• Hello, this is one of those moments in life when something happens that people usually don’t factor in or even think about until it happens to them or they see it unfold right in front of them. Giorgos Mylonakis, a relatively young man in his 50s, one of Mitsotakis’ oldest and most trusted associates, his deputy minister, yesterday suffered a very serious episode (aneurysm) while at work. In front of the entire Maximos staff, during the so-called “morning coffee.” Descriptions of the hardest, most dramatic moments of a person—and of those who lived them by his side—are unnecessary; they would be both superfluous and wrong. Giorgos’ friends and colleagues are by his side as he fights for his life at Evangelismos, led by the prime minister. And of course, everyone hopes he will stand on his feet again, healthy, and return to his office. Warm wishes, a speedy recovery, and strength to his family.

Is there a bottom to toxicity?

• At this point, however, one cannot let pass unnoticed the incredible toxicity, hatred, intolerance and boundless fabrication that have now firmly taken hold both inside Parliament and in public discourse. Especially through social media, but also traditional media. It’s a sign of the times we live in, but allow me to make special mention of the toxicity that the SYRIZA era and its representatives brought into the public sphere. Since 2015, they left nothing standing: they started calling those who supported the country remaining in Europe “German collaborators,” while now Merkel and Tsipras are busy praising each other! They continued with Novartis and the wheeled suitcases of cash at Maximos during the Samaras era, and they maxed out by calling their political opponents “Lignadis-types”—pedophiles. I’m no doctor, but just days ago an unbelievable piece of nonsense was written about Mylonakis that even threw in a bit of mud about pedophilia. The man, of course, went to court—but I ask you, would you tolerate that? They left out nothing—families, children, wives, nothing. Androulakis is following closely in toxicity as well, even recalling that Konstantinos Mitsotakis had baptized “the frappé guy’s” brother in 2004; PASOK spoke of “xylolia” and murderers… whatever crosses your mind—and then some. Is there, really, a bottom?

Mitsotakis’ “no” to a postponement…

• There were quite a few thoughts, and even suggestions from Mitsotakis’ circle, to postpone today’s discussion on institutions because of the incident. He himself said “no,” even though he is devastated by what happened. Despite the fact that the debate will be tough due to the wiretapping issue and OPEKEPE, we’ll see how far it goes. Androulakis also proposed a postponement through the Speaker of Parliament, Nikitas Kaklamanis, but after thanking him, they said “no.”

Interventions in more than 20 articles

• In today’s parliamentary debate, I’m told Mitsotakis will be quite specific about a series of changes he wants to make to the Constitution in order to break the logic of clientelism. These changes concern around 20 articles—essentially everything that regulates the electoral process. He has already floated initial ideas such as incompatibility between minister and MP roles, reducing the number of MPs, major changes to term limits, and interventions in electoral districts.

The answers on wiretapping

• A separate issue—and a problematic one for the government—is wiretapping. Mitsotakis will respond to Androulakis that the government has taken political responsibility in practice, as people and structures were changed and the National Intelligence Service was reorganized. He will also stress that the case is before the judiciary, while the Supreme Court’s investigation showed no involvement of a state official beyond the activity of four private individuals. Finally, he will call on opposition parties to be especially careful about what they say regarding the intelligence service, given the role it has played in critical national moments—and the role it will be called upon to play in the challenges ahead.

Stournaras’ third term

• Yesterday it was announced by the prime minister’s office that Mitsotakis met with Stournaras and the government intends to propose the renewal of his term as governor of the Bank of Greece. Stournaras will thus become the longest-serving central banker in Greece, with three terms totaling 18 years. I would say that Yiannis Stournaras is being rewarded for his unwavering stance during the 2014–2019 period, when the country went through one of the most difficult phases of its postwar history. Through the memoranda and especially the turmoil during the SYRIZA era, he withstood the dirty personal attacks against him and the institutions, and from his side he prevented the country’s exit from Europe and the euro. And he did not give in to them, unlike the majority of political and state figures of the time.

Let’s not forget!

