Hello, I can’t stand starting today without the mishmash at PASOK—not because, of course, it’s more important than the serious things happening in the Middle East, but because life (and journalistic columns) needs a bit of humor. In other words, the kind of things we talk about and laugh about in newsrooms. Yesterday it was nothing other than the mishmash said about PASOK’s “expansion” by Mayor Haroulis, up to Rector Pelegrinos (or Pelegrinis, as he’s actually known), who together with comrade Verlekis, the evergreen bouzouki master Nikolopoulos, and the expansion committee of Lambrοu and Skandalidis add up to some 500 years of age altogether. Well then, my “green” source tells me that this expansion business keeps getting better. First of all, two-thirds or even more of those involved had never actually left the party. So what kind of expansion is this? In addition, two of the names announced by Charilaou Trikoupi have already said they’re not… coming: Vangelis Korakakis, who is known for his relationship with the Communist Party of Greece (KKE), and the writer Michalis Patentális. As if that weren’t enough, Anna Diamantopoulou and Haris—mishmash—Doukas came out and mocked the amateurish effort of our Nikos, the leader. But I also have some backstage gossip about the Korakakis blunder. As is known, Kostas Skandalidis is friends with Christos Nikolopoulos. The composer, who is participating in the expansion (even if he has been PASOK since birth), is very close friends with fellow musician Vangelis Korakakis. So he talked with him and said they’re making an effort to help PASOK. Korakakis understood that they were asking for his help with concerts. “Of course, Christos, for your sake we’ll help,” he said. Nikolopoulos took that as an OK to join the expansion effort, called Skandalidis and said, “Alright, Kostas, Korakakis will help.” Skandalidis thought he had hit the jackpot, and that’s how Korakakis ended up on the lists. Korakakis sees it and issues a statement: “After a short conversation with someone I know in the field, there was some misunderstanding. I understood that we would play for PASOK and it was posted in the media that I support them. That is not the case. It is well known that I am from Kaisariani and belong to the Communist Party of Greece.” According to another version, the person who had the conversation with Korakakis (with K. Skandalidis standing next to him) was Ilias Kyriakopoulos, organizer of cultural events and a member of PASOK’s Culture Sector. I’m afraid that the honored elders got their wires crossed… I should note that in this famous expansion they also included Ioanna Tsoupra, who had been deputy regional governor under Rena Dourou and was responsible for civil protection on the fatal night when people burned in Mati… Also, as an old party member reminded me, Anna Diamantopoulou was essentially the first face of PASOK’s expansion. It’s a bit awkward, he told me, that Anna insisted that Michalis Neonakis—an old “modernizer” from the group of the “captains” and her supporter—be included in the committee, eventually succeeded in doing so, and then had Giannis Meimaroglou (also her supporter) criticize the effort, and then she herself followed suit.

Announcements today about the measures

Returning to everyday reality: K.M. came back yesterday from Paris and today must deal again with harsh reality. Although Foreign Minister Gerapetritis estimated yesterday at the Alitheia Forum that he has the sense that the war is entering a phase of de-escalation, in the government there is the feeling that some intervention must be made regarding profiteering. From the reporting I learn that the proposals submitted at Monday’s meeting by the relevant ministers—especially a cap on profit margins for supermarkets, gas stations and refineries, obviously for a limited period—are a rather mature idea, and announcements may come today.

Rally around the flag

I spoke yesterday with my good polling source at the Maximos Mansion and asked whether the numbers the government receives correspond to those published in various polls. “There is the rally-around-the-flag phenomenon—the public rallies around the flag,” my source told me, explaining in terms of political sociology the clear improvement of New Democracy in voting intention and vote estimates, as well as improvements in all qualitative indicators. The main driver of this trend is the consolidation of the “blue” audience—those who voted for ND in 2023—but also some inflows either from PASOK or from the right, from Velopoulos.

Karystianou’s loose base

From the same source I also asked for an assessment of the parties of President Maria and leader Alexis, and he made an interesting observation. “While Karystianou appears to have appeal among the public, when you ask how certain people are about their vote, about 60% say they could change it. In contrast, those who say they will vote—or are very likely to vote—for Tsipras are much more likely to actually do it, so his base is more solid.” Another pollster also estimates that President Maria is like a balloon losing air, though time will show.

