Hello, yesterday I realized that… the country is on edge because the May Day long weekend is forecast to be rainy—plus, there’s been a bit of shaking (just before the summer season) in Skiathos, and that’s anything but good news. Nerves, lots of nerves—and understandably so—from Zoitsa and her dad (and former president of Panathinaikos, among other things) Nikos Konstantopoulos. Who’s ever heard of Michalis Chrisochoidis ordering the motorcycle police to rev their engines so the statements of the Konstantopoulou family can’t be heard? But the New Democracy MPs are also on edge, and they decided to… shake things up (their nerves) a bit with Kyriakos Mitsotakis through a letter in which, frankly, I didn’t quite understand many of the points they made. What I did understand for sure is that they’re upset with Mitsotakis himself, who treats them like they don’t matter at all. And they’re basically saying: “Fine, if that’s how you are, we’ll send a letter taking shots at Akis Skertsos, now that we’ve found the opportunity, and we’ll see how it goes.” As for me, I won’t say anyone is wrong, because everyone has their own perspective. As Xenophon Baraliakos, MP for Pieria, puts it… “I go to Psychiko to eat and even the waiter doesn’t recognize me—when will he, when we lose the government?” Fair point.

The Lolita’s crowd
All those MPs who appear to disagree with “aspects of the government’s strategy” (see how nicely I phrase “hey Kyriakos, don’t we deserve to sit in a chair too?”) and want to send the message to Maximos Mansion that they can make noise if they want, have one thing in common: the dinner tables with MPs held in various Athens restaurants. The group has been described as “the Lolita’s crowd,” after a gathering they held at a restaurant in Psychiko, specifically in its private dining area. Now, whether they want to be seen as a faction or a pole somewhere between burrata and steak—well, the soul of a New Democracy member is a deep abyss. In any case, if you think these MPs will stop now that they’ve realized the act sells tickets, you’re probably mistaken. Especially since I hear there’s another dinner being planned in the coming days; I imagine we’ll see more of these, though they sometimes require caution—elections are coming, after all.

Work at the Cabinet
Life goes on at Maximos Mansion, and this afternoon Mitsotakis has his monthly Cabinet meeting with quite a few bills and plenty on the agenda. Among them is a briefing from Nikos Papathanasis on the progress of implementing the Recovery and Resilience Fund, and it seems that despite efforts, obstacles still remain. If there’s one thing Mitsotakis absolutely doesn’t want, it’s for money to be lost—so we’ll see whether there will be any “pressure” after the presentation.

Waiving legal remedies
Also on today’s Cabinet agenda is a provision, introduced by the Transport and Finance ministries, for the state to waive legal appeals in the case of the Tempi tragedy (Tempi train crash). The ministers pushing this are Kyriakos Pierrakakis and Konstantinos Kyranakis, as the government’s position is clear: in such cases, the state should not obstruct compensation for victims’ relatives. Pierrakakis will present the measure, as Kyranakis is attending the EU Transport Ministers’ Council in Cyprus.

Answers about the “executive state”
Mitsotakis and Skertsos took it upon themselves yesterday at the New Democracy pre-congress in Nafplio to provide the necessary answers about the “executive state.” Without illusions about the motives—at least in some cases—behind the criticism, the government chose a low-key tone to avoid opening a direct front with its MPs. Mitsotakis defended the model, saying it is a tool for coordination and overcoming difficulties in the complex task of governance. He also gave specific examples of complex policies where cooperation under this model played a role. Skertsos, in a very mild tone and without escalating, reminded everyone ahead of elections that the enemy for New Democracy is problems—not those within the walls.

Agreement with the Qataris
The next international arrival today is the Emir of Qatar, who will meet with Mitsotakis. Beyond the obvious geopolitical issues, the strengthening of bilateral relations will be discussed, with emphasis on the economy and investments, especially in energy. It is worth recalling that the Qatar Investment Authority has already committed to investing €1 billion in Greece. A memorandum of cooperation for the agri-food sector will also be signed, as the legal framework must be set first before “playing ball” in that field.

