Hello, I’ll start with a wish for Giorgos Mylonakis, who was discharged from the hospital yesterday and is heading to a specialized rehabilitation center in Germany. Strength to him and his family, and a safe return. Yesterday, shortly before he left Evangelismos Hospital, Mitsotakis also visited him to wish him well.

A million-dollar question…

So, moving on to current affairs, yesterday’s topic of the day — for lack of anything else — was the asset declarations (“pothen esches”), especially that of our leader Nikos A., who forgot to declare, according to his accountant during the filing process, about one million euros that were sitting in his bank deposits. Let me clarify that we’re all human and we make mistakes in this life; come on, we’re not going to chop his head off because he didn’t deal with his asset declaration properly, no big deal. Besides, the leader has so many other issues to handle: the wiretaps, the wiretaps, and the wiretaps. I remember two others who had also forgotten to declare about €1 million each: Isidoros Kouvelos, as the husband of Dora, who is required to file an asset declaration, and Giorgos Stathakis, former SYRIZA minister, whom we recently saw grinning about Varoufakis’ exploits in 2015. Also, since I see the battle for second place beginning, I want to inform all of you that anyone wanting to vote for Alexis as a bourgeois, center-left leader can now do so without fear. That’s because I read in his asset declaration that he acquired, through parental transfer from his mother, two apartments in Dionysos: a 120-square-meter ground-floor apartment and a 212-square-meter first-floor apartment. So you could call the man a proper family householder, especially combined with his little house in Sounio. Vote fearlessly!

Beef…

As part of the battle for “second place,” a very interesting beef began yesterday between the representatives of the two parties, PASOK and SYRIZA. Tsoukalas, speaking on the radio station Parapolitika 90.1, said some heroic things along the lines that New Democracy fears PASOK because it knows that even if it comes first in the first election, if PASOK is strong in the second one, ND will collapse dramatically. That’s why, according to the PASOK spokesman, the Maximos Mansion is once again deploying the bogeyman of Alexis Tsipras. On the other side, SYRIZA spokesman Kostas Zachariadis, who supports Tsipras and attended yesterday’s event at the Rematia theater in Chalandri, said that Tsipras would not return if Androulakis hadn’t proven that he lacks traction. So, given that first place in the elections is essentially not up for grabs, have no doubt that the battle for second place will be ruthless, and the clash between PASOK and Tsipras will become harsher.

The Grim Reaper and the ballots

Tsipras, however, yesterday from Chalandri pointed to June for the founding of the new party. And the key issue, beyond the name, is what will happen with the electoral ballots. For example, besides SYRIZA MPs, there were also Linou and Ferhat from New Left. The question discussed extensively in yesterday’s side conversations was this: what will happen with the MPs who want to follow him? “He is personally handling the issue,” his associates say. Internally, there are two opinions: some express reservations about the consequences of mass resignations, while others consider them a one-way street. “They can’t keep appearing on TV under the SYRIZA label while essentially speaking on behalf of Tsipras’ party,” as they put it.

Mitsotakis with Merz and Lagarde for Draghi

“Things are going well abroad” applies to the government, and this is confirmed by the invitation for K.M. to attend next Thursday in the German city of Aachen, where Mario Draghi will receive the Charlemagne Prize for 2026. The event is considered extremely important, while Mitsotakis will be a speaker alongside German Chancellor Merz, and the previous evening ECB President Christine Lagarde will appear at the official dinner. The Germans are speaking warmly in their announcements about Mitsotakis’ appearance, with MP and chairman of the Prize Committee Armin Laschet pointing out that the three international guests play an important role in Europe, while Mitsotakis represents the renewal of a country to which some had given no future at all in the Eurozone.

New Democracy’s foreign guests

A meeting with DISY president Annita Demetriou is also on Mitsotakis’ schedule today, as the Cypriot politician has come to Athens for ND’s congress. European People’s Party president Manfred Weber will also come to Athens. At yesterday’s meeting of the Organizing Committee held at the party headquarters on Piraeus Street, the final details were discussed, while on Sunday two important European figures are expected to deliver greetings via video message: Jean-Claude Juncker and European Parliament President Roberta Metsola.