• After Yiannis, Alexis? The announcement that the government will propose Stournaras for a third term at the Bank of Greece surprised no one. Interest now shifts to the deputy governor positions, as there are strong whispers that Alexis Patelis is being considered for one of the two roles at the central bank. He has an excellent relationship with Stournaras, having recently presented his book. This year marks the end of Deputy Governor Theodoros Pelagidis’ term, opening a window for replacement, while the other deputy governor, Christina Papakonstantinou, took office in 2021.

The new Parliamentary Representative

• Since we mentioned the parliamentary debate, one pending matter for Mitsotakis is the appointment of two new parliamentary representatives to replace Makarios Lazaridis, who became a minister, and Notis Mitarakis, who left due to OPEKEPE. I’m told the person expected to be chosen, alongside Dimitris Kairidis who remains, is Dimitris Markopoulos, as the parliamentary battles ahead will be “blood and sand.” Let’s see whether a third person will also be selected or if ND will stick with two.

Lazaridis – MPs

• In Lazaridis’ case, two tendencies are observed within New Democracy—both diverging and complementary. On the one hand, those who appear publicly refuse to fully adopt his claims, referring to the explanations he gave and possibly to administrative missteps back in 2007. On the other hand, they say that if Mitsotakis were to “throw him under the bus” as well (which he wasn’t going to), it would open Pandora’s box within the parliamentary group, as it would become clear that Maximos protects no one—not even over a… parking ticket.

Brussels meetings

• In Brussels, Margaritis Schinas held his first contacts with several EU Commissioners and senior officials from the Commission’s Directorate-General for Agriculture. What I hear is that he recorded a positive climate for the reform of OPEKEPE, as Europeans also want it to work and have every interest in that. On the other hand, the issue is trust, as seven agriculture ministers have come and gone in seven years. However, in Schinas’ case, Europeans know they are talking to one of their own. And that may facilitate discussions and milestones for the certification of the Independent Authority for Public Revenue, so that it can carry out payments in the coming months.

Who’s Behind the Commission’s Proposal

• The European Commission’s proposal to revise CISAF comes at a time when energy costs remain under pressure— with geopolitical developments and the war in Iran further worsening the situation. Well-informed sources note that this development was not accidental. On the contrary, it is attributed to persistent and targeted work by the Ministry of Environment and Energy, which in recent months appears to have moved methodically at the European level, seeking a solution that will provide real relief to industry.

They Are Scanning Bank and Insurance Contracts

• A hunt through the fine print has begun— with new staffing and ambitious intentions— by the Independent Authority for Consumer Protection and Market Oversight. A recent example is the Bank of Epirus, which was fined €140,000 after an ex officio audit identified a clause in mortgage contracts deemed abusive. Information suggests that the Authority is now scanning similar contracts across all credit institutions, while comparable inspections are also coming for insurance companies, with priority given to cases where complaints have been filed. Informed sources report complaints not only about large increases in premiums, but also because these are not clearly communicated to customers. Specifically, there are insurance companies that, while imposing increases of around 9% (or even higher) on lifetime policies, send non-personalized letters to their clients that do not inform them of the premium increases, instead directing them to the companies’ websites to look up their own data. These practices appear set to become a major focus of the Authority’s inspections, as legislation requires full transparency.

Viva Wallet – Viva Bank Merge

• In a move long in the making, the Viva group is proceeding with the merger of Viva Wallet and Viva Bank, with the former being absorbed by the latter, aiming to improve operations and accelerate the group’s growth. Primarily, the integration of the two companies leads to a simplification of the corporate structure, as until now the group has operated with separate legal entities for payments and banking services. With the merger, these functions are consolidated into a single entity, making management more flexible and speeding up decision-making. At the same time, significant cost reductions are expected, overlaps are minimized, and efficiency is improved. Additionally, the move strengthens the group’s strategic position in the fintech and banking services market, as combining Viva Wallet’s expertise in payments with Viva Bank’s banking license creates a more comprehensive entity capable of offering unified services (payments + banking) to businesses and consumers. Thus, a cleaner and more unified corporate structure is created. Vivabank will fully retain its banking license, while Viva Wallet’s special license for electronic issuance services is automatically transferred.