Androulakis–bankers meeting on Thursday
In the reply letter sent by the banks to PASOK’s leader Nikos Androulakis, they dismantle point by point the issues he raised in a recent article and related amendment. Starting with their developmental and social role—which Androulakis claims is lacking—the banks respond with ECB data showing credit expansion among the highest in Europe, as well as citing the largest corporate social responsibility initiative ever in the country, public schools. Of course, the ever-angry Nikos might consider “developmental role” to mean financing anyone—even those who don’t meet basic credit criteria—ignoring the next generation of red loans. Regarding interest margins, which PASOK claims are uniquely high in Europe, the banks list countries with higher or similar margins, including Spain under Pedro Sánchez, whom Androulakis greatly admires. On accelerating the amortization of deferred tax, they indirectly note that PASOK is “pushing on an open door,” since this has already been adopted from 2025. Androulakis, although not known for many meetings with the private sector, accepted the proposal and will meet bank heads on Thursday.

Androulakis “gave the line” for Doukas
Some were puzzled by the ranking results in PASOK’s Political Council vote. For example, Lefteris Karchimakis, who came first in votes in the Central Committee, ranked 14th in the Political Council vote. I asked an experienced PASOK member how to explain it, and the answer was telling: “Being first breeds envy!” The best part is that Androulakis had instructed his organization to support Haris Doukas so he would rank relatively high for courtesy reasons, as he was among the president’s proposals. Many followed reluctantly, but some ignored the directive. In the end, the mayor ranked 11th with 192 votes.

The chance meeting of Tasoulas – Fidan with a view of the Adriatic
At the seaside restaurant of the Dubrovnik Palace Hotel, where Konstantinos Tasoulas had a light meal with members of the Greek delegation attending the Three Seas Summit, Jakov Milatović approached to greet him, and they had a pleasant discussion about the conference that had just begun. Later, on the sidelines of the summit, at the hotel café overlooking the Adriatic, the President had a civil conversation with Turkey’s Foreign Minister Hakan Fidan and other leaders who joined the group, such as Czech President Petr Pavel. Fidan was smiling and friendly during the handshake, and soon they were all discussing the dominant topic of recent weeks: the conflict with Iran and related developments in energy and economics. The President expressed concern that even if peace prevails soon, the consequences of the conflict will persist for some time, and Fidan and the others agreed. The atmosphere was positive—of course, it wasn’t the time for bilateral talks. It was simply a chance meeting in the lobby in a good climate.

Chris Wright’s passion for the Vertical Corridor
With notable passion, Chris Wright spoke about the Vertical Corridor and broader energy planning before leaders at the closed Three Seas Summit in Dubrovnik. “It wasn’t a speech, it was a rhetorical performance,” President Tasoulas told him when they met later in a private meeting attended by Environment and Energy Minister Stavros Papastavrou and Deputy Foreign Minister Haris Theoharis. Wright spoke admiringly about ancient Greece and the trading colonies of Greek cities in the Black Sea, Adriatic, and Mediterranean. The President welcomed linking ancient Greek history with modern geopolitical and economic planning. Wright added that, by analogy, Greece today could become a hub for energy and trade networks connecting the Mediterranean with the Baltic and providing security across Southeastern Europe.

Pierrakakis’s jab at Tsipras
A subtle yet clear jab at Alexis Tsipras was delivered last night by Pierrakakis. Speaking at a development conference in Larissa, the Finance Minister said: “Since we’ve been talking a lot lately about Ithaca, the point for Greece is not only to find Ithaca, but to reach it without reliving an Odyssey.” Beyond that remark, I’ve noticed that recently the Eurogroup president responds to opposition criticism with data and doesn’t let anything go unanswered.

