Hello, happy new month—and at least from tomorrow, happy summer, since the thermometer is heading close to 30°C after the coldest May Day of the past 70 years. So, this weekend was not a typical one from the government’s side, I can tell you. Ministers and officials passed through the Maximos Mansion for meetings, with the main topic being general preparation for autumn elections. Now, don’t take it as a given, because from now until September an eternity can pass in politics—but… K.M., being a very methodical person in everything he does, is thinking about it, preparing for it, and has even targeted a date: September 27. He goes to the Thessaloniki International Fair on the weekend of September 6–7… says everything there, and three weeks later heads to the polls.

Why autumn?
Well, again, we’re talking about scenarios on paper, but we said that Mitsotakis wants to have alternatives, so this needs study. However, there is a clear logic: why not hold elections right after the summer, when—if it’s good—people will be more satisfied, rather than after six months of winter? Especially when forecasts for prices and inflation are bleak due to prolonged military operations in the Gulf keeping fuel prices very high. So it’s an interesting scenario, and we’ll see…

The backstage of the bargaining over the Authorities
After the Thessaloniki Fair, President Nikos proposed a process for staffing the heads of Independent Authorities—positions that had been vacant for a long time: interested candidates would submit CVs, which would then be evaluated. And so it happened, with the agreement of New Democracy, which obviously wanted the vacancies filled. A little over two months ago, Deputy Prime Minister Hatzidakis entered the equation from the Maximos side; I hear he spoke 5–6 times with President Nikos to find common ground, knowing of course that votes from other parties would also be required. And since Kaklamanis is no fool, he came to Parliament proposing two names that had been suggested as the product of ND–PASOK coordination: Ms. Syggouna for the Data Protection Authority and Professor Antonis Makrydimitris for the Ombudsman.

At the same time, however, PASOK seems to have made a parallel arrangement with opposition parties, as revealed by Konstantopoulou’s jab at Doudonis the other day when she told him, “you were telling us different things on the phone.” What was said in those calls? That PASOK would not consent to the government’s proposal and had Professor Alkis Dervitsiotis ready for the Ombudsman position. Now, for most people, these institutional matters are somewhat obscure or even uninteresting, but PASOK seems to have wanted to have it both ways. And when things got stuck, ND—through spokesperson Marinakis—decided to shed light on what was happening behind the curtain and let everyone draw their own conclusions.

The last phone call
How the ND–PASOK understanding on the independent authorities “died.” Shortly before the parliamentary session, Hatzidakis and Androulakis spoke again, with the deputy prime minister wanting to confirm whether the agreement on Syggouna and Makrydimitris still held. He was then confronted with Androulakis’s retreat, who said something along the lines of “the way you handled the Tzavellas case, we can’t proceed,” apparently referring to the wiretapping case file closure. Clearly, PASOK had also been in parallel discussions with the opposition, but didn’t want to fully align with Konstantopoulou, so it voted for one of the two options.

No preliminary investigation ahead
Since we’re on institutional matters, I see a change of stance at the Maximos Mansion regarding a preliminary investigation into OPEKEPE. Initially it was said the government viewed it positively for the cases of Arabatzi and Livanos, but a more careful evaluation of the case file changed the picture. Arabatzi, it should be noted, had herself requested such an investigation; Livanos had not. It seems the government is leaning toward rejecting PASOK’s proposal without submitting its own for a different type of investigation, as was done with Voridis and Avgenakis, in an effort to draw a red line. Notably, someone saw Spilios Livanos entering Maximos on Friday, May Day itself—presumably regarding his case.

Mitsotakis meets MPs
Since I’m giving you reporting, from K.M.’s mood I understand he wants to de-dramatize Thursday’s parliamentary group meeting and has opened dialogue in his office with ND MPs. A source of mine saw Andreas Katsaniotis—who co-signed the “five” text—and Notis Mitarakis—said to be leading various informal MP gatherings—entering his office in recent days. Both discussed in detail with K.M. and gave him a clearer picture of MPs’ sentiments, in an effort to avoid a “march” on Thursday.

Special spatial plans for Tourism and Renewables coming
The government is bringing order to two admittedly difficult development sectors. I hear that a top priority at the Ministry of Environment and Energy is advancing the Special Spatial Plans, and they’ve stepped on the gas. Within the week, in coordination with Tourism Minister Olga Kefalogianni, the plan for tourism will be announced, followed the next day by the one for Renewable Energy Sources. Recall that last Thursday Papastavrou, speaking in Parliament, said that by May 15 the special spatial planning for renewables would be presented for public consultation, so that sustainable development operates with rules, transparency, and environmental protection. It seems this timetable will be kept.

Tsipras – documentary
I saw Tsipras’s post yesterday against the 2015 documentary by Varvitsiotis and Dendrinou on SKAI. Alexis is openly criticizing because he didn’t like something written in their book, which shows: A) he probably hasn’t changed at all—after all, he recently said he himself should have closed the banks from day one in 2015. B) More importantly, Tsipras is much better at attacking than Androulakis, so if they clash on the same field, he will overwhelm him. That’s why pollsters sense him as a potential runner-up, though I think it’s still early.

Good news for Mylonakis
On Saturday came the first good news for Giorgos Mylonakis after about three weeks. He is now responding, recognized Mitsotakis who visited him both the day before and yesterday, and everyone hopes for the best. Best wishes.

National Bank: Allianz CEO at Karatza Mansion, guarantees, and new acquisition target
Three years after selling Ethniki Insurance to CVC and five months after its acquisition by Piraeus for €600 million, the National Bank is reopening bancassurance with new momentum. It will announce the acquisition of a 30% stake in Allianz, which for the 7th consecutive year is the world’s strongest insurance brand, present in 70+ countries with 125 million clients. Sources say it’s a serious, multifaceted deal adding value to shareholders. Announcements are expected by Friday, May 8, alongside quarterly results, with the price for the 30% stake at €40 million. Allianz will produce and manage products; the bank will distribute them. The deal also includes guarantees, systems, and more. Negotiations were lengthy due to valuation differences and the bank’s need to build internal capacity. Allianz reportedly found different conditions in the Greek market than expected, and there are rumors of reduced bonuses for local executives. Once the deal closes, the bank is targeting acquisition of a European bank and then a license in Saudi Arabia.

The “invisible” meeting at the Bank of Greece
At the Bank of Greece, they searched for a reported meeting between Stournaras and government officials—checking calendars, visitor logs, cameras, even coffee entries. Nothing. At some point, even AI was reportedly used to cross-check data—still nothing. No timestamp, no record, no photo. Some wondered whether it happened in a parallel universe. Either the most invisible meeting ever—or it never happened. Not the first such “revelation,” as with the past claim about Stournaras visiting Simitis’s home, later revised to a “phone call.” From table to hotline—progress of a sort.

Piraeus Bank: Growth yes, but watch capital
Credit expansion of €1.3 billion was the highlight of Piraeus Bank’s quarterly results, among the highest in Europe. However, geopolitical instability led analysts to question capital adequacy. CEO Christos Megalou said the bank closely monitors loan portfolios, especially in hospitality, with no major concerns over cancellations—Greek tourism may even benefit from disruptions in Egypt and Turkey. Still, JP Morgan flagged the CET1 ratio at 12.6% as slightly below expectations and below the 13% target for 2026. Autonomous made similar observations. Trading losses also underperformed expectations, though CFO Theodoros Gnardelis said they would be offset in Q2.

End of excessive compound interest
A long-overdue and meaningful intervention: for decades, compound interest trapped borrowers. A €10,000 loan could balloon to €25,000–€30,000. A new bill caps total debt at +30% to +50% of the original amount. So €10,000 becomes at most €13,000–€15,000. It covers consumer loans and credit cards up to €100,000. Total outstanding is €8.53 billion, including €2.26 billion in credit cards. The EU directive CCD2 (2023/2225), effective November 2026, sets the framework. Similar caps exist in France, Italy, Spain, and Germany.

Karamolegos, Violanta, and patents
Talk continues about a possible deal involving Karamolegos and Violanta after the tragic factory accident in Trikala that killed five workers. The plant remains closed. There are legal and technical challenges, but a deal could be beneficial for the region. Karamolegos wants to expand in the sector, while Violanta’s owner holds key production patents.

Aktor: EBITDA €550–600 million
Aktor expects revenues of €4.5–5.5 billion, EBITDA €550–600 million, and net profit €190–220 million. Construction may reach €2.6 billion turnover, while energy—especially LNG—becomes a key growth driver with long-term agreements.

2025: Best year ever for listed companies
Athens-listed companies recorded their best year ever in 2025, with record profitability. 84% of firms were profitable, and dividends exceeded €6.1 billion for the first time. However, 2026 is expected to be more challenging due to the war in Iraq.

A truck crashed into the Stock Exchange (in the early hours after midnight)
In the market, there are concerns about what comes next, because the field of listed companies affected—directly or indirectly—by the aftermath of the war in the Middle East and its global consequences remains broad, and everyone hopes the “accident” from this collision will be manageable. Speaking of accidents, one actually occurred recently at the building of the Athens Stock Exchange on Athinon Avenue. If you pass by, you’ll notice the metal sheets placed as a temporary barrier at the front of the building until repairs are completed. The incident happened in the very early morning hours, when a truck veered off course and crashed into the building’s gate, knocking down the massive iron entrance. Fortunately, the guard who was in the booth outside the gate escaped unharmed by sheer luck.

Geopolitical pressure on air transport and the refinery rally
The recent picture on the Athens Stock Exchange board highlights a classic “balancing act” triggered by geopolitical developments and energy costs, creating two completely opposite camps. On one side, the shares of Aegean Airlines and Athens International Airport are under strong pressure, while on the other, refineries like Motor Oil and HELLENiQ ENERGY are benefiting. Aegean has recorded three consecutive declining sessions with cumulative losses of about 11.5%, falling to €11.15—a 13-month low. The airport has a seven-day losing streak, dropping from around €11 to €9.71, a 10-month low. In contrast, Motor Oil is on a four-day upward streak, returning to €38 and near historic highs, while HELLENiQ ENERGY has posted two consecutive gains and is again approaching the €10 mark. The decline in aviation is directly linked to fears of margin compression. Rising oil prices increase operating costs via fuel, while instability in the Middle East raises concerns about tourism flows. Investors are selling, fearing a potential drop in international arrivals if tensions escalate. Refineries act as natural hedges: higher crude prices boost refining margins and inventory values, making them attractive safe havens. This is a typical shift of liquidity from “energy consumers” (aviation) to “producers” (refineries).

Closures and opportunities
Since we’re on airlines, just five days ago Michael O’Leary, CEO of Ryanair, speaking at a conference in Oslo, warned that if fuel prices don’t fall due to the Strait of Hormuz blockade, there will be “real collapses” among airlines. Less than 24 hours later, Spirit Airlines—already in financial trouble—ceased operations after failed negotiations with the U.S. government for a $500 million bailout. Burdened by high fuel costs, fierce competition, and a weak low-cost model, it failed to secure creditor support. Airport boards in the U.S. filled with red cancellation notices. The International Monetary Fund had already warned that disruptions in shipping and aviation slow trade, raise supply chain costs, and hit tourism-dependent economies hardest, especially low-income households. O’Leary also predicted that European low-cost carriers like Wizz Air and Air Baltic may face problems in the coming months. In contrast, stronger and more efficient airlines could find growth opportunities as competition weakens. The key question for markets now is how many more companies—in aviation, shipping, logistics, and tourism—are barely holding on while waiting for fuel markets to stabilize.

OTE: Weathering all conditions above €18
The stock of OTE continues to show strong resilience, holding above the €18 “fortress” for eight consecutive sessions—levels marking an 18-year high. This suggests the market has re-rated the telecom group, recognizing its strategic dominance. Attention now turns to Friday, May 8, when OTE will announce its Q1 2026 results. Management forecasts a 3% increase in adjusted EBITDAaL for the full year. Investments in fiber-to-the-home (FTTH) networks continue, expected to support retail fixed-line revenues, which rose 2.6% in Q4 2025. After a 22% dividend increase last year, the market expects continued strong capital returns (dividends and buybacks). Staying above €18 could act as a springboard for further gains if results are accompanied by positive guidance and continued shareholder-friendly policies. The yearly high stands at €18.3, with the next best closing dating back to June 2008.

Achilleas Konstantakopoulos named honorary doctor of the University of Piraeus
On Monday, May 11, Achilleas Konstantakopoulos, chairman of ENSOFI, will be awarded an honorary doctorate by the University of Piraeus at the Municipal Theatre of Piraeus. The distinction recognizes his contribution to hospitality and tourism, a key sector of the Greek economy. The timing is notable, as he continues expanding his presence, most recently with the launch of “The Ilisian.”

Greek shipowners ordered 242 new vessels
Strong activity continues behind the scenes in Greek shipping, with shipowners actively buying and selling vessels, confirming a strategy of fleet renewal. In tankers, notable deals include AFRAMAX vessels STI PARK and STI SLOANE (~$65 million each), and SUEZMAX FRONT IDUN (~$70 million). Eurotankers acquired PUSAKA BORNEO (2018) for $78 million. In dry bulk, acquisitions like KAMSARMAX ELWAY and others highlight continued Greek presence. On the sales side, ALEXANDROS PETRAKIS (2008) was sold to Chinese buyers for $13.38 million. Overall figures show the trend: within a year, Greece recorded 242 new ship orders, 217 second-hand purchases, and 323 sales. Meanwhile, companies like Costamare ordered 12 container ships in China, while others placed additional orders in Asia—demonstrating flexibility and ongoing investment in modern fleets.

Costamare: $6 billion signaling a new strategy
Costamare, led by Kostis Konstantakopoulos, has built a model focused on stability rather than market cycles. Listed in the U.S., it has secured contracted revenues exceeding $6 billion through long-term charters with major counterparties like COSCO Shipping. Agreements for 16 container ships lasting up to 15 years show a clear strategy of locking in long-term revenue. Analysts note this reduces exposure to freight rate volatility and ensures stable cash flows—crucial in uncertain geopolitical conditions. Increased liquidity is also accompanied by higher dividends, signaling confidence in the model.

Seanergy: Focus on the next generation of seafarers
Seanergy Maritime Holdings has expanded its scholarship program, increasing funding by €20,000 to €100,000. Led by Stamatis Tsantanis, the company supports students at Greek universities and offers one scholarship for studies at Bayes Business School. The move comes as shipping faces a shortage of skilled personnel due to technological change and green transition. Industry observers stress that investing in young talent is both socially and strategically important.

Alafouzos Digital Lab
A new company was established at the end of April within the SKAI media group in Neo Faliro: “The Digital Innovation Lab Single-Member S.A.” Its activities include online content, film and TV production, broadcasting services, and digital advertising. It is headquartered at SKAI’s premises and has initial capital of €500,000, funded by Giannis Alafouzos. The board includes Alafouzos as chairman, Grigoris Dimitriadis as CEO, and Dimitra Kontogogou as member.

Premia’s new “move”
Premia Properties recently announced an agreement with Piraeus Bank to acquire 34 properties worth €49 million. Earlier, it issued a €150 million bond, oversubscribed 1.4 times, with a 4.1% coupon, securing stable financing for seven years. On April 30, Premia made another move by establishing “PREMIA HOTELinvest” with an impressive initial capital of €60.5 million. The company’s scope includes investments, real estate development, construction, and tourism infrastructure (hotels, marinas, conference centers, etc.). Overall, the plans are clearly ambitious.

The revenge of software companies
For months, Wall Street had been writing the obituary of software companies almost daily. The main argument from analysts was that Artificial Intelligence would devour the entire sector. Users would replace expensive software with AI agents. Stocks like Atlassian had fallen more than 45% in 2026, reflecting this fear. On the eve of May Day, that fear collapsed. Atlassian reported $1.79 billion in revenue for Q3 2026, up 32% year-on-year. Earnings per share reached $1.75, versus analyst estimates of $1.32. The company’s message: AI does not reduce user demand. On the contrary, customers using its AI tool Rovo increase their revenues at twice the rate of those who don’t. The stock surged +29% in a single session, pulling up Salesforce (+4.1%) and Oracle (+6.5%). The idea that AI will make tech companies obsolete ignores a key fact: businesses still need platforms to organize and deploy AI tools. The S&P 500 rose +0.3% and the Nasdaq Composite +0.9%, even though most stocks declined. The tech sector alone kept the indices in positive territory. The continuation will be watched with interest.

U.S. public debt is rising by $87,000 per second
According to official data, in March 2026, the debt of the United States exceeded $39 trillion for the first time. Just five months earlier, it had crossed $38 trillion. At this pace—$1 trillion every 146 days—that equals $7.6 billion per day, $315 million per hour, $87,000 per second. America prints dollars but sinks deeper into debt. The cost of servicing this debt is staggering. Interest payments reached $1.2 trillion in 2025, nearly triple compared to 2020. Interest is now the second-largest federal expense after Social Security, meaning the U.S. spends more on interest than on defense or education. The Congressional Budget Office estimates U.S. debt will reach 159% of GDP by 2055. No one talks about repayment anymore—only “sustainability.” The U.S. can print its own currency, but that doesn’t change the arithmetic. Debt is weighing down the economy.

One million rials for a loaf of bread
Iran is holding out, buying time, but losing strength internally. A year ago, one dollar bought 811,000 Iranian rials. Today, it takes 1.9 million rials for one dollar. Inflation is running at 53.7%—the highest since 1943—doubling the cost of living in less than a year. Chicken prices rose 75% in a month, beef 68%, dairy up to 50%. The naval blockade imposed by the U.S. cuts off oil exports, Iran’s main source of foreign currency. Trade between China and Iran has collapsed by 50% in the past two months, and by 80% in March, the first month of the war. Even China, Iran’s largest oil buyer, reduced purchases due to pressure on its own refineries. Hundreds of workers are losing their jobs as factories lack raw materials. For Iran’s 90 million people, bread, medicine, and electricity are becoming luxuries.