Hello, the turmoil and anxiety, the repercussions on the markets, but also on the geopolitical map, continue and are intensifying due to the involvement of Cyprus, and therefore of Greece as well. Before we move on to what is happening on the ground, I want to comment on the stance of the opposition on this major issue—once again, a national matter—since Athens, as is well known, has a unified defense doctrine with Nicosia. So, from what I learned and read, Androulakis’ stance on the whole situation, as well as in his meeting with Mitsotakis, was what a serious Greek party ought to have—especially when it comes to the official opposition. I do not know many details, but I asked my source at the Maximos Mansion and was told that “Androulakis was polite, friendly and substantive in the meeting.” The same source—who, I tell you, it is impossible not to know exactly what was said between the two—added: “This is how contacts and coordination between the government and the official opposition, ND and PASOK, should be on almost all issues, at least the important ones.” I would add that I also discerned a more institutional stance from Nikos A. on the wiretapping issue, although in that case he himself had been under surveillance, so he has some additional reasons to be sharper. In contrast to PASOK, the rest of the opposition took a completely negative stance on sending Greek forces to Cyprus! Unthinkable in my opinion—from Velopoulos to the parties of the Left, who apparently side with the mullahs, the Russians and anyone else, as long as they can say something bad about Mitsotakis. It’s rock bottom, but here again I say Androulakis has an opportunity to begin to stand out. Tsipras handled it smartly too, by supporting the dispatch of Greek forces to Cyprus. That’s why I believe that in the end, at the ballot box, our Nikos will fight for second place with our Alexis, given that I see President Maria looking… pale after the recent events at Syntagma.

Coffee, chocolate and open conversation
I do have some inside information: when the doors closed in K.M.’s office, Androulakis asked for a plain Greek coffee and accepted a chocolate with almonds as a treat, the kind the prime minister also eats—who, by the way, has a birthday today (he turns 58, many happy returns). At the center of the discussion were developments on the ground and in Cyprus, the European stance, which has generally not particularly satisfied Athens and Nicosia, Greeks stranded in the Middle East, and the consequences for the economy. Especially regarding the latter, there was clear concern.

Farewell to the adviser
I have already informed you that Mitsotakis changed diplomatic adviser. Yesterday, however, K.M. left Parliament on foot and went across to the Foreign Ministry, where his until-recently diplomatic adviser, Miltiadis Nikolaidis, held a small farewell event attended by Gerapetritis and other diplomats. Mr. Nikolaidis, who came to Maximos in 2024, is moving to Paris next week as ambassador, while his position has already been taken over by the until-recently ambassador to Washington, Katerina Nasika. Mitsotakis, who spoke, thanked Nikolaidis for his service, underlined that there had been critical situations managed by the Maximos Mansion and acknowledged that behind the scenes there had been significant supportive infrastructure, while also wishing the experienced Ms. Nasika a good start. Shortly afterward, K.M. departed for Maximos for a phone call with Lebanese Prime Minister Joseph Aoun.

Dendias with the F-16 pilots
Shortly before departing from Cyprus, Nikos Dendias stopped yesterday at the “Andreas Papandreou” air base and greeted the crews of the Greek F-16s that relocated to Paphos to assist with air defense. The Defense Minister wished the Greek pilots success, while at a meeting earlier at the Defense Ministry in Nicosia, in the presence of the Chief of the Hellenic National Defence General Staff Houpis and the Chief of the National Guard Theodorou, the two ministers evaluated the technical details of Greek defense assistance to Cyprus. A move that practically answered the recurring concern of whether Cyprus lies too far away for Greece.