Eurobank: €750 million investment to keep up with technology
The CEO of Eurobank, Fokion Karavias, at the bank’s general assembly, noted that he expects a modest increase in interest rates and that sensitivity in net interest income amounts to €30 million per 25 basis points. He also spoke about competition from digital banks, calling it a healthy phenomenon. To address it, Eurobank is preparing a €750 million program for 2026–2028 to keep up with accelerating technological developments. The bank also linked the amortization of deferred tax credits (DTC) to total distributions, setting it at 29% annually so that by 2031 the deferred tax—currently €3 billion and about 32% of its capital—will be eliminated. There was also discussion about bonuses: 83% of all Eurobank employees and 95% of branch network staff will receive variable compensation.

New Exarchou LNG agreements
Now moving more independently on certain matters, while always maintaining close ties with the American side, the CEO of the AKTOR Group, Alexandros Exarchou, took an important step yesterday that helps “build” the Vertical Corridor. This refers to the signing of a 20-year agreement, worth a total of $6 billion, for the supply of liquefied natural gas (LNG), involving Albania, the company Venture Global LNG, and Aktor LNG USA. The U.S. Ambassador to Greece, Kimberly Guilfoyle, also traveled to the Albanian capital for the signing and described the agreement as historic. According to information, more is to follow, as Exarchou is preparing additional similar deals.

Interamerican’s expansion into Romania
Today, Wednesday, a major event is scheduled in Bucharest for the official celebration of Interamerican’s entry into the Romanian market. Interamerican began with its AnyTime platform and aims to develop it further by leveraging the flexibility it offers, as it does not require the creation of physical agencies. The company had been preparing its entry into the Romanian market for nearly two years, while in recent months AnyTime had been operating in a pilot phase. It is worth noting that the number of Greek companies active in Romania is increasing. Quest Holdings distributes Xiaomi products, Sam Fayes handles KIKO Milano and represents UGG, Fourlis Group operates Foot Locker, as well as Jumbo S.A., the Germanos Group with Entersoft-one, the hotels of Athanasios Laskaridis’ group, among others.

ADMIE moving against the trend
The stock of ADMIE was one of the few exceptions, showing notable resilience “against the tide” of yesterday’s sell-offs on the Athens Stock Exchange. While bank stocks and blue chips were under pressure, the operator attracted strong buying interest. This divergence is largely explained by developments in its strategic and financing plan. ADMIE is proceeding with a €1 billion share capital increase, which will be supported by the Recovery Fund. This move is part of a broader €30 billion investment “marathon” jointly implemented by Public Power Corporation and ADMIE, aiming at the full modernization of the country’s energy networks. Full backing from the state, as well as from strategic partners such as State Grid Corporation of China, provides the necessary security for investors, who view ADMIE as a guaranteed pillar of stable cash flows and strategically important infrastructure. Yesterday, the stock closed at €3.245, its highest level since last September, with attention also turning to new regulatory parameters (WACC) for 2026–2029.

One and…done
Although many new businesses are founded every day—indeed, several private companies (IKEs) were established yesterday, Tuesday, April 28—only one new Société Anonyme (S.A.) was created. This is Fountaine Pajot Group Greece, combining two “legends.” On the one hand, the well-known French boat-building group Fountaine Pajot, particularly famous for catamarans; on the other, sailing legend and former world champion Giorgos Ertsos. Essentially, it is a joint venture between Fountaine Pajot Group and Atalanta Marine of Ertsos and his partners, one of the leading Greek companies in marine tourism. The purpose of the new company includes the exclusive distribution of sailing yachts under the “Fountaine Pajot” and Dufour trademarks in Greece and the wider Eastern Mediterranean; shipbuilding, purchase, sale, chartering, and operation of all types of passenger or cargo vessels, yachts, or boats; maritime transport of passengers, goods, and cargo of all kinds; repairs, and more. The initial share capital is €25,000, with 55% held by the French “PRAO SAS” and 45% by Atalanta Marine. The first Board of Directors consists of Romain Thibaut Motteau as Chairman, Panagiotis Douros as CEO, and members Nicolas Hugues Maurice Gardies, Steven Pierre Christian Gudeu, and Alexia Ertsou, daughter of Giorgos Ertsos. The Fountaine Pajot Group, which today builds some of the most luxurious catamarans in the world, was founded in 1976 by four friends—Jean François Fountaine, Yves Pajot, Daniel Givon, and Rémi Tristan—united by their love of the sea. They launched their first catamaran series in 1983, and after acquiring the legendary Dufour shipyard in 2018, the group became one of the global leaders in yachting, having built more than 4,000 vessels. Since 2022, with its Odyssea 24 plan, it has integrated renewable energy systems into its boats and aims to produce hybrid catamarans by 2030. Giorgos Ertsos, a passionate sailor, began his athletic career in 1968 and made history in 1988 as skipper of “Okyalos,” winning first place at the World Championship for ¾-ton yachts in Elba, Italy—a victory repeated the following year in Greece. In 1990 in Sweden, he again took first place in the one-ton category.