The process for nuclear energy

I had written that K.M., who went to Paris yesterday, would open a window for the use of nuclear energy in Greece. His thinking is not merely a thought but a taken decision, which is why Greece is proceeding with all the steps required by international rules. I learn that when a state expresses interest in including nuclear energy in its energy mix, a standardized process follows, the so-called Milestones Approach of the International Atomic Energy Agency (IAEA). In the first of three phases, you assess whether nuclear energy can play a role in the energy mix. Greece is evaluating this with interest, and therefore is creating a governmental coordinating committee that will assess the various parameters of a program (feasibility study, legal and regulatory framework, public consultation, etc.). This process is not easy; it takes years, and at the end the committee issues an evaluation report. If the decision is in favor of nuclear energy, the state moves to Phase 2, where institutional preparation begins and suppliers for building a reactor are sought.

Tsoukalas and the late cancellation

Yesterday afternoon, after the first day of the Alitheia Forum organized by the General Secretariat for Communication had ended, PASOK spokesperson Kostas Tsoukalas sent a “fiery” statement saying he would not legitimize with his presence a propaganda conference and so on. What had happened? Several days ago it had been agreed that a panel with party representatives would be held today, and positive responses had come from Sdoukou of ND, Tsoukalas, Zachariadis of SYRIZA, and Thanasoulas of NIKI. Zachariadis canceled two days after the conference program was announced, while Tsoukalas performed the trick of canceling eight days after publication and one day after the conference had already started. It seems they’ve lost the plot…

What Euronext officials told Greek stockbrokers

We mentioned it more or less yesterday, but now it has become more official. The central message of the briefing discussion held by Euronext with Greek stockbrokers concerned the timetable for major changes at the Athens Stock Exchange. Speaking from Euronext were Nicolas Rivard, Global Head of Cash Equity and Data Services; Vincent Bockijon, Head of Equity Trading; and Nathalie Ruiz, Head of Equity Sales. The transition is deep, multi-layered and will be completed in three stages by 2029. The first major milestone is 2027. The Athens Exchange will change its trading platform and move to Optiq, Euronext’s proprietary system already used in Paris, Milan, Amsterdam, Dublin, Brussels, Lisbon and Oslo. Athens will be the eighth market. At the same time in 2027, the transition to T+1 settlement will be implemented, replacing the current T+3. The second stage, in mid-2029, concerns a more technical but extremely important change. Clearing of transactions will transfer the clearing flows to Euronext Clearing, while ATHEXCSD (the securities depository) will be integrated into the European common Convergence platform, with simultaneous connection to the pan-European settlement system T2S. For Greek brokers and institutional investors this means that through a single connection and a single membership subscription they will have access to all the European markets of the Euronext group. The Athens Exchange becomes part of a system with 1,900 listed companies in 8 countries, a market capitalization of €6.8 trillion and daily trading value of €12.5 billion. Athens, with a capitalization of €93 billion and daily turnover of €217 million, will be the smallest market in the group. But being included in the system—for the international visibility of the Greek capital market—is worth more than any other upgrade of the past decades.

Aegean: the conference call the whole market is waiting for

Perhaps one of the most anticipated conference calls is that of Aegean’s management with analysts tomorrow, Thursday. The airline will also announce its 2025 financial results that day—a very strong year for tourism, with strong passenger traffic and an expanded flight program and available seats, something expected to be reflected in its performance. Average estimates by brokerage firms speak of revenue of €1.85 billion (+4.4% year-on-year), EBITDA of €421.7 million (+4.1% year-on-year), and net profits of €147.8 million (+13.9%), while the market also expects a strong dividend estimated at €0.90. However, the most interesting part concerns the outlook for 2026 and the current situation with oil prices soaring because of the war in Iran. Analysts estimate that tensions in the Middle East have created volatility in markets and could affect travel demand, booking behavior, fuel prices and access to certain airspaces. Under these conditions, attention turns to Aegean’s ability to maintain resilient demand and manage operational risks effectively. Analysts also expect guidance from management regarding key factors that will affect revenues and costs, as well as initial estimates of the impact of geopolitical developments and developments related to Pratt & Whitney engines. At the same time, there is particular interest in possible developments around the investment in Volotea, which due to its strong operational performance is considered capable of acquiring significant strategic value for Aegean’s activities. If the geopolitical environment stabilizes, analysts estimate the company could capitalize on consistently strong travel demand and further strengthen its growth prospects.

