Hello, there is a vulgar popular proverb which says that “the short woman blames her hair” (i.e. finds excuses for her shortcomings), but it is a rather nasty proverb and in this case it fits perfectly with PASOK and the pollsters. And I was reminded of it because yesterday I read the post by Stratos Fanaras, who notes that “attacks continue from an expanding circle of PASOK officials on opinion polls, through a series of incomprehensible and contradictory arguments,” and he wishes them “well, and good sense.” In Greece there is a bad tradition of attacking pollsters by those who are not satisfied with the results of surveys. And of course, the bad start of personal attacks in this case was made by SYRIZA from 2019 onwards. In any case, in normal polling there are always “secret polls” and “embassy polls” that suit them and serve as a counterbalance.

The accountant, Nikos, and a question
Now, if I tell you that Nikos’s blunder—or rather his accountant’s blunder—not to declare deposits worth one million was commented on mainly within PASOK, I would be misleading you. It was also commented on not only within the party but generally, this choice of our Nikos to keep his money abroad. Why is that, is a question—why not, of course it is not illegal, nor is it wrong, but how appropriate is it for the leader of the official opposition and potential Prime Minister of Greece to keep his deposits in foreign banks? If you are a businessman and fear the risks of your work, I can understand it; if you are being chased by debts, your wife, etc., I can understand it—but thank God our leader is not known to have any of these. So why must you “tell” Greeks that you do not keep your money in the country? Anyway, it is his right, the money is his, he can put it wherever he wants, but we are just saying this in relation to politicians.

The dinner at Lolita’s and Panathinaikos
Let me move on to some social news. Tonight, Notis Mitarakis has scheduled a dinner at Lolita’s, inviting about 25 New Democracy MPs for “internal bonding” ahead of the party conference. Now, party rebellion with tartare and cuts of meat does not really happen, but the discussion will clearly be open. One problem the gathering faces, however, is the fifth game of Panathