Hello, the news of the day yesterday came from Ambassador Guilfoyle, who told ERT that President Trump will come to Greece within the year. Initially, it was thought that this would take place in the context of the NATO Summit in July, but the information about when he will come has not been confirmed by either the American or the Greek side. What you should keep is that the POTUS will come, and of course Mitsotakis would like this to happen before the elections, if he ultimately holds them this year.

Announcements on the Constitution in the Parliamentary Group
Let’s move to current affairs. Much is being said about the New Democracy Parliamentary Group on Thursday; however, the Maximos Mansion wants to set a constitutional framework. For this reason, the PM’s communications team is already working on promoting the proposals for the Constitution that Mitsotakis will present, while immediately afterward the ND rapporteur Evripidis Stylianidis—who has done the preparatory work—will take the floor. Then the list of speakers will open to those interested, although each MP will have three minutes to say what they wish. Now, obviously, some will openly say what they think, while others will show some restraint in front of Mitsotakis.

Bartholomew’s dinner with the Archons
Yesterday afternoon Patriarch Bartholomew went to the Pallas Theatre, but in the evening he was a guest at a dinner with distinguished invitees at the Electra Palace hotel. Present were Archons from the U.S. and Greece, such as Father Alex Karloutsos and Antonis Lyberakis, while from Greece my source saw entering the hotel the president of the Greek Archons Athanasios Martinos, Gerasimos Fokas, the doctors Leonidas Iliopoulos and Sotiris Tsiodras, and the president of the Hellenic American Union Leonidas Tzonis. As for the Patriarch’s political contacts, today he will attend the conferment of Evangelos Venizelos as emeritus professor at the University of Athens, on Thursday he will go to the Presidential Mansion, and on Friday afternoon to Mitsotakis.

Mylonas’ investiture
Since I’m on ecclesiastical matters, let me tell you that today the CEO of the National Bank, Pavlos Mylonas, will be invested as an Archon of the Patriarchate in a special ceremony at the Representation Office of the Ecumenical Patriarchate in Kolonaki, opposite the War Museum.

Karamanlis and Schinas together for wine
Although Karamanlis will not attend the ND congress, he continues his social appearances. Today he will be present and speak at the event marking the 75th anniversary of the Central Cooperative Union of Wine Products, together with the Minister of Rural Development, Margaritis Schinas. For those who don’t know, Schinas had served as an ND MEP from 2007 to 2009, during Karamanlis’ presidency, when Samaras resigned and returned to national politics.

President Nikos, Theodora from Pella, and our 20 candles
New difficulties are emerging on the electoral horizon for President Nikos A., who, when he set term limits so that someone could run again for re-election with PASOK, had not thought the whole plan through very carefully. At first, the regulation worked for him, since it fit perfectly the case of Haris Kastanidis, with whom Androulakis had not even exchanged a greeting since 2023—when Kastanidis held the one and only PASOK seat in Thessaloniki. Kastanidis eventually resigned and heavily criticized the president. But the story of term limits has a “tail,” that is, the ban on candidacy for any MP who has “blown out” 20 candles of parliamentary tenure and wants more. If the moment of “broadening” comes for Theodora Tzakri, then the independent MP (formerly of SYRIZA and vice president under Kasselakis) will realize the dead end in the discussion about running again with PASOK. This is because Tzakri was first elected with the “green sun” in 2004, beginning a long parliamentary career that clearly exceeds 20 years. So what will the PASOK leader do if he has shaken hands with Theodora from Pella and is preparing to include her on his ballots? Will he tell her “this is where our paths part again,” or will he try to stretch the Congress decision? Unless the term limit is a convenient “excuse” for President Nikos to avoid Tzakri’s candidacy—and with it the strong reactions from PASOK members about the “return” of political “wanderers”…

