The measures of Athens vs Madrid, tourism (which was soaring until the war), PPC’s defenses, Totti’s triple “hammer,” the golden walls collapsing in the war. Hello, an introductory comment on the Tempi trial that started yesterday—and along with it, the side shows have begun. So: a fair trial for everyone—for the innocent souls who were lost first and foremost, for their relatives and loved ones, for the guilty, but also for public opinion that cares—will never exist with… a thousand people gathered outside, cameras, and shows that build political and legal careers and ratings on top of a tragedy. The responsibility lies with Justice itself and with the government to safeguard this trial. Now to current affairs: yesterday the government announced a series of protection measures with subsidies for citizens against the energy crisis. The package is good and targeted; those within its scope receive higher subsidies than they would if the special consumption tax were reduced proportionally, as, for example, the Sánchez government did. I wrote yesterday that Mitsotakis’ logic is clear: we do not subsidize the affluent citizen who has no need for a few cents off gasoline. Of course, if the war does not stop, today’s energy crisis will look like a game compared to what is coming. I repeat, however, that we are not there yet—and that is what K.M. is also telling his interlocutors. That is why he avoids any discussion that currently involves election scenarios.

An exit strategy is being sought, but we are still far off

Let me tell you about the Government Council for Foreign Affairs and Defense (KYSEA), where quite lively discussions took place. A general conclusion of the meeting, also at the level of information, was that at least the U.S. and Iran seem to be looking for some kind of exit strategy from a deadlock, but this is still preliminary and somewhat theoretical. A significant part of the equation, however, is also the Israelis, who do not appear particularly diplomatic; someone I know who recently met their ambassador here did not get the impression that de-escalation is imminent. Overall, the conclusion is that things are unclear. Since I mentioned Israel, let me add that during the meeting ministers were also given answers on what to say if confronted with criticism that we are acquiring weapons and know-how from Israel. The response given, especially regarding the “Achilles Shield,” is that the Israelis essentially have a proven anti-aircraft defense dome, and the cost is reasonable.

Briefing on the fire season

After KYSEA concluded, the ministers left, but Giannis Kefalogiannis stayed at the Maximos Mansion and spent about half an hour in K.M.’s office. The Minister for Climate Crisis and Civil Protection gave him a detailed briefing ahead of the fire season, mainly regarding the aerial resources the country has available. The difficult period is starting soon.

On Thessaloniki projects

Mitsotakis may stay in Athens for the March 25 parade, but as I wrote yesterday, he will make a trip to Thessaloniki today. The visit is planned to start in the morning and end sometime after noon and includes visits to various projects. It will begin at IMET, the Hellenic Institute of Transport, followed by visits to schools under construction—a high school and a primary school—in the municipality of Ampelokipoi-Menemeni, and will conclude at the city’s port. Since Thessaloniki is an area of concern for New Democracy, Mitsotakis is investing in the implementation of major projects—the city’s traditional “obsession”—to rally support and stem losses to the right.

Meetings with a focus on drilling

The Minister of Environment and Energy, Papastavrou, has been in Houston since yesterday for meetings with Chevron and ExxonMobil, as I told you last week. Beyond the potential deposits, the country’s consistency in completing bureaucratic procedures (3 ministerial decisions, 1 international tender, ratification of agreements in Parliament) has significantly upgraded how the American giant views Greece. This is also evident from Chevron’s delegation, which will meet Papastavrou and Deputy Minister Tsafos tomorrow. It will include Vice President Gavin Lewis, who had come to Athens for the signing of agreements, Vice President of Exploration Kevin McLachlan, and executives such as Chris Powers and Mamadou Blondin Beye, who are specifically involved in exploration activities.

A resignation and a psychodrama

Today, insiders say that Alexis Charitsis will resign from his position as head of the parliamentary group of New Left. He has been on a departure trajectory for some time, as he is looking toward Tsipras, but the party does not want that. If he resigns, leadership will pass to party secretary Gabriel Sakellaridis until a replacement is elected. As for the parliamentary group leadership vacancy, names being discussed include Sia Anagnostopoulou and even Peti Perka. However, the main problem of New Left (beyond its lack of presence) is that several MPs want to move toward Tsipras, but the party and some MPs do not want to see him and prefer discussions with broader left-wing forces, even with Varoufakis. Imagine seeing Euclid and Yanis together. One wonders about their appetite, since it is clear they will not see a parliamentary seat again—but, as they say, hope dies last.

