Hello, have a good week. We are now fully into summer, schools have closed, so perhaps the nightmarish traffic on the streets of Athens will ease a bit. There are some signs of fatigue in the tourist season; one could say that tourism, in terms of numbers, seems to be plateauing at last year’s levels. Not that this is a bad thing, given that Europe is essentially in a recession—though nothing about accommodation and transport prices reflects a recession—while the geopolitical situation not only remains uncertain in our wider region, but as of Friday… the fire has reignited. It is difficult to make predictions about the Israel-Iran war; we may be looking at a conflict with no return, since the Israelis appear to aim at toppling the mullahs’ regime. We’ll see how far it goes and mainly when and whether the Americans will put a brake on the war scene. It will be up to them to determine whether it drags on or ends and deescalates within a few days, with Iran clearly emerging as the loser.

Tourism Market – Israel

Of course, the sudden closure of the tourism market from Israel is a blow for us, since it concerns an emerging and also “wealthy clientele” of about half a million tourists. But naturally, let’s wait to see whether the whole season will be lost or if the situation will normalize within a few days.

Shipping

For Greek-owned shipping, the consequences are not yet clear, especially if the Strait of Hormuz is eventually closed—although those more familiar with the matter do not consider that the most likely scenario, mainly due to the severity of the American reactions. Let us not forget the other perspective either—how much money was made from the Russia-Ukraine war with oil shipments by shipowners.

Decisions on the Preliminary Committees Today

Today, the Conference of Presidents of Parliament will convene in an emergency meeting to set the date for the discussion and voting on the three motions submitted by ND, PASOK, and the alliance of Zoe – Velopoulos – Natsios – Kasselakis. As we have written before, the most likely date is Wednesday, June 18, though it is also possible that Kyriakos Mitsotakis will intervene. Usually, the government opts for a discreet presence in such matters, as it considers that the judicial powers of Parliament—especially when it involves ministers—are the exclusive privilege of the House. However, in this case, there is a special circumstance. The indictment brought by the motley alliance of the “four” also includes the Prime Minister, accusing him of high treason, evoking dark times of extreme national division and military tribunals. Just imagine Zoe and Velo in khaki with whips…brrr.

The “Frankenstein Alliance” of Woke, Ointments, and Incense

It is clear, however, that K. Mitsotakis—if he ultimately speaks—will not appear as one who is apologizing. On the contrary! He will remind people that the leaders who today chose to set aside the woke agendas, the ointments, and the incense burners in order to form this motley front—some call it the “Frankenstein alliance”—are the same ones who over the past two years systematically propagated theories that fell apart, about xylolia, toulolia, illegal cargo, and missing train cars. Remember that even the tragic death of the son of the Larissa Court of Appeal prosecutor was turned into a political narrative, with insinuations of political assassination.

The “Pains” of the Secret Ballot…

Beyond what will happen during the debate of the motions—which is expected to be fierce—there is increased interest in the secret ballot that will follow. And that’s because recently there’s been intense behind-the-scenes speculation about leaks from the government majority. I say speculation because at the information level, there is not the slightest hint. That is, there are no discussions, huddles, contacts, groupings, strong or milder concerns among the “blue” MPs that would indicate even a small sample of intra-party ferment. Even those who from time to time express complaints about government missteps or sluggishness say that the process is clear and, since even Karamanlis himself is asking for his referral, there is no reason to vote otherwise. What does exist? There is concern among several ministers about whether the tactic of directly referring politicians—even when their criminal involvement is not substantiated in any way—will become an obstacle to the exercise of their duties. That this logic will make everyone more fearful in signing and approving decisions. However, from that point to a “ministerial rebellion” emerging, I believe there is a huge gap.

…and the risk of an innocent mistake

What else is there? There is the increased likelihood of an innocent mistake. MPs will receive 14 different ballots that must be cast in 14 different ballot boxes, depending on the individuals and the offenses. A mess. And if one considers that mistakes happen even in much simpler procedures, you can imagine what might happen in this one. In any case, based on the balance of power and the positions of all parliamentary parties, the ND proposal is expected to be supported only by its own forces. The process, as we said, is secret, however if the ballot box produces fewer than 154 votes (note: Karamanlis does not vote on the proposal for his own referral), a bit of a situation will arise.

Pierrakakis–SDOE

A comment on the abolition of SDOE and the transfer of its functions to the Independent Authority, AADE. Who in Greece doesn’t know that today the level of difficulty in dealings with the tax office has risen sharply since control has passed to the Independent Authority under Pitsilis? In simple terms, collusion at the central or “top” level no longer works in favor of the tax evader—or at least the one being audited—and against the State and public revenue from tax evasion. Now, the fact that the system isn’t perfect and there are always… connections (and employees who take bribes), this is inevitable, not just in the tax office but everywhere in life… as long as there are people. Therefore, strengthening the AADE in any case is the right move, and Pierrakakis was right to hand it all over to Pitsilis, with the prime minister’s “green light.”

Androulakis’ dinner without Odysseas

You probably didn’t notice it, but on Saturday PASOK held a regional conference in Tripoli. After the sessions concluded, I’m informed that President Nikos went to eat at the Dexamení restaurant in Tripoli, but not alone. Along with spokesman Kostas Tsoukalas, two local figures were present who are interested in joining the green ballot in Arcadia—Mr. Giannakouras and Papageorgiou. However, absent from the table was the party’s local MP, Odysseas Konstantinopoulos, whose relationship with the president is undergoing a prolonged crisis. I hear something along the lines of “if you both run, you’ll both lose, so decide” was said at the table. For the record, I asked Odysseas if he knew about the dinner, but he assured me he had no information.

Ivan’s capital increase and the…new shareholder

On football matters, this column doesn’t seek accolades, but in this case I think Ivan Savvidis—with the move you’re about to read—could be said to be bringing in new shareholders at PAOK. Let me explain. On June 12, 2025, the General Commercial Registry (GEMI) recorded the minutes of an extraordinary general meeting of shareholders of the corporation named “Panthessalonikeios Athletic Club of Constantinopolitans – PAOK Football Public Limited Company,” with the trade name PAOK PAE, held on June 2, 2025. The minutes include “the board’s report dated May 12, 2025,” and in those minutes it was decided to abolish the preemptive rights of existing shareholders in the €5,000,001.00 capital increase, to allow the participation of both existing and new shareholders–investors, on the condition that each investor acquires shares worth at least one hundred thousand euros. Now, because the amount of 5 million euros isn’t exactly significant compared to PAOK’s current capital of 160 million euros, it seems more like a… facilitation. That is, someone “close” or friendly is putting in a little cash, not because the Rostov administration is having trouble, rather than it being the entry of a new investor.

Intralot: The hour has come

The procedures for the recovery and development of Intralot in cooperation with Korean shareholder and vice president Soo Kim are maturing. The countdown has begun and it’s a matter of days before developments occur that will benefit not only shareholders but the stock market in general.

Announcements for the CEO of ABB

Very soon, announcements are expected regarding the CEO of Aegean Baltic Bank (ABB), where Telis Mystakidis, as is well known, acquired a majority stake. The helm of the bank will be taken over by a Greek banker with experience in the domestic market, who has worked in credit institutions and investment groups abroad.

Cost: 50 million per kilometer!

