Hello, let me give you a brief but comprehensive picture of the day, and of the situation in general. So, in the polls being conducted, ND has… taken a bit of a dip, about 2.5 points due to the handling of the Lazaridis case, as well as OPEKEPE. Not that it’s anything major, since the government’s +2% -2% has been fluctuating depending on events for three years now. It’s inevitable when you govern that these things happen, but they’re also unnecessary mistakes. Anyway, since the beginning of the year ND, partly due to the Thessaloniki International Fair measures and partly due to the war, gained 3–4 points. Perhaps from today, when Mitsotakis announces a good, positive package of measures worth around €500 million following the surplus, aimed at large groups of citizens, the decline may slow down, since most surveys are still ongoing, they’re midway through. PASOK picked up maybe a point at most, I’m told so far, but what’s the point of going over it again—whether it will be 12, 13 or 15 points behind a party that has governed for seven years? Still, I’m told they are measuring Tsipras somewhere around there as well, neck and neck with Androulakis. A derby, huh?

Why the measures today?

• Many say Mitsotakis chose to announce the positive measures today because of the vote on lifting immunity in Parliament. I don’t think that holds much water, because today the surplus is officially announced by European services, so today he can also announce them. In any case, with the positive measures and his address, he “breaks” the bad news—that’s true—although personally I don’t think it’s so negative if not all ND MPs vote in favor of lifting immunity, because most of the cases, as it seems, are “soto” as the old-timers used to say, meaning absolutely nothing.

Kövesi – ministers

• Now, I don’t know whether anyone will discuss these cases and their procedural soundness today with Ms. Kövesi, whom they will meet—whether it’s Floridis, Chrysochoidis, or Pierrakakis. In any case, it will be interesting to find out afterwards what was said, since there will certainly be a discussion with the European prosecutor who is in Athens.

Macron

• From Friday we will have Macron in Athens, who will stay in the presidential suite of the “Grande Bretagne” and not the royal one, mind you, because… we’re French and we also have a democratic tradition. Mitsotakis will return from the informal European meeting in Cyprus together with Macron on Friday afternoon, and they will speak at a Kathimerini event at the Roman Agora. The same evening the official dinner will follow at the Presidential Mansion, while Macron will also meet Tasoulas. On Saturday morning the “KIMON” will be docked nearby, so the two may conduct an inspection, followed by their meeting and the signing for the renewal of the Greek-French defense cooperation agreement for five years and then indefinitely. On Saturday afternoon, after lunch at Maximos, Mitsotakis and Macron will go to the “Niarchos” where an event has been convened with the participation of SEV for Greek-French business cooperation.

Schinas–Androulakis

• The foot-and-mouth disease case in Lesvos is not new, but at the Ministry of Rural Development they had to manage it by compensating producers on the one hand, while on the other not blowing up the island’s entire primary sector. Obviously, various loudmouths in this case found backing from local officials—expected. But since Androulakis was heading to the island for a “fiesta,” where his friend Panagiotis (Takis) Doudonis will also run as an MP, Schinas, who had seen “how the movie goes,” cut off the appetite early, and that’s how the port blockade was broken and, at the same time, the market supply problem was resolved.

Makarios’ absence and the messages to MPs

• Yesterday the new Deputy Minister of Rural Development, Thanasis Kavvadas, was sworn in and got to work, without a handover ceremony. Maximos and Schinas coordinated so that Makarios Lazaridis wouldn’t have to be part of the picture, as he would have monopolized the discussion, while he had no work to hand over anyway. Meanwhile, let me tell you that several ND MPs are furious with Makarios, not only because he has cost ND in the polls, but also because he has lashed out at them. Some received messages, some even with completely inappropriate characterizations, e.g. Domna Michailidou, Dora, Petsas, even the parliamentary representative Dimitris Kairidis who had tried somewhat to defend him, since they were colleagues in Parliament.

The troublesome neighbor

• Sometimes, the most interesting things aren’t said in official statements, but between the lines or, even better, over a glass of wine. At the Presidential Mansion, Estonian President Alar Karis didn’t mince his words. With a phrase of almost “cold” honesty, he placed Greece and Estonia in the same geopolitical frame: “We both have a large neighbor who often causes us problems.” Translation? Russia on one side, Turkey on the other, no beating around the bush. The implication was clear: these neighbors are not going to disappear. So the game is long. And it requires composure, strategy, and endurance. On the Greek side, Kostas Tasoulas made sure to “tie” the message together, implicitly but clearly juxtaposing Ukraine with Cyprus, two countries that have faced invasion. A message aimed at audiences both inside and outside the room.

