Hello, Mitsotakis felt the need—and rightly so—yesterday with his address to straighten out the situation created with OPEKEPE, addressing both public opinion and the internal audience of his party. I would say there was a greater need for him to say certain things addressing his Parliamentary Group rather than the public. Because the public knows that in Greece (and elsewhere, of course), politics, politicians, and clientelism are unfortunately intertwined. So, in a way, he covered—albeit belatedly—the MPs involved in the case file. Incidentally, I have not heard a single legal expert, especially a criminal lawyer, who is convinced of the guilt of political figures who, through recommendations, request favors from OPEKEPE for their voters without personal financial gain. Not a single one. But let us allow the investigation to proceed; in the end, the truth almost always comes out and exaggerations do not hold.

Hostage for how long?
Mitsotakis was also right to indirectly but clearly wonder how long a government of an EU country would remain “held hostage” by European Union prosecutors and to request that the process be concluded so we can find out whether there are criminal prosecutions and against whom. However, we should wait to see how this prime ministerial urging—or “request”—to the prosecutors will materialize. I have the impression—based on reporting—that the Minister of Justice, Floridis, will take some institutional initiative on the matter toward the European Public Prosecutor’s Office.

Ministers, MPs, and incompatibility
I also heard Mitsotakis’ interesting approach in the context of modernizing the “deep state,” regarding semi-French systems of incompatibility between ministers and MPs and possible “cuts” to the number of 300 MPs, etc. I consider all this very good and appropriate as a basis for discussion for a third term—if there is one—since such changes require constitutional revision. In conclusion, for now MPs need not worry that they won’t become ministers, nor ministers that they won’t become MPs. There is still a long way to go. If it happens at all…

Appearances and memoranda
Today, in Parliament, a pre-Easter “party” is expected in the ethics committee, which is meeting extraordinarily to recommend to the plenary regarding the lifting of parliamentary immunity. The final decision will be taken by the plenary, where it is said that New Democracy MPs might have a few surprises in store for the Maximos Mansion, although usually many big words are said in advance. Of the MPs mentioned in the case file, today Tsiáras and Mitarakis are expected to appear, while the others will submit written memoranda. So far, however, all the MPs mentioned have in some way made appearances—some with written statements, others starting to give interviews; in any case, everyone is doing something.

The meeting on the market
Amid this bleak environment, Mitsotakis is also trying to do his job, which includes governing the country and especially addressing the consequences of the war. That is why yesterday at noon the now customary broad meeting took place regarding price conditions in the market. There was a briefing from the independent authority on the progress of inspections across the country, especially during the Easter period, and a detailed update on price fluctuations. Special reference was made to the implementation of the price cap measure, which is functioning and restraining profiteering tendencies.

Fuel Pass: 3,000 applications per second
The state signed a major contract with a private software company to run the Fuel Pass application system. Everyone knew it might crash from day one, but the company assured up until Palm Sunday that everything would be ready by Holy Monday. In the end, the system did not last even an hour: as soon as applications “went green,” it turned orange and then red. Only the first 16,000 applicants were lucky, submitting applications between 4:00 and 4:30 p.m.—roughly half an hour before it was officially announced that the platform had opened. After that… collapse! Another three hours of hardship passed before another 50,000 beneficiaries managed—barely—to get in. The ordeal continued late into the evening. What was the company’s “excuse”? The connection to databases was blocked due to a massive volume of 3,000 logins per second. The “traffic jam” of fuel subsidy applications before Easter shows that those claiming the €50–60 subsidy is insignificant are wrong. In total, 160,000 managed to register yesterday before the platform closed, set to reopen today based on tax ID numbers.

Alpha Trust Holdings
This morning at the Institutional Investors Association, Alpha Trust–Andromeda is presenting its 2025 results. However, today’s presentation will not be typical. Analysts and institutional investors already know the figures, so they won’t focus much on past results. The questions will be about what’s coming next. And what’s coming is an acquisition. Alpha Trust Holdings, the parent company of the group—with assets under management around €2 billion—is in the process of a “marriage” with a bank. Most likely, today—barring surprises—there will be answers to all questions. UPDATE: As reported yesterday, Alpha Trust is being sold, and this morning Alpha Bank officially announced a public offer to acquire it.

Chain reactions from the collapse of the Logistics Park in Fyli
Nothing is more permanent than the temporary, and this seems to apply to the chaos that has prevailed for decades in Votanikos with freight agencies. The tender for the large Logistics Park in Fyli, a project with a budget of up to €250 million, has failed, as the submission deadline expired without any interested bidders. According to observers, this outcome was more or less expected, as disagreements had arisen between the Municipality of Fyli and the Superfund over the valuation of the 437-acre site intended for the project. Despite warnings about excessive demands, the municipality insisted, proposing an upfront fee of €8.9 million, an annual ground rent of €2.5 million from year two with indexation, and a 6% revenue share. The absence of bids shows these terms were deemed unviable. Additionally, rent caps in early years further reduced investment attractiveness.

Traffic congestion – Votanikos
Thus, the project intended to host freight agencies from Elaionas/Votanikos appears to be canceled, unless something dramatic changes. This maintains severe pressure on traffic and environmental conditions in the Attica basin. Thousands of heavy vehicles will continue to pass daily through Votanikos and the Kifisos axis without any visible prospect of relief. Moreover, relocating these agencies is indirectly linked to the major redevelopment of the area, including the new Panathinaikos football stadium. The logistics park was designed to absorb these activities, easing congestion and freeing up land for redevelopment.

Brown’s former leader and the new venture
Israeli entrepreneur Leon Avigad became known in Greece through the arrival and impressive growth of the Brown Hotels chain. Later, he stepped down, and the chain passed to other Israeli investors. However, he does not seem willing to leave Greece. On Monday, April 6, a new company named Lush Hospitality was established, headquartered on Lycabettus Street. The company focuses on luxury and A-class hotel services, property management, and real estate development. Its initial share capital is €530,000, with Avigad contributing €510,000 and holding the majority stake, and Nitzan Perry contributing €20,000.

New investments from Elikonos Capital Partners
Elikonos Capital Partners is preparing three new investments in the near future through its third fund, Elikonos 3 S.C.A. SICAR. Negotiations and due diligence are advanced, making it possible all three deals will close within the spring. The €170 million fund has already completed two investments, the latest being a co-investment in Ribco, a fast-growing Greek company specializing in premium rigid inflatable boats (RIBs). At the same time, Elikonos is also exploring exits, with two potential ones under discussion, in addition to the Medfrigo deal pending approval from the Competition Commission.

TMEDE expands into microcredit
For decades, TMEDE (the Engineers and Public Works Contractors Fund) focused solely on providing guarantees. Recently, its strategy has changed. It obtained a license from the Bank of Greece to operate as a microcredit institution, becoming for the first time a lending body in cooperation with the Hellenic Development Bank. It has already approved 886 applications totaling €19.2 million. Of these, 423 concern its members (€8.5 million), while 463 are businesses under the TEPIX III program (€10.7 million). Additionally, the joint EAT–TMEDE program has approved 413 financing applications totaling €58 million. Thus, TMEDE is evolving from a guarantor to a financier, combining sector expertise with development banking tools. Members recently endorsed this direction under President Konstantinos Makedos.

€11.5 million fine for Revolut
Last week, Revolut was fined €11.5 million in Italy for allegedly providing misleading information to customers about fees and investment product terms. The Italian competition authority ruled that advertisements promoting zero-commission trading and fractional shares from €1 were misleading.

Avramopoulos’ response to Thanasis Martinos
At a recent Propeller Club Piraeus event on “Shipping and Geopolitics,” Dimitris Avramopoulos, as keynote speaker, responded to a question about whether EU officials understand the importance of Greek shipping. He noted that European bureaucracy dominates Brussels, often surpassing political leadership. Bureaucracy, he said, is powerful but lacks strategic thinking. He emphasized that current conditions are favorable for Europe to develop a comprehensive maritime policy, especially if supply routes are threatened. He also pointed out internal EU competition, particularly from northern countries skeptical of supporting Greek shipping.

Need for an independent think tank in Greek shipping
Amid major geopolitical changes, Avramopoulos stressed that Greek shipping must take control of its future by creating its own independent think tank to analyze geopolitical developments and prepare for what lies ahead—something neither state services nor economic analysts can fully provide.

Aristotle Onassis “returned” to Ellinikon
The placement of the statue of Aristotle Onassis at Ellinikon is not just another symbolic act of remembrance. The choice of Olympic Airways Square, next to the iconic Boeing 727 “Mount Olympus,” brings back into focus the legacy of Olympic Airways and the man who created it. Onassis was not only a businessman, but also a symbol of an era when Greece sought to gain international presence and confidence. The initiative by POLKEOA (Cultural Center of Olympic Airways Employees), on the occasion of the anniversaries marking 50 years since his death and 70 years since the company’s founding, shows that historical memory remains a field of claims and symbolism. It is no coincidence that employees of the old Olympic Airways are taking on the role of “guardians” of this heritage. At the same time, the presence of the work by Theodoros Papagiannis lends a more official tone to the effort, adding prestige.

