Hello there. The (most serious) news from yesterday is undoubtedly ND’s (New Democracy’s) proposal to establish a pre-investigative committee for Karamanlis, for a misdemeanor charge of breach of duty—specifically, for whether the minister failed to adequately fund and staff the Hellenic Railways (OSE) in time. As you might expect, the case will follow a “Triantopoulos model,” and after a few committee sessions, it will end up with the regular courts. The difference from the Triantopoulos era or earlier is, of course, the notable shift in public opinion regarding the Tempi train disaster, especially after the collapse of conspiracy theories about hidden materials or cover-ups. I’m told the Prime Minister’s office is betting on a relatively quick process, two to three weeks, to get it over with in Parliament and contain the inevitable negative publicity.

Takis’ AADE-like Authority
Today there’s also a cabinet meeting, which always attracts attention. Minister of Development Takis Theodorikakos, as we mentioned yesterday, is presenting a major new tool for market oversight: an independent authority modeled after AADE (the Independent Authority for Public Revenue). Takis studied several control models—Italian, Swedish, French—and is leaning toward a Swedish-style setup. The big news is what the plan includes: The new authority, expected to become operational in 2026, will combine the Consumer Ombudsman, DIMEA (the Development Ministry’s inspection body), and services from the General Secretariat for Commerce. A key point will be the selection of a leader—a “Pitsilis-type” figure with a five-year term, appointed through an international competition.

Push for Five Strategic Investments
In the same vein of fast-tracking, Theodorikakos has invited Deputy PM Kostis Hatzidakis and several relevant ministers to a virtual meeting on Monday morning for the Interministerial Committee on Strategic Investments. The agenda includes five major projects:

• A large carbon unit at TITAN’s plant in Kamari, Boeotia
• United Fiber’s investment project
• The Hermes project by Intracom S.A.
• Inclusion of a large investment in Kanali, Preveza under Law 4864/2021
• Approval of a shareholder change in Consortium Solar Power Systems SA for building a new 284MW solar park.

Adonis’ Gathering
A friend sipping an Aperol at Natu in Kifisia recently witnessed a buzz of activity. Adonis Georgiadis had organized a gathering with political friends—mainly his core supporters who organize events and mobilizations when he’s in town. One person told another, and suddenly 1,500 people showed up, including many figures from the healthcare sector, crowding into the restaurant’s front tables. Adonis claimed he had made no official effort from his office, but it clearly demonstrated his strong presence in the northern suburbs.

Kyranakis, Thymios, and Maximos Mansion (PM’s Office)
The feud between Transport Minister Konstantinos Kyranakis and long-time Athens taxi union leader Thymios Lyberopoulos is escalating. Kyranakis now refuses to engage with him, despite Thymios’ behind-the-scenes efforts to build bridges. Recently, Thymios barged into the minister’s office, and his SATΑ allies removed signage at the airport taxi rank with fixed fares. Sources say the PM’s office (M.M.) fully backs Kyranakis’ stance of not allowing loaded taxis to use bus lanes—except for pickups/drop-offs. Interestingly, Kyranakis’ predecessor, Vasilis Oikonomou, had made a deal with Thymios and is now openly undercutting his successor.

Gerapetritis to Libya
Foreign Minister Giorgos Gerapetritis is expected to visit the tense zone of Libya in a few weeks. He’ll go to both Tripoli and Benghazi in June. Libya is a strategic hotspot due to growing Turkish influence and migration issues, with around 1 million migrants currently on its soil. Notably, migrant flows to Crete from Libya have increased.

SYRIZA Media Employees Threaten Legal Action
SYRIZA is planning its upcoming congress after Pentecost weekend, possibly in Peristeri or OAKA, but storm clouds loom. Employees at the party’s media outlets—especially its radio station “Sto Kokkino”—are threatening legal action, claiming they are owed three months’ wages (soon to be four). Beyond planned strikes, they are warning the leadership: “You won’t hold a congress using our unpaid wages.” Legal injunctions seem likely unless payments are made—though that seems doubtful.

Famelos and the Minors’ Shelter
The IOM facility that MP Sokratis Famelos visited didn’t just open—it’s been operating for three months. Deputy Migration Minister Sevi Voloudaki has been closely overseeing the care of Palestinian minors and their families housed there, ensuring medical and psychosocial support in collaboration with the IOM and Greek hospitals. “These facilities aren’t for party leaders to stage PR stunts under the guise of compassion—unless SYRIZA’s leader just wanted to thank the government for this initiative(!),” a government source told me. “Joking aside, these structures are here to function and assist those in need, and that’s what the government is focused on every day.”