Kimberly’s message: “Trump seeks to strengthen maritime cooperation with Greece”
The Greek Shipping Hall of Fame event—held last Monday at the Athens Concert Hall—was not merely a ceremony honoring iconic figures of Greek shipping. It clearly highlighted the strategic depth of Greek-American relations in a sector that remains critical for the global economy: shipping. Among the historical references, one statement stood out for its political and geoeconomic weight from U.S. Ambassador Kimberly Guilfoyle: “Under Donald Trump, the United States seeks to revive its shipbuilding industry and strengthen maritime cooperation with Greece.” This wording reflects a broader U.S. strategic intent to reassert itself in a sector where it has lost ground in recent years to other international players. In this context, Greece is seen not merely as an ally but as a crucial partner. The Greek-owned fleet remains among the strongest in the world, making the country a key player in global shipping. The American push for stronger cooperation essentially translates into a deeper alignment of interests—from investments and technology to regulatory frameworks and energy transport.

Red carpet attendance
Shipowners present at the Greek Shipping Hall of Fame event included Angeliki Frangou, whose father Nikos Frangos was inducted into the Hall of Fame alongside Kadio Sigala, the first female leader in Greek shipping; Haris Vafias; Aristidis Pittas; Nikos Moundreas; Nikos Efthymiou; Andreas Tsavliris and Giorgos Tsavliris; Paschalis Diamantidis; Philippos Georgiou Oikonomou; Lydia Georgiou Oikonomou; Andreas Chatzigiannis, former president of the Cyprus Union of Shipowners; Panos Zafet; Diamantis Nikou Pateras; as well as senior executives from across Greek and international shipping.

Peter Livanos ends the steam era for LNG carriers
The move by GasLog Partners of Peter Livanos to put up for sale its last steam turbine LNG carrier signals a “change of era” for the LNG carrier sector. Essentially, it marks the definitive end of steamships—older, less efficient vessels that can no longer compete with newer tri-fuel diesel-electric units. The decision to classify the vessel as “held for sale” and proceed with divestment, even accompanied by an accounting loss of $7.7 million, does not indicate weakness but rather a deliberate portfolio cleanup, allowing the company to appear streamlined and technologically aligned with the new market. GasLog is moving away from assets with limited demand and higher operating costs and focusing on ships that offer better efficiency, longer charter durations, and easier financing. The fact that these sales are carried out without even announcing prices or buyers reinforces the image of a process that is more of a “technical adjustment” than a public negotiation. Livanos, who traditionally operates with a long-term strategy, is clearly positioning his fleet for the next phase of the LNG market.

Grand Marshal at the Greek Independence parade in New York
Nikolas Tsakos marched as one of the Grand Marshals on 5th Avenue in New York during the celebrations for the outbreak of the Greek War of Independence. He was the sole representative of Greek shipping. Along the route were flags of Tsakos Energy Navigation, the first Greek-interest shipping company listed on the New York Stock Exchange, alongside the emblem of the New York Knicks, of which TEN is a sponsor. The NBA honored Greek history thanks to shipping.