Karytianou’s unveiling—where and when?
On April Fools’ Day she announced a party; right after May Day she said this May would be historic for the country and her movement, and she is moving ahead in the spirit of “we said it, we did it.” We now have both a date and a reference point for Karytianou’s premiere. As we had already indicated, she will launch—i.e., unveil the party—with an open gathering in Thessaloniki, and so we sought more information. Karytianou is going to Thessaloniki on May 21, the feast of Constantine and Helen, a Thursday. Her team has not yet decided on the venue—it has, however, ruled out the Vellideio and, in general, the “classic” options. The search for a venue continues so that on the “locked” date (the 21st) the former president of the Tempi victims’ association will have ready a founding declaration and, if possible, several thousand signatures. A “source” for the party name is words that match the April Fools’ slogan “we are starting for hope.” We also learn that the choice of Northern Greece, and Thessaloniki in particular, has symbolic value for Ms. Karytianou—and we would add, more voters nearby, since polls show significant inflows from other parties such as Greek Solution and Niki. Moreover, all parties so far present their founding declaration in Athens, not Thessaloniki. Yes, but then why did she set up her headquarters in Athens? Questions I have, you see?

Tsipras – Documentary
Yesterday I asked a source why Tsipras did not want to participate in SKAI’s documentary (Varvitsiotis–Dendrinou) about 2015 with a proper written statement or at least a short interview. Instead, he responded aphoristically with a letter—relatively polite for Tsipras and SYRIZA compared to their past. The answer I got is that Alexis no longer wants to continue discussing the 2015 government; he is looking ahead. Perhaps he should not have responded at all about the “SYRIZA 2015 happenings,” because however you look at it…

Final: Bakoyannis will run again for the Municipality of Athens
After several months of disagreement, Kostas Bakoyannis has decided: he will run again for mayor of Athens, seeking to “take revenge” for his defeat by Haris Doukas in 2023. He considered running as an MP in Athens A constituency, and there were discussions at a high level, but he ultimately chose to return to local government. “Since there is no mayor, someone has to deal with Athens,” Bakoyannis tells his interlocutors, giving a taste of what we will see pre-election from the two rivals.

The acquisition of “Amoiridis-Savvidis SA” by Kotsovolos is closing
Since PPC is in the spotlight these days, let us note that the acquisition of “Amoiridis-Savvidis SA” by Kotsovolos—already acquired by PPC—is nearing completion. Information suggests we should expect official announcements within the month, at the latest in June. The agreement provides that the current chairman and CEO Konstantinos Amoiridis will remain in the company, which represents MORRIS, F&U, UNITED and MIYATO GENERAL appliances, for two years and then depart. It is worth adding that the news has caused some disturbance in the market, particularly among Kotsovolos’ suppliers, who worry that once the deal is finalized, the country’s largest electrical appliance retail chain will particularly favor MORRIS products.

The package of “cured” loans of doValue goes to Fortress
The first transaction of rehabilitated Greek loans is now a fact—an important tool for servicers in handling recoveries and achieving Hercules program targets. The loans were transferred from doValue Greece to a private investor, reportedly Fortress. These restructured loans, although performing, do not meet all the criteria of the European Banking Authority (EBA) to be considered fully current and thus sold to a bank, as the SSM would not approve it. In about two years, if the loans remain performing, they will meet supervisory criteria and can be transferred to a credit institution. When, with the end of the Recovery Fund, the pace of credit expansion normalizes, such transactions will be a way for banks to expand their portfolios. At the same time, the groundwork is gradually being laid for thousands of households that fell into hardship during the crisis, but restructured their debts and comply with the terms, to return to normal banking conditions.

Lower target set for Trastor
Trastor Property Investments has cut its initial target in half for the amount of capital it aims to raise through a share capital increase. At the end of February, the real estate investment company had stated that its intention was to raise €150 million in order to capitalize on opportunities emerging in the Greek property market. Possibly the participation interest in the capital increase was not as expected, so the REIC, which is 98% controlled by Piraeus Bank, announced that it will ultimately proceed with a share capital increase targeting up to €75 million. The increase will be carried out with the abolition of pre-emptive rights of existing shareholders in order to improve liquidity and free float. The new shares will be offered in the Greek market via a public offering, and abroad through private placement.