The “Aristides” of PASOK

There is unrest within PASOK as everyone prepares for Friday’s conference. Internal opponents of Androulakis are eager to learn the names of the elected delegates, which have not yet been released, despite a week having passed. The official excuse is that they are being certified by EDEKAP and were expected to be announced yesterday or today. At the same time, they are waiting to learn how many unelected participants—the so-called “aristindin” delegates—will attend. Party sources estimate: 3,800 elected, about 200 ex officio (such as sector secretaries and their deputies), and another 1,000–1,100 aristindin, unless Androulakis adds more personalities, for a total of περίπου 5,000–5,300 people. “There are many… Aristides in PASOK,” a seasoned party member told me jokingly. This reminded another veteran of a famous anecdote: at the 1994 PASOK conference, Andreas Papandreou had asked then party secretary Akis Tsochatzopoulos to include, as an “aristindin,” the well-known George Halak. He was a Lebanese businessman involved in arms deals who had lent Papandreou money to buy the famous “pink villa” in Ekali. Tsochatzopoulos quickly complied—but registered him as… Giorgos Halakis! For the record, although powerful at the time, Akis had lost the battle over holding both the party secretary and ministerial positions simultaneously.

The three blocs at the conference

At the PASOK conference, three blocs will roughly compete: Androulakis’ camp (which now includes Anna Diamantopoulou), Manolis Christodoulakis’ group, and the Doukas–Geroulanos–Katrinis alliance, which is in close coordination. The outcome of these alliances will be reflected both in preference votes and in ballots. Tonight at 19:00, Androulakis convenes the Political Secretariat of the Central Organizing Committee, where his stance will become clear, including on the resolution calling for no coalition with New Democracy, as requested by Doukas. It is considered certain that he will propose incorporating it into the final resolution text to be voted on.

Meeting with Giannitsis

Kostas Tasoulas is returning to meetings with “former” figures; after attending the military parade in Athens, he is expected on Thursday to receive former minister Tasos Giannitsis at the Presidential Mansion. Interestingly, Giannitsis had been his rival candidate for the Presidency, proposed by PASOK. Tasoulas, however, holds him in high regard and has read his recent autobiographical book. Their discussion will likely cover economic issues as well as Greek-Turkish relations.

Athens and Thessaloniki made the difference in tourism

Tourism in the country’s two major urban centers—especially Athens—boosted January figures, driven by increased air arrivals, reaching for the first time ever nearly half a billion euros. If it were not for developments in the Middle East, optimism would be even greater. According to initial data from the Bank of Greece (with details to be announced today), travel receipts for January reached €473 million, up from €299 million in January 2025 (already a strong month) and €281 million in January 2024. This represents an increase of over 58% year-on-year, while arrivals of non-resident travelers rose by 33.3%, meaning average spending also increased. While partly attributable to inflation, this remains a significant development for Greek tourism, which is known to suffer from high seasonality and needs a broader distribution across time and regions.

The “cool” Stassis and absolute hedging in blue tariffs

PPC projects the image of a company that has entered a mature phase of risk management, with one critical footnote: even in the event of escalation of the Middle East crisis, the main impact on the sector is not immediate but is instead pushed forward in time, likely toward 2027. George Stassis’ comment to analysts during the 2025 results conference call is particularly significant because it illustrates how geopolitical risk “feeds into” the energy market: not as an immediate blow, but through the gas supply cycle. In an adverse scenario, the critical moment is the summer, when European companies will need to fill storage potentially at high prices. This cost is not immediately reflected but is carried over to future consumption cycles, which is why the pressure is projected for 2027. Within this framework, particular importance is placed on how the company has “built” its defenses. Hedging—risk offsetting—plays a central role, meaning the practice by which PPC locks in energy purchase prices early, limiting its exposure to market fluctuations. According to management, the company has hedged roughly 40%-45% of its “open positions”—that is, for a significant portion of the energy it will need in the future for which prices have not yet been secured. This reduces risk from potential price increases without locking in all quantities, maintaining flexibility if the market moves downward. Even more critical is the choice for full coverage—100% hedging—for customers on fixed tariffs. This means that for every kilowatt-hour committed at a set price, PPC has already secured the corresponding supply cost. The significance for consumers is immediate, though not always visible. During periods of sharp price increases, customers on fixed contracts are fully protected from hikes, without the company incurring losses. In other words, market risk is not passed on to the end consumer but is absorbed through the company’s strategic management. Conversely, for variable tariffs—such as the “green” ones, where prices adjust more frequently to market conditions—the need for full hedging is smaller, since part of the risk is already passed on to the customer. Overall, PPC’s hedging strategy acts as a key “barrier” in the current situation: it protects financial results, ensures stability for specific customer categories, and allows the company to manage uncertainty without being caught off guard.

