-Hello, we are gradually returning to everyday life and… the warm-up started with the endless clowning around over Lazaridis’s degree. That is, whether Lazaridis, with a college degree, should have been appointed in 2007 (during the Rafina government) to the office of the now-deceased minister Marietta Giannakou as a scientific advisor and not to a lower position, because that way he earned €150 more or something like that. In other words, we are now talking about a 20-year-old case, which is being raised by people who were praising Tsipras, who had Nikos Karanikas as a strategic advisor at the Maximos Mansion! Of course, the M.M., which lately has been overdoing it with the doctrine “spirit and morality,” as Vasilis Avlonitis used to say in that unforgettable Greek film, came close to throwing him under the bus. But fine, it won’t do it, because then it won’t find anyone.

The big things tomorrow…
-On more serious matters, tomorrow in Parliament there will be the debate on institutions, where the opposition, led by Nikos A., will go after K.M. over the wiretapping and OPEKEPE. Now, don’t expect Mitsotakis to take it there directly—he wasn’t born yesterday—he will completely sidestep the wiretapping and, on OPEKEPE, will say the obvious: a) the “sinful” OPEKEPE is essentially being abolished and the distribution of agricultural subsidies will be taken over by the AADE, so, favors are over. b) During this government’s term, the legally recorded conversations of MPs and ministers about doing favors for farmers took place (even if by accident, as I say). c) That “we are abolishing favors everywhere: in the army, in soldiers’ transfers so they don’t return to Athens ahead of time, we don’t cancel fines for any reason (alcohol, parking, etc.), we don’t appoint, we don’t, we don’t, we don’t…” In addition, Mitsotakis will throw in a big pass about the Constitutional Revision so we have something good, positive, and long-term to talk about. That’s that…

Visit to Vasilissis Olgas
-Mitsotakis, in any case, will start taking walks outside Maximos now that the temperature is rising. I’m told that today he may take a stroll along the new Vasilissis Olgas, which will soon be opened to the public, together with Mendoni and other officials. The interesting thing is that Haris Doukas will be absent, as he is in Boston.

Papathanasis’s candidacy
-At Easter, when there isn’t much news, scenarios usually flourish. According to one such scenario, due to overcrowding, the Deputy Finance Minister Nikos Papathanasis will leave the ND ballot in the northern sector of Athens B and move to the State list. Papathanasis categorically denies such a scenario to anyone who asks, saying that he entered active politics through the vote and will leave through the vote if necessary. So he is not closing his office and is preparing to fight his battle, which of course will not be easy. As for the State list, on the other hand, Papastavrou’s name is being strongly floated, but that still has a way to go.

The Chrysomal(l)is case
-Let me briefly mention another ND MP who is essentially a “foreign body.” The MP for Messinia and close friend of Antonis Samaras, Miltiadis Chrysomal(l)is, is now “in, out, and all the same,” without essentially supporting the government but also without (yet) filing for divorce. His image, however, always being together with Antonis Samaras at all public appearances, says it all. He did the same at Easter when he “combed through” Messinia, while he was with Samaras at a meeting held with Vangelis Meimarakis in Pylos square.

The suitors of the Municipality of Athens
-I wrote to you weeks ago about Bakoyannis’s decision to focus exclusively on the Municipality of Athens and his effort to get revenge on Haris Doukas in 2028. However, it seems that Bakoyannis will not be alone on the center-right side, as Christos Tentomas, for years a municipal councilor and president of the city council, is declaring in every tone that he will form his own faction, announce it in the fall, and go all the way, rejecting scenarios of pre-election cooperation with Bakoyannis. He himself does not want to appear linked to ND, betting on a more non-partisan logic. I foresee complications.