A Highly Eligible Bride in the Banking Sector: ELTA

Suddenly, ELTA has become quite the eligible bride. Until now, we knew of ELTA’s partnership with Eurobank, which stemmed from the acquisition of the “good” part of the Postal Savings Bank. Yesterday, we learned of ELTA’s collaboration with Alpha Bank, which is of strategic nature and is expected to yield significant benefits for both sides. It involves considerably more complex financial transactions. The goal is to enhance citizens’ and SMEs’ access to modern and diversified services.
Through this partnership, Alpha Bank boosts its initiatives to support individuals and SMEs, expanding their access to modern and varied financial services through an extensive network of over 1,100 physical service points. This initiative comes from the government, and through their cooperation with Alpha Bank, ELTA gains the ability to leverage its services, opening up new opportunities and prospects.
Also note: another banking collaboration with ELTA is expected soon, this time with a non-systemic bank—most likely the so-called fifth pillar.
As for Eurobank, its cooperation with the organization will remain limited to basic banking operations like account openings, deposits, and withdrawals. Let’s remember that the ATMs at ELTA branches are those of Eurobank. In contrast, the partnership with Alpha Bank is broader and includes specialized financial solutions such as insurance and investment products. These new offerings will be gradually rolled out across all ELTA branches starting from the second half of 2025.

Another Bank Bond Set Sail

After the successful issuance of Piraeus Bank’s €500 million Senior Green Bond—which attracted demand six times greater—it is rumored that another bank, specifically Eurobank, is carefully preparing an AT1 bond issuance in the very near future.
As this column has noted, banks are bringing forward their bond issuances as much as possible in the context of MREL requirements, both because interest rates have dropped and because today’s volatile environment demands speed and precision.

Revolut Raises the Competitive Bar in Greece

Revolut, headquartered in Lithuania, has reached a market valuation of €45 billion. In Greece, it boasts 1.5 million clients, with an impressive 162% increase in peer-to-peer transactions—mainly from users trying to dodge the fees of traditional banks.
According to sources—not officially confirmed—Revolut is expected to join Wero, an initiative aiming to create a true digital wallet usable across the entire EU. Revolut would be the first digital neobank to join this project.
At the same time, Revolut is planning to open a physical store in Athens, leveraging its European banking license. Notably, 130,000 Greeks currently hold deposits of €240 million in Revolut via Flexible Cash Funds.

2,309.38% Above the Quarterly Trading Volume Average

This past Monday, Evropa Holdings (EVR) released the new shares from its capital increase onto the market. On the first day of trading, the volume was about 700,000 shares, and yesterday it hit 1.26 million—an astonishing 2,309.38% above the average trading volume of the last quarter. The stock closed at €1.72, down by -1.15%.

All Bets on OPAP’s Dividend

A closer look at Euroxx’s report on OPAP reveals why the stock will likely remain firmly on investors’ radars in the coming quarters. Analysts Fani Tzioukalía and Alexandros Boulougouris note that OPAP will maintain an attractive dividend yield over the next 12 months, with projected yields ranging from 7.7% to 8.1% during 2025–2027.
They also forecast an average annual growth rate in net profits of 8.2% over the same period. While much of the positive momentum is already priced into the stock, they set a price target of €22, with the stock having closed yesterday at €20.20, following a recent dividend payout of €0.80.

Salaries and Staff Expenses at the Athens Exchange Group (ATHEX)

Staff salaries and expenses at ATHEX saw an annual increase of 8.4%, amounting to €4.3 million for Q1 2025, based on data released the day before yesterday.
All categories are up: salaries alone reached €3.4 million, up from €3.2 million, and “other benefits” rose to €350,000 from €288,000. Stock-based compensation to employees also increased.
In Q1, the Group posted a 17% increase in revenue, 28% rise in EBITDA, and 30% growth in net profits after tax. However, operating costs also rose by 6%.

With Alpha Bank Leading, a 15-Year Record Falls

Last Friday’s short-sellers are still licking their wounds while stock markets in Europe and the US are throwing a party—fueled by hope that peace might bring Trump’s trade deals in tow. Nothing of the sort is actually visible on the horizon yet, but on the Athens Stock Exchange, local forces took the fortress of 1,850 points. If that level holds for a few days, it could prove pivotal going forward.
Alpha Bank stole the show with €34 million in trading volume and a remarkable +4.26% climb to €2.79—a solid performance for a blue chip. Sarantis (+4.35% to €13.90) and Cenergy (+3.37% to €9.82) followed suit in the large-cap category. TITAN (+2.71%), Eurobank (+2.31%), National Bank (+1.44%), and Piraeus (+1.32%) also showed strong volumes, indicating that interest isn’t coming from retail investors.
Spoiling the party were PPC (-0.82%), Ellaktor (-0.62%), and HelleniQ Energy.
The market’s hesitation and doubt lasted barely 90 minutes. Then, the General Index started a steady climb and closed at the day’s high of 1,850.13 points (+0.85%). Trading value reached €179.67 million, with €30 million in block trades.