The meetings and preparations over rising prices
Since the day before yesterday, a flurry of meetings has begun in Athens over the prospect of significant economic consequences from the turmoil in the Middle East. It does not seem that we will disentangle ourselves easily, and that is the bad scenario. Yesterday, Development Minister Takis Theodorikakos held a meeting with Despina Tsaggari, head of the Market Supervision Authority, as a follow-up to the discussion held with K.M. last week. Obviously, all supply chains are being checked and inspections carried out, while there is communication with market players and with Stournaras, with fuel prices at the forefront. What I understood is that if unusual movements appear in the market, the State has institutional tools to intervene. In the past, this was done with a cap on profit margins, although we are not (yet) there.

The 100 dollars
Since we are on the subject of rising prices and market control, yesterday afternoon Papastavrou convened a broad meeting at the Energy Ministry with Tsimaras of RAAEY, Giorgos Triantafyllou of Motor Oil, Alexis Paizis of PPC, Andreas Siamisis of Helleniq Energy, Tasos Manos of DEDDIE, Kostas Xifaras of DEPA, Sotiris Bravo of DESFA, etc. The discussion was open and there was a general assessment that there will indeed be price increases due to rising prices, but not frightening ones—and in any case, if gasoline rises by five cents per liter in such a situation, it is not cause for panic. However, I understood that the tougher scenarios, with the barrel heading toward 100 dollars, are those that could activate Plan B for more dynamic interventions.

Bakoyannis and the municipality
I wrote to you in recent days that Kostas Bakoyannis was concluding that he would run with ND in the First Athens district and in rolling polls appeared to be doing well, placing in the top four. However, since things are dynamic, I learn that his thinking has shifted direction again and he is returning to the basic scenario of once more claiming the Municipality of Athens in 2028, given that he has not withdrawn from public affairs and is very active in the Municipal Council. Of course, time will tell, but generally I think things are taking a certain course.

Pierrakakis +3
Antonio Costa, President of the European Council, Ursula von der Leyen, President of the European Commission, Christine Lagarde, President of the European Central Bank, and Kyriakos Pierrakakis, President of the Eurogroup, met yesterday in Brussels ahead of the European Council of March 19. At the center of the discussion was the economic situation of the European Union in the context of the complex geopolitical environment. Close monitoring of the economic impact of developments in the Middle East was agreed, especially regarding energy prices. They also spoke about issues such as the international role of the euro, aiming to strengthen its position in the international financial system.

Koufontinas – broadcast
A comment with my personal opinion regarding the screening of Alexis Papachelas’ documentary (Skai) on 17N, in which the unrepentant Koufontinas also appeared, a ruthless murderer of dozens of people. The relatives of the victims, members of the solidarity association for victims of terrorism “Thanasis Axarlian,” issued an angry statement yesterday in which—after criticizing the program’s contributors—they argue that “in this way, the publicity for which he killed was generously offered, something that will inevitably result in him continuing to inspire ‘little Koufontinases’ everywhere, once again killing our loved ones.” I fully understand the accumulated anger and grief of the relatives who lost their loved ones to ruthless murderers. However, I believe that everywhere in the civilized Western world this is how journalism works—print, television or online. Since the dawn of democracy and free media, murderers of various kinds and categories speak to the media. Convicted or not. Harsh for the victims’ relatives, yes, but that is how it is. I think, with all due respect, that instead of attacking the medium and the journalist, it would be more appropriate to accuse the killer.

Samaras – Lymperopoulos
And amid the torrential global developments, yesterday we also had within the country an equally serious summit meeting. I read from a S.A.T.A. press release that President Samaras and the other president, Thymios the taxi man, met and discussed institutional issues. I read in the relevant announcement: “The meeting of S.A.T.A. President Thymios Lymperopoulos with former Prime Minister and former President of New Democracy Antonis Samaras took place within the framework of ongoing institutional contacts to defend the positions of the taxi sector against the bill of Deputy Minister of Transport Mr. Kyranakis, which attempts to equate private hire vehicles with taxis, altering the character and institutional framework of the profession.” As they say, while the world is burning…

