Hello, Mitsotakis seems to be the prime minister who appears to be acting before all his colleagues in the EU in this crisis. He did so from the beginning by sending ships and airplanes to Cyprus, and yesterday he also announced measures in the market. I don’t know how sufficient the price caps on fuel and food will prove to be, but I would say it will depend on the intensity and the scale of the crisis. In any case, you certainly can’t say that he was late.

Fake news, platforms, trolls

Before we move on to other current news topics, I want to refer to a conference organized by the government—more precisely by government spokesman Marinakis—about the media, information, misinformation, etc. First of all, I didn’t understand the outcry and condemnation from the opposition regarding the conference. If you don’t want to attend, you simply don’t go, although the journalists who participated and the discussions that took place did not seem… particularly “irregular” or staged to me. In any case, everyone is entitled to their opinion. Now let’s get to the substance and the big discussion that has opened about internet trolls, the supposed superiority of bots that support the government and attack dissenters, etc. Well then, first of all, let me remind you that the trend of trolls started—as we all remember—from the basements of Koumoundourou, when our “great helmsman” Alexis was still in opposition and coming forward with momentum. In 2015, not… with the momentum of Popara (Tsapanidou) in 2023—there is even a related program by Stavros Theodorakis on YouTube. Then, when they became the government in 2015, the “SYRIZA trolls” moved to the Maximos Mansion and elsewhere and set up a mechanism of anonymous propaganda. Let me clarify: personally, propaganda does not bother me, but anonymous slander, vulgar insults, and the social exhaustion of individuals and media outlets do bother me. I won’t mention what SYRIZA trolls were writing about us until about three years ago, before they quietly dissolved. When New Democracy came to power, it developed the practice further because, of course, in these things they were and are “more educated” and systematic. I repeat: promoting the good things or even pointing out mistakes—what a politician said, their flip-flops, their blunders—I find acceptable within the global framework of negative advertising. But writing anonymously as a troll, spreading lies, slander, serious accusations that someone is a criminal, etc., is of course not only legally but also morally unacceptable. At this point I should note that today there are not only trolls who support New Democracy or insult its opponents; the opposite also happens. A few days ago one of these unidentified “blogs” falsely wrote that the prime minister’s daughter, Sofia, returned from Dubai where she works on a private flight. She of course denied it, since she had returned via Oman on a regular commercial flight, along with another 300 Greeks—and she wasn’t even on the first flights that departed. Over the last ten years on the internet, slander and defamation without any penalty due to anonymity have reached an extreme, outrageous—almost fascist, I would say—level. The main reason is one: international internet platforms allow it. They allow anonymity, and every attempt to discover the culprit leads nowhere because international media organizations do not provide data; they maintain anonymity. All of us have at times tried—either as individuals or as companies—to find out who is behind such accounts. In the past year, for example, fake news from international scammers has appeared selling bitcoins, supposedly financial services using the logos of media outlets such as protothema.gr and others, or successful businessmen who allegedly speak through AI and give financial advice. We have all reported this to the Cybercrime Unit, but as much as you have seen them identify the perpetrators, that’s about as much as we have seen it too.

Identification?

In this sense, the proposal by Pavlos Marinakis to pass a law that would require an account on X or TikTok—or anywhere—to have real identity details behind it is very correct. It’s difficult, of course; it may not capture 100% of anonymous accounts. But whatever it stops—even if it’s only half of them, or at least makes it harder to create such accounts in Greece—I think it would be good. So let him bring such a law and we’ll see who refuses to vote for it in Parliament.

Hatzidakis and the 50 houses

Since we’re talking about fake news, yesterday afternoon at the Alitheia Forum the vice president Hatzidakis expressed his frustration about the stories circulating about him every time asset declarations (“Pothen Esches”) are published. He said that every year a round of posts begins on social media and in various fringe outlets claiming he supposedly owns 50 houses, because in his asset declaration there are fields in semi-mountainous Crete that he inherited from his parents and has been declaring ever since. Of course, every time the story resurfaces, the damage is done because no one is held accountable.

