-Greetings, a short introductory comment before we move on to the daily updates. SYRIZA submitted a proposal for the Tempi preliminary investigation committee, in which they’ve included the Prime Minister in the charges. They’re even looking for… extracurricular votes to get it through along with Kasselakis or other willing parties. Honestly, one wonders how this party, under whose watch the 2018 Mati tragedy occurred—with 104 dead—has such nerve. That fateful night at the (dis)coordination center of the Fire Service, besides Tsipras, Famellos himself and the rest of the troupe were present, pretending to be clueless, while the authorities had already confirmed 13 dead. You’ll say, “Why are we surprised?” That’s exactly why today, six years later, SYRIZA is floundering at 5%, drifting between irrelevance and political degradation.

The delegation and the “mysterious” Egyptians
-Now to current affairs. After many consultations and negotiations, the format of the meeting with the Egyptians regarding the Monastery of Sinai was “locked in” yesterday afternoon. The initial idea was to send a delegation today with ministry officials, headed by the long-standing Secretary General for Religious Affairs, Giorgos Kalantzis, who’s held the position for over a decade. Kalantzis knows the case well and the Egyptians’ “mysteries”—who aren’t always on the same page. On the one hand, they want good relations with Greece, but on the other, they have internal issues and want to make money too. Based on this thinking, a visit from Gerapetritis was to follow. Eventually, it was decided to upgrade the visit and skip a preliminary meeting with the “local boss” of South Sinai, putting the Foreign Ministers front and center in the talks, giving a political tint to what is technically a procedural issue. Still, just so you know, any negotiation that suddenly gains this much exposure is never easy.

The missing signature
-The story with the Sinai Monastery is complicated, but the core idea is that an agreement over its property affairs has been in the works for about a year. From the Foreign Ministry’s side, Alexandra Papadopoulou had the high-level oversight, and Kalantzis handled the practical matters. In fact, a ready draft had been prepared since the end of February, awaiting signatures from Egyptian officials so that the Monastery’s abbot, Archbishop Damianos, could then sign as the “third party.” The Egyptians signed, except for one last signature that kept being delayed. The Monastery was being told the agreement was on Al Sisi’s desk, but this past Monday they started to get cold feet, hearing about an agreement but never seeing one. And then came Wednesday’s decision from the Ismailia Court of Appeals, which further muddied the waters.

Meetings and spatial planning
-June, which began yesterday, will be a month full of discussions and initiatives on spatial planning. Just days after the decision was made to move forward with the regulation on the Building Code (NOK), Papastavrou is bringing the Presidential Decree, proving the doom-sayers wrong who claimed the matter would drag on. Also, regulation on small settlements is expected soon. Today, I hear that the leadership of the Environment Ministry will be at the Maximos Mansion for an internal meeting on the progress of the Local Spatial Plans, which need to be set on track for completion by 2027.

OECD conference and customs bargaining
-These days, wherever economic officials gather, the discussion always ends up at the bargaining table over customs duties with the Americans. The same will happen starting today at the OECD Conference of Economy Ministers in Paris, where Pierrakakis is headed. The official agenda may be unrelated, but in the end the conversation will turn to tariffs between Europeans and Americans. Another topic will be global corporate taxation with a minimum of 15%.

National Bank’s flirtation with Interamerican
-And now we change topics to market news. At National Bank, as we’ve said before, the developments with Ethniki Insurance hit them hard, and they’re making their own plans. The insurance sector seems to be a priority for the bank, since some solution must be found for the day after. I’ve passed on the unofficial statements claiming that higher powers won’t meddle in the National-Piraeus dispute, but I think that’s just for the press. I don’t believe they’ll let the banking system turn into an American bar in this climate. I suspect National Bank knows this deep down, which is why they’re exploring options and have begun a serious flirtation with Interamerican. A flirtation that’s going well—the two are meeting, talking, finding common ground. However, the relationship isn’t sealed yet, because National is also meeting with a smaller insurer. But this column is betting on Interamerican. As you can imagine, these relationships are always denied until they’re made official, and if things don’t move forward, it’s like it never happened.

National’s plan for… red loans turned green
-And we continue with National Bank, where P. Mylonas revealed at the General Assembly that they want to lend to “red” borrowers who managed to go “green.” Regarding loans that have been restructured and are now with servicers, it seems that National’s management—which puts great emphasis on retail banking—wants to offer financing to help these customers repurchase their properties from the servicers, now that they’ve cleaned up their records. Such a move would both support National’s credit expansion in retail and give borrowers who struggled during the crisis a second chance. Of course, this requires National to get the green light from the SSM.

Loans made in Crete or why bankers fell in love with the island
-Following the visits of Piraeus and Eurobank management to Crete, AtticaBank also made the trip. Having absorbed Pancretan Bank, it now has significant firepower on the island. But Crete seems to be a potential target for credit expansion for all banks. The large volume of hotel infrastructure, the ongoing need to upgrade these units to meet environmental standards, and the infrastructure projects all make the island a prime ground for credit growth. According to bankers, the Northern Road Axis of Crete (BOAK) is a project that will bring with it a lot of side business activity. So preparing a new strong credit portfolio of “Cretan origin” is naturally a priority for any banker who knows the game.

