Hello, it was quite an eventful week that just passed—I’d even call it unusual for the period after the Easter holidays. Unfortunately, it was marked by the very distressing health ordeal of Deputy Minister Mylonakis, who continues to fight in Evangelismos Hospital. It was also a very difficult week on a personal level for Mitsotakis himself, who was the one holding his close associate in his arms until the ambulance arrived, as Giorgos’s stroke happened literally before his eyes. A few days later (the day before yesterday), the Prime Minister was at Evangelismos again, this time for Mareva, who underwent a major surgery for intestinal obstruction. Wishing everyone a speedy recovery, because moments like these remind all of us how suddenly we can be confronted with the other side of life—right when we think other matters are more important than our health. Anyway, on the political front, alongside the medical developments, we had on Saturday the resignation of Lazaridis. I still believe the reason is ridiculous, but with his style and public appearances, he made a mess of it himself. What becomes clear from how the case was handled at the Maximos Mansion is that there isn’t clear thinking even for relatively simple decisions and moves—but these things happen after so many years in power.

Toxicity—yes, and what will happen? Absolutely nothing
I also read yesterday in K.M.’s Sunday note that he wrote: “I will not remain silent in the face of the toxicity of public discourse,” referring to media outlets that fabricate fake news, which are then reproduced by charlatans posing as journalists or by media on social platforms. And I wonder—what exactly will he do to them that he hasn’t already done in seven years of governance? In reality, what has happened since the beginning of his term is this: his political opponents—far-right and mainly left-wing—bombarded him with the narrative that Greece suffers from a deficit of democracy in the media. They presented reports on press freedom that painted a distorted picture, claiming everything is controlled by the government. This frightened the entire system, especially at the Maximos Mansion (which doesn’t take much), and now they’re crying over spilled milk, as the English say. In Greece, for better or worse, anyone can publicly write anything about anyone with almost no accountability or consequences. For a businessman, what is it to set up a media outlet to bombard his enemy (political or competitor) with a massive lie, and then five years later a court awards damages of €5–10 thousand to the outlet, paid by the instigator? Absolutely nothing. Yes, credibility is judged, and freedom of the media and social media is a democratic prerequisite—but waking up one day and being labeled a thief or a pedophile without evidence is deeply immoral and reminiscent of a fascist regime.
P.S.: At least a few months ago, spokesperson Marinakis proposed attempting an electronic identification system for anonymous online users through international platforms. Let’s see an effort, even now.

Mitsotakis’ message to MPs…
The week ahead will involve quite a lot of OPEKEPE, as today the Parliament’s Ethics Committee convenes regarding the lighter cases of Hatzivasileiou and Athanasiou, which are not even being investigated by the European Public Prosecutor’s Office but by the Court of First Instance Prosecutor. On Wednesday, the discussion in the Plenary follows for all 13 cases (11+2) included in the new case files. Ahead of the votes, it’s worth noting the message Mitsotakis sent yesterday to New Democracy MPs who are signaling they won’t vote for all immunity liftings. “As MPs, especially at this moment, we have a duty not to turn ourselves into investigators or judges,” he wrote, adding that “we must leave no room for arguments casting any shadow on our stance.” What is Mitsotakis telling his MPs? Not to collectively vote against lifting immunity, so that it doesn’t send the message that ND MPs are “covering up” for their own.

…and the MPs’ message to Mitsotakis
I should tell you, however, that many MPs have stopped listening to messages from the Maximos Mansion. Those preparing not to vote for all immunity liftings are estimated at 40–60, and it remains to be seen whether they will abstain entirely or attend and vote negatively in some cases involving what they consider trivial accusations. “It is the duty of an MP to judge each case individually and assess what constitutes parliamentary activity,” they say, believing that the government’s handling criminalizes their role while they are simultaneously being asked to rally their base. Of course, there’s no question the immunity liftings won’t pass, as the opposition will also vote in favor—but the numbers matter.