The plunge of the Stock Exchange
Regarding yesterday’s session of the Athens Stock Exchange and the severity of the drop, there are two points worth noting: First, on Monday retail investors saw opportunities. Yesterday they reassessed the risk and closed positions either because margins were hit or because they managed to sell before they were. Second, liquidations were recorded in mutual funds. Add to that the sell orders from foreign investors…

“Black” Tuesday on Athinon Avenue
Shock and awe at the Stock Exchange over the last two days, with the General Index recording a free fall, essentially wiping out all its gains for 2026. The domestic market found itself trapped in a barrage of “war” liquidations, with the index falling below the psychological threshold of 2,100 points, recording losses that at certain phases of the session exceeded 6%. The main catalyst of the collapse is the dramatic escalation in the Middle East and Donald Trump’s estimate that the conflict could last weeks. The US-Iran confrontation moved from the realm of geopolitical concern into raw economic reality after reports of strikes on strategic infrastructure and Israel’s order to Chevron to halt production at the “Leviathan” field. Qatar’s simultaneous decision to suspend LNG production and the closure of the Strait of Hormuz, where a significant number of Greek-owned tankers were trapped, caused a “heart attack” in the global supply chain. On the ASE board, margins were broken and there were massive liquidations from mutual funds, as mentioned above. Banks, which had posted significant gains in recent times, were at the center of the storm, with the sector index plunging more than 6%. A similar picture appeared in industrial blue chips, with the Viohalco group and other industrial stocks declining significantly, as the market now prices in the scenario of prolonged energy inflation. Yesterday’s “black” Tuesday once again highlighted the shallowness of the Greek market in the face of external shocks.

Peristeris, Paulson, EYDAP and the conclusions
The surprise of the day came after the session with the two large share packages of EYDAP that changed hands at a price much higher than the trading price. Altogether, the two packages correspond to 9.98% of EYDAP’s share capital. Seller: John Paulson; buyer: the GEK TERNA group. The two transactions were made at a significant premium since the stock was trading around 7 to 7.5 euros and the packages changed hands at 10 euros. G. Peristeris had been negotiating the package for days; they agreed with Paulson the day before yesterday, and yesterday the transaction took place. No particular philosophy is needed, as there are two conclusions: First, GEK TERNA paid 103 million and secured a privileged position both in the construction plan launched by EYDAP’s management and in the water business in general. Second, not that we didn’t know it, but it is once again confirmed that Paulson, if he finds a price he considers satisfactory, waves goodbye very easily.

AVAX close to agreement for the Ionios School property in Filothei
The AVAX Group had shown interest at the right moment in the Ionios School property in Filothei and appears to be close to an agreement. Reliable information says that through AVAX Development, the group’s investment arm, a preliminary agreement has been reached for the prime 4.7-stremma property, which will be completed once all required conditions are met. It is noted that Ionios School also has facilities in Marousi, while AVAX’s interest in this significant property fits into its broader selective expansion into real estate, particularly in the development of luxury residences.

Eight trillion dollars in Athens
On that note, the gathering of the world’s largest sovereign wealth funds will be held this year for the first time in Athens rather than in one of the Gulf countries. It is the annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF), the international organization that includes around 60 sovereign wealth funds from around the world managing assets of more than 8 trillion dollars. We are talking about funds the size of Norges, ADIA (Abu Dhabi Investment Authority), QIA (Qatar Investment Authority), GIC, etc., which will be in Athens in November, along with the Greek Superfund/GrowthFund, which today manages assets of 12 billion euros and is transforming from a public enterprise management organization into a National Investment Fund. Yesterday, CEO Giannis Papachristou presented organic profits of over 1 billion euros for the three-year period 2025-2027, dividends of 700 million to the Greek State, tenders of 1 billion from the PPF in 2026, and mobilization of an equal amount of capital through the new infrastructure investment fund, HIIF. For 2025 alone, the Group’s profitability is expected to exceed the profits of all previous years combined. The Superfund is now building its fourth pillar: New Economy co-investments through HIIF. The other three pillars are the transformation of its subsidiaries, infrastructure development and the acceleration of the Project Preparation Facility (PPF). The first investment of the new infrastructure fund, HIIF, is expected in March–April. It will be the litmus test for the Superfund to function as a catalyst for private investment in the New Economy.