The Bluehouse match continues in Cyprus
-The commotion in Cyprus continues around Bluehouse, owned by Victor Pisante and Charis Pandis, whose license was revoked by the Cyprus Securities and Exchange Commission using a provision related to mismanagement, reputation issues, etc. The Bluehouse Accession Property fund is in voluntary liquidation, with Remova Holdings as the liquidator—though there are complaints that, under Cypriot law, holding companies aren’t allowed to act as liquidators. Among other complaints is that Eurobank Cyprus was responsible for appointing this particular liquidator. Eurobank responds that Remova wasn’t their pick, but was chosen by 85% of the fund’s shareholders. The appointment wasn’t made by Eurobank Cyprus, and it’s incorrectly listed on the Securities Commission’s website. The bank also hasn’t carried out any instructions from the liquidator. They explain that they made acceptance of Remova conditional on four terms, including the 85% shareholder approval—while the other three conditions haven’t been met, so Remova hasn’t officially been appointed. As you can see… this Bluehouse suitcase in Cyprus still has a long way to travel.

The new seven-story hotel beneath the Acropolis
—Up for approval this week—barring any unexpected hiccups, because there are always unexpected hiccups in the Ministry of Culture’s services—is the new project for a seven-story hotel on Robertou Galli Street, the road just below the Acropolis, in an old building with preserved façades that will be completely transformed with the addition of extra floors. The project must be reviewed by the Central Archaeological Council, as is standard in the multilayered licensing required for such an investment, due to both the special characteristics of the building and, of course, its location. The new project beneath the Acropolis concerns the creation of a seven-story hotel.

The week of the new Customs Code
—This week, the government’s financial team will release the new Customs Code for public consultation, attempting—after 23 whole years—to modernize (read: simplify and speed up) procedures, reduce costs, and facilitate international trade. In this matter, the Ministry of Finance isn’t reinventing the wheel. It adopts EU legislation, incorporates the best international practices, and emphasizes digitization, transparency, and ease of transactions. Full digitization of procedures, through ICISnet, without paper, is the necessary first step. The use of a digital handwritten signature by both the inspector and the inspected party during customs audits, electronic notification of fine imposition, stricter penalties for under-invoicing of goods, and—finally!—the ability to extend customs office hours via digital application, are among the initial core provisions of the New Customs Code.

What Greek entrepreneurs are looking for in Kyiv
—They started by road, passed through Moldova, and finally arrived yesterday in Ukraine’s capital: the high-ranking delegations of top Greek companies mainly active in Infrastructure and Defense. The business mission, organized by the Ministry of Foreign Affairs in collaboration with Enterprise Greece (EG), includes executives from GEK TERNA, Metlen Energy & Metals, Onex Shipyards & Technologies Group, Steelmet-Viohalco, Elmon SA, EFA Ventures, Theon Sensors, and Fieldbox SA, specializing in construction and defense. Leading the mission are Deputy Foreign Minister Tasos Chatzivasileiou and Secretary General for International Economic Affairs and Openness Dimitris Skalkos, along with Enterprise Greece representatives. There’s no doubt—the scale of opportunity in arming and rebuilding Ukraine is significant, especially now that the EU has committed €50 billion through the Ukraine Facility (2024–2027), and more recently, the SAFE program foresees €150 billion in defense loans, with 65% of that going to companies from the EU, Norway, and Ukraine…

Sell in May…
—Profits are great, but they need to be locked in. That’s roughly how the Athens Stock Exchange (ASE) ended up in the red, with its worst performance in the last seven weeks, having lost about 45 points in just two sessions—at least 2.4% down from its 15-year high of 1,876 points. Still, some stocks stayed on a record-setting path. Athens International Airport had been circling the €10 milestone for a week and finally broke through it last Friday—for the first time ever. ADMIE reached a new all-time high at €3.25, with five consecutive gains. Profile stock also stood out, hitting a historic €6, boosted by a placement for 1.41% of its share capital and the general assembly’s green light for a €0.064 per share dividend. Profile’s rally pulled other tech stocks uphill with it. Ilida jumped over 9%, surpassing €2.80 for the first time. Quality & Reliability followed with over 5% gains, Performance Technologies ran at +4%, and CPI rose by at least 3%.

The MSCI rebalancing
—Also worth noting is that the MSCI index rebalancing shot ASE’s total trading volume above €600 million. Piraeus Bank alone had €143 million in trades, followed by Alpha Bank with €125 million. Other major traded stocks in the top ten included Metlen (€65 million), NBG (€54 million), OPAP (€51 million), Eurobank (€49 million), OTE (€28 million), Jumbo (€14 million), PPC (€12 million), and GEK TERNA (€10 million).