The Restructuring of Hitos S.A. (Zagori, Green Cola, etc.) and the Japanese

• The effort to reorganize and restructure Hitos S.A. (Zagori, Green Cola, etc.) continues. The company’s recent Extraordinary General Meeting decided to reduce its share capital by €1.44 million, approximately through lowering the nominal value of each share from €1 to €0.63, in order to reduce a special reserve used to offset losses. It is recalled that the latest published financial statements for 2024 showed that, following the demanding merger with Green Cola, the company managed to return to profitability, although accumulated losses had reached €9.48 million. Notably, shortly before the end of 2025— described by management as a “year of stabilization”— the company absorbed its loss-making subsidiary Ziria Ltd. On a commercial level, however, there is optimism at the parent company (Green Beverages) for this year, as it secured an exclusive product distribution agreement in Japan with Asahi Soft Drinks— a subsidiary of Asahi Breweries and the third-largest player in the Japanese market, with a 14% share and turnover of €3.3 billion. It is also worth noting that Green Beverages, headquartered in London, recorded €119 million in revenue in 2025 and EBITDA of €8.5 million.

Santander Strikes Twice

• At the beginning of the year, the Spanish investment giant initiated coverage of GEK TERNA, the first stock it selected from the Greek market, with an “outperform” recommendation and a target price of €49 for the end of 2026. Yesterday, however, it “struck again” with a new report, revising the target price upward to €53. The revision is based on the improved operational outlook, increased visibility of the group’s cash flows, stronger-than-expected performance of concessions, as well as the gradual but rapid improvement of the balance sheet. In the 25-page report, analyst Jose Manuel Arroyas places particular emphasis on the road concessions segment. As he notes, this activity is the main driver of value creation for GEK TERNA, representing approximately 53% of the fair value of equity and 75% of the group’s total enterprise value, with the pipeline of new concessions, such as the Northern Road Axis of Crete (VOAK), strengthening the long-term growth story. Additionally, there is an improvement in the capital structure, with prospects for reducing net debt in the coming years as projects begin to generate strong cash flows. Another positive element is that despite the significant rise in the stock since the beginning of the year (+60%), Santander believes the market still undervalues the group’s core assets. As for potential risks, these are not considered significant, with the main concern focusing on the execution of construction projects, as any delays or cost overruns could pressure profitability.

Karatzis and the… Water Slides

• The number of activities included in the corporate purpose of “Karatzis S.A.” has now reached 56. As is well known, the diversified Cretan group, headed by Antonis Karatzis, apart from its core business of net manufacturing, has a strong hotel arm, a VIP aviation company, and has expanded into a range of other sectors, including even the artistic field. Furthermore, with a recent amendment to its articles of association, the company added new activities, including: the establishment, operation, management, and running of theme parks and leisure facilities, including water parks with water slides and related attractions, aquatic amusement parks, entertainment businesses with pools, games, water slides, and similar features, as well as other themed recreational parks available to the public for sports, entertainment, and relaxation; the establishment and operation of aquatic entertainment centers with sports activities, playgrounds, and wellness facilities; the study, design, installation, construction, and maintenance of theme parks, entertainment parks, multi-purpose leisure venues, and sports systems; and the construction, import, and trade of entertainment games and systems, including aquatic and sports systems.

Selling Older Ships, Building Liquidity: Aliki Paliou Prepares Deals

• At a time when the tanker market is showing its teeth, the move by Performance Shipping, interests of Aliki Paliou, to dispose of the oldest vessel in its fleet has not gone unnoticed. The sale of the M/T P. Aliki for $42.65 million to Trafigura is not just another asset play. It is a move on multiple levels. On one hand, it locks in capital gains— purchased at $36.5 million in 2022— and on the other, it cleans up the balance sheet and strengthens liquidity. Part of the proceeds will go toward repaying debt to Alpha Bank, but the bigger story lies elsewhere. Cash reserves are growing— and significantly— creating a “cushion” that has not gone unnoticed in the shipping market. Performance appears to be playing a more aggressive yet methodical game: a younger average fleet age, better specifications, and greater energy efficiency. In simple terms, a repositioning for the next day. Orders for two Suezmax vessels in China are already on the table, but many believe that when a listed company “fills its coffers,” it rarely does so just to sleep soundly.