Kοvesi and Papandreou’s term
Amid all this, Laura Kövesi, the outgoing European Chief Prosecutor, is coming to Greece. I say “outgoing” because she will retire in a few months, to be succeeded by German Andreas Ritter. Kövesi will meet Floridis and Greek prosecutors on Wednesday, and on Thursday she will go to Delphi to participate in a scheduled discussion with Pavlos Tsimas. It is said she will also hold a press conference, as she did during her previous visit, when she chose the customs office at Neo Ikonio as a backdrop, focusing on smuggling networks from China. We’ll see what happens. It’s also rumored that after retiring, she may enter politics in Romania with a center-right party. As for Popi Papandreou, the head of the European Public Prosecutor’s Office in Greece, we expect news in May from the Supreme Judicial Council regarding whether her term will be extended.

Lazaridis’ successor
– One pending issue for the government is who will replace Makarios Lazaridis at the Ministry of Rural Development—perhaps we’ll have news today. This is no trivial position, especially amid a resurgence of livestock diseases like foot-and-mouth disease, which has heavily affected Lesbos. The Maximos Mansion and Schinas spent the weekend searching for candidates without negative baggage and with the right capabilities. Not easy after seven years in power, when there aren’t many untapped talents left.

Parliamentarians vs. non-parliamentarians
Following the revelation in Proto Thema about the new electoral law Mitsotakis plans to propose, expect tensions between parliamentary and non-parliamentary figures within the Maximos Mansion to intensify. Among ND MPs, ahead of a parliamentary group meeting before May Day, some are already growing irritated, seeing non-parliamentary officials as the source of many problems.

In “Mylonas pace”
The (mandatory, after Ethniki Insurance was sold) bankassurance deal between National Bank and Allianz is becoming something of a joke. According to Allianz, delays stem from disagreements over valuation. It’s telling that National Bank even hired a specialized executive to manage the insurance portfolio, yet the deal still hasn’t closed. Meanwhile, internal leaks say “it’s about to be announced any day now.” Hopefully true this time, because we’ve been hearing “it’s closing soon” for months without seeing any “white smoke.” In the meantime, while National moves at “Mylonas pace,” Megalou bought Ethniki Insurance, Psaltis acquired Flexfin, AstroBank, AXIA, Alpha Trust, Karavias took over Hellenic Bank of Cyprus and Eurolife, Vrettou acquired HSBC Malta and Pantelakis, and Taniskidis took Euroxx.

The “business class” of waste and the 8 bidders
One of the most interesting waste management tenders currently underway is moving to the next phase: the major PPP project in the Cyclades, centered on Mykonos, Paros, Syros, and Tinos. With eight bidders across five business groups, it’s clearly one of the most attractive PPP projects. The contract spans 27 years (2 for construction, 25 for operation), with a €195 million budget, aiming to address waste management challenges in islands where populations surge in summer. Plans include three waste recovery and recycling units and a transfer station in Tinos. A tough battle among bidders is expected before a final contractor is chosen.

ELLAKTOR’s 2+1 moves
Developments are expected soon regarding ELLAKTOR’s investment plan. After restructuring in 2025, it now focuses on real estate and hospitality. It already operates a renovated 5-star hotel in Marousi (“The Fiction Athens”) and serviced apartments in central Athens. Key upcoming moves include the €100 million Alimos Marina redevelopment (with construction expected in 2026), development of land near Smart Park in Spata, and the sale of a property in Bucharest. More details are expected in today’s analyst call following last Friday’s financial results announcement.

Maran Gas makes a double move with LNG carrier sales
Maran Gas Maritime, owned by Maria Angelicoussis, is methodically capitalizing on conditions in the secondary LNG carrier market, proceeding with the sale of selected vessels to players with a clear investment focus on ship conversions. The deal for Ummera (2005), along with the upcoming transfer of the newer Maran Gas Troy (2015), reflects a fleet rationalization strategy, emphasizing the disposal of vessels that have either completed their cycle in the charter market or can generate capital gains. The buyer—Belgium-based Exmar—is strengthening its LNG infrastructure project pipeline, using tonnage for conversion into FSU and FSRU units. In terms of timing, Maran’s moves coincide with improved valuations for steam LNG carriers, with prices now exceeding $30 million. The Ummera (2005) is a classic steam-turbine vessel, a technology now considered less fuel-efficient compared to newer dual-fuel LNG carriers. Rising charter rates and strong demand for “conversion candidates” (ships suitable for conversion) are creating a favorable environment for sales. The result is a mutually beneficial transaction: Maran recycles capital from assets with limited prospects in the spot market, while Exmar secures readily available platforms for projects with visible cash flow. In a market where the line between shipping and energy infrastructure is increasingly blurred, such moves are becoming the norm.