The background of the measures

Let me return to the government’s measures on high prices that I mentioned earlier and tell you some background details. The main proposal—fully adopted as the line—was made by Development Minister Takis Theodorikakos, who for days had been of the opinion that the government should move with the same speed it showed in Cyprus in dealing with the market. The proposal was discussed at Monday’s meeting at the Maximos Mansion, and the announcements were made yesterday so that the issue wouldn’t drag on. Of course, I should tell you that the idea of imposing a price cap on diesel and subsidizing refineries for the difference was left out. In general, refineries remain outside the scope of the measures. The Environment and Energy Ministry has also provided some leeway in the cap level for transport to the islands because of higher transport costs. Since we’re talking about fuel, there is concern in the market that these increases might pass on to ferry services and ticket prices ahead of Easter and the summer season. I should tell you that Shipping Minister Vasilis Kikilias is closely monitoring the situation and already working on scenarios so that we don’t face unpleasant developments.

Tasoulas’ briefing

Staying with the war-related matters, yesterday K.M. briefed Kostas Tasoulas in detail—including classified information—as he also did with Androulakis and Natsios who visited his office. After the cameras left the President’s office, I hear that Tasoulas encouraged the prime minister with something like: “As in defense, so in offense.” In other words, the government should confront any profiteering in the market with the same speed with which it demonstrated the country’s defensive strength.

Gerapetritis’ coordination with the Emirates

You see several repatriation flights bringing Greeks back from Gulf countries, including flights by Emirates or Qatar Airways. This is not accidental; it’s the result of direct coordination by Gerapetritis at a very high level with authorities in those countries, in order to reduce the number of Greek citizens wanting to return. For example, the large Emirates flight last weekend happened after direct coordination with the Crown Prince of the UAE, Mohammed bin Zayed Al Nahyan. As for pending cases, there are still quite a few Greeks who want to leave Bahrain and Qatar, and it’s possible that another C-130 aircraft will be deployed in the coming days—though without announcing it in advance.

Tension between Nikos and Kostas

They’ve “become marbles” (a Greek expression meaning things have gotten messy), but that phrase captures only a small part of the tension on the upper floors of Harilaou Trikoupi from the “expansion” and the political maneuvering within PASOK, led by Skandalidis but always with the blessing of President Nikos. I asked around and learned there was a major uproar that continued even after our president had already left Athens and was flying to Strasbourg. Skandalidis was on his way to Trikala to speak about the… successes of the expansion, presumably. But phones exist, and when fires start it’s hard to put them out—even if you want to. The climate between Androulakis and Skandalidis is no longer the best. The former mentor of Nikos returned after some years to Harilaou Trikoupi with a specific role, as they had agreed. At first everyone was satisfied, and Androulakis gave space to the older—much older—generations. Skandalidis returned without ever having really left PASOK, unlike some of the figures brought in through the expansion. But then figures like Pelegrinis entered the party’s life with the theatrical “wear, wear, wear,” along with Korakakis and Patentallis—though they left early—and a series of other personalities mostly unknown to the wider electorate that PASOK is trying to energize. All things considered, the atmosphere on the upper floors is heavy. But Androulakis and Skandalidis will likely follow the well-known joke phrase “and luckily nothing happened,” and I’m told they will appear together on Tuesday at the first meeting of the Expansion Committee. If Androulakis had asked Konstantinopoulos about the expansion and the missteps of recent choices like Pelegrinis, Odysseas would probably have answered what he said yesterday: “I like Kostas Skandalidis very much; he is also the son of a priest, so he can use the parable of the prodigal son and forgive people—and that’s why he is doing this great expansion.”
There’s plenty of mockery going around, right?

Interest rates likely to rise

The threat of high inflation from the burning Middle East is leaving its mark. Banking sources in Cyprus expressed the belief that the island faces a smaller problem—there is no turmoil and for now it’s business as usual. However, the same sources estimate that not only is there no longer any question of interest rates falling, but at some point we will see them rise. The most likely time would be the second half of the year, depending of course on price developments and moves by the United States. Another issue is that the sense of safety in Dubai has been shaken, and for that reason Cypriot banks do not rule out—depending on the duration and intensity of the war—capital transfers in the near future.