Pierrakakis law: applications for Swiss franc loans doubled in one month
-Borrowers continue to respond to Pierrakakis’s law on Swiss franc loans. On the platform issuing the certificate for the category each borrower falls into, 10,000 applications have been submitted—doubling within a month, which coincides with that of the military operations. Also, in one of the banks, already 20% of the loans have been converted from Swiss francs to euros. The law is in force until August 19. If interest continues at the same pace until the end of the validity period, it is estimated that at least 50% of performing loans in Swiss currency will be converted into euros. It should be noted that the conversion exchange rate is not fixed and is locked in upon submitting the application—not on the platform, but at the bank.

What Watsa says about Eurobank…
-A big day tomorrow in Toronto as the annual general meeting of Fairfax Financial Holdings shareholders takes place, in the presence of Prem Watsa, Chairman and CEO of Fairfax, and COO Peter Clarke. The founder of the group, as every year, will present the achievements of the past year for Fairfax, which recorded yet another year of growth with profitability at a record $4.77 billion, and will outline the strategy for 2026. In the letter he sends every year to shareholders ahead of the general meeting, Watsa refers to all the key investments made by Fairfax, including Eurobank. The Indo-Canadian billionaire describes the investment in the Greek bank as “by far the best Fairfax has ever made.” He even notes that the annual return from the Eurobank investment increased from -7% in 2020 to 15% today, due to the rise in the share price, giving credit to F. Karavias and the excellent management team who had yet another outstanding year in 2025. Using Eurobank as an example, Watsa emphasizes (as a committed value investor) that long-term strategy and patience are very often a virtue, while not hesitating, however, to place alongside “very often” the case of BlackBerry, Fairfax’s most loss-making investment.

…and how he evaluates managers
-Special mention is also made of the agreement a few months ago for the sale of 80% of Eurolife to Eurobank for €813 million. In his letter to shareholders, Watsa expresses his satisfaction with the deal, as it allows Fairfax to maintain its focus on insurance activities in property and casualty as well as reinsurance, while at the same time benefiting from the continued success of Eurolife’s life insurance segment through its stake in Eurobank. Watsa notes that Eurolife has performed exceptionally well under the leadership of Alex Sarriogiorgiou and expects it to continue to perform very well under the ownership of Eurobank and Fokion Karavias. As for Grivalia Hospitality, Watsa points out that after a difficult 2024, it restructured its teams and focused on improving operational performance in its core assets in Greece. Referring to the company’s flagship, One & Only Aesthesis, he says that last year revenues increased by 25% and profitability improved significantly; a new General Manager was appointed, and Fairfax looks forward to further improvement across all metrics in the coming years. Concluding his reference to Greece, Watsa says with clear satisfaction that Fokion Karavias at Eurobank, Alex Sarriogiorgiou at Eurolife, and Giorgos Chryssikos at Grivalia have delivered tremendous value for Fairfax over the past decade and, addressing shareholders, says: “When you see them at the general meeting, say thank you!! (say Efcharistó!!).”

Fairfax votes for Mytilineos
-In his letter, Watsa also refers extensively to Metlen, where Fairfax is today the second-largest shareholder with an 8% stake, “behind the founder and chairman, Evangelos Mytilineos, whom we greatly admire.” He points out to shareholders that Metlen owns and operates one of the lowest-cost aluminum facilities in Europe and has announced plans to expand into strategic metals such as gallium, describing 2025 as a busy year due to the IPO in London. He also refers to the third transformation program launched by Metlen and looks forward to good returns from this long-term partnership.

The Vardinogiannis companies for “Serenity Village”

-Giannis Vardinogiannis, through Hydra Rock, is preparing the ground for the large project, characterized as a strategic investment, opposite Hydra. This is the much-discussed “Serenity Village,” worth €474 million, which will include an integrated tourist resort and an organized holiday village. In this context, three new companies linked to Hydra Rock were recently established: Hydra Rock Residences, Hydra Rock Facility Management, and Metochi Marina S.A. Hydra Rock Residences focuses on real estate transactions of all kinds (plots, buildings, houses, apartments, etc.) or the construction of all types of buildings on them—homes, shops, warehouses, hotels, etc.—for resale or exploitation, leasing, conversion, and renovation of properties, and so on. As for Hydra Rock Facility Management, its object is undertaking and implementing contracts for the management, maintenance, and operation of hotels, tourist facilities and infrastructure, residential complexes, and individual homes, etc. Metochi Marina S.A. will be active, as its name suggests, in the tourist marina sector, executing and fulfilling concession contracts for the right to develop and use marine zones of tourist ports, providing mooring services for leisure boats, operating facilities, and so on.