Romania is experiencing an unprecedented period of investment boom in the infrastructure sector, with tens of billions of euros—primarily from European funds—flooding the country to push forward major railway and road projects, as well as massive energy infrastructures. It is estimated that projects worth around €4 billion are auctioned every month. The image of the country is changing rapidly, strengthening its position in the wider region and creating jobs, mainly for large foreign engineering groups, including Greek, Italian, Austrian, and about 25 Turkish construction companies! Within this environment—expected to remain heated in August with new billion-euro tenders—an unbelievable figure recently announced did not go unnoticed by Greek technical companies. The Romanian government is preparing to auction a project worth €1 billion for the construction of just 20 kilometers of highway—meaning €50 million per kilometer. This cost exceeds all precedent not only by Romanian but also European standards. In Greece, even the most complex infrastructure projects—such as the E65, Ionia Odos, or VOAK—range in cost from €7–15 million/km, reaching €20 million/km only in rare cases. On the contrary, in easier sections or flat areas, the cost can be even lower. Although technical details justifying such a high expenditure—such as tunnels, urban sections, or geotechnical challenges—have not yet been disclosed, many are questioning the costs, especially when it comes to projects funded by European resources. Interestingly, companies such as AKTOR, which is about to deliver the 18-kilometer-long A0 highway, GEK TERNA, and AVAX are already active in Romania, participating either directly or through joint ventures in large road, railway, and energy projects. The strong Greek interest is no coincidence, as the country offers a large volume of projects, despite the fact that bureaucracy and delays do not guarantee speedy awarding processes, and the political environment remains unstable.

MLS heading toward a new auction

There have been some developments, I hear, regarding MLS Informatics, owned by the Kamatakis family, which after a period of success has in recent years found itself in a vortex of financial troubles. Specifically, on June 13, a decision by the Single-Member Court of First Instance of Thessaloniki (Voluntary Jurisdiction Procedure) dated 26.05.2025 was registered in GEMI, appointing a temporary administration—specifically, a three-member board consisting of Georgios Vakaro, Ioannis Kamatakis, and Paraskevi Zachariadou—“in order to convene a general meeting of shareholders for the election of a new Board of Directors and to handle all urgent corporate matters, with a six-month term starting from the publication of the above court decision,” as stated. At the same time, I’ve learned that the central MLS building in Technopolis Thessaloniki is once again heading for the auction block. So far, it has been scheduled for auction three times at the initiative of Procredit Bank (Bulgaria) EAD, the most recent on April 30, 2025, but each time the auction was suspended. Now, doValue has entered the game, acting as manager of Leon Capital Finance Dac, and is initiating an auction scheduled for January 7, 2026, for a claim of €306,143.40—unless, of course, there is another suspension by then. The auction involves a plot of 1,410.44 sq.m. in the V.E.PE. of Technopolis, Thessaloniki, in the municipality of Pylaia, on which a four-story office building with underground parking has been erected, intended for IT and high-tech companies, with a total surface area of 1,832.82 sq.m. The building consists of a 523.70 sq.m. underground parking area and three floors. The initial asking price has been set at €2,523,860. It’s worth noting that in previous auctions, the initial asking price for the property was €1.6 million, but after an objection, it was raised to €2 million.

Kastellorizo…real estate

It is neither the first nor likely the last move by the Stavrou family, which owns the well-known “Kastellorizo” restaurant chain, to cast their nets into real estate. Just a few days ago, the highly experienced restaurateur and seafood connoisseur Antonis Stavrou put his “stamp” on yet another corporate entity. This is “Kastellorizo Development, Construction and Real Estate Exploitation S.A.”, under the trade name “Kastellorizo Construction S.A.”, established on May 30 with the stated purpose—true to its name—of acquiring, erecting, building, renovating, and repairing commercial buildings and properties, constructing and erecting multi-story buildings either through land-for-apartment exchange on third-party plots or on plots owned by the company, for profit, as well as the exploitation of commercial and residential buildings, among other things. The company, based in Glyfada, has an initial share capital of €1,000,000 divided into 10,000 registered shares with a nominal value of €100 each. The company “M. Stavrou Development and Property Management S.A.” (“M. Stavrou Real Estate”) covers €800,000—80% of the capital. This company, represented by Antonis Stavrou’s son Vasilis and headed by Eleni Stavrou, has existed since 2011. The remaining 20% is covered by “Kastellorizo S.A. Restaurant and Tourism Enterprises,” which manages the namesake restaurant chain, contributing €200,000. On the Board of Directors of the “fresh” company, Antonis Stavrou serves as Chairman and CEO, while his children Vasilis and Maria Stavrou, along with Konstantinos Papatheodorou, serve as board members. We shall see what kind of “catch” they’ll make.