Institutional investors “tipped” Lavipharm to a new multi-year high
Lavipharm surged 5.5% in yesterday’s session, closing at €1.53. This marks a four-year high, as the stock had not traded above €1.50 since April 2022. The rise was accompanied by turnover of €1.25 million, while two block trades totaling 400,000 shares changed hands at €1.54. Buying interest was sparked by the annual analyst briefing, where management presented a strategy that definitively changes the company’s scale. A central pillar of this new phase is the integration of Durogesic, an acquisition expected to transform the group’s financials. Lavipharm is now focusing on “smart” acquisitions and dynamic entry into the medical cannabis market.

Business in the ashes?
Somewhere in Trikala, amid shuttered factories and 256 families counting days, weeks, and months without pay, unconfirmed rumors are circulating that a major business merger is taking shape—one that, if it happens, will reshape the Greek biscuit industry. The rumors suggest that the bakery company Karamolegos Bakery Industry is attempting to acquire the biscuit manufacturer Violanta. This could create a very large player in the dry bakery products market. Violanta, before the disaster of January 26, held a significant share of the biscuit market. Karamolegos dominates traditional bread and baked goods. In truth, Karamolegos has grown by capitalizing on competitors’ failures. Its acquisition history includes 60% of “Apollonion,” 60% of “Estia,” the “Katselis” brand (2016), and 60% of Nutree (2023). It acquired the “Katselis” brand through auction after the bankruptcy of Nutriart in 2013. On this basis, the rumors of talks with Violanta are reinforced, especially since Karamolegos recently completed the sale of its Romanian unit to the global giant Grupo Bimbo, and thus has liquidity and the capacity to fill a gap in its portfolio. Violanta, before the disaster, had brand recognition, production lines, and a distribution network. Today, it has little room for negotiation. Its owner, Konstantinos Tziortziotis, remains in pretrial detention in the Trikala prison, charged with possible intent in the deadly explosion that killed five female workers. He was detained on February 18; the Judicial Council rejected his request for release, and his lawyers have appealed to the three-member judicial council of Trikala, with a decision expected in 20–30 days.

Thrace Plastics: optimism and visibility only for the first half
The management of Thrace Plastics expressed satisfaction with last year’s financial performance, with net profits of €19.6 million (+77.7%). It also pointed out that for the first half of 2026 it has the conditions for higher comparable operating profitability, having taken timely measures to secure raw material availability and adapt effectively to challenging market conditions: secured quantities, agreed prices, locked-in suppliers. However, for the second half of 2026, conditions remain very difficult. Renewals in markets that have already adjusted prices upward come at higher costs; the company is heavily exposed to polypropylene and polyethylene prices (derivatives of more expensive oil). For this reason, management candidly admitted that it is not possible to provide a reliable forecast for the full year. The market is rewarding the results so far: market capitalization exceeded €182 million (+12% in one month), and the stock reached €4.16. Meanwhile, the group completed the acquisition of Australia-based BHA Holdings, expanding its presence in Oceania—a move that broadens geographic risk diversification but also adds new variables to an already complex balance sheet.

ILYDA: 48 people, €9 million
Typically, companies that multiply their revenue and profitability also increase their workforce. This is not the case for ILYDA Informatics, which—despite its small size—achieved double-digit improvement in results. Specifically, it increased revenue by +26.41%, operating profitability by +20.18%, cash reserves to €6.6 million (+151%), has zero debt, and a return on equity of around 32%. ILYDA achieved this with just 48 employees—the same number as last year. It has quadrupled its turnover within three years without a corresponding increase in staff. This implies either that it has built recurring revenue streams from contracts and subscriptions that “run on their own,” or that it has dramatically increased productivity per employee through technology. As long as employees can sustain this pace, there is no immediate issue. Management notes that its cash reserves open opportunities for selective investments, acquisitions, and mergers. With €6.6 million in cash, zero debt, and a privately owned property worth €2.66 million, ILYDA has quietly built a balance sheet that allows it—relative to its size—to act aggressively.