Germany’s slap to the bond market

Speaking of interest rates, note that the German government went to the markets yesterday with a relatively small—by its standards—auction of 10-year bonds worth €5 billion. Investors submitted bids for only €4.5 billion. In the end, just €3.8 billion were placed with a yield of 2.89%, clearly higher than the 2.73% in February’s auction. Technically, the auction “failed.” In practice, the Deutsche Finanzagentur—the German public debt management agency—put the brakes on the markets’ appetite by saying that 2.89% is the maximum it is willing to pay. Germany has announced a historic increase in defense spending and a huge infrastructure investment program—in other words, it will issue many more bonds. Investors are not in a hurry to buy today what they may find cheaper tomorrow. Meanwhile, markets are beginning to price in a possible interest rate increase by the ECB, even though inflation in the eurozone is not driven by consumption but by external factors such as energy prices. In any case, Germany—whose Bund acts as the “axis” around which the entire eurozone is priced—put the brakes on the markets’ push for higher rates. Germany still has that ability. Italy, however, which must raise €400 billion this year to cover its borrowing needs, may not have the luxury of saying “no.”

Greece’s debt agency waits

Seeing this situation in the bond markets, Greece’s Public Debt Management Agency (ODDIH) suspended the planned auction of 10-year bonds for this week. Having already covered 58% of the year’s borrowing program (€4.3 billion), the agency can wait for better days to raise the remaining €3.7 billion. Its main concern is not to lose “contact” with German bonds—that is, not to let the spread exceed one percentage point (currently 70 basis points). Greece’s 10-year bond is now priced at 3.6%. The broader and more ambitious goal for the year is to reduce public debt as a percentage of GDP below Italy’s level, something that will be done through the early repayment of older debts. For now, the real winner from this small turbulence in the European bond market appears to be France, as recent initiatives by the French president have boosted confidence and kept the country’s bond yields relatively low (around 3.5%). Greece keeps close contact with French and Italian bonds. In January, the issue of 10-year bonds had a coupon of 3.375% and was priced at 3.47%. The ODDIH administration has no reason to widen this small gap with France.

Swiss franc loan regulation working

Banks have noted increasing interest in recent days in joining the regulation for Swiss franc loans that the government passed. The platform issuing the certificate showing which category each borrower belongs to has been operating for less than a month, but every week the number of applications rises. So far, more than 5,000 applications have been submitted. In one bank already 10% of such loans have been converted from Swiss francs into euros. Many borrowers became active after the outbreak of military operations in Iran, fearing that the Swiss franc—as a “safe haven” currency—may appreciate if the market turmoil continues.

AKTOR and the American factor

The strategic alliance between the business groups AKTOR Group and ONEX Shipyards & Technologies for the commercial exploitation of the Port of Elefsina reveals the close relationship developed by AKTOR head Alexandros Exarchou with the American factor and particularly with business interests made in the USA. ONEX is known to have been financed by the U.S. International Development Finance Corporation (DFC) for the restructuring of the Elefsina shipyards. The recent agreement between ONEX and the South Korean group Hanwha Power Systems was also warmly received and supported by the United States. The AKTOR–ONEX agreement in port infrastructure is AKTOR’s second step in this direction after the vertical corridor agreement—an initiative that could become one of the largest development projects in transport, logistics, and shipping in Greece. Under the agreement, AKTOR will handle the construction side of the infrastructure, while ONEX will manage and operate the port facilities and activities.

Thessaloniki’s first skyscraper

Finally, heading north to Thessaloniki: businessman Stavros Andreadis, from the family that created the SANI Group, is launching the construction of the first skyscraper in the city. The ambitious project will be built on part of the 81.2-acre site of the former Allatini Ceramics industrial property in Pylaia. His company STANTA signed a memorandum of cooperation with AVAX, which will carry out the technical studies and other evaluations needed for the project: a 100-meter-tall skyscraper with about 29,800 square meters of space and underground parking. Combined with the creation of a municipal park and the restoration of the preserved buildings of the old ceramic factory—which STANTA will undertake—the aim is to create a new landmark for the city. It should be noted that the large central building of the ceramics complex, with a total area of 13,000 square meters, is preserved as to its shell and is designated only for cultural uses; it will be transferred to the Municipality of Thessaloniki for development.