Papachristophorou’s new ventures (Invel)
-New business ventures, mainly in Italy, for Invel Real Estate, which is indirectly linked through its main shareholder Chr. Papachristophorou to the domestic real estate investment company Prodea Investments REIC. The company secured €65 million in financing from UniCredit to accelerate the development of the YellowSquare platform in Italy, in the “hybrid hospitality” segment for affordable hostel-type accommodation aimed at young travelers who want lower-cost options. The financing will be directed toward acquiring and developing more than 2,000 beds, which are expected to operate under the YellowSquare brand in major Italian cities, with an emphasis on redevelopment projects of existing buildings. The financing follows the joint venture between Invel and YellowSquare announced in January 2025, while YellowSquare currently operates around 1,200 beds in Rome, Milan, and Florence, and also has a presence with its first hostel in Athens, in Theatre Square.

“Second Resurrection” on the Stock Exchange led by AKTOR

-Euronext Athens returned from the four-day Easter break with momentum that left no room for hesitation. In the Maundy Thursday correction, the General Index had lost -2.63% and the banking index -4.51%. This correction significantly improved bank valuations. Yesterday, the General Index closed at 2,284.40 points with a 2.64% rise, even touching the psychological “step” of 2,300 intraday. Trading value was festive and released the pressure of the four-day wait, exceeding €470.4 million, with block trades alone worth €27.4 million. The rise was supported by real flows that gave hesitant investors the chance to liquidate. The return to peace negotiations and Brent below $100 (-3.56%) and WTI (-5.95%) brought a sense of forward-looking optimism to the market. The upward opening triggered mass sell-offs by investors who took advantage of high prices to exit positions. The first half-hour turnover reached €71.5 million. At the close, during the auction process, significant orders from foreign funds gave a rebalancing character. The standout performer was Aktor’s stock with an impressive rally of +9.16%, even outpacing Eurobank which closed with a jump of +7.56%. National Bank, Bank of Cyprus and Viohalco rose over +5%, while Piraeus and Alpha gained more than +4%. Special mention should be made of GEK TERNA, whose market cap climbed to €4.14 billion, raising its free float value to €2.7 billion, a critical size for MSCI evaluation. Aegean and ElvalHalcor rose over +3%. Cenergy strengthened by 2.80%, while PPC, Athens International Airport, Lamda, Coca Cola and OTE closed with gains above 1%.

The Inglesis family strengthens its presence in tankers

-The reappearance and simultaneous activity of the Inglesis family in the tanker sector is a clear indication that traditional shipping groups are not only returning but repositioning themselves more aggressively in a market undergoing restructuring. Antonis Inglesis’ activity through Carlova Maritime and Giannis Inglesis’ parallel course with JHI Steamship show a coordinated—albeit independent—strategy of presence in key market segments. The choice to invest in VLCC and aframax vessels is no coincidence. It concerns control over key energy flows at a time when geopolitical instability creates new opportunities for those with liquidity and access to shipyards. Beyond the figures, timing is what matters most. Tensions in the Middle East and shifting trade routes are not acting as a deterrent for Greek shipowners; on the contrary, they are accelerating decisions. What is interesting is that the new generation of the Inglesis family operates with different tools: fleet diversification, access to Asian shipyards, and simultaneous presence in both primary and secondary markets. It is a more flexible approach, combining traditional shipping instinct with modern risk management.

