punished the stock yesterday morning with a significant drop to €33.8, but suddenly buyers emerged and pushed the share price back up to €34. Apparently, there are interested parties. The current CEO of OLTH, Giannis Tsaras, took over eight months ago, but he has also managed the Port of Thessaloniki in the past when it was still 100% state-owned (for six years, from 2004 to 2010). Today, he is obliged to slalom between the tense relations of Ivan Savvidis with his partners, Terminal Link, which controls 22% of OLTH, and with the expressed intention of Margarita Louis-Dreyfus to acquire 21% of OLTH. Shareholders and devoted supporters of OLTH are stunned, watching the moves on the chessboard and the media reports favoring one side or the other.

JP Morgan and Haris Karonis didn’t suddenly fall in love

This war will not end easily. It certainly won’t end within the year, and if nothing unforeseen happens, it may last until 2027, when the shareholder agreement expires. Yesterday morning, the news broke that JP Morgan intends to withdraw the lawsuit it had filed against WeRealize (WRL), controlled by Haris Karonis and Makis Antypas, in the United Kingdom. One of many lawsuits and legal actions. “We have not withdrawn the €917 million compensation claim filed in Greece, and we have no intention of doing so. However, we are pleased that WRL is no longer seeking to violate certain aspects of the contractual agreement between us, which allowed us to narrow down other disputed issues,” responded the JP Morgan spokesperson. At WeRealize, they do not intend to respond to the American bank with a legal counter-move, they do not understand why JP Morgan closed the legal dispute in London, and they seem to want to calm things down somewhat. The standoff between the 48.5% and the 51% of Viva Wallet continues, and we have to wait for the next episode in July, when the deadline expires for exercising the first call option. In that case, it is said, JP Morgan must present a new valuation in order to exercise the right.

Nice but expensive: Noval Property’s building in Mets

Noval Property’s management presented yesterday to analysts the new philosophy in property development and the major investment in residential-offices in Mets. The building does not belong to Noval Property but is a trust of Viohalco. Noval renovated this interesting mixed-use building in the center of Athens and will manage it. It seems that the rent for the offices will be “steep,” exceeding €40/sq.m. It is a uniquely designed building of residences and offices, with a total area of 4,300 sq.m. and a total leasable area of about 2,600 sq.m. It consists of three floors of residences, a ground floor and mezzanine with modern office spaces, as well as two underground levels with parking spaces. All this on a plot of 873 sq.m., at 40–42 Ardittou Street, one of the roads that essentially connects the southern suburbs with the city center, bypassing Syntagma, and very close to tourist attractions like the Panathenaic Stadium.

We’ve hit May (of 2010)

The buyers’ party continues at the Athens Stock Exchange, with the General Index “touching” peaks not seen since May 2010, setting course for 1,800 points. Although banks did not lead yesterday’s rally, the banking sector index rose to its highest point since November 2015. The General Index is up +21.7% this year, while the equivalent return for banks exceeds +34%. National Bank approached its 9-year high of €10.29, and OPAP its 16-year high of €20.24. OTE has laid the groundwork to stabilize above €17, closing at its highest level since June 2022. Aegean reached a new 12-month high, approaching €13. Piraeus Port Authority (OLP), Kri Kri, and Quest closed at historic highs, with the former stopping at €43, the second exceeding €17, and the third remaining in positive territory for the seventh consecutive day, looking for the first time at €7.

The day (night) of MSCI

Even when yesterday’s session started with a negative sign for the General Index, market professionals were speaking of a beautiful market, without worries or concerns. The hasty ones locked in their profits early in the morning and then—with composure, calm, and order—interested buyers appeared in the market’s blue chips. Tuesday was the day (night) of MSCI, tomorrow Thursday we have the Istanbul meeting on Ukraine, and on Friday we have Fitch Ratings for the Greek credit rating (today they rate us at “BBB-” with a stable outlook).

Where Americans save and invest

Most Europeans have the impression that all Americans resemble the New Yorkers they meet on vacation on the East Coast. However, the real America lies elsewhere. It behaves differently. The company Gallup conducted a survey from April 1 to 14, asking what Americans consider the best long-term investment. Despite the explosive rise in Wall Street stock prices, 37% of American adults perceive real estate as the best investment. A few years ago, in 2022, that percentage was 45%. Overall, real estate has now been considered the top savings option for 12 consecutive years. Additionally, 23% of respondents believe that gold is the most important asset for investment. A year ago, the corresponding percentage was 18%. Only 16% of respondents stated that stocks/mutual funds are the best long-term investment. In 2024, that percentage was 22%.