Aegean’s Day

Traditionally, Q1 is loss-making for Aegean Airlines, as the carrier shoulders all prep costs without the benefit of summer tourist revenues. This year, though, things look a bit different. The losses might not be so steep.
First, passenger traffic is up significantly (+9.9%), especially for international flights. Then there’s the drop in global oil and diesel prices. Management has taken care to hedge fuel costs, and with prices now lower, it’s possible they expanded their risk mitigation strategies.
Of note: Aegean—announcing Q1 results today—has, for the past three years, been fueling its aircraft with sustainable aviation fuel (SAF) from Thessaloniki’s “Macedonia” International Airport. This SAF is made from renewable hydrogen and captured carbon, as well as waste oils, fats, and recycled conventional fuels.
Use of SAF is now mandatory in Europe under the ReFuelEU directive, aiming for 20% of all aviation fuel to be sustainable by 2035. This shift is no small feat—it requires infrastructure and hefty investment, which Aegean began early. And it hasn’t forgotten its shareholders: it distributed a dividend of €0.80 per share, which went ex-dividend on May 20.

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The Treasure Hunt (in Pella)

This is neither the first nor certainly the last time that some of our fellow citizens are in search of treasure. I would even say that both in the past and more recently, the hunt for lost treasure has almost become a national sport, as in various parts of the country someone always seemed to have heard of cans full of gold sovereigns or other valuable items. Needless to say, in the vast majority of cases, the treasure turned out to be a complete dud.
However, there are now quite a few of our fellow citizens who no longer dig in the dead of night to avoid getting caught, but instead follow the legal route.
That’s exactly what happened a few days ago, when the Pella Forest Directorate—under the Ministry of Environment and Energy—approved an “intervention permit for the discovery of treasure by …, in a publicly owned forest area, in plot … of the Milea estate, in the municipal unit of Exaplatanos, municipality of Almopia, in the regional unit of Pella.”
The relevant application was submitted on April 15, 2025, to the Forest Office of Aridaia, and the operation was officially approved “with the purpose of locating hidden treasure.”
Of course, the area designated for the search is strictly defined, covering 2,705.32 square meters, and the excavation is scheduled to last three days.
A mechanical excavator will be used to dig a trench with a 10-meter perimeter and a depth of 2.5 meters.
At the same time, measures have been put in place to minimize damage to the forest environment and to restore it after the operation concludes.
Let’s see—maybe they’ll actually find something…

Greek-Israeli Business Meeting

This morning, a 26-member business delegation from Israel—including senior executives from companies active in shipping, high technology, finance, aviation, agri-food products, and the defense industry—will meet with Greek entrepreneurs.
The initiative belongs to the Piraeus Chamber of Commerce and Industry and the Israeli firms Beni Morgan, BDO, and Herzog Fox & Neeman.
On the Greek side, many business leaders have already confirmed their participation, such as Mathios Rigas from Energean and Panos Xenokostas from ONEX, as well as Antonis Oikonomou, Secretary General of the Ministry of National Defense.
A key player in arranging the meetings has been the Israeli Ambassador to Athens, Noam Katz.
The event, including its conference sessions and one-to-one business meetings, will be opened by Deputy Minister of Foreign Affairs responsible for Economic Diplomacy and Extroversion, Tasos Chatzivasileiou.
Several large Cypriot companies have also declared their interest in participating in this business ecosystem.

The Cryptocurrency Treasure Hunters

The announcement came early in the morning on May 27.
Trump Media & Technology Group Corp—listed on Nasdaq and operator of social media platform Truth Social, streaming service Truth+, and fintech firm Truth.Fi—officially announced it has reached an agreement with 50 institutional investors to sell $2.5 billion worth of stock through a private placement.
The purpose of this transaction, according to Trump Media CEO Devin Nunes, is to purchase an equivalent value in bitcoin, which the company calls a “crown jewel asset.”
Following this announcement, the total cryptocurrency market capitalization surged to $3.4 trillion—a 42% increase from its April 8 low.
Back in December 2024, the total crypto market capitalization had hit an all-time high of $3.6 trillion.
Some believe they’ve discovered the digital gold of our era.

Buying a Home in the U.S. Has Become a Luxury

We often talk here in Greece and throughout Europe about the serious housing issue. It’s a combination of high prices, high interest rates, and stagnant real incomes that makes it hard for young people to even consider buying a home.
But things aren’t any better in the U.S.
The annual income required to afford a typical home in the U.S. has skyrocketed—to $116,600.
That’s the minimum needed to buy a home today, and it’s double what it was five years ago.
To rent a typical home in America, one must now earn more than $64,200 per year—over $5,300 per month.
In other words, someone must earn 82% more to buy a median-priced home than to rent a typical apartment.
Five years ago, that gap was only 16%—five times smaller.

The Future of E-commerce Is… Made in China

Trump imposes tariffs, the Chinese deploy technology.
Chinese e-commerce giant Alibaba has launched—in the U.S., of course—a new shopping app that guarantees delivery to American consumers’ doorsteps in under an hour.
As expected, Americans are thrilled.
Within just one month of its release, Alibaba was processing over 40 million orders a day(!).
That’s as if every Californian bought something before lunch and enjoyed it with their coffee.
The new app cleverly integrates delivery drivers—those delivering food—with those delivering consumer goods.
It won’t be long before 2–3 day delivery becomes a distant memory.