Grivalia Hospitality: Bond loan up to €260 million

Last Monday the board of directors of Voula Investment, a subsidiary of Grivalia Hospitality, made a very interesting decision under which it grants special authorization for the provision of guarantees, the establishment of pledges, and the assignment of claims from contracts, etc., in order to secure a bond loan. Specifically, this concerns securing bondholders from a common bond loan of up to €260 million issued by Grivalia Hospitality. The loan will be fully covered by Eurobank and the National Bank of Greece, with the former appointed as the representative of the bondholders and payment administrator. Voula Investment is behind 91 ATHENS RIVIERA, which has been characterized as the first hybrid Private Members Club & Glamping project in Greece.

Due to the war, Eurofi will be held online

Due to the war, the “Eurofi High Level Seminar 2026” will ultimately be held online. The event had been scheduled to take place in person in Cyprus on March 25, 26, and 27, with the participation of ministers, financial stakeholders, and important officials from all EU countries. From the Greek side, apart from Kyriakos Pierrakakis, speakers include the President of the Hellenic Capital Market Commission Vasiliki Lazarakou and the Director of Supervision of Professional and Private Insurance at the Bank of Greece, Stavros Konstantas. On that note, it should be mentioned that Lazarakou will speak on Friday at the conference of the International Organization of Securities Commissions (IOSCO) in Madrid on the topic of private markets and private credit. The heads of the capital markets authorities of England, Switzerland, and Spain are also participating in the conference.

Piraeus resilient to the Gulf crisis

Despite tensions and military conflicts in the Persian Gulf, the Port of Piraeus appears to be maintaining a steady flow of cargo, demonstrating its resilience amid international maritime uncertainty. Containerships continue to bypass the Red Sea and travel around the Cape of Good Hope, increasing travel time and fuel costs but without disrupting flows to the major port. Liner shipping companies have already adjusted their routes, unloading cargo at ports outside the danger zone. At the same time, both forward and spot freight rates are rising significantly. Spot freight rates from Asia to Northern Europe have increased by about 12%, reaching $2,689 per 40-foot container (FEU). Forward prices for the coming weeks are rising by as much as 30%, with some contracts now reaching $3,000/FEU. The largest increases are seen on routes directly linked to the crisis in the Persian Gulf, such as between Shanghai and Jebel Ali, where freight rates now exceed $4,000/FEU. War-risk insurance coverage is now provided only through special agreements for each route, highlighting the importance of careful risk management by shipping companies. The geostrategic value of Piraeus remains significant, as it is the first major European port for ships arriving from Asia to Europe. The port is operating normally, providing safety and flexibility in cargo transport.

The $1 billion battle on Wall Street

In one of the most interesting corporate battles currently unfolding on Wall Street, the Greek duo Semiramis Paliou and Petros Pappas appear determined to push their effort regarding Genco Shipping & Trading to the end. A new acquisition offer from Diana Shipping—at $23.50 per share—has raised the company’s valuation close to $1 billion and shifted the balance. The proposal is no longer simply a smaller company approaching a larger one, but a move backed by Star Bulk, the largest consolidator in the dry bulk sector. Behind the scenes in New York’s stock market, the message from the Greek side is clear: the proposal is serious, financed, and implementable. At the recent 21st Capital Link Shipping Forum in New York, Hamish Norton, chairman of Star Bulk, suggested that the battle may not remain limited to Genco’s board of directors. If the management continues to reject the offer, the next step could be a proxy vote at the next general meeting. In simple terms, the issue could be decided by the shareholders themselves—even through a change in the board. This may be the strongest card held by the Greek side. On Wall Street, when an offer approaches a company’s net asset value and is backed by strong investors, shareholders usually want at least to open the discussion. So the question is not only whether Genco considers the offer too low. The real question is whether it will risk reaching an open confrontation with its shareholders. And in such cases, Wall Street history shows that the outcome is rarely predictable.

