Hello and happy belated wishes for yesterday, our national holiday. Perhaps we are seeing and reading some first rays of discussions and communication channels over the past 24 hours regarding the conflict in the Middle East, without of course any certainty that we are heading toward a solution. In any case, precisely because common sense leads to the conclusion that this war will at some point soon have an expiration date, since for those who started it it will likely bring fewer benefits than damages—first and foremost the familiar image that American society cannot تحمل: coffins returning from the Gulf, but also another surge in the cost of living. In Athens, the PM’s office is monitoring developments, considering from the contacts taking place—mainly with Europeans—that there will be a clearer picture in the next two weeks regarding the war. Internally, they are being troubled by the extremely dangerous issue of wiretapping, where “technical glitches” apparently continue, the outcome of which is likely the only issue that could overturn the current political planning. Its evolution remains to be seen, regardless of the fact that by its nature it does not receive much publicity—after all, it never really did, not even when it happened four years ago.

Minimum wage and Recovery Fund

• In today’s current affairs, the main issue for the PM’s office is the Cabinet meeting, which includes the proposal by Kerameos–Pierrakakis for the new minimum wage. I’ve written to you since the beginning of the week to keep expectations realistic, meaning the wage with the increase will go to around 915, at most 920 with some rounding (if at all), as the target for 950 in 2027 remains. The increase also pulls along a series of benefits and seniority increments. Also key is Papathanasis’ proposal for the final planning of the Recovery Fund, which ends on 31/08, therefore the fulfillment of critical milestones for the eighth and ninth disbursement of funds is still pending.

Nafplio and back to Thessaloniki

• I wrote to you the other day that Mitsotakis will go on April Fool’s Day to Heraklion for ND’s fourth pre-congress conference. Two more stops have also been “fixed” until the congress in mid-May. After Easter, it’s Nafplio’s turn—where ND held a pre-congress during Samaras’ presidency, as it is the former prime minister’s second base after Kalamata—and then Thessaloniki. Especially for Thessaloniki, Mitsotakis has decided to place particular emphasis in order to tidy up the situation with the leaks toward the right.

My death, your life

• Since I’m on Thessaloniki, let me tell you that on ND’s ballot in the A’ district there is a full-on bloodbath. Two deputy ministers have formed a shadow alliance—Kostas Gioulekas and Elena Rapti—thus targeting the other deputy minister Stavros Kalafatis, who came first in 2023. Also “on the rise” is the district’s fourth deputy minister, Anna Efthymiou. The three remaining MPs (Simopoulos, Kouvelas, Golidakis) are also fighting their own battle, while things will definitely be shaken up by a potential candidacy of Margaritis Schinas. Two more deputy ministers will also enter the equation—Nikos Papaioannou and Nikos Tachiaos—along with others.

PASOK (updated): a bit of a mess with Androulakis’ constitutional changes

• There is a bit of a mess in PASOK, as Androulakis presented on Monday—literally at the last minute—constitutional changes for the Congress that starts tomorrow. As party officials complain, these changes are coming without any consultation. In fact, they say even the Statute Committee didn’t know about them—they heard them from the Organizational Secretary Iraklis Droulias. However, no one there raised objections, and here they also denounce the silence of Manolis Christodoulakis and Anna Diamantopoulou. Those objecting say these changes reveal the mindset of PASOK’s president: “It’s a fascistic logic! He distorts the party’s identity with the changes he pushes and then pretends to do institutional opposition. He wants to fully control the party for the next day,” are some of the strong voices heard behind the scenes. Why these reactions? There are mainly three changes causing discomfort: First, the establishment of two new bodies—the National Council (made up of Central Committee members, MPs, and regional councils) and the Regional Committees. In fact, the Regional Committees will not be elected locally but centrally by the Congress, meaning they will obviously be controlled by Charilaou Trikoupi. Also, the Political Council is reduced to 21 members and the Central Committee to 271 people. Second, the regular Congress will take place before the election of the President with a closed registry. This means a Central Committee will be elected based on balances before the leadership election, effectively binding the new president. “The Congress should take place after the election of the president, not before,” say those reacting. It is also stipulated that in order to submit candidacy, a prospective presidential candidate must gather signatures from 15% of the Congress delegates (elected and appointed). This means that anyone wishing to claim PASOK’s leadership must have strong backing within the party mechanism, which is currently fully controlled by Androulakis—thus effectively limiting the number of potential candidates. Third, the provision to turn PASOK into a unified party in order to claim the seat bonus in national elections, through the institutionalization of internal factions. This means that KIDISO of George Papandreou, EDEM of Apostolos Pontas—which are parties receiving state funding—DIMAR, etc., must be dissolved and transformed into factions. And of course, the thorn of PASOK’s heavily indebted tax ID remains. What solution will be found remains to be seen. The continuation will play out on the Congress screen, where turbulence is expected from the Geroulanos–Doukas side.