The Carrefour project isn’t working

At AVE, owned by Nikos and Aiantas Vardinogiannis (sons of Theodoros), they are “blowing on it and still can’t cool it down” regarding the Carrefour project, which no matter how much they try, just doesn’t work out. So now I learn they are beginning to make other plans to limit the losses and shift their focus elsewhere. In this context, the idea has been put on the table to start selling the company-owned stores that carry the Carrefour brand to partner franchisees. The question, of course, is which “partner” will take on such a risk…

From Palermo to Athens

A more personal side of her life was shared with journalists by the new head of DESFA, Maria Sferoutsas, at an informal breakfast meeting with reporters yesterday morning in Athens. She described a strongly international career, having lived and worked in different corners of the world. Born and raised in Palermo, Italy, she first moved to Florence before her career in the energy sector took her outside Europe, with her first stop being Houston—a city considered almost a “mandatory passage” for those working in the global energy industry—and then Singapore. Speaking about her new life in Athens, she noted that Greece reminds her in many ways of Palermo, mainly in the food and the lifestyle. She even revealed that settling in the city was easier than expected, as she managed to find a home within just 24 hours of arriving. Beyond work and family, the new head of DESFA also spoke about a personal passion—basketball—showing that she is well informed about Greek teams. She stressed that Greece’s geographical position and existing energy infrastructure give the country the ability to function as a gateway for natural gas to the Balkans and Eastern Europe, especially with the completion of new projects in the coming years. She also emphasized that natural gas will continue to hold an important place in the global energy mix for a long time. As she put it, the energy transition resembles the movement of a pendulum and is not a leap from natural gas directly to green forms of energy, but a gradual change in the energy mix that evolves at different speeds from country to country.

The…natural leadership at Aktor Concessions

A new Board of Directors has been acquired by Aktor Concessions, “aligning,” one might say, with its transition last September into the hands of the Aktor Group. It is recalled that the agreement, worth 194.6 million euros for the acquisition from Ellaktor of the (very powerful) Aktor Concessions, decisively strengthened the position of the Aktor Group in the infrastructure sector, bringing it to the top of the market, with a portfolio that includes participations in 15 PPP and Concession projects. Since the end of September, a “temporary” Board had taken over, headed by the very experienced Giorgos Syrianos. However, by decision of the General Assembly on March 3, the new Board was elected, in which Alexandros Exarchou is president, while Anastasios Aranitis participates as Chief Executive Officer, Giorgos Syrianos as Vice President and as members Konstantinos-Vasileios Adamopoulos, Ioannis Argyropoulos, Maria-Eleni Nitsopoulou and Ioannis Sangriotis. The term of the new Board of Directors expires on 04/03/2029.

Red alert for Coastal Shipping

Monday morning, the 9th of the month, and an unpleasant surprise awaited executives of coastal shipping companies. When they received the fuel invoices, they dropped them from their hands. MGO, the so-called Marine Gas Oil had shot up to 1,105 dollars, that is 959 euros per ton, while before the war on 27/2 it was… at 629 euros, that is 730 dollars. Percentage increase 52%! As executives of the sector tell me, if the barrel stabilizes around 92 euros, then the additional cost for coastal shipping companies will be 14 million euros PER MONTH. “What happened was very brutal,” a market insider with great experience in coastal shipping matters told me. “March is lost. We will have losses that we will hardly be able to recover. If April and May are lost then we will be talking about an economic Waterloo.” Shipowners and the government are in feverish discussions in order to save whatever can be saved because otherwise ticket prices will inevitably go uphill. The government has mobilized in order to prevent increases in ticket prices and the Ministry of Shipping is on red alert so that costs are contained and there are no burdens for passengers. The big damage will be suffered by the companies that operate during the non-tourist period, that is the winter and spring, and these are the ones that keep both the inter-island connection and the connection with the mainland alive. As soon as the summer schedules open and on the condition that fuel prices have fallen, the high-speed vessels, which are now tied up, will enter the game and collect all the money since they will not have to manage the large losses of the others.

Star Bulk “struck a vein of gold” with scrubbers

Star Bulk Carriers, under the leadership of Petros Pappas, proves that sometimes bold decisions pay off in practice. The installation of scrubbers on the company’s ships before the regulatory changes of 2020, at a time when many doubted, today offers a significant financial benefit. The price difference between VLSFO ($825/ton) and HSFO ($700/ton) allows Star Bulk to use cheaper fuels, with high sulfur content, which are filtered by the scrubbers, and in this way environmental compliance is transformed into pure profit. Almost its entire fleet, 120 of the 128 ships, was ready, giving the company the ability to fully exploit the increase in bunker prices. This strategy, beyond ecological, is purely financial and highlights the foresight of the management which is surrounded by extremely capable executives who know their work as few do, as is evident from the result. Despite uncertainty in the market, with oil prices around $100/barrel (with Trump’s statements as a barometer) and limited supply from the Gulf, Star Bulk shows that investment in fuel-cleaning technology can turn into a competitive advantage. Analysts on Wall Street comment that the company has a strong strategic position, although the current valuation is considered high. Investors show a neutral to positive stance, with emphasis on dividends and share buybacks. Behind the scenes, Star Bulk manages something that few shipping companies can achieve. To turn a regulatory obligation into a profitability tool.