Diana–Genco clash reaches extremes

• And since we are talking about the Palios family, it is worth noting that the conflict between Diana Shipping and Genco Shipping & Trading has now moved from the stage of strategic disagreement into the familiar terrain of corporate attrition, where the words “entrenchment” and “inadequate” function more as weapons than arguments. This is a classic proxy battle with a clear asymmetry of incentives. Diana, controlled by Semiramis Paliou with a 14.8% stake, is not merely pushing for an acquisition, but for control over capital allocation in a cycle where bulkers are still generating strong cash flows. Genco’s management responds with expected defensive moves, such as the so-called poison pill—an anti-takeover mechanism—along with special committees and rhetoric about shareholder protection. In market language, this translates into delay until either the price improves or the balance of power in the shareholder structure shifts. The interesting element is not the intensity, but the structure of the transaction. The involvement of Star Bulk Carriers’ Petros Pappas points to an asset play rather than a clean corporate takeover. In simple terms, value is not necessarily in the listed entity itself, but in the fleet and how it can be reallocated. For investors, the dilemma is familiar: on one side, management promising continuity through a low-leverage/high-dividend model; on the other, an activist shareholder promising immediate revaluation, with the indirect risk that value will emerge through restructuring.

The Hormuz Strait as a new “risk engine” for shipping

• Let us move to developments in the Strait of Hormuz. As you understand, prolonged tension in the Middle East—especially around the strait—has turned the tanker market into a field of constant geopolitical repricing. For shipbrokers, the key question is no longer demand fundamentals, but the risk of disrupted flows and the potential impact on global economic activity. The market is operating in a clear “wait-and-see” mode, as charterers avoid positioning in the region and spot activity declines. In the short term, this supports daily earnings, but the concern shifts to potential demand destruction if high energy prices and state interventions curb oil consumption. At the same time, political uncertainty and unpredictable rhetoric from global actors increase the risk premium, turning Hormuz not just into a strategic choke point, but into a core pricing factor for the entire tanker market.

A significant departure

• After 28 years at Piraeus Bank, Chrysanti Berbati, Deputy CFO of the bank, member of the group’s executive committee and head of strategic planning and sustainability, is stepping down. It is likely time for a change, but her departure surprised the market, as Berbati was close to management and ran critical projects in Greece and abroad. Those who worked with her describe a professional who brings substance to the job itself. For Piraeus Bank she was a calm force within management, overseeing operational planning units, investor relations, and ESG. The market does not yet know her next step—most likely neither does she. However, her skills, experience, and knowledge will certainly lead her to something significant. For Piraeus Bank, in any case, this is an important loss.

How much do… social media cost?

• It is now obvious that communication largely takes place through social media. As a result, politicians—especially when they hold ministerial posts—turn to specialists to curate their image and promote their work. For example, during Holy Week, the Ministry of Tourism issued a direct award contract for “photographic coverage and video creation for social media use related to events concerning the Minister’s Office of Tourism for the period until the end of the current year.” All required procedural steps had already been taken, including a primary request by the Procurement and Equipment Management Department, approval of a €18,600 budget commitment, and an invitation to submit bids on March 27. This was followed by a financial offer from “VCM Productions IKE” and, on April 8, the acceptance decision. The offer sets the cost at €120 plus VAT per photo shoot within Attica and €150 plus VAT outside Attica, and €200 plus VAT per video (filming and editing for social media use).

€40m bridge financing fuels BYLOT’s counteroffensive

• The BYLOT stock had been trapped for weeks in the €0.85–€0.98 range, well below the €1.10 level of the capital increase. A large short position of 0.50% disclosed by Qube Research & Technologies weighed on sentiment, with open futures positions exceeding 1 million contracts. Yesterday, sentiment shifted (+4.75% to €1.0370). According to information, management has prepared a counteroffensive. Specifically, it secured a €40 million bridge financing from Deutsche Bank, already a key lender in the €1.6 billion deal and financial advisor to Intralot. The move will be presented as an intra-system transaction rather than external financing. With this interim funding, BYLOT aims to support share demand through buybacks, offsetting short positions in the market.

The difficult dilemma of Prodea

• The transaction proposed by Prodea’s management is a debt-for-equity exchange at a €1 discount. It is a voluntary exchange offer of bonds for shares, giving bondholders the option to get their money back earlier plus a small incentive. The company offers 200 new shares for each €1,000 bond. The issue price is set at €5 per share, while the stock trades at around €6 on the Athens Stock Exchange. The 17% discount to market value is the first “bonus.” The transaction concerns up to 50,000 bonds, with a minimum acceptance threshold of 30,000. If this threshold is met, management intends to exercise a call option for early repayment of at least €120 million after July 20, 2026, with a 30% premium on annual interest. However, bondholders are typically conservative investors who now face a proposal that would leave them holding Prodea shares with limited liquidity. And if they try to sell, will the stock price come under pressure? So is it better to hold Prodea bonds or Prodea shares? A difficult dilemma for bondholders, in a deal that is rumored to serve EBRD, which is seeking to exit its position.

The UK government raised £15bn from markets

• The UK Debt Management Office announced that on April 14, 2026 it completed a landmark syndicated issuance of 4¾% Treasury Gilts maturing in 2036, totaling £15 billion. Gilts get their name from the gilded edges of the original certificates. The issue price was £99.880 per £100 nominal, implying a yield of 4.9158%—the highest for such an issuance in nearly 20 years. About 61% of the issuance was covered by the market. The government’s decision to issue at nearly 5% was not a choice, but a necessity to ensure successful placement. Investors demand a higher premium to hold UK debt. The comparison with German Bunds near 3% and Greek bonds below 3.75% is obvious.

War hits luxury

• Shares of luxury goods companies are under repeated pressure, and earnings reports are merely confirming the trend. The war in the Middle East is hitting the sector where it hurts most. Hermès reported €4.07 billion in Q1 2026 revenue, up 6% at constant exchange rates but down 1% due to €290 million in currency losses. Its Middle East customers reduced spending, with sales there down 6%, and the stock opened with a double-digit drop. The broader luxury sector looks even darker: LVMH and Hermès are down 16% and 20% this month respectively, while the S&P 500 fell less than 6%. Since the start of 2026, Louis Vuitton is down about 26%, Richemont 17%, Kering 12%, and Hermès nearly 22%. Nike is one of the major casualties, though for different reasons. Its gross margins fell to 40.2%, well below competitors like On (63.9%) and Lululemon (54.9%). Nike expects a 20% drop in China sales in Q4 2025. Sales in major luxury malls in Dubai and Abu Dhabi are down 30%–50%, with Mall of the Emirates seeing a 15% drop in foot traffic. The Middle East, once the new growth engine for luxury, is now undercut by war.

When Chinese investors buy what Americans are selling

• The war in Iran has split gold investors into two opposing camps. World Gold Council data shows North America saw record outflows of $13 billion from gold ETFs in March 2026—the largest monthly outflow ever recorded. In the same month, China was buying. Inflows into Chinese gold ETFs exceeded $8.1 billion since the start of 2026, compared with over $2 billion in outflows in the US sector over the same period. Many argue Chinese investors have fewer domestic alternatives, which is why gold priced in renminbi has been steadily rising. The first quarter of 2026 closed with gold up 7% in both dollars and renminbi, despite a sharp March correction. Notably, Chinese physical gold imports reached 77 tons in January and 96 tons in February.

The sneakers that are flying

• Allbirds made Nasdaq history yesterday. The company’s valuation—once on the verge of bankruptcy—more than quadrupled in a few hours after announcing a pivot into building AI computing infrastructure. Allbirds went public in 2021 at a valuation of $2.15 billion, later peaking at $4.1 billion before collapsing due to costly expansion into apparel and retail stores. Last month it sold its brand and assets for just $39 million. What remained was a listed shell company, which secured a $50 million financing facility from an institutional investor to transform into a GPU-as-a-Service and AI-native cloud provider under the new name “NewBird AI.” It is very much the fashion of the times. In 2017, Long Island Iced Tea renamed itself Long Blockchain and its stock surged 275% before being delisted a year later when the crypto bubble burst. Allbirds reported Q3 2025 revenue down 23.3% to $33 million, with a net loss of $20.3 million and a 61.6% margin loss. Still, merely mentioning “AI” was enough to send it up 300% before shareholders even approved the transition at an extraordinary meeting on May 18, 2026.