Press conference at the Independent Authority for Public Revenue on payments

Margaris Schinas and Giorgos Pitsilis will give an interesting press conference today regarding the process of integrating OPEKEPE into the Independent Authority for Public Revenue (AADE) and the timeline for agricultural payments. I should note that it is news in itself that the press conference is taking place at the AADE headquarters, and this has an obvious symbolism: the system is changing. A meeting on the issue also took place yesterday at the Maximos Mansion, as apparently some officials and MPs still haven’t understood that the system has changed for good. Pitsilis will explain the course of the transition and describe what and when farmers should expect, while I want to remind you that AADE has not yet received certification from the European Commission as a payment authority. This will happen by mid-2027, therefore until then we have to convince the Europeans every single time that the money is going where we say it is.

The major hoteliers, the government, and the difficult spatial-planning deal

At the brand-new “The Ilisian” hotel, symbolizing the new era of Athenian hospitality, the top summit meeting for Greek tourism took place yesterday morning. After waiting 14 years, the sector’s new spatial-planning framework brought almost all the market’s major players into the same room: from Achilleas Konstantakopoulos and the Sbokos family to Aegean’s Eftychis Vassilakis, SETE president Yiannis Paraschis, Yiannis Hatzis, and dozens of other entrepreneurs, hoteliers, executives, and institutional actors. Stavros Papastavrou and Olga Kefalogianni attempted to present the logic behind the new framework, balancing stricter provisions, prohibitions, and the need to send the message that tourism development is now acquiring clearer rules. However, the real interest was probably away from the microphones. In the side discussions after the event, many tourism-sector figures appeared noticeably calmer compared to the warlike atmosphere of the previous weekend, when they had even discussed appealing to the Council of State, believing that the government had ignored hoteliers in the planning process. The objections remain, but at least yesterday tensions appeared to be easing after the government showed willingness to support an informal consultation process until May 25.

Smiles in Romania for PPC

Now moving beyond the borders, as PPC’s share capital increase plan is being intensely discussed in Romania as well, where media monitoring of the issue is quite close. This is because they view the increase as the basis for a cycle of major investments in their economy. According to the investment plan presented by Stassis’ management, about 21% of the €24 billion five-year plan will be directed to Romania for further development in renewable energy sources, storage, and strengthening the commercial presence of the subsidiary — that is, about €5 billion. At the same time, the picture in Bucharest confirms the strategy: large PPC advertising campaigns in central locations around the city and outside the airport show that its presence is not only investment-related, but also visible in the everyday life of the market.

The €4 billion capital increase gets underway

As for the €4 billion share capital increase that will finance PPC’s giant €24 billion investment plan, market and major portfolio interest remains strong. The implementation process effectively begins today, Tuesday 12/5, as the company announces its financial results for the first quarter of the year. This will be followed on Thursday, May 14, by the extraordinary general meeting where shareholders will be called upon to approve the implementation of the capital increase, with the book-building process opening a few days later. Contacts between advisors, management, investment funds, and major international firms are ongoing, as the plan for international expansion with major investments in new high-growth markets in Central and Southeastern Europe is expected to transform the Group. Characteristically, Citi, in a report where it raised the target price to €22.60 from the previous €19, stated that PPC’s business plan for the 2026–2030 period changes the size, geographical reach, and profitability profile of the Group.

Ryanair enters the clash

The Ryanair saga has no end. Besides announcing last Friday the closure of its Thessaloniki base for the autumn, citing high charges as the reason, it also became known yesterday that the airline has filed an objection with the Civil Aviation Authority regarding the 2026 fee structure at Athens International Airport. The objection was submitted during April, following consultations held earlier in the year with the Athens airport over airport fees, as happens every year. This is a favorite tactic of the company, as Europe’s largest low-cost airline had done the same last year, although that objection was ultimately rejected. The results of this year’s move are expected soon as well.