BIOTER one step away from delisting
—Its market cap just barely exceeds €3.6 million. Its share price is just over 20 cents—26% lower than six months ago. BIOTER stock has long been in the “Surveillance” category, and last Friday the ASE management decided to suspend its trading. Under new regulations, if trading doesn’t resume within a year, the stock is permanently delisted from the board. BIOTER’s management is protesting the decision, claiming it has reached a settlement with creditors and is expecting a “reversal of a significant interest amount” that would drastically improve its financial picture. But since we’ve been hearing the same tune since… last year, pressure on BIOTER’s management is now mounting.

TOYOTA and Motodynamics
—TOYOTA is the No. 1 car manufacturer in terms of sales in Greece. It has built its own network across the country and the numbers suggest it’s doing quite well. Still, it chose the ASE-listed Motodynamics of Paris Kyriakopoulos (son of Odysseas) for its exclusive representation in the Cyclades (“Authorized Toyota Dealer in the Cyclades Prefecture, with a full-service unit in Syros, at Livadia – Kouroupi”). A similar exclusive deal was made with Motodynamics for the region of Achaia. The secret to these agreements likely lies in the service departments and after-sales support. Nowadays, with the shortage of skilled labor, it’s hard for a multinational to find reliable partners and car service shops willing to work exclusively for one company under the strict rules of a multinational. Motodynamics proved it can do this in Patras, and the collaboration seems poised for expansion.

Stock market enthusiasm, against all odds
—Last Friday, at 5 p.m., as the session was closing, trading volume at the Athens Stock Exchange had just surpassed €200 million. By 5:15 p.m., it had skyrocketed past €600 million due to MSCI rebalancing, along with increased international investor interest—first and foremost benefitting HELEX’s revenue fund. In the first five months of the year, the Athens Stock Exchange has already met its full-year targets, with the market cap of listed companies (€125 billion) surpassing 50% of Greece’s Gross National Income (€240 billion). This coming Friday, ELSTAT will announce Q1 GDP. Before that, on Thursday, the European Central Bank is expected to announce its eighth consecutive euro rate cut, and the day before that, the Public Debt auction will have confirmed the country’s improved credit rating. In a global economic environment where the only certainty is volatility and uncertainty, the Athens Stock Exchange, from 1,831 points, has posted 7 straight months of gains. Since November 2024, the General Index is up +33%, the Bank Index +61.8%. The large-cap index is up +38%, and the mid-cap index has risen +20.42%. Logically, everyone’s expecting the infamous “correction,” the “consolidation phase,” and all that jazz, but everyone is also gripped by FOMO (Fear of Missing Out)—they don’t want to miss the party, however long it lasts. Even in Germany, despite two consecutive years of recession, the DAX index rose +6.67% in May, its strongest May performance since 2020. Much anticipation surrounds the upcoming meeting between Chancellor Friedrich Merz and U.S. President Donald Trump at the White House on June 5, just days before the 90-day tariff ultimatum expires.

The signals from Wall Street
—Last week was yet another good one—and ultimately a good month—for the U.S. stock markets. Wall Street is rising without its usual market pros, without the institutional players. The S&P 500 ended May up +6.2%, while the Nasdaq closed the month up +9.6%. For both indices, May was their best month since November 2023. If you’re wondering which stock markets are currently the most expensive in the world, there’s no need to search far: the U.S. and India stand out right away. Today, U.S. and Indian stocks are trading at a P/E ratio of 22 times their future earnings—the highest P/E among all major global stock markets. In Europe and Japan, stocks trade at P/E ratios of 14.3 and 13.7 times forward earnings, respectively. That comparison is enough to scare off professional fund managers. Institutional investors have been avoiding Wall Street for some time, unlike retail investors who boldly ignore the laws of financial gravity. Short positions on the S&P 500 have reached 2.3%, the highest in seven years. Hedge funds, by nature counter-cyclical, are shorting Nasdaq stocks at a rate of 41%—a four-year high.

Fake it till you make it—but not for Builder.ai
—In California’s world-famous high-tech “valley,” Silicon Valley, there’s a saying: “fake it till you make it.” In other words, in the massive, risk-laden world of high-tech investing, everyone pretends everything is fine until the day they manage to create a true market-winning innovation. Builder.ai is a London-based startup, founded in 2016, promising to simplify app development using an AI-powered platform called Builder Studio. It raised big money—over $445 million from investors like Microsoft and SoftBank—reaching a valuation of $1.5 billion in 2023. But it was soon revealed that the platform relied on human developers, not AI, and in 2023, inflated revenues were exposed: from $180 million down to just $45 million in real sales, with the rest being “triangular” transactions with subsidiaries. A few days ago, the company declared bankruptcy, owing $85 million to Amazon and $30 million to Microsoft. Builder.ai’s founder, Dev Dugal, resigned amid a U.S. fraud investigation and money laundering allegations in India, leaving behind chaos and debt—both to employees and customers. Builder.ai ultimately stayed loyal only to the first part of the Silicon Valley motto: “fake it” till you make it.