Multi-million-dollar moves reshaping DryDel
In shipping circles, the latest moves by Kostas Delaportas are being discussed not just as business as usual, but as calculated, chess-like strategies aimed at the next phase of the dry bulk market. DryDel Shipping is completing another cycle of sales, offloading older tonnage while polishing its profile with a fleet averaging around three years in age—an achievement few companies can boast globally. The sale of Amore to Chinese interests and successive disposals of ultramax vessels show that Delaportas is not just chasing market timing, but investing in the company’s image. With over $1 billion in orders at Japanese shipyards and 15 newbuilds in the pipeline, the message is clear: a younger fleet, better access to financing, and a greener footprint.

Performance Shipping and Euroseas build cash flows and reduce risk
As the market increasingly moves according to geopolitical dynamics rather than pure shipping cycles, the latest moves by Performance Shipping (owned by Aliki Paliou) and Euroseas (led by Aristides Pittas) are being read on Wall Street not simply as commercial deals, but as strategic repositioning of shipping risk models. Performance Shipping is locking in long-term charters for two newbuild Suezmax tankers even before delivery, securing multi-year contracts that generate near bond-like cash flows. To a market analyst, this isn’t just good timing—it’s aggressive cycle hedging. When a major energy player like Repsol commits for 5–7 years at fixed daily rates, the market is effectively pricing in scarcity of modern tonnage and confidence in a prolonged “tight” tanker environment. Meanwhile, Euroseas is operating in the more volatile container segment. The extension of the charter for EM Kea at $30,000 per day signals not just pricing strength, but tight supply of available capacity. Geopolitical tensions and disruptions in shipping routes act as an artificial demand multiplier, keeping rates elevated beyond what traditional cycle models would justify. Wall Street analysts highlight that both strategies converge on a key point: transforming volatility into predictable revenue streams—whether through forward fixing in tankers or charter extensions in containers. As one experienced shipbroker put it, “the real message to markets is that modern shipping is no longer priced only on supply and demand cycles, but on its ability to convert global uncertainty into contracted income.”

“Immortal Greece…”
It may be necessary, but for the State to invoke “error regarding factual data” after 45 years is, at the very least, remarkable. Recently, I’ve noticed a series of decisions by the Corinth Forest Authority concerning “partial revocation due to error and lifting due to restoration” for areas declared reforestable decades ago (presumably after fires). According to the documents, the need for revocation arose based on updated forest maps published in 2021. Starting as far back as 1981, decisions are now being partially revoked because certain areas were never truly forest land, while others are being released from reforestation status because natural regeneration has already restored vegetation. Numerous similar decisions have been posted, covering areas declared reforestable in 1983, 1985, 1986, 1991, 1992, and even 1996. The takeaway: the State needed up to 45 years to acknowledge its “error.” As for the “restoration” of other areas—after so many years, they’d better have turned into something like the Amazon, assuming they weren’t burned again in the meantime. Still, better (much) late than never.

Spyros Theodoropoulos and Eleni Vrettou on the professions of the future
Greece has the highest proportion of university graduates in Europe, yet the lowest productivity. Artificial Intelligence is now reshaping decades of assumptions. What should parents advise their children regarding future careers? SEV president Spyros Theodoropoulos has repeatedly warned that the Greek labor market faces massive changes. Traditional “white-collar” professions—lawyers, economists, general administrative roles—are under unprecedented pressure. AI is not only affecting production lines; it is steadily eroding jobs once considered purely intellectual. In contrast, electricians, network technicians, and cybersecurity specialists are in high demand and show resilience. At the upcoming Delphi Forum, Theodoropoulos will “clash” with Eleni Vrettou, CEO of CrediaBank, representing a sector that traditionally absorbs university graduates but now must radically rethink hiring criteria. Her perspective reflects a middle ground: neither abandoning degrees entirely nor ignoring the fact that a certified data analyst without a formal degree may be more valuable than a graduate lacking practical skills.