Albert: Delay with… substance

• Prince Albert arrived late at the Presidential Mansion. Not out of negligence—but because he got “held up” at Maximos. The gifts he exchanged with Tasoulas carried their own symbolism: a gold coin for his foundation and an album of Monaco’s gardens—image, aesthetics, soft diplomacy. But the detail that stole the show was the blue tie he wore with Greek flags. Greek brand. Thalassa Collection. Tasoulas responded with a silver trireme.

PASOK of Androulakis, PASOK of Venizelos and Papandreou

• PASOK under Nikos Androulakis blasts anyone (mainly Adonis Georgiadis) who expresses a negative view about the European Public Prosecutor’s Office and how it is handling the OPEKEPE case, sending fragmented case files to Parliament and fueling political tension. At the head of the European Public Prosecutor’s Office is, as known, Popi Papandreou. However, back in 2014 when party leader was Evangelos Venizelos, PASOK had fiercely attacked Ms. Papandreou, who was then an anti-corruption prosecutor and had forwarded to Parliament a case file against Venizelos and Giorgos Papakonstantinou over the German submarines case. PASOK had described the move as “legally unacceptable” raising a political issue. It had even left open the possibility of asking the then Prosecutor of the Supreme Court, Euterpi Koutzamanis, to investigate potential disciplinary responsibilities of Ms. Papandreou. According to PASOK under Venizelos at the time, Ms. Papandreou did not have the authority to conduct a preliminary examination or make any assessment, especially since she limited herself to the minutes of the relevant parliamentary discussion.

The nightingales have come together

• Well then, Alexis Tsipras has revved up the engines for the new party which, as I’ve written to you, he will announce in May. “I will go to the Thessaloniki International Fair as a party leader,” he tells his interlocutors. Yesterday he attended a book event for the late Giannis Boutaris together with Haris Doukas, current and former SYRIZA members and PASOK figures, and tomorrow Wednesday he’s heading to Corinth. They sent me the poster for the event at the city’s Labor Center, along with the note that… it’s not a troll. Makes sense, since it kicks off with the slogan “Hope again!” and main speakers are Nikos Bistis (I-change-party-every-week) and Dionysis Teboneras. Slowly but surely, the nightingales are flocking together!

Transfers…

• “Admiral, we want you in the movement,” said Dimitris Karydis of PASOK to independent MP Evangelos Apostolakis at the presentation of Leonidas Makris’ book on Giannis Boutaris. He even sat next to him, as the transfer rivalry between PASOK and… Tsipras’ party has “hit red.” The audience, meanwhile, looked like a spring gathering of the center-left with Alexis Tsipras present, featuring former and current figures from Koumoundourou, independent MPs from the once-mighty SYRIZA such as Athina Linou, PASOK candidates like Antonis Saoulidis, as well as associates of the “green” mayors Giannis Moralis and Haris Doukas. In short, a fierce battle for second place is expected—and the derby has just begun…

The beef over PPC’s Ptolemaida 5

• In recent days, the Ptolemaida 5 issue has turned into a field of intense political and energy confrontation, following the plan for the early shutdown of the lignite unit this coming September and the pressure to keep it operating. According to information, a key role in the latest developments is played by a study from ADMIE, which highlights the need to keep the unit in the electricity production system, citing increased geopolitical uncertainty and risks to energy security caused by the crisis in the Middle East. This recommendation brings back into focus the role of lignite as a backup fuel in periods of international instability. Deputy Energy Minister Nikos Tsafos has also taken a stance, firmly supporting the shutdown and advocating for the acceleration of the lignite phase-out. This approach aligns with the strategy of PPC (Public Power Corporation), which is promoting the conversion of Ptolemaida 5 into a natural gas unit as part of its new strategy for cleaner energy. Reports say that in recent days there have been contacts between the Ministry of Environment and Energy, PPC and the RAAEY, aimed at evaluating the new data and making decisions about the unit’s future.

A major shipowner sponsors the Belharra “Nearchos”

• While awaiting delivery of the second Belharra frigate to the Hellenic Navy, I hear that the sponsor will be one of Greece’s top shipowners with a strong business and social footprint. It is Thanasis Martinos. After sea trials and final works are completed, the frigate “Nearchos,” named after Alexander the Great’s admiral, is expected to dock at Salamis Naval Base this coming October, to take its place next to the “Kimon.” On December 18 last year in Lorient, France, the naming ceremony and raising of the Greek flag on the first FDI Belharra frigate “KIMON” took place. Its sponsor was retired Rear Admiral and president of the Aikaterini Laskaridis Foundation, Panos Laskaridis, who along with his brother Thanasis have long been associated with supporting and strengthening the Navy and the Armed Forces in general. These moves are part of the Defense Ministry’s policy to attract Greek shipowners to support the country’s defense shielding.