The second Golden Age deal in pharmacies

Golden Age Capital, led by Periklis Mazarakis, Periklis Stamatiadis, and Nikolaos Mourtzanos, is now opening a front in the pharmacy sector, confirming its strategy of creating investment “platforms” in fragmented markets. According to reports, it has already completed the acquisition of a majority stake in the Dr Pharmacy chain, marking the fund’s entry into the healthcare and parapharmaceutical products sector. The plan includes incorporating other companies in the sector to create an organized network. In this context, the presence of Periklis Stamatiadis, with his long international career at giants such as Johnson & Johnson—responsible for operations in 70 countries—strengthens the imprint and strategic direction of the new investment move in healthcare, giving a clear signal for future similar acquisitions. Golden Age Capital has already demonstrated its appetite for build-up strategies, as reported by Newmoney with the majority deal in the street food chain “O Proedros,” its first notable market entry.

A triple hammer with…history

Totti’s café in Thessaloniki was for decades one of the city’s most famous spots. And who hasn’t passed through there… Presidents, prime ministers, ministers—of all governments—artistic and sports figures, in short, everyone. The café has been closed for years, and the Garcon Brasserie now occupies the specific location on Leoforos Nikis. The site is historically significant because in 1933, when it was the entertainment center “Astoria B,” the great Sofia Vembo first appeared there. I hear that an auction is scheduled for May, not for the café itself, but for property belonging to individuals and the Totti family company (“Totti Group – Totti Class Catering Services”), which went bankrupt in 2015. Through the bankruptcy trustee, an online auction has been set for May 7 for two first-floor apartments combined into one unit of 185.69 sq.m. The apartment can be considered a “prime piece,” as it is very well maintained and located in a building at the intersection of Morkendau and Stratigou Kallari streets, with Leoforos Nikis and the White Tower nearby, enjoying an unobstructed view of the Thermaic Gulf. The starting bid is €1,293,500. Alongside this, a 180 sq.m. maisonette in Panorama is listed with a starting price of €295,000, and another property (a large 200-acre farm in Epanomi with a two-story house “abandoned, looted, and fully devalued,” as stated) has a starting price of €1,039,000.

Antenna – GEDI Group (La Repubblica)

Yesterday, the Antenna Group of Thodoris Kyriakou announced the acquisition of the historic Italian group GEDI, which publishes the newspaper Repubblica and owns 15 sites, three radio stations, an advertising agency, and a streaming TV platform. Negotiations lasted months, and the move is striking, as this is the first time a Greek media company acquires such a large European player.

Positive reactions from ferry operators

The ferry sector is under pressure, as the wartime situation in the Middle East skyrockets shipping fuel costs and tests the industry’s resilience. Behind closed doors at government offices, discussions focus not only on numbers and fiscal limits but also on political cost risk. Ticket increases threaten to hit the middle class, the most sensitive electoral group. In response, Prime Minister Kyriakos Mitsotakis announced measures aimed at keeping prices at last year’s levels. Central to this is compensation for ferry companies for mandatory discounts to social groups, such as students, disabled persons, and large families, a measure welcomed by the sector. “It is the right direction based on current data. If circumstances change, we will need to revisit it,” commented SEEN president Dionysis Theodoratos, emphasizing that ferry transport was the only sector without state coverage for these discounts, costing companies €40–60 million annually. At last Friday’s meeting, Theodoratos also highlighted the need for a more flexible system, proposing a “formula” allowing management on a monthly basis according to fuel market fluctuations. He stressed, “Given the uncertainty caused by the war, it is impossible to preemptively determine the crisis duration and implement fixed-term measures.” The intention is to support ships already operating, not future services like summer routes. Behind the scenes, pressure from ferry operators is evident. The 56% increase in MGO shipping fuel within weeks is being used as a bargaining tool for immediate solutions. Also under discussion are port fee reductions and VAT cuts—measures with clear fiscal impact and visible political benefit. Implementing a monthly crisis-management formula, as requested by companies, is an indirect admission that everyone is navigating international market uncertainty blindly. And of course, the elephant in the room is the war in the Middle East. No one can predict its duration or consequences for global energy markets.

Marios Iliopoulos’ poll on island vs mountain captains

On the sidelines of the 110th anniversary event of the Panhellenic Union of Merchant Marine Captains, Marios Iliopoulos stole the show with a peculiar poll for the audience. With humor and a touch of provocation, he asked who swims better, the islander or the mountain man, and invited attendees to raise their hands. While the seafaring captain won, Marios himself overturned the results, arguing that mountain men have the advantage due to physical principles of buoyancy and differences between freshwater and seawater—i.e., it’s harder to swim in freshwater in rivers and lakes. His intervention elicited smiles and jokes, breaking the formal tone and giving a human touch to a highly symbolic commemorative evening for Greek shipping.

The Corfu–Igoumenitsa win-win collaboration in cruising

Over time, the idea of cooperation between Corfu and Igoumenitsa ports, managed by the Grimaldi Group, is maturing in the cruise sector. Some describe it as a small political maturity test for local and regional administrations. In practice, such synergies stumble less over geography and more over balance of interests. Corfu needs to relieve a port under pressure in peak periods. Igoumenitsa sees an opportunity to enter the cruise map more strongly. The question is whether this “sharing” will be cooperative or competitive, and who will receive political credit. Under the right conditions, it could be win-win: better experience for visitors, decongestion for Corfu, upgraded role for Igoumenitsa. But these conditions are not guaranteed. They require coordination with cruise companies, infrastructure investment, and rare interregional cooperation without localism. If successful, it will be a best-practice example; if not, it will join the long list of good ideas left on paper.

IMF in Athens

It’s not only SSM head Claudia Buch visiting Greece these days. A large IMF delegation is completing its visit after meeting numerous institutional and non-institutional market actors. Notably, Greece’s IMF representative, Michalis Masourakis, wore a pin dedicated to peace. IMF officials are highly satisfied with Greek economic performance but highlight risks from the Balance of Payments deficit and social tensions due to high housing costs. These meetings foreshadow the annual Article IV report, expected in April, which will serve as a barometer for investment sentiment. The Fund’s final assessment next month will include recommendations for fiscal strategy, especially in terms of spending restraint and revenue enhancement via combating tax evasion.

Motor Oil: Profits more than doubled, stock pressured

Motor Oil faced pressure on Monday, falling 3.6% to €37.7, moving away from the record high of €39.8 reached last week. It recorded the second-highest trading volume after the systemic banks, with a turnover of €13.9 million. The MOH stock’s performance leaves room for many interpretations. Despite the group announcing, after market close, a more than doubled net profit (+126%) reaching €650.8 million for 2025, the stock did not follow the broader relief rally triggered by Trump’s intervention to “freeze” attacks on energy targets in Iran. The stock decline is directly linked to the easing of international oil prices, as the U.S. president’s intervention removed the “war premium” from crude. Investors, having already priced in strong fundamentals—with EBITDA at a record €1.05 billion—locked in profits, taking advantage of high valuations from previous days. Notably, while the banking sector staged a strong comeback, Motor Oil remained under pressure, as the market focused on the next day of refining margins in a lower oil price environment. Nevertheless, the group’s reported figures remain excellent, with management confirming the resilience of its business model.

Stock Market in the Rhythm of Truth Social

Yesterday morning, the Athens Stock Exchange opened with heavy losses, with the war ongoing, oil in triple digits, and gold in freefall. At noon, at 12:57, the Banking Index stood at 2,143 points. By 13:03 (six minutes later), it had surged to 2,381 points—a +11% return. Ultimately, the index closed at 2,303 points, with the General Index ending the session at 2,101 points (+1.78%). The General Index fluctuated between 1,998.09 points (-3.23%) and 2,113.68 points (+2.37%). Trading volume exceeded €338 million, with prearranged trades worth €17.2 million. All of this occurred as a direct result of Trump’s post on Truth Social, stating that the U.S. and Iran had “productive” talks and that he had suspended attacks on Iranian energy infrastructure. Market reaction was rapid and dramatic: Brent crude fell sharply, stocks rebounded, the dollar weakened, and government bond yields dropped significantly. The yield on the 10-year U.S. Treasury fell from 4.44% to 4.33% in minutes. Gold, which had earlier touched $4,100, rebounded to $4,430. On Wall Street, the S&P 500, Dow, and Nasdaq opened with gains of +2.5%. Later, Iran denied that talks had taken place. To some extent, markets seemed to accept the “TACO” rule (Trump Always Chickens Out)—the theory that the American president always backs down when markets begin to “groan.” Today, Athens mirrored this global reaction. Bank stocks acted as a barometer, sensitive to bond yields, geopolitical risk, and interest rate expectations.