Hormuz: From euphoria to nightmare—what to expect today
Last Friday was a triumphant day for Wall Street. As soon as Iran’s Foreign Minister Abbas Araghchi announced that the Strait of Hormuz was “fully open” to commercial shipping, markets reacted almost reflexively. The S&P 500 jumped +1.2% to a record high of 7,126.06 points. The Dow Jones Industrial Average gained 868 points (+1.8%), while the Nasdaq Composite recorded its 13th consecutive gain—the longest streak since 1992. Oil prices plunged, with WTI down 9.4% to $82.59 per barrel and Brent down 9.1% to $90.38. European markets also surged. The optimism was widespread—perhaps blindly so. The rally lasted only hours. Over the weekend, reality turned harsher: around 20 commercial ships reversed course following warnings from Iran’s Revolutionary Guards. At least nine oil tankers, four vessels from CMA CGM, and several LNG carriers abandoned transit attempts. The Indian-flagged tanker Sanmar Herald was even fired upon, despite assurances of safe passage. Prediction markets sharply revised expectations for Hormuz reopening by the end of April, with probabilities collapsing from 64% to 32%. What does this mean for today? A reversal of Friday’s euphoria is almost certain. Oil is expected to recover significantly, with Brent potentially moving above $97–100 per barrel. Energy and shipping stocks are likely to rise, while technology and consumer sectors may come under pressure. The Strait of Hormuz is not a valve controlling market optimism—it’s a trigger for violent reactions.

The trap of “cheaper” that isn’t actually cheap
An article by the well-known and experienced analyst James Mackintosh in The Wall Street Journal caused a stir, pushing back against the wave of enthusiasm sparked by the recent “correction” in stock markets. The forward price-to-earnings ratio (forward P/E) of the S&P 500 has fallen from its 2024–2025 peaks of around 22–23x to roughly 20x today. Many on Wall Street are now calling stocks “cheap.” In the WSJ’s widely read “Streetwise” column, Mackintosh corrects that view: the market is cheaper, not cheap. Compared to its historical average, it remains expensive. The apparent “decline in valuations” is not due to falling prices, but to rising expectations for future earnings. This is usually driven by two factors: Artificial Intelligence boosting profit margins for chipmakers, and the war in Iran driving up profits for energy companies. These are essentially “windfall profits”—temporary and with an expiration date. The P/E ratio can fall even when prices remain stable, which is often interpreted as a buying opportunity. Mackintosh’s key question is whether these two supporting factors are sustainable over time.

Jerome Powell may not leave so soon after all
In New York, many are already writing the “obituary” of Jerome Powell’s tenure at the Federal Reserve. His term officially ends on May 15, and futures markets are already pricing in a “Kevin Warsh era,” with expectations of lower dollar interest rates and a definitive end to monetary tightening. However, things are not that simple. Kevin Warsh—a former central banker, husband of an Estée Lauder heiress, and Trump’s preferred successor—has not yet gone through a Senate confirmation hearing. There’s a serious reason for that. Republican Senator Thom Tillis, a member of the Banking Committee, is firmly refusing to support Warsh as long as the Justice Department’s criminal investigation into Powell remains unresolved. This investigation was initiated by Donald Trump, ostensibly over cost overruns in the renovation of the Fed’s headquarters. Ironically, the harder Trump pushes Powell, the more he delays Warsh’s appointment. A federal judge has already dismissed subpoenas related to the case, stating they were intended “to pressure Powell to yield or resign.” Powell himself has stated that if no successor is confirmed by May 15, he will remain as chair pro tempore, as explicitly allowed under Fed rules and precedent. Moreover, as a member of the Fed’s Board, his term runs until January 2028. Legally, he cannot be dismissed except “for cause,” meaning serious misconduct—something the Supreme Court appears inclined to safeguard. Warsh’s next Senate appearance is scheduled for April 21. Trump, meanwhile, rushed to label Tillis a “former senator”—which, of course, is not true, at least until the November midterm elections. Tillis has openly ignored the threat. The result is that the world’s most powerful central bank risks entering a prolonged period of leadership uncertainty. Trump always wanted Powell out—he may have ended up making him indispensable.