Good news coming from the banks

• The financial figures that banks will announce for the first quarter of the year point to the most productive period in years. According to information, organic profits are moving at exceptionally high levels, not due only to overall credit expansion. The key lies in the composition of the loan portfolio. Mortgage and consumer loans are categories that traditionally offer higher profit margins compared to corporate lending. In the first quarter, they have increased significantly, as also reflected in data released yesterday by the Hellenic Bank Association. Banks are earning more not only because they lend, but because they lend better—meaning with higher returns per unit of capital. Domestic demand for loans remains strong, portfolio quality is improving, and the cost of risk continues to decline. All this at a time when international investors are seeking value in markets with strong fundamentals.

Piraeus Bank: Salary increases coming

• Shareholders were called yesterday at the general meeting to approve revised distributions concerning 2025, amounting to 55% of Piraeus Bank’s profits. However, approval from the European Central Bank is still pending, something that also happened last year. It is considered almost certain that the distributions will be approved by the supervisor, as Greek banks’ capital levels are very high. The issue of remuneration occupied much of the general meeting, and thus CEO Christos Megalou responded that fixed board remuneration stands at €3.4 million, while variable pay is €2.5 million. In any case, management said that within a month it will begin discussions with staff on labor contracts, where increases are foreseen, while leaving open the possibility of distributing free shares from those the bank will buy back, reducing their total number as part of its distribution policy.

Morgan Stanley calls OTE

• The Morgan Stanley report pushed OTE’s stock to a four-year high, seeing it climb above €18.30 again, for the first time since April 2022. Taking a closer look at the 18-page report, the investment bank’s analysts clearly adopt a positive stance toward OTE and its prospects, setting a target price of €21.40. In a bull scenario, however, they even see the stock above €30, while on the flip side, the downside scenario places it at €15.20. Morgan Stanley sees value in OTE mainly on three levels: the strong growth momentum of core revenues (especially in mobile telephony, with rates above the European average), the high generation of cash flows supporting generous shareholder returns, and its attractive valuation, with free cash flow yield standing out versus the sector. At the same time, OTE’s leading position in networks and improved operational efficiency, which boosts profitability over time, are also viewed positively. Still, MS identifies two main “thorns”: first, intensifying competition from PPC’s expansion into fiber-optic networks—specifically how far its network will reach (i.e. how much of the market it will cover) and how aggressively it will enter the retail (B2C) market. Second, uncertainty around the stock’s inclusion in developed market indices (MSCI), a development that could affect capital flows and short-term stock behavior. As for the issue of rising energy costs negatively affecting telecom providers as well, MS notes that OTE is very well hedged, having made timely risk-mitigation moves.

EYDAP hits €1 billion with a 12-year record

• With a strong close at +1.94%, EYDAP climbed to €9.45, a 12-year high, as the stock had not seen such closing levels since August 2014. During the session, it even reached €9.50. This rise was not merely symbolic, but marked the company’s entry into a particularly exclusive club in the domestic capital market. With yesterday’s performance, EYDAP’s market capitalization broke the €1 billion barrier, making it the 29th listed company on the Athens Stock Exchange to achieve a ten-digit valuation. The fact that the country’s largest water utility is regaining its shine after more than a decade reflects investor confidence in the group’s long-term prospects and the stability of its dividend returns. The market appears to be giving a vote of confidence to its infrastructure modernization plan and strategic shielding against climate change challenges, placing EYDAP among the heavyweights of large-cap stocks—especially after GEK TERNA’s participation in its share capital. At the same time, the 12-year record confirms that defensive stocks with a strong asset base can, under the right conditions, deliver performances resembling those of more aggressive growth stocks.

250 layoffs, 3 ambulances (so far)

• A large—and profitable—financial organization has decided on 250 layoffs among its staff. It is aligning itself with the efforts of its parent company, which is facing serious debt-servicing issues and is cutting costs. The atmosphere at the Greek subsidiary’s headquarters is explosive. Layoffs are announced in one-on-one “interviews” with employees, where the “inability to continue the cooperation” is determined through fast-track procedures. Many employees are completely blindsided, given that the company is highly profitable in Greece. Some react without composure, and it is said that ambulances from EKAV were called three times to take away dismissed employees in a dramatic psychological state.