Power moves by Vyron Vasileiadis in shipping

Vyron Vasileiadis is making continuous moves with a clear growth orientation, steadily building his presence in the global shipping industry through VENERGY Maritime. His latest move involves appointing Giorgos Poularas as Managing Director—a choice interpreted by the market as a signal that the company is entering a phase of organized expansion. Poularas is not a random choice. With more than 30 years of international experience in shipping and involvement in managing large fleets of tankers and containerships, he is considered one of the executives capable of running demanding shipbuilding and technical management programs. The company is rapidly expanding its fleet, having already invested in eco MR chemical tankers, while simultaneously running a shipbuilding program for new LR2 product tankers and Suezmax crude oil tankers at leading shipyards in South Korea. In the shipping market, many observers note that Vasileiadis is now considered among the dynamically rising Greek shipowners of the new generation, with investments reflecting a long-term strategy. The choice of experienced management is deliberate, as the goal is to create a modern tanker shipping platform capable of cooperating with major international charterers and energy groups.

OTE: Goldman Sachs’ signal and institutional protection

At a time when volatility is hitting global markets hard, the stock of OTE has emerged as one of the leaders on the Athens Stock Exchange. It rose 3.5% yesterday and 5.5% over the past two days, returning to €17.5, approaching the €18 yearly high, while the group’s market capitalization exceeds €7 billion. A recent meeting between the company’s management and analysts from Goldman Sachs acted as a catalyst, confirming that the organization represents a “value play” in the Greek market. With a price target of €17.5 (the same as yesterday’s closing price), Goldman emphasizes management’s ability to balance investments in fiber-to-the-home (FTTH) infrastructure with shareholder dividend returns. The capital return strategy remains the company’s strongest card. A €177 million share buyback program and plans for a dividend approaching €355 million create a safety net that few stocks can currently offer. At the same time, the gradual reduction in costs and the increase in revenue from mobile and ICT services show that the 2026 business plan is being executed consistently.

EYDAP: Geopolitical “antibodies”

While markets are “dancing” to the rhythm of geopolitical tensions in the Middle East, EYDAP remains far from the volatility of external shocks. Its stock confirms its role as a defensive haven, maintaining strong “antibodies” to international pressures. The stock closed yesterday at €8.55, approaching the yearly—and five-year—high of €8.7. However, the protection of the stock now comes not only from its monopolistic nature, but also from its new, strong shareholder structure. The recent entry of GEK TERNA into the company’s capital is seen as a strong vote of confidence in its prospects and signals significant synergies in major projects. Institutional confidence in EYDAP rests not only on the nature of its business but also on its strong cash position and clean balance sheet. With zero debt and significant cash reserves, the company offers investors something rare during crisis periods: predictability. The new regulatory framework and the upcoming revision of tariffs—after years of stagnation—create the conditions for steady profitability improvement. At the same time, the investment plan in infrastructure projects and digital transformation provides growth depth, while dividend yields remain attractive for conservative portfolios.

Jamie Dimon’s “cockroaches” and software companies

The term private credit refers to lending that takes place outside the banking system and outside the bond markets. Instead of borrowing from a bank or issuing bonds, a company borrows directly from specialized private credit funds, which raise capital mainly from institutional investors (pension funds, sovereign wealth funds, family offices, etc.). The lender takes on greater risk than a bank but receives a higher interest rate. The borrower is usually a company with limited access to traditional markets or one involved in a leveraged buyout. It gains financing quickly and discreetly, without the bureaucracy and regulatory restrictions of bank lending. The problem is that private credit funds do not operate solely with their investors’ capital. They also borrow from banks—such as JP Morgan—using the loans they have issued as collateral. This leverage is what multiplies returns in good times. In bad times, it becomes a time bomb when the value of the collateral begins to fall. Jamie Dimon, CEO of JP Morgan, has repeatedly warned about the “cockroaches” hidden in the dark corners of private credit. Recently, JP Morgan announced that it is unilaterally reducing the value of all loans in private credit fund portfolios, thereby cutting the amount of liquidity it is willing to lend against them as collateral. The loans that were downgraded mainly involve software companies, the sector that fueled most of the growth in the $1.8 trillion private credit market. JP Morgan is essentially forcing private credit fund managers to face a truth they have avoided for years: their collateral is not worth as much as they believed. The “fear of Artificial Intelligence” has triggered massive losses in the value of software stocks and alternative asset managers, while analysts predict a 3%–5% increase in defaults on technology company loans by 2027.