Eurobank’s leadership in Cyprus, witnessing Iran’s missiles at night

Eurobank’s leadership wanted to demonstrate its special interest in the progress and development of Indo-Cypriot economic relations through the presence of Fokion Karavias in Cyprus during the historic visit of Indian Prime Minister Narendra Modi to the island. F. Karavias will participate today in the major business meeting in Limassol, with entrepreneurs from India and Cyprus engaging in successive “roundtable” discussions. On Saturday night, the Eurobank delegation watched from their hotel as missiles from Tehran crossed the sky en route to Tel Aviv.

Business as usual for the economic team

The Ministry of Development’s swift reaction—with T. Theodorikakos immediately ordering mass inspections at gas stations to prevent profiteering in the fuel market (even before the new, higher-priced batches were delivered)—appears to have worked, for now. The continuation and the results of these inspections remain to be seen. The Prime Minister’s directive is for government work to continue uninterrupted. For this reason, tomorrow the Ministry of Finance will put the new Customs Code (including the much-discussed integration of SDOE into the AADE) up for public consultation, while on Thursday the Ministry of Development will submit to Parliament the bill on “national quality infrastructure,” the regulatory framework for establishing and operating manufacturing units in Attica, and public procurement legislation.

Serious game with oil and gold

The Middle East supplies approximately 30% of the global oil market. Analysts predict that oil prices could skyrocket to over $100, possibly even $120, if the conflict escalates significantly, causing a rise in gasoline prices and inflation. The most important waterway is the Persian Gulf, located between Iran and Saudi Arabia, accounting for 30% of global maritime oil trade. Iran and its proxies could block the Strait of Hormuz, a narrow waterway that connects the Persian Gulf with the Gulf of Oman and from there offers access to markets around the world. China, which buys more Iranian oil than any other country, is especially dependent on supplies that come through the strait. Iran currently produces 3.3 million barrels of crude oil per day, or about 3.5% of global supply. At its narrowest point, the Strait of Hormuz is 54 kilometers wide. On one side lies Oman, and on the other, Iran. A possible blockade of this passage would create a serious problem in the supply chain, since the loss of such volumes from the markets—and given the partial exclusion of Russia from supply—would significantly shift the balance point upward. The current winner of the war is gold, which is steadily heading toward $3,500/ounce due to geopolitical risks as well as monetary policy expectations. With tensions in the Middle East likely to escalate and interest rate cuts from the Fed and ECB now on pause, gold appears to have a clear upward path.

Stock markets in nervous shock

The successive record highs recorded by the world’s major stock markets—including Athens—are causing anxiety among fund managers. Just as FOMO (fear of missing out) dominates during rallies, in times of significant geopolitical uncertainty no one wants to be left holding the bag. The global stock market capitalization relative to global GDP is now at 117%. This is the second-highest percentage in history. The ratio of global capitalization to global GDP has increased by +27% over the past five years and is only below 2022 levels. Since 2008, from the Lehman Brothers crisis onward, global market capitalization has grown twice as fast as global GDP. Even during the dot-com bubble of 2000, the ratio stood at 110%. On Wall Street, the situation is even more extreme. The U.S. stock market capitalization-to-GDP ratio has reached a staggering 201%, just 4 percentage points away from the all-time high. In Greece, with GDP at €240 billion, the total capitalization of the stock exchange stands at €125.6 billion. The General Index has gained +25.89% since the beginning of the year, making calm the key objective today.

Jerome Powell’s moment

The day after tomorrow, Wednesday at 2:30 p.m. New York time, U.S. Federal Reserve Chairman Jerome Powell will give a press conference after the conclusion of the Fed’s two-day monetary policy meeting. Powell has taken heavy criticism from President Trump for his reluctance to lower interest rates. For now, developments vindicate him. Markets now want to hear the Central Banker’s view on balancing the risks in the Fed’s dual mandate: price stability and maximum employment.