Technology is Changing Bond Markets

As the Athens Stock Exchange moves toward its upgrade to “Developed Markets” and integration into Euronext progresses, developing a liquid and transparent corporate bond market remains a major goal. Technology will fill the gap. The bond market is the largest and traditionally the least transparent capital market globally. It is on the verge of a deep technological reconstruction. The first focus is simplifying the bond issuance process. Today, issuing a corporate bond requires complex procedures, intermediaries with high fees, and time-consuming processes. Technology promises to drastically compress these costs, opening the way for mid-sized companies currently effectively excluded from the market. The second focus is full price transparency. Unlike stocks, bonds are mainly traded OTC (over the counter) with prices set in bilateral deals, away from public view. This asymmetry systematically favors large institutional players. New digital platforms will display real-time prices, balancing the playing field. The third major change is “democratizing” access. The bond market remains de facto closed to retail investors. Nasdaq-style digital platforms have been created to change this image, and with it, the entire architecture of the capital market. All of this is happening now and will become routine well before the Greek Stock Exchange is fully and operationally integrated into the Euronext Group.

The Gold and Silver Walls are Falling

International gold prices, at the time of writing, stand at $4,372/oz, marking the ninth consecutive down session. This is the worst weekly performance since 2011, with losses of -9.6% in a single week, approximately 12% below all-time highs. Silver trades at $69.39/oz, recording the third consecutive week of losses, down over -14%. Bombings continue, oil prices fluctuate around triple-digit levels, but traditional “safe havens” no longer provide protection. The dollar rises, gold falls—after first breaking critical support levels, triggering a snowball of automatic stop-loss orders. Forced liquidations created a snowball effect, collapsing prices unrelated to fundamentals. The Fed, keeping interest rates at 3.5%-3.75% due to energy-driven inflation and only a possible cut in 2026, strengthened the dollar and removed any hope of easing. Along with it, a main argument for holding gold was eliminated. Silver suffered a double blow—as an investment metal and as an industrial commodity simultaneously. Gold ETFs reveal that institutional investors were selling gold not out of distrust, but because they needed immediate liquidity to cover losses elsewhere. Alongside them were market “tourists”—hedge funds and retail investors who had entered the last upward wave and were emptying positions. The correction was driven by flows, not fundamentals. Geopolitical risk remains. Central banks continue to buy. The question is how long forced liquidations will last and whether they will drag other markets down.

Trump revealed his Achilles’ Heel

Major turns and flips in the rhetoric of the American President—paradoxically—follow with remarkable precision the critical technical levels of the markets. It seems that markets do not “react” to Trump. They program him. Yesterday, the infamous PotUS post that changed market sentiment appeared precisely as the 10-year U.S. Treasury approached 4.5% and gasoline prices reached $4 per gallon. As if invisible electrons shift orbit upon hitting a certain level. The same occurred a year ago. In April 2025, the 10-year U.S. Treasury yield reached 4.47%, marking the largest three-day increase since December 2001. Then Trump admitted: “The bond market is very tricky. I was watching it. People were getting a little queasy.” Immediately after, he announced a three-month tariff pause. Treasury Secretary Scott Bessent, whose career is deeply tied to the bond market, delivered the message to Trump. The same pattern repeats with gasoline prices. It is another “popular indicator” closely watched by the American middle class and, consequently, the Republican electoral base. Walmart’s CEO told Bessent that “for our consumers, the most important thing is the price of gasoline.” What appears as spontaneity is, in practice, a kind of automation. Scott Bessent monitors the bond market closely, and Kevin Hassett, head of the U.S. National Economic Council, confirmed that “the bond market was telling us it might be time to act.”