Greek students increased airfare prices
The recent events in Cyprus appear to have caused anxiety mainly among Greek students on the island, who rushed to secure a seat on flights to return home. The result was that seats on many flights sold out, prices doubled and in several cases tripled. Meanwhile, the University of Cyprus is operating normally, classes are proceeding according to the semester schedule, and in an announcement the University states that it will not justify absences in general and vaguely, but only in cases of inability to attend due to travel restrictions, delays or other personal exceptional circumstances that are substantiated.

The suspension for “Ktima Spyropoulos”
For today, Wednesday March 4, the auction of the second winery of “Ktima Spyropoulos” in Nemea had been scheduled, but at the last minute the process was suspended. The starting bid price was set at 1.14 million euros, with Intrum as the enforcing creditor. It is recalled that on February 18 the winery in Mantineia was auctioned and changed hands, prompting a strong reaction from Apostolos Spyropoulos (son of the late Robert Spyropoulos), who, although he holds 25% of the company’s shares, has been out of management since summer 2020. In statements, A. Spyropoulos had assigned responsibility to his relatives who hold the reins for mismanagement and lack of planning. In any case, the rift in the family appears deep and unbridgeable. However, the suspension of the auction, combined with certain statements by the company’s head Konstantina Spyropoulou about discussions with a potential investor, may open a window of hope for the “next day” of the historic winery…

From Beijing to Seoul, the backstage of the energy crisis
The closure of the Strait of Hormuz by Tehran is not simply a military move. It is a carefully calculated geopolitical game that forces Asian countries to readjust their moves. Iran sent a clear message: “Whoever passes through here does so on our terms.” China appears to be keeping a cool stance. Its strategic reserves cover months of imports, but behind the state bureaucracy, the independent refineries—the so-called “teapots”—are watching nervously. Their dependence on cheap Iranian and Russian crude makes them vulnerable to disruptions or stricter sanctions, while crude cargoes exported via the East Siberia–Pacific Ocean (ESPO) pipeline from Russia are becoming increasingly attractive to their interests. India faces more difficult conditions. With its dependence on imports at nearly 90%, the government in Delhi is already considering increasing flows from Russia. But the political balance is delicate, as it maintains good relations with the West and will find itself in the middle. Japan and South Korea are on alert. The former risks an immediate blow to GDP and inflation; the latter, a surge in costs and pressure on its industry. Seoul, however, has a small “window”: strong strategic reserves and flexible shipping groups that can quickly reroute suppliers. Behind the scenes, major players are seeking alternatives, from Moscow to Venezuela. But energy diversification does not eliminate risk; it merely shifts it.

Aliki Paliou’s message to Wall Street
The move by NASDAQ-listed Performance Shipping Inc., interests of Aliki Paliou, to “lock in” the construction of two new Suezmax tankers at a Chinese yard amid war in the Middle East is interpreted as a message to Wall Street and competitors that the bet on crude oil and new global trade flows has just been renewed. The company signed contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for two 158,000 DWT Suezmax vessels, with delivery in 2028 and 2029, at 81.5 million dollars each. The financing scheme—just a 15% down payment with a refund guarantee and 55% upon delivery—shows careful liquidity management. In simple terms, “we’re keeping ammunition” until we see where the ball lands. The timing is more significant than the order itself. The war in the Middle East, attacks on sea lanes and the reconfiguration of energy flows have boosted ton-mile demand. Cargoes are traveling longer routes to avoid “hot” zones, increasing demand for medium and large tankers. In this environment, Suezmax vessels—the intermediate “tool” between Aframax and VLCC—acquire a strategic role. Behind the scenes, the move is also interpreted differently: a Greek-interest company, with a U.S. stock market presence and shipbuilding cooperation with China, invests in an asset dependent on oil flows from a burning region. Globalization, in its rawest form.