The shipowner and his brotherly friendship with the Communist Party Secretary General

-Away from the spotlight, but with strong backstage activity and high symbolism, the moves of Gavriil Petridis in Vietnam are unfolding. Recently, at a dinner of particular political and business weight in Hanoi, the Greek shipowner sat at the same table with the Secretary General of the country’s Communist Party and his wife—figures who in practice determine the country’s political and economic direction—as well as with the leadership of the state shipping company. As is whispered, the personal relationship he has developed with top officials reaches a level of trust beyond usual business limits, and it is no coincidence they call him “brother.” Thus, after nearly a decade of discreet contacts, conditions have matured for the first substantial agreement. Concrete deals were put on the table, such as ship purchases in partnership with Vietnam’s state company, VIMC–Vietnam Maritime Corporation, either through joint ventures or bareboat models, opening a new cycle of cooperation with geopolitical and business prospects. With the Vietnamese shipping leadership present and political authorities sending clear signals of support, Petridis’ moves take on the characteristics of strategic penetration into a market that until recently remained difficult for foreign players. What began ten years ago as simple contacts now appears to be turning into signed agreements that transform relationships into strong investment alliances.

The backstage of Antonis Komninos’ investment move

-Antonis E. Komninos’ move to proceed with a series of newbuild MR2 vessels through Horizon Tankers is read as a clear strategic aim. The company has ordered a total of six MR2 tankers from Changhong Shipyard, with MT Horizon Emmanuel being the first example of a program progressing methodically. Behind the scenes, this choice is interpreted as a careful “locking in” of positions at a time when shipyard slots are tightening and costs remain fluid. It is not only about fleet renewal; it is also about securing terms for the coming years. At the same time, MR2 vessels continue to offer the necessary flexibility in a product tanker market that is changing but not losing its core dynamics. Horizon thus seems to be choosing a more balanced approach: renewal without overexposure, investment with visibility. Without noise, but with clear direction, this move strengthens the company’s profile both in fleet and financing terms.

Kampouridis, Tanimanidis and Greek mythology

-The new project of Miltos Kampouridis and his koumbaros, presenter Sakis Tanimanidis, will be a large museum dedicated to Greek mythology. The appropriate plot of land is already being sought. It is recalled that the group they formed some years ago, Enthoosia Group, holds the master franchise for several countries of the “Museum of Illusions,” while it has also launched its own project, the “Paradox Museum,” which is also expanding internationally. In total, the Group has opened and manages more than 20 museums from the USA to India. In fact, just last week a new Paradox Museum opened in Hyderabad. Tanimanidis recently also spoke wearing his entrepreneur “hat” at this year’s annual closed Deloitte event for scale-ups in Arachova, in an open discussion with Antigoni Lymperopoulou, CEO of HDBI. There, among other things, he announced the return of “Dragons’ Den,” which turned startup entrepreneurship into a show, expected to return with a new season on Skai this September. Production will be handled by BetterKnown Entertainment of Sakis Tanimanidis and Michalis Iskas, with filming scheduled for this coming June.

UBS says worse is coming for oil

-On Easter Monday, UBS revised—once again—its forecasts for crude oil upwards. The new forecasts set the bar at $100 per barrel by the end of June (from $90 previously), $95 in September, $90 in December 2026 and $85 in March 2027. The critical element highlighted by UBS is the production shut-ins, which have already reached 13 million barrels per day, a historic record. Oil exports from Gulf countries have fallen from 19 million barrels per day (January–February average) to just 8 million barrels in the last 30 days. Saudi Arabia and the UAE are bypassing the Strait of Hormuz via pipelines, but these too remain vulnerable to strikes. UBS warns of an even more worrying scenario: if the disruption persists, Brent could exceed $150, triggering significant demand destruction. It also expresses concern about hoarding phenomena—panic stockpiling—that would further boost prices. For Greece, the implications are clear. Motor Oil and HelleniQ Energy import crude mainly from the Middle East. A shift to alternative sources, with barrels from Africa or America—as UBS itself predicts—means higher raw material costs and pressure on refining margins. For all of us, this translates into more expensive gasoline and diesel and, of course, inflation. Even if the Strait of Hormuz reopened tomorrow, market normalization would take months.