Another…ministerial property changes hands
How will Trastor utilize the funds it raises? The largest portion, €39 million, will be directed toward the purchase of three office buildings in central Athens, including one that houses services of the Ministry of Finance. Thus, after the building that hosts the Ministry of Interior on Vasilissis Sofias Avenue 15, yet another… ministerial property is changing hands. In addition, a 9-storey building at 58 Athinas Street (housing the EYDAP Health Fund) and another 9-storey building on Lykourgou Street, opposite Kotzia Square, will be acquired.

Temporary administration at EDRASI Psallidas by court decision
The appointment of a temporary administration at the troubled construction company EDRASI H. Psallidas SA was decided by the Single-Member Court of First Instance of Athens. The decision was issued in the context of an application for interim measures filed by doValue Greece, the hearing of which has been set for May 11, 2026. According to the interim order, the court accepted the request and appointed a new administration until the case is heard. The temporary administration consists of Nestoras Avgoustianos, Michail Chinaris, and Fotios Papadogiannis, who will handle the company’s immediate and urgent matters. EDRASI had a long history in the construction sector and had even been listed on the stock exchange, but faced serious financial problems and, although it reached a restructuring agreement, was unable to service it. In 2019, banks terminated its loans, initiating auctions of its properties, including its main facilities in Koropi.

End of an era for Giorgos Troullinos at Intracom Defense
After many years in the management of Intracom Defense, Giorgos Troullinos—one of the most well-known executives in the domestic defense industry—resigned, according to reports, as CEO last week. This marks the completion of the company’s strategic shift, three years after its sale by Socrates Kokkalis to Israel Aerospace Industries (IAI) for around €60 million. This development marks the beginning of a new chapter. Intracom Defense, now internationally known as IDE, is undergoing a radical transformation, and last year carried out a €20 million capital increase. IDE is now the central vehicle of the Israelis in Europe, focusing on the development of cutting-edge technologies in missile systems, communications, and unmanned aircraft. According to information, there is an intention for Greek companies to participate in IDE’s shareholding structure, turning it into a strong local defense hub with international backing. With the expected upgrade of its industrial facilities in Koropi, the Israeli company is preparing to play a leading role in projects of national importance, such as the creation of the “Greek Dome.”

Africa reshapes the outlook for Coca-Cola HBC
Tomorrow at 9 a.m., Coca-Cola HBC will publish its first-quarter financial results. The market notes its €18.7 billion valuation, but attention is focused more on the coming quarters than on the first. Sales volume is expected to approach 700 million cases in Q1, representing a significant increase from 469 million in 2019. HBC has grown nearly +50% in volume over the past seven years without reducing its profit margins. The key driver is its African expansion. South Africa provides stable cash flows, while East Africa adds long-term growth potential, with young demographics, underpenetrated soft drink consumption, and a growing middle class. Management has indicated expectations of +6% to +7% organic revenue growth, along with a corresponding increase in operating profits. Coca-Cola HBC is trading at 10.1 times 2026 operating earnings, with a P/E of 17.2, implying a favorable discount of about 7% compared to the decade average. In other words, the market has not yet fully priced in the new, expanded scale resulting from its African expansion—this is what tomorrow’s announcements are expected to address.

Vote of confidence from institutions in CrediaBank
CrediaBank was the standout performer in yesterday’s outperformance of the banking sector, making a particularly impressive move. The stock recorded gains of 5.94%, closing at €1.284, a level accompanied by strong trading activity and significant repositioning by institutional portfolios. The strength of the rise is confirmed by trading volume—the third highest on the board after Eurobank and Alpha Bank—as more than 2.42 million shares changed hands during the session. CrediaBank’s surge brought its valuation to €2.55 billion, reflecting investor confidence in the growth strategy being implemented by its management.