The Bank of Epirus plays away from home

The Bank of Epirus is opening its first branch outside Ioannina, in Agrinio, with hiring already underway. At the same time, positions have also been announced for the Parga branch, which operates as a natural bridge between Epirus and the Ionian region. Corfu is also on the horizon for 2026, with Athens as the final destination. A year ago, the agreement was signed between the bank and Capstone Capital, the investment vehicle of shipowner Petros Nomikos, for a €30 million investment through a share capital increase. The formal procedures were completed… at the well-known Greek pace, but now the Bank of Epirus has strong capital adequacy (32% of risk-weighted assets), among the highest in the Greek banking system, and is preparing to claim market share across the entire country. A branch in Athens will open soon as well. CEO Giannis Vougioukas has long insisted on a simple yet revealing piece of arithmetic: out of roughly 850,000 businesses in the country, only 50,000 are considered “bankable” by the current system. He believes many more could qualify, provided they find a reliable partner at their side. That is why a London-based shipowner decided to invest €30 million in a bank headquartered in Ioannina.

Deutsche Bank says it sees no risk for OTE

For the second time in just a few months, Deutsche Bank appears to be trying to downplay PPC’s entry into the Greek telecommunications market. Last October, after meeting with PPC executives, DB issued a telecoms report expressing strong reservations about PPC’s telecom strategy, emphasizing that the company would face major difficulties with its fiber-optics venture. At the time, it also noted that PPC was spending more in the hope of recovering some of the €250 million it has invested in telecommunications so far. DB returned yesterday with a new report strongly questioning, as it characteristically states, that PPC will ultimately not enter the mobile telephony market, in the wake of the company’s participation in the Hellenic Telecommunications and Post Commission consultation regarding the granting of radio spectrum usage rights. The bank mainly cites repeated statements from management claiming there is no interest in mobile telephony, as well as findings from analysts’ meetings with PPC months ago. DB analysts also say they would struggle even more to understand the logic of PPC allocating additional capital to mobile services by building a fourth network in Greece or operating wholesale on an existing network in order to increase the attractiveness of its broadband offering and thereby recover part of the additional capital it is spending there.

The Heavy Metal financial backstage

Metallica thanked the 90,000 spectators who attended their Saturday concert at the Olympic Stadium. Information circulating suggests that the band had also considered holding a concert in Constantinople, where there is a huge population of young people. However, it seems the neighboring country did not want Metallica in Constantinople as a stop on the M72 European tour. They demanded €600,000 as the stadium rental fee and an additional €262,000 in customs charges for the equipment, including the band’s impressive 360-degree stage setup transported by dozens of trucks. Athens, by contrast, closed the agreement with a €75,000 rental fee for OAKA and, naturally, zero customs charges due to the free movement of goods within the EU. Tickets for the OAKA concert sold out within two hours, while on the secondary market seats that originally cost €147 were sold for as much as €300, and there were also premium seats priced at €3,460.

Forecasts for rising interest rates

The Bank of Cyprus predicts that ECB deposit rates will peak in 2027. According to the bank’s estimates in April regarding the path of the interest-rate curve, it sees ECB deposit rates averaging 2.6% in 2027, while for 2028 it forecasts a decline that will bring rates to 2.5%. As for 2026, it foresees rates rising to 2.25% in the third quarter, 2.3% in the fourth quarter, and then increasing further the following year. Regarding six-month Euribor estimates, it sees a peak in the fourth quarter of the year at 2.8% and maintenance of that level through 2028. Analysts, however, regarding the ECB’s key interest rates, expect a 0.25 basis-point increase in June and another the same size in September. They believe the die has already been cast concerning those decisions.