Highspeed vessels delivered to Attica at Elefsina port

• Two more high-speed catamarans were added yesterday, Tuesday 21/4, to Attica Group’s fleet, with the port of Elefsina hosting a move that did not go unnoticed by those in the know. The new acquisitions, to be named Aero Highspeed 4 and Aero Highspeed 5, are set to slot into an already tested model in the Saronic, expanding the company’s presence on a route where competition is quietly but steadily intensifying. With capacity for nearly 300 passengers each and a goal of immediate deployment within the summer season, the timing is anything but random. These vessels, built in 2017 and 2018 from carbon fiber, follow the technological “recipe” of Aero Highspeed 1, 2 and 3. The choice of materials and design is not only about speed, but also compliance with new environmental requirements, as CO₂ emissions are reduced by up to 60% compared to the vessels they replace. The investment—around €15 million including upgrades—shows the group continues to invest in targeted moves. After all, in the Saronic, balances shift faster than the timetables suggest.

Angeliki Frangou’s crisis playbook

• Statements by Angeliki Frangou are always closely scrutinized by shipping market analysts. That was again the case recently following an interview she gave to a Japanese media outlet. She stressed that risk diversification, simultaneous positioning across demand and freight cycles—which differ among vessel types—and varying timing form her strategy in shipping amid geopolitical turbulence. For the market, the message from the Chios-born shipping magnate and head of Navios Maritime Partners L.P., which operates a fleet of tankers, bulk carriers and containerships, is less a strategic narrative and more an indication that the company does not see a clear path in any individual segment. Tankers remain a trade with a geopolitical premium. Sanctions and cargo rerouting keep ton-miles high, but these are not factors that are consistently priced. Her point about limited capacity supply is valid, but the market has shown it reacts quickly when margins remain attractive. In dry bulk, her reference to the Atlantic and increased iron ore production signals expectations of support for Capesize vessels, the large-capacity bulk carriers. However, this is not a clear upward cycle, but rather tactical opportunities that appear periodically and create strong medium-term demand drivers. Containerships are not discussed in depth—and that says something in itself. After the easing of freight rates, the sector remains more volatile and dependent on consumer demand and capacity management by shipping lines. Overall, the diversification strategy works as a hedge in a market without a clear direction. It is not an aggressive bet on a bull cycle, but management of volatility. For investors, this translates into more stable cash flows, but also limited upside if a particular segment outperforms the others.

Ripples from TEN’s move to bypass the Straits

• Shipping has a way of foreshadowing geopolitical shifts before they show up in official analyses or indicators. The recent move involving the transport of Iraqi fuel oil via Syria to the Mediterranean, by a tanker of Tsakos Energy Navigation, is not read simply as a new commercial routing. In the eyes of Wall Street analysts, it looks more like an indication that Middle Eastern energy flows are entering a phase of more complex, less linear reconfiguration. The key element is not the cargo, but the geography of risk. When a shipping company listed on the New York Stock Exchange follows routes combining land and sea legs through politically sensitive zones, the market does not just see a commercial opportunity. It sees the expansion of the geopolitical envelope within which shipping operates—and that changes how companies in the sector are valued. First, such flows increase demand for flexible tankers. When new or complex routes emerge, vessels that can quickly exploit spot opportunities are needed—favoring companies like Tsakos Energy Navigation with internationally active and flexible fleets. Second, opportunities arise for higher freight rates on specific voyages. More complex or less conventional routes are often priced at a premium due to added operational complexity and time. Third, the importance of large, international operators over smaller players is reinforced. In such flows, it is not enough to have a ship—you need compliance, financial credibility and risk management capabilities. Finally, on a longer-term level, the existence of multiple energy routes increases overall demand for maritime transport, not necessarily reducing risk, but expanding the “game” for those able to support it operationally.

Greece as a data haven for Middle Eastern countries

• The war in Iran is not only reshaping energy balances in the Middle East—it is also creating a new digital geography. According to reliable sources, governments of Arab states have approached the Greek government, expressing interest in building data centers in Greece for their own state needs. These countries border an active war zone and face uncertainty over long-term regional stability. A new kind of national risk has suddenly emerged: they are digitally vulnerable. Critical government data, communication infrastructure and archives hosted on servers within or near conflict zones now constitute a strategic risk. Greece, beyond its geographic proximity to the Middle East and its secure European institutional and legal framework, also possesses submarine cable infrastructure linking it to the Middle East, Africa and Western Europe. It has a stable political environment, is a NATO member and maintains reliable diplomatic relations with the Arab world. The cloud infrastructure ecosystem already developing—with investments from Microsoft, Google and Amazon Web Services—also contributes positively. The interest of Arab governments in sovereign data centers in Greece is one of the most intriguing geopolitical opportunities created by the turbulence in the Middle East.

Thrace Plastics: Above the bar

• The market was thrilled by the results announced by Thrace Plastics, pushing the company’s capitalization above €176 million. Operating profits exceeded even management’s estimates, reaching €48.4 million (+17% compared to 2024). The outperformance of the initial €45 million target occurred in the fourth quarter, traditionally the weakest for the sector. One point requiring interpretation is the increase in debt obligations to €56.9 million, although the Net Debt/EBITDA ratio remains at a normal level of 1.18. Management took advantage of the low price of polypropylene, the group’s key raw material, to stock up its warehouses. In the third quarter of 2025, European polypropylene prices had dropped to around $884/ton, with a further decline at the start of Q4, before recovering to $1,030/ton by the end of December due to winter maintenance. Management borrowed short-term to lock in low production costs for the long term. Net profit after tax reached €19.6 million, marking a 77.7% increase compared to the previous year.

Bally’s Intralot

• The management call of Bally’s Intralot to brief analysts left generally positive impressions. In the first weeks of 2026, the UK online segment recorded revenue growth of 11.1% year-on-year, generating about $121.5 million in just the first two months—despite the UK government having more than doubled the online casino tax from 21% to 40% as of April 1. Management argued that as a strong operator with high margins, the company is “well positioned” to absorb the change and gain market share. The next message concerned acquisitions. Bally’s Intralot has built up a sufficient stockpile through share buybacks to finance its next move. Evoke, the London-based parent of William Hill and 888, confirmed it is evaluating a takeover proposal from Bally’s Intralot at 50 pence per share, valuing it at around £225 million. Bally’s Intralot has until May 18 to confirm or withdraw the offer. Evoke carries net debt of about £1.8 billion (five times its operating profitability) and has announced store closures from May. Bally’s Intralot is targeting the UK network for brand recognition and market share, at a time when competition is shrinking due to tax pressure. Market rumors suggest the UK move may not be the only one under consideration, though, as always, investors are advised to be cautious with vague speculation.

Investment paralysis in Germany

• ZEW (Zentrum für Europäische Wirtschaftsforschung) is the Center for European Economic Research, an independent German research institute based in Mannheim. Its monthly reports are considered a leading indicator for the German economy, as they reflect expectations rather than recorded data, often signaling turning points in the economic cycle before they appear in official figures. The latest April ZEW survey, following March’s sharp drop, pushed the Economic Expectations Index down to 17.2 points—16.7 points lower than in March. Two consecutive months of free fall accompanied by a dramatic assessment of the current economic situation. Businesses are worried about long-term energy supply shortages, a scenario that discourages investment. Entrepreneurs do not know what energy will cost next year or whether there will be sufficient supply—so they do not invest. When businesses do not invest, government support packages remain idle. Germany suffers from deindustrialization and the energy transition. It is now being tested by supply uncertainty, a cost factor that overturns forecasts and causes investment paralysis. This may also explain the urgency of European Commission President Ursula von der Leyen’s announcements today.

The US Treasury Secretary’s odd proposal

• As the deadline for filing tax returns expires, US Treasury Secretary Scott Bessent offered workers a rather unusual piece of advice: “Reduce tax withholding from your paycheck, and you will get an automatic increase in real wages every week or month!” Tax withholding is simply the amount an employer deducts from each paycheck to cover an employee’s annual income tax. By reducing it, the employee has more money each month—but the total tax liability remains exactly the same. It is not a raise. Bessent’s proposal was presented as part of a broader package of tax relief measures under President Trump, including exemptions for tips, overtime, retirees and interest on US-made car loans. The government claims these measures return $3,397 to each worker. The Treasury Secretary wants citizens to feel this improvement in their pockets now—not in spring 2027, long after the November midterm elections. The problem is that the advice hides serious pitfalls. The IRS has not yet updated withholding tables for employers following recent tax changes, leading to higher refunds this year. A generalized recommendation for individual withholding changes, however, could lead to “negative consequences” in the next tax year. The political takeaway is that the Trump administration, too, is searching for ways to boost purchasing power at a time when stock markets are rising but wage earners are getting poorer.