Captain Panagiotis’ birthday
Yesterday was the birthday of Captain Panagiotis Tsakos, “the last of the Mohicans,” as he is called in international shipping, one of the most stable and enduring figures in Greek and global shipping. In the early 1970s he founded Tsakos Shipping and Trading S.A., which became the foundation for the creation of the Tsakos Group, which evolved into one of the most significant Greek shipping formations, with a fleet exceeding 120 vessels of various types and continuous investment activity in new, modern ships. The central arm of its international presence is Tsakos Energy Navigation (TEN), active on the New York Stock Exchange. The administrative structure retains strong family characteristics, with succession in management and participation of the next generation. Alongside business development, the captain has developed a network of foundations and educational institutions. He is founder and sole financier of three foundations in Montevideo, Chios and Ghana, dedicated to the memory of his mother and his daughter Maria, focusing on education, maritime welfare, research and the promotion of the Greek language and maritime tradition. In Kardamyla operates the “House of Maria,” a hosting space for scholarship recipients from all over Greece, selected on meritocratic and social criteria. In 2020 the private Maritime High School Teens was founded in Chios, followed by the establishment of the first private non-profit Maritime Academy, named the International Center for Maritime Research and Tradition, under the auspices of the “Maria Tsakos” Foundation.

Two Celestyal cruise ships docked in Dubai
Over the past few days, two cruise ships of the company Celestyal, which has its administrative headquarters in Greece and operates in Dubai, have been at the center of attention due to the war conflicts in the wider Gulf region. Despite the intense publicity, competent sources pointed out to D.R. that the situation remains calm and fully under control, with no cause for concern. According to the same information, among those on board are 32 Greek tourists and 75 Greek crew members, who are receiving continuous updates and care in accordance with the prescribed procedures. The company is in close and ongoing coordination with local and international authorities, implementing all required safety protocols. “The protection of passengers and crew is a non-negotiable priority, with decisions being made based on official guidance and continuous assessment of the data. Sources familiar with the handling speak of calm and responsible management, far from exaggerations. The message being sent is clear: priority to safety, cooperation with the competent authorities, and full operational readiness,” company circles emphasize, adding: “In a period of heightened geopolitical tension, management is being carried out with professionalism and methodical planning, ensuring that everything proceeds smoothly, without hasty moves and without unnecessary noise.”

IDOM’s proposal for the Pension System
A break with the state monopoly is proposed as a solution to the country’s pension problem in the new policy paper of the Institute of Fiscal and Economic Studies (IDOM), which is being presented this afternoon at the Nomiki Vivliothiki. The study, authored by Miranda Xafa and Giorgos Bitros, proposes a fundamental restructuring of our Pension System, given that Greece spends 14.3% of GDP on pensions (the third-highest expenditure in the EU) and yet the system is not sustainable. The current Greek Pension System faces serious structural imbalances. It relies 95% on the state pay-as-you-go system, while births and the labor force are shrinking faster than any forecast. The solution proposed by IDOM is a gradual 25-year transition. Workers under 45 will receive back, with interest, the contributions they have paid and will automatically be enrolled in Capitalization Pension Funds of the 2nd and 3rd pillars, with the right to opt out and choose a manager. The goal is for state spending to be reduced from 14% to 8% of GDP by the 2050–60 decade, with insured individuals having full control and ownership of their savings. The cost of this transition is estimated at €36 billion. Of this, half is already covered by the Insurance Solidarity Fund for Generations (AKAGE), which currently stands at €21.8 billion. IDOM also proposes strengthening the 2nd Pillar (Occupational Insurance Funds), financial education at all levels of schooling, a national pension monitoring system, limiting the purchase of notional years, and a coherent migration policy.