The… incurable gremlin
It is neither the first nor, of course, the last time that the “gremlin” of auctions intervenes in the electronic platform, doing its own thing. This time, however, it seems to have been in high spirits, as an apartment with a (normal) starting price of €97,324 appears to be listed at… €97,324,000. And at that price, it ranks first as the most expensive property. In other words, it really went overboard. According to the description—and for the record—it concerns a first-floor apartment in a two-story building located in a designated section of a 620 sq.m. plot, within the local community of Gomfoi in the Municipality of Pyli, in the regional unit of Trikala, Thessaly. The apartment has an area of 117.71 sq.m. and is estimated to have been built in 2010. The auction posted yesterday Monday is scheduled for next November, with doValue initiating proceedings over a debt of €18,990.67. As if the owner’s hardship was not enough, he also learned that his apartment is “worth” nearly €100 million.

Difficulties in the mobile telephony market
These days mark one year since the official entry into the Greek market of Orizon, a mobile virtual network operator (MVNO) operating as a subsidiary of Volton. Market information suggests that sales so far are “within the initial business plan.” An interesting point is that Orizon’s management has consciously chosen not to repeat the mistakes of other companies that attempted to penetrate the mobile telephony market in the past (e.g., CYTA and Q Telecom and others). It does not use aggressive pricing as an entry ticket into the market, and therefore does not bleed capital while building its customer base. Orizon follows a model that uses the energy sector as an incentive, leveraging Volton’s strategic umbrella to offer bundled telecommunications and energy packages.

The first cracks in the foundation of the markets
All first-year economics students learn that U.S. government bonds are the “safe haven” of the global economy. They are the rock upon which every risk pricing, every interest rate, every borrowing cost for governments or businesses worldwide is built. That rock is now showing cracks. Bank of America has created an index, the ICE BofA MOVE, which measures volatility in the bond market—similar to the VIX for equities. The ICE BofA MOVE surged above 100 points in early April. After 18 months of gradual decline, volatility has returned forcefully. The trigger, of course, is the war in Iran and the turmoil in energy markets. The $30 trillion market is showing liquidity problems. The Financial Times noted discreetly on its front page yesterday: “the ease of trading in the largest and most important financial market in the world has deteriorated in recent weeks.” When liquidity in Treasuries declines, bid-ask spreads widen. Large investors find it harder to execute trades without causing market noise and price movements. Pricing of mortgages and corporate borrowing becomes significantly more difficult. When the “benchmark” becomes unstable, uncertainty floods the markets.

The premium of insufficiency
Saudi Aramco announced yesterday that the official selling price of Arab Light crude for May loadings to Asia includes a premium of $19.50 per barrel. This premium is added on top of the average price of Oman and Dubai crude. It is an increase of $17 compared to the previous month and constitutes a historic record. Last year, the corresponding premium was just $2.50. Bloomberg published a chart showing that for many years, a price differential between $0 and $5 was the norm. Today everything has changed. Aramco is redirecting exports via the port of Yanbu on the Red Sea, a route that bypasses Hormuz, but pipeline capacity does not fully offset the frozen traffic through the Strait. Asian markets, which absorb most Gulf exports, now pay historically high prices for heavy crude. China, India, Iraq, Kuwait, Qatar, and Bahrain are unable to increase production or exports through the Strait of Hormuz. The war is no longer just an energy shock—it is becoming a structural supply chain problem. Motor Oil and HelleniQ Energy import heavy crude from the Gulf. Every barrel arriving in Greece carries a $19.50 premium that did not exist a month ago. Import costs have risen dramatically, and sooner or later this is reflected in prices—from gasoline to plastics.

When war acts as a tax
Taxes are usually passed by legislative bodies. There are also taxes imposed by events. Moody’s Analytics now openly describes the impact of the war on American households: “Higher gasoline and energy costs act like a tax, reducing real disposable income. As consumers spend more on essentials, they cut back on other expenditures.” Moody’s chief economist Mark Zandi explains that higher fuel prices function as a regressive tax. Lower-income households allocate a disproportionately larger share of their budget to energy costs. This accelerates what Moody’s calls a “K-shaped economy.” High incomes move upward, while low and middle incomes sink. The “war tax” is imposed at a time when real wages are declining and household savings have dropped to historically low levels. In just the first month since the war began, Americans paid an additional $8.4 billion for gasoline. Every $10 increase per barrel corresponds to an additional annual cost of about $450 for the typical American household, according to Zandi. The war has reached the wallet, the household basket, the fuel card. The tax burden is distributed unevenly—like all taxes that no one voted for.