The deal for Real Group

• At the beginning of the week, Nikos Hatzinikolaou’s deal with Giorgos Poulopoulos of Bright was finalized, so that the latter enters as a strategic investor with 34% in Real Group and provides financial relief. Announcements may come today or tomorrow, as the agreement is locked in, although some formalities remain. Management remains with Hatzinikolaou. Best wishes for success—we are always consistently in favor of media.

The ambassador’s correction to Melania

• A significant slip that First Lady Melania Trump was about to make was prevented and corrected by the Greek embassy in Washington. More specifically, Melania Trump has undertaken the initiative “Fostering the Future Together” and had invited leaders from 45 countries and representatives from 28 tech companies to the White House. Present was the wife of North Macedonia’s prime minister, Hristijan Mickoski, and the U.S. president’s wife was about to refer to “Macedonia.” However, Ambassador Antonis Alexandridis was informed in time and did what was necessary by contacting the White House, so the correction was made instantly and Melania used the proper designation.

Intrum’s critical experiment with Harmony

• In April, Intrum is preparing to launch a major and distinctive transaction. It has named it Harmony, and what makes it stand out is that it includes performing mortgage loans that had previously “gone red.” Intrum proceeded with restructurings with borrowers; the loans are now being serviced normally, and the company included them in the Harmony transaction, with a total value of about €800 million. It is the first time such a large package of restructured loans is brought to market. If the project “works,” the loans will exit Hercules, thus reducing the related exposure. It is also the first major transaction to come to market while there is still uncertainty regarding the recent Supreme Court decision on Katseli-law loans—an obstacle Intrum avoids by selecting for Harmony mortgages not subject to that law. In addition, market interest is high regarding which players will participate in the tender process, as well as the financing terms they will have secured to take part.

The secret engagements of Fessas–Fourlis

• Within one month, Quest doubled its stake in Fourlis. From 5.05% it rose to 10.53%, confirming estimates that it had been buying shares through the stock exchange all this time. As the column had noted, volumes in Fourlis’ stock had increased significantly, and beyond the few block trades, most shares were bought from the board. Quest (through its subsidiary iQbility) had 2.6 million shares at the end of March and, based on the latest update, now holds 5.4 million shares—meaning nearly 3 million additional shares were acquired within a month. One key question, therefore, is who was selling. Market information suggests that a significant portion of the shares bought by Quest was sold by members of the Fourlis family. The other key question is why Quest is buying—and at such a pace—Fourlis shares. Initially, due to the good relations between Fessas and Fourlis, the market viewed Quest’s purchases as a move with internal motives. However, this clearly does not hold now that Quest’s stake has increased to 10.53%, as Th. Fessas is not one to deploy capital without specific returns. It is therefore very likely there is a plan for alignment between the two groups. The Fourlis family currently appears as the main shareholder with 30%. However, since the Fourlis brothers were five, there are now various cousins with small stakes who are not obliged to disclose their sales. Some of them, according to information, have sold shares that Quest bought. If, therefore, the Fourlis family now holds less than 30% of the company and the strongest shareholder is Daphne Fourli with around 15%, then an alliance between Th. Fessas and V. Fourlis—and possibly other shareholders—may be forming a dominant bloc. The current situation finds Thodoros Fessas’ group with increased liquidity and willing to strengthen its presence in retail, while the Fourlis group is in a transformation process with important decisions ahead due to competitive pressure in the sectors and countries it operates in. It remains to be seen in the coming period whether Quest’s stake will increase further and to what extent the two groups will ultimately come closer.

Leonidas Bobolas sold his stake in HELECTOR

• Nearly 14 months after MOTOR OIL acquired 94.44% of HELECTOR, the group controlled by the Vardinogiannis family secured full control of the waste management and green energy company. MOH acquired the 5.56% stake that Leonidas Bobolas held in HELECTOR, who had retained his participation even after leaving the ELLAKTOR group. From MOH’s 2025 financial statements it emerged that a few days ago, on March 19, 2026, its subsidiary Manetial Ltd completed the acquisition of the remaining 5.56% minority stake in HELECTOR for €10.2 million. MOH had acquired the 94.44% of HELECTOR for €115 million.

“Batman” in New Adventures

• Giorgos Batatoudis, also known as “Batman,” partly due to the signature black leather trench coat he rarely parted with, was an emblematic figure of the indulgent ’90s—a man who came and… went, in adventurous fashion, having written “golden pages” during the stock market bubble, as well as across nearly the entire spectrum of business, from construction and media to PAOK FC. ERGAS, Laidlaw, Nimatemporiki, Oinon kai Oinopneumaton and later Oinerga, then Intersat, Xenia Radiofoniki S.A., Exafo S.A., Athlos—these were the corporate brands-“vehicles” of his then multi-faceted activity. Intersat was the touchstone that led to his thunderous downfall and conviction in 2009. But as “Batman,” he had already managed to… take flight, finding refuge in Libya, where he maintained ties with the Muammar Gaddafi regime. His own “Arab Spring” lasted about a year, as in June 2010 he was arrested by Libyan police following an international warrant. A trial followed and his acquittal on appeal, after which he was released with no charges against him. The climate in Greece, however, would not tolerate him. So he “disappeared” once again, with rumors placing him either in Egypt or elsewhere in the region. The “comeback” came at the end of 2013, centered on Romania. At the time, he was said to be behind the technical group Ergon Capital Inc., headquartered in Cyprus, with central offices in Bucharest and a Greek branch on Kifisias Avenue. Everyone acknowledged that, despite his mistakes, he was particularly inventive. He is even credited with the original idea of the Attiki Odos motorway, which is why ERGAS was one of the 14 contractor companies, though he sold his stake in 1998. He was also ahead of the curve in television, as in 1999 he acquired Seven-X and through Intersat secured in 2001 (and with absolutely no infrastructure) a digital TV license… Now you may ask why I remembered Batatoudis. Because, as I hear, he has new troubles. In the past, he appeared on the list of public debtors, while in February 2023 he was arrested for violations of cheque legislation, tax law, and non-payment of debts to the State, though he was released a few hours later. That same year, some properties of ERGAS ATE on Athinon Avenue were auctioned off. The column is informed that another auction is being prepared against him for April 22, initiated by the tax authorities, for debts incurred when he was CEO of Techland (formerly Intersat), amounting to €9,257,231.48, plus surcharges and other expenses. In the relevant document, the “prosecuted debtor of the State, Batatoudis Georgios,” appears with four… alternative residential addresses—two in Athens, one in Kallithea, and one in Agia Paraskevi. His rights to certain plots in central Athens are expected to go under the hammer, burdened with dozens of encumbrances…

Banks as an “Elevator” – First Up, First Down

• In the latest sessions of the Athens Stock Exchange, banking stocks have confirmed their role as the “weathervane,” displaying behavior that could be described as a classic high-beta (high volatility) case. The pattern is visible to the naked eye: systemic banks are “first in decline and first in rise,” acting as the ultimate magnifying glass for every market trend. In Monday’s session (23/3), the banking index rose by 3.4%, with Alpha Bank leading the rally at 5.3%. A day later (24/3), a 3% “dive” followed for the banking index, with National Bank of Greece and Eurobank losing more than 4%. This trajectory, while offering thrills for traders, sends out a fragile signal. After the recent rebalancing of FTSE Russell and STOXX indices, bank stocks seem to be walking on “thin ice,” with their direction shifting at the slightest trigger. This excessive volatility largely stems from the fact that banks serve as the main gateway for foreign capital inflows and outflows. When the international climate clouds over due to Iran or inflation fears, sell orders hit bank terminals first, causing disproportionate pressure. Conversely, at the first sign of easing, buyers rush to bet on the next day, leading to strong rebounds, as seen with National Bank or CrediaBank. This nervousness, however, suggests that the market has not yet fully “digested” the new price levels. Investors appear reluctant to hold positions long-term, preferring quick profit-taking. For analysts, as long as banks fail to find stable footing and remain stuck in this “elevator,” the General Index of the ASE will remain hostage to geopolitical and macroeconomic sentiment, unable to lock in a steady long-term upward trend.

Why Cenergy “Hit the Gas”

• Tuesday’s session highlighted an interesting move on the board for the Viohalco group, with Viohalco and Cenergy Holdings moving in opposite directions. While parent company Viohalco came under pressure, Cenergy managed to move higher, confirming the independence of its investment story. This reaction is mainly due to the targeted demand Cenergy enjoys. The market continues to reward the company because of its massive backlog of orders in cables and pipes, which acts as a “shield” against geopolitical turbulence. Investors see Cenergy as a pure player in the energy transition, directly benefiting from Europe’s strategic shift away from unreliable energy sources, especially after escalation in Iran. By contrast, Viohalco, as a holding company, is affected by the broader “risk-off” trend seen in recent sessions. Its decline is attributed to the group’s overall exposure to heavy industry and higher energy costs. At the same time, technical factors and portfolio rebalancing following recent FTSE and STOXX announcements appear to have caused turbulence in the parent company to free up liquidity, while Cenergy remained positive thanks to strong profitability prospects. As a result, Cenergy rose by 2.46% on Tuesday, following another increase of over 2% the day before. On the other hand, Viohalco fell by 4.6% the previous day, while the entire prior week was “in the red” for the stock. It is worth noting, however, that Cenergy now has stronger upside potential after the “hammering” it received at the start of the month with the outbreak of the Iran war.

Why Americans Are Impressed by Elefsina Shipyards

• I hear that executives of the U.S. International Development Finance Corporation have been impressed by the progress of infrastructure works at the Elefsina Shipyards. Let me explain. The bank has so far disbursed 30% of the $125 million for the required projects. In the latest inspection, they found that more than 50% of the work has already been completed, strengthening trust between the two sides and opening the way for new investments in Greece. The acceleration of works stems from the shipyards’ effort to meet growing demand, mainly from Greek shipowners who are sending their vessels there for repairs. Washington, D.C. also supports the developing masterplan for the new port. Discussions with the DFC are not limited to a single project but pave the way for a series of strategic investments in energy, industry, innovation, and logistics infrastructure. As Kimberly Guilfoyle has noted, the U.S. invests in projects that deliver tangible benefits for both peoples, highlighting that the revival of Elefsina Shipyards is the result of concrete commitments being honored. The dynamic return of Greece’s ship repair industry is clearly reflected in the shipyards of the ONEX Group in Syros and Elefsina. Since 2019, a total of 865 vessels of all types, Greek and foreign-owned, have passed through the two shipyards for repair and maintenance. The increased activity confirms Greece’s steady return to the global ship repair map after nearly three decades of decline.

Tugboats and New Builds

• I remain at Elefsina Shipyards, as construction has already begun on the first two of a total of 20 tugboats. In fact, next Thursday, April 2, the Keel Laying Ceremony will take place at the yard’s facilities. This marks the substantive restart of the shipyards in less than three years, with the contribution of the workforce. The first agreement concerns the construction of two plus two tugboats by ONEX for MEGATUGS. These next-generation tugboats will enhance the safety and capabilities of Greek ports, create new jobs, and support economic growth.

The Athina I. Martinos Foundation, AI, and Marine Sciences

• The signing of a Memorandum of Cooperation between the Athina I. Martinos Foundation and the French Institute of Greece establishes a partnership focused on protecting the marine ecosystem, sustainably utilizing marine resources, and promoting innovation in the blue economy through educational programs, workshops, and awareness initiatives. The starting point of this collaboration lies in the “Artificial Intelligence and Ocean” innovation competition, held במסגרת the 2025 Science Festival, dedicated to the sea. There, a shared goal emerged: supporting innovation through the new generation of researchers in artificial intelligence and marine sciences. Behind the scenes, this move confirms that synergies between foundations and international bodies are gaining increasingly substantive content in areas where shipping, environment, and technology intersect.