New all-time high for GEK TERNA
GEK TERNA confirmed its strong momentum by recording yet another all-time high. After four consecutive rising sessions, the stock closed at €41.54, posting a 1.12% gain yesterday. The group’s market capitalization now stands at €4.3 billion. This new record was accompanied by increased trading activity, exceeding €15 million, with a volume of 366,000 shares. Since the start of 2026, GEK TERNA has gained more than 63%. Based on the targets recently set by Santander (€53) and Euroxx (€54), there is still significant room for further upside, estimated at 28–30% relative to those target prices.

The new TITAN geopolitical strategy
Before the market opens tomorrow, May 7, TITAN will also announce its results. For the first time in years, the financial figures will carry a different weight, as they incorporate a series of moves that change the scope of the group. From November 2025 to May Day 2026, the TITAN Group completed three major acquisitions: Vracs de l’Estuaire at the port of Le Havre in France (a grinding plant of 0.6 million tons), Traçim Çimento in the greater Istanbul area (production capacity of 2.5 million tons with the option for a second line of equal capacity), and Keystone Cement in Pennsylvania (990,000 tons of clinker annually). In theory, the acquisitions in Turkey and France could add more than €40 million in EBITDA in the coming quarters. On the other hand, the situation in the U.S. is more complex. A weak housing market combined with a depreciated dollar is weighing on Titan America’s performance. Revenue in the U.S. is expected to decline by about 5% in euro terms, although the U.S. market was, is, and will remain the group’s main engine, contributing around 45% of total EBITDA. Analysts’ interest is focused on the evaluation of TITAN’s future strategy, with a horizon to 2029. It will be interesting to hear how management assesses the new geographical architecture across the pentagon of the U.S., Greece, Turkey, Egypt, and now France.

A nationwide alignment among shipyards, ports, shipowners, banks, and the state
At the recent Waterborne conference, a European cooperation platform for the maritime and shipbuilding sector held in Athens, Panos Xenokostas, president of the ONEX Group and the Hellenic Shipyards Association, delivered a message that was more political-strategic than technical or sectoral. It was a call to form a unified “maritime power bloc” in Greece. The state, shipowners, banks, ports, and industry should operate as a single system with a common strategic objective. His statement is interpreted as an attempt to institutionally upgrade the role of the domestic shipbuilding sector from economic to national—meaning not merely market development, but a central place in the country’s geoeconomic policy through a stable institutional and financial framework of cooperation among all “maritime forces,” and the positioning of Greece as a regional hub for shipbuilding and technology in Europe. His reference to “miracles since 2019” centered on ONEX, and to cooperation with international financial and political actors, also serves as a reminder that the shipyard venture is not only business-driven but also deeply politically supported and internationalized.

When the Martinos team clashes with giants—and wins
Andreas Martinos Jr. continues steadily strengthening Minerva Marine’s fleet in a suezmax market that is literally “boiling.” He acquired two nearly completed newbuild suezmax tankers that had been sidelined due to sanctions, thus opening the way for a quick resale on the open market. The vessels, built in 2026 at Samsung Heavy Industries, immediately attracted multiple buyers, with competition sharply intensifying. Market backstage talk suggests that the figures initially mentioned—up to $120 million per vessel—do not fully reflect reality, with final prices coming in lower, illustrating just how “nervous” yet opportunistic the tanker market remains. The interest, however, is not limited to this transaction. The broader picture shows a steady repositioning of Minerva toward newbuild tonnage, with more than 50 tankers already in its fleet and recent moves at Hengli Heavy Industry shipyards for new suezmax orders after years of absence from such contracts. What is being discussed in shipping circles is that the Martinos team is not merely chasing opportunities but is creating openings for the next market cycle, with moves that reflect timing rather than simple fleet expansion.

Aristeidis Pittas sends a message of strength to freight markets
The recent move by Aristeidis Pittas to place four additional orders for feeder containerships on behalf of U.S.-listed Euroseas—two with a capacity of 2,800 TEU high-reefer and two of 1,800 TEU—remains a topic of discussion. This is because analysts on Wall Street and beyond interpret it as a message rather than just another business move. The shipowner is not waiting to see where freight markets are heading; he has already anticipated and decided that they will move toward the segments where his vessels will operate. At a time when most in the sector are taking cautious steps on thin ice, Pittas appears to act as if he has already seen the business landscape of 2028 and considers it favorable. A total of 10 newbuild feeder containerships, around $500 million in capex, and a backlog of $650 million for Euroseas are not merely signs of investment discipline but a subtle declaration that uncertainty does not apply to everyone. As one traditional Greek shipowner has said, the greatest risk in shipping is not taking risks.

The bad news came from Australia
Early yesterday morning, the Reserve Bank of Australia (RBA) announced what the market had long expected but other central bankers prefer not to discuss publicly. It raised the Australian dollar interest rate by 25 basis points to 4.35%, with a vote of 8 in favor and only 1 against. This was the third consecutive rate hike in 2026, fully reversing the easing cycle that had begun in 2025. In essence, the rate has returned to its 2024 high. The RBA stated what many hesitate to say openly: inflation is here to stay for quite some time, and the central bank’s role is price stability alongside full employment. The RBA acknowledged that higher rates largely reflect revised expectations for monetary policy in response to anticipated inflationary effects from the conflict in the Middle East. In the eurozone, inflation—still at 1.9% in February—has surged to 2.6% in March and 3.0% in April. The ECB kept rates unchanged on April 30, but discussions are now focused on a possible 25-basis-point hike in June, with Christine Lagarde clearly leaving the possibility open. What makes the current environment particularly difficult for central banks—from Sydney to Frankfurt—is not just inflation, but its combination with weak growth. The ECB projects growth of only 0.9% in the eurozone for 2026. Central banks such as the Fed, ECB, Bank of England, and Bank of Japan face this exact dilemma: higher inflation calls for tightening, while slowing growth calls for easing.

China is growing—but only abroad
First-quarter 2026 data confirm that China’s GDP grew by +5% year-on-year, exceeding even the most optimistic government forecasts. This growth is mainly driven by exports. China’s industry produces more, but its society cannot consume it. The old model of production based on cheap labor is no longer decisive. China’s industry now relies on high technology and produces high value-added goods, from cars to semiconductors. Exports of electric vehicles surged by +58.5% in Q1, lithium battery exports rose by +50%, and wind turbines by +45%. Domestic demand, however, remains weak. Retail sales increased by just +2.4% year-on-year. The real estate market remains stuck in a prolonged downturn. Goldman Sachs notes that China is in the fifth year of a construction sector crisis, with key indicators (new building permits, sales, investments) down by 50% to 80% from their 2020–2021 peaks. Yesterday, The Economist highlighted exactly these two faces of China: an economy that exports abundantly but lives with the disappointment of a middle class unable to consume. China is a country that manufactures products the rest of the world wants to buy—but not its own citizens.

The best investor in the world is the U.S. government
In August 2025, the administration of President Trump acquired 433.3 million shares of Intel, paying $8.9 billion—effectively $20.47 per share. In practice, the funding came from converting $5.7 billion in unused CHIPS Act grants and $3.2 billion from the Secure Enclave program. At the time, the state’s participation was described as “passive,” meaning without voting rights—a pure investment without involvement in Intel’s business plans. Suddenly, last week, on April 22, Intel recorded a +24% rise in a single session—the best daily performance since October 1987. Officially, the surge was attributed to Q1 2026 results, with revenue of $13.58 billion (+7%). The Data Center and AI unit posted +22% revenue growth, while Intel Foundry grew by +16%. The new CEO, Lip-Bu Tan, has improved yields in the latest chip production technologies, while Tesla signed on as the first major client for the company’s most advanced technology, the “14A node.” As a result, the government’s stake is now worth roughly $43 billion—an increase of more than $34 billion in less than nine months. Trump has already turned this into a communications weapon, while Wall Street calls it “the trade of the decade.” In California, in Silicon Valley, few doubt that Intel is back in the game.