The ship Hellas Liberty moors at Flisvos

Silently, almost discreetly, the historic Hellas Liberty said goodbye to the position where it had been moored for the last years at the port of Piraeus, and was towed to its new position, in Flisvos, next to the Hellenic Maritime Museum. Its relocation marks a new phase for the floating museum, which will now be located at a point more visible and accessible to the public. This specific ship is not a simple exhibit. It belongs to the only three Liberty ships that have been preserved worldwide and is directly connected with a critical period for Greek shipping after World War II. At that time, about 100 ships of this type passed into the hands of Greek shipowners and constituted the basis for the reconstruction of the Greek merchant fleet. The presence of Hellas Liberty today functions more as a reminder of a period during which Greek shipping restarted with limited means, but a clear orientation. Its installation in Flisvos is estimated to give more people the opportunity to come into contact with this piece of the country’s maritime history.

In two months 3,290 new codes on the Stock Exchange

On Monday morning, panic prevailed in the stock exchange offices. The phones were ringing and everyone wanted to sell. On Tuesday, euphoria prevailed. Unrestrained small investors wanted to catch the “turn of the market.” Official figures show that the participation of the so-called “retail” in our market is particularly increased. In 2025, 27,272 new investment codes were opened. It was the 3rd consecutive year with an increase in registrations greater than 25,000 codes. The average number of active investors jumped by 19%, reaching 28,811. In January 2026 another 2,290 codes were added, and in February another thousand. This is the new generation entering our market. It has its expectations, but it also has its weaknesses. On Monday, as the General Index was plunging, private investors, many of them newcomers, were frantically asking to liquidate their positions. Yesterday morning the picture changed. Same voices, opposite order. The Stock Exchange resembles a ship in the middle of a stormy sea that tilts violently from one side to the other, as if it has a cargo shift. To a large extent that is exactly what is happening. The “cargo” of new investors who entered the market without crisis-management experience, without a diversified portfolio and without an investment horizon, oscillates with every piece of news. There is also the other side: despite the impressive percentages of rise, active codes remain 49% lower than in 2010 and 62% lower than in 2009.

The shift regarding the energy mix

In 2022 at the Capital Link conference in New York, Giannis Karabelas, then Chief Executive Officer of ADMIE Participations, made a remark that passed almost unnoticed. Specifically, he referred then to the need to diversify the energy mix and the head of the company that controls 51% of ADMIE described as “food for thought” the idea of utilizing nuclear energy. He cited the example of France, but also the fact that even regions with seismic risk — such as California and Japan — adopted nuclear units without hesitation. For Germany, in fact, he estimated that nuclear energy can constitute the optimal solution for more than 25% of its energy needs. Three years later, Greece, which traditionally rejected any discussion about nuclear energy, appears open to scenarios of small modular reactors (SMRs), also utilizing the geopolitical circumstance that has highlighted energy security as a strategic priority.

The new fashion of stablecoins

A stablecoin is a digital currency designed to maintain a stable value. It is usually equal to 1 dollar. Unlike other cryptocurrencies (Bitcoin, Ethereum, etc.), the stablecoin is “pegged” to a traditional currency or asset and remains stable. The issuer of the stablecoin is obliged to keep in reserves real dollars or government bonds of equal value. Yesterday, we learned that Western Union, the company that for 170 years sent money through paper and wires, decided to release its own stablecoin to the market, USDPT. A few weeks earlier, Fidelity, the 5-trillion-dollar giant, issued the Fidelity Digital Dollar. When Wall Street and Western Union play on the same field with Tether and Circle, something changes in the markets. The capitalization of stablecoins on the Solana network jumped to 15.4 billion dollars. In 2024 it was less than 2 billion. The problem however lies in the uniformity of the product. Under the different names, all stablecoins do the same thing, that is they are linked to the dollar. The secret is simple. The issuer must have equal reserves. The returns produced by the underlying assets it buys, it keeps for itself. The user holds the “$1”, the company collects the interest of the government bonds that support that “$1”. This gap in the market came to be covered by companies such as Jupiter which introduces stablecoins that return the yield to the holder. But if these new yield-bearing stablecoins gain market share, what remains of Tether’s business model which showed profits of 13 billion dollars in 2024 mainly from… interest? The practical usefulness of stablecoins is evident. It allows the international circulation of money quickly and cheaply. A migrant in Germany sends money to Greece in seconds with minimal commission, without a bank and without intermediation. A trader sells Bitcoin, converts it into USDT and re-enters later, without leaving the crypto-ecosystem. A company pays its supplier in Asia immediately, 24/7, even on Sunday. In countries with high inflation such as Argentina or Turkey, citizens use stablecoins to protect their savings in “virtual dollars” without a bank account. The need exists. Now the business has also opened.