Trump’s first major victory

-Yesterday we said that a central goal of Trump’s policy in the Middle East is to curb China’s economic expansion, which has already invested $269 billion in the region. Yesterday, CNBC provided data confirming the “effectiveness” of this strategy. China’s March 2026 foreign trade figures gave analysts a first concrete picture of what the American trade war means in practice for the world’s second-largest economy. China recorded export growth of just +2.5% in March, versus an initial official forecast of +8.6%. Chinese exports to the US have collapsed, nearly -30% year-on-year, confirming that Trump’s tariffs are achieving their main goal: limiting Beijing’s access to the American market. Naturally, China’s trade with the war-stricken region has also declined. The other side of the balance sheet is equally surprising: China’s imports surged by +27.8%, 2.5 times above forecasts. Clearly, the Chinese did not suddenly become richer and indulge in a consumerist frenzy. It is the cost of imports (mainly energy and raw materials) that has risen dramatically due to geopolitical turmoil in the Gulf. China’s balance of payments is under pressure from two fronts simultaneously.

When bankers become border guards

-US Treasury Secretary Scott Bessent confirmed yesterday that he is preparing a new executive order that will require banks to collect citizenship data from their customers. The order is part of the broader Trump administration strategy to exclude undocumented migrants from financial services. Until now, there has been no law or regulation prohibiting non-US citizens from opening a bank account. Banks naturally follow the “Know Your Customer” rule to prevent money laundering, but this does not require citizenship verification. Discussions about this new intervention have raised concerns in the banking sector. Many question the legality of the order. Legal analysts note that implementation via executive order is doubtful and that such a change would likely require a legislative process through standard administrative procedures, which could take one to two years. For Greece, banks operating or maintaining representative offices in the US will have to comply with the new bureaucratic process and its additional costs for cross-border transactions. Greeks of the diaspora in the US who use Greek banks for remittances and savings will now need to provide passports or other citizenship documents. It is telling that about 50% of the US population does not even have a passport. Banks in America are turning into tools of migration policy. Someone will pay the price.

The US housing market is sinking

-Sales of existing homes in the US fell -3.6% in March 2026 on a monthly basis. The annual rate dropped to 3.98 million transactions, well below forecasts. The decline is due to two factors. First, the high cost of home acquisition. Thirty-year mortgage rates remain at 6%–6.5%, levels that make buying unaffordable for a large segment of the population, especially first-time buyers. Second, economic uncertainty that discourages major commitments. The National Association of Realtors chart shows a market moving within an extremely narrow range since early 2024, fluctuating between 3.8 and 4.2 million sales—figures that point to stagnation by US standards. March 2026 appears as a new dip after relatively better performance in previous months. The spring season is historically the most dynamic for US home sales. The fact that it begins with such a deviation from forecasts raises questions for the entirety of 2026. If uncertainty does not subside and interest rates do not fall, the market risks closing the year near its lowest levels in recent years, with implications for the broader construction sector.

Data centers need energy and equipment that America does not have

-Around 50% of US data centers scheduled for 2026 will ultimately be delayed or even canceled due to key equipment shortages. Data centers require enormous quantities of materials that the US cannot produce at the needed pace. Imports of major electrical equipment into the US (transformers, switchboards, batteries) reached $411 billion in 2025, marking a +4.7% annual increase. Since 2020, these imports have risen by $181 billion (+78%). Data centers supporting AI systems require equipment that US industry cannot supply sufficiently. At the same time, they require vast amounts of energy. Goldman Sachs estimates that global data center energy consumption will reach 1,350 TWh by 2030, a +220% increase compared to 2023 levels. The previous estimate was +175%, but it was revised upward due to greater needs of AI servers, which increasingly use high-energy equipment. About 60% of this increase could come from the US, with American consumption reaching 750 TWh and the rest of the world at 600 TWh. By 2030, installed data center capacity in the US is expected to reach 95 gigawatts, a 197% increase from 2025 levels. In short, data centers require equipment, raw materials and electricity that the US cannot produce on its own.