The full return of retail banking in Cyprus

A look at the admittedly strong financial figures of the Bank of Cyprus reveals a clear trend in its loan portfolio: the full return of retail banking. In fact, this reflects a broader trend. Mortgage lending stands at €4.14 billion, while other retail loans amount to €0.56 billion. At the same time, the next-largest category, lending to the hospitality sector, amounts to €1.27 billion. Overall, however, business lending stands at €6.20 billion. Particularly impressive is the fact that the bank’s non-performing loans represent only 1.1% of its portfolio, which, as the bank itself says, is backed by very high-quality collateral.

Greek banks become the “captains” of Greek-owned shipping

At a time when the international banking system is increasingly distancing itself from the shipping industry due to stricter ESG regulations, higher capital requirements, and geopolitical risk, Greek banks are increasing financing for Greek-owned shipping, especially newly built ships. Recent Petrofin Research data for 2025 reflect a profound shift in the balance of power. Total bank commitments for new Greek-interest vessels reached $8.72 billion, up 3.24% compared to 2024. But the most important point is not the increase itself. It is who is now providing the money. For the first time since the crisis of the previous decade, Greek banks are reclaiming a leading role in a field traditionally dominated by foreign financial institutions from Germany, Scandinavia, and the Netherlands. And this is no coincidence. The picture shows that the Greek banking market has now regained credibility and capital adequacy, while Greek shipowners increasingly prefer partnerships with banks that understand the “language” of shipping and can move quickly without the heavy bureaucratic procedures of foreign groups.

Piraeus dominates

The most impressive case is Piraeus Bank. With a portfolio of $2.09 billion in financing for newly built ships, and with 81% of its total shipping exposure related to new vessels, Piraeus clearly shows that it sees shipping not as a “risk” but as a strategic growth bet. The fact that within one year it increased its participation in new projects by 14% reveals aggressive expansion in a sector where most European banks are choosing to reduce exposure. The National Bank of Greece also maintains a strong position, with $2.52 billion in financing for newly built ships. Despite a slight annual decline, the National Bank continues to act as a key liquidity pillar for major Greek shipping families, confirming that the historic ties between banks and shipowners have not weakened but are strengthening once again. Eurobank follows the same pattern, having built a strong presence in financing “green” and technologically advanced ships, with commitments of $1.8 billion. This strategy is becoming especially important as global shipping violently enters the era of energy transition and strict environmental regulations. Even more interesting is the rise of Alpha Bank, which increased financing for newly built ships by 16%.

The essence

And this is where the essence of the matter lies. At a time when major European banks are reducing their shipping exposure — with the retreat of ABN AMRO Bank being characteristic — Greek banks are filling the gap and gradually becoming the principal financiers of the world’s largest commercial fleet. In practical terms, this means that Greek shipping is gaining greater autonomy in financing its investments without depending exclusively on foreign syndications and international groups, while Greek banks are reconnecting with one of the strongest and most profitable pillars of the Greek economy, creating a new bank-shipping “duo” that could influence the country’s overall development trajectory.

From Piraeus to Dubai: Byron Vassiliadis’ new move

Byron Vassiliadis is continuing the steady expansion of V Group’s international presence, this time choosing the United Arab Emirates. The licensing of the new company, ANTIPOLLUTION ENVIRONMENT SERVICES L.L.C S.O.C in Dubai, is part of a broader strategic positioning of the group in markets strongly connected to shipping and energy. This investment comes at a time when international shipping is increasingly turning toward environmental management, compliance, and pollution-response services. V Group is gaining a physical presence in a market where growing demand is emerging for specialized environmental services for shipping. With this move, the group seeks to take on an even more active role internationally. For those following V.V.’s moves, the expansion into Dubai also shows that V Group is choosing to position itself early in regions where investments in “green” shipping and environmental infrastructure are expected to increase in the coming years.

In Paris

The TPICAP conference took place in Paris, where Greek listed companies participated for the first time. Among the companies standing out at the conference was AVAX, with more than 20 meetings with institutional investors. The Greek construction group arrived in the French capital backed by the favorable momentum created by recent reports from Eurobank (initiation of coverage with a target price of €4.85) and Piraeus Bank (upgrade of the target price to €4.50 from the previous €3.30). The company’s valuation remains attractive (EV/EBITDA < 6x), drawing interest from institutional investors who see a successful growth story.