New investment strategies amid wars and upheavals
Until now, abundant liquidity “inflated” markets and fund managers. A good manager was one who had “good beta,” meaning the ability to follow market trends. Today things have changed. A good manager is one who has “alpha capability,” meaning the ability to select the winners of each era. The word that describes the markets of 2026 is “dispersion.” The Wall Street Journal published a revealing chart yesterday. While the S&P 500 Index is moving sideways around zero, Sandisk stock has already more than doubled (offering a return of more than +175% since the beginning of the year), Texas Pacific Land is up more than +75%, while the “giants” Microsoft and Intuit are deep in the red, with losses approaching -50% and -75% respectively. Markets no longer move like the tide (everything rises together, everything falls together) and have entered a phase of selective value diagnosis. Investors no longer buy “technology stocks” as a broad category. They buy specific companies that are favorably positioned on the artificial intelligence map, while ruthlessly selling those they believe are falling behind or exposed to its competition. The example of Sandisk is characteristic because it is a company benefiting from demand for data storage driven by AI infrastructure. Texas Pacific Land capitalizes on demand for land in Texas because everyone wants to build data centers there. By contrast, Intuit, an accounting software company, now faces the risk of being replaced by artificial intelligence tools. Microsoft is under pressure from investors wondering whether the billions it has invested so far in AI will eventually yield returns for shareholders. The most interesting feature of the new era is that the much-discussed quant models, which rely on correlations from the past, are now struggling to keep up with developments in the markets.

The “red waterfall” in gold and silver
Two deep-red “waterfalls” suddenly appeared on traders’ screens. The price of gold recorded a free fall below $5,100 per ounce, and silver was seen losing more than $20 per ounce within 24 hours. This amounts to a depreciation of silver of about 21%. Technical analysis charts showed certain candlesticks that left no room for doubt. Some were massively liquidating their positions, and buyers showed no hurry at all. At a time when stocks were suffering from insecurity and global uncertainty was at historic highs, the “safe havens,” the precious metals, were sinking without apparent reason. The obvious cause is that gold had delivered a +96% return over the last 12 months, while silver had surged by 278% over the same period. Such returns prompt overly optimistic investors to over-leverage their positions. The “perfect storm” triggered the massive unwinding of these positions. Silver suffered more because, besides being a “safe haven,” it is also an industrial metal with high demand for solar panels, electric vehicles and semiconductors. Any change in market trend causes a frenzy of reverse investment positions. Obviously, those selling the metals were not buying stocks. They were simply reducing their investment risk. Stop-loss orders were triggered in a chain reaction, algorithms followed, and the market found itself selling precisely where it supposedly buys. In the long term, JP Morgan still believes that gold will reach $6,300 by the end of 2026. Until then, however, traders’ screens are a reminder that even “eternal” assets are subject to the laws of the market.

The “bitter” fall of sugar
The Financial Times recorded the impressive drop in the price of sugar on international commodity exchanges, to the lowest levels in five years. At a time when everything in the world is becoming more expensive, sugar is falling awkwardly. Three weeks ago, on February 12, sugar futures had fallen to 5.5-year lows, as markets then saw a large production surplus relative to demand. Brazil, the world’s largest producer, is steadily increasing its output. Producers in central and southern Brazil are turning more toward sugar and less toward ethanol. This usually happens when oil prices are low and demand for biofuels declines. In India, a good monsoon season led to a surge in production. There are estimates that India will produce more than 32.8 million tons in the 2025/26 season, as fewer and fewer sugarcane crops are being directed toward ethanol. Thailand, the second-largest sugar exporter, continues producing without pause. Some analysts wrote that modern weight-loss pharmaceuticals, the GLP-1 drugs, not only reduce appetite but also change the way consumers respond to sweet taste. The result remains the same: high production, low demand. The sweetest commodity in the world is offering a bitter investment return.