The statistical link between midterm elections and Wall Street
In this relationship, history repeats itself—with remarkable consistency. Every two years, Americans renew their House of Representatives; this November, the midterm elections for Congress are due. Each time, for more than a century, Wall Street plays the same game with mathematical consistency: it trembles in summer and dances in winter. Since 1896, the Dow Jones Industrial Average has delivered an average return of just +1.2% in the six months from May to October of election years—from May Day to Halloween. Then, from November to the next May Day, it jumps to +10.5%—a 9.3 percentage point difference in five months for an index with 130 years of history. That’s not coincidence; it’s routine. In non-election years, the performance gap is only 1.3 points. For some reason known only to the “god of statistics,” U.S. midterms transform Wall Street into the most predictable investment game of the decade. Even the “war-like” 2026 does not seem to be an exception. This year features tariffs from the President of the United States, war in Iran, energy uncertainty, and intense market volatility increasing as November approaches. In practice, we are facing another classic pre-midterm summer: noise, index fluctuations, and modest returns. Polls suggest a divided Congress—historically a result that reassures markets because it limits unilateral action. What happens after midterms? Since 1950, the S&P 500 has gained an average of +15.4% in the 12 months following them. Always—even when things looked bleak. Suddenly, Wall Street resembles a clock that strikes the same hours for over a century.

Technology makes history
April 2026 is making history. The market capitalization of Nvidia exceeded $5 trillion for the first time since October. Technology stocks in the S&P 500 recorded a monthly gain above 20%, and the Nasdaq Composite is heading toward its best monthly performance since April 2020. Intel announced results that exceeded expectations, with its stock surging +24%—its best daily performance since 1987. The semiconductor sector regained the momentum it had lost since January. Within weeks, the market made a full 180-degree turn on technology. Nvidia is now the largest company in the S&P 500, with a 7% weighting—greater than the entire Energy or utilities sectors. This means that when Nvidia rises, it lifts the entire index, and vice versa. As a result, just 10 companies now represent over 36% of the S&P 500, compared to 23% in 2000. Wall Street has tied its future to the narrative of a CEO in a leather jacket. The question is who will be first out the door when the narrative shifts.

The divided Bank of Japan
Yesterday morning, markets learned that the board of the Bank of Japan voted 6–3 to keep yen interest rates unchanged at 0.75%. Governor Kazuo Ueda must contend with three dissenting policymakers who insisted on an immediate rate hike to 1%. All signs indicate that the next move by the BoJ will be upward. Its estimate for core inflation has already risen to 2.8% for this year, while growth forecasts were cut to just +0.5% from +1% previously. This is stagflation, Japanese-style: higher cost of living, weak economy, and a collapsing currency. It now takes 159.5 Japanese yen to buy one dollar. Two years ago, a slide below the psychological 160 level triggered state intervention in foreign exchange markets. Analysts at State Street Corporation see 162 as the level at which the BoJ will be forced to act. Markets are pricing in a 68% probability of a rate hike at the June 16 meeting, while ING Group already expects 50 basis points of total tightening by the end of 2026. This is Ueda’s dilemma: if he doesn’t raise rates, inflation spirals and the yen collapses; if he does, he risks suffocating an already fragile economy. The 10-year Japanese government bond is already at 2.496%, its highest level since 1997.

The end of the OPEC we knew
The United Arab Emirates, the third-largest producer in OPEC after Saudi Arabia and Iraq (3 million barrels per day), announced yesterday its withdrawal—after 59 years—from the organization and OPEC+, effective May 1. The UAE had been under attack for weeks by missiles and drones from a “partner” within OPEC, Iran. There is no precedent in the organization’s history: one member bombing another while both sit at the same table in Vienna. 44% of the UAE’s production has been destroyed. Output fell from 3.4 million barrels per day to 1.9 million in March due to the closure of the Strait of Hormuz. The country has invested $150 billion to reach 5 million barrels per day by 2027—a target now accelerated by three years. Remaining bound by OPEC quotas while having unused production capacity and blocked export routes is an obvious contradiction. OPEC cannot function when its members are effectively at war with each other. Donald Trump accuses OPEC of “exploiting” U.S. military protection while keeping oil prices high. After Qatar in 2019, now the UAE: OPEC is losing its most ambitious producers at the very moment it needs them most.