Derivatives indicate a major shift

The derivatives market shows that in just six weeks, market sentiment has changed dramatically. Whereas at the end of March fears of recession, geopolitical tensions, and massive de-risking dominated, today investors once again appear willing to take on risk. The clearest sign of this reversal comes from the options market. On March 27, the Gamma Exposure index (an indicator showing how major banks and market makers are positioned in the options market) recorded one of the most negative readings in history (-$7.24 billion — the second most negative GEX reading ever recorded, behind only January 2022), reflecting intense nervousness and heightened fear of violent stock-market moves. Six weeks later, the picture has completely reversed, with Gamma Exposure now at one of the highest positive levels ever recorded (+$21.3 billion, now the 8th highest positive GEX reading in history). In practice, this means the market is moving from a phase of extreme uncertainty into a period of greater stability and optimism. Investors appear to be betting once again on accelerating growth, continuation of the investment cycle around artificial intelligence, and lower market volatility. Analysts note that similar signals appeared in 2021, during a period when markets continued to move sharply upward. This does not necessarily mean history will repeat itself, but it does show how quickly investor psychology has changed in a very short time.

The taxation of hope

The latest official figures show that Americans spend more than $109 billion every year on lotteries of all kinds. They spend more than they do collectively on movies, books, concerts, and sporting events combined. In 2023, a historic record was set with expenditures reaching $113 billion. In 2024, sales reached $104.7 billion, nearly double the level of 2008. Experts estimate that around 40 million households are regular lottery players, accounting for 80% of total official gambling expenditure and belonging primarily to the most financially vulnerable income groups, spending on average $2,500 annually.

Loss-making OpenAI distributes bonuses and reshapes California real estate

The Wall Street Journal revealed the day before yesterday that last October, more than 600 current and former OpenAI employees liquidated shares worth a total of $6.6 billion. On average, each person received $11 million. For 75 of them, the amount reached $30 million. Those who received shares seven years ago saw their value multiply more than 100-fold during a period in which the Nasdaq merely tripled. The mechanism itself is interesting. It was a tender offer, increasingly used by large private technology companies to provide liquidity to employees while bypassing public stock markets. Buyers of those shares included institutional investors such as Thrive Capital, SoftBank, Dragoneer, MGX from the UAE, and T. Rowe Price. The transaction resulted in OpenAI’s valuation soaring to $500 billion. OpenAI remains loss-making despite monthly revenues of $2 billion. The concentration of new wealth among a few hundred employees in the same city dramatically changed the San Francisco real-estate market — before Wall Street’s opening bell had even rung.

Why Bitcoin woke up

The global betting platform Polymarket predicts there is now a 74% probability that the famous Clarity Act will be passed in the United States by 2026. Three weeks ago, the probability stood at 45%. The Clarity Act is the law announced by President Trump establishing a comprehensive regulatory framework for digital assets in the United States, granting exclusive oversight of digital commodity spot markets to the CFTC while preserving SEC jurisdiction over investment contract assets. The CFTC (Commodity Futures Trading Commission) is the independent U.S. federal regulatory authority overseeing derivatives markets: futures, options, and swaps in commodities, interest rates, currencies, and financial products. Put simply, the new law for the first time draws clear boundaries between the Securities and Exchange Commission (SEC) and the CFTC. The key obstacle resolved in Congress concerned stablecoins. Senators Tillis and Alsobrooks ultimately agreed on language prohibiting cryptocurrency companies from offering interest on stablecoin deposits. This satisfied the banks. However, it allows “rewards” linked to “investment” activity involving stablecoins. If the Clarity Act is passed, for the first time the world’s largest economy will have clear rules for digital assets, opening the door to institutional capital that currently remains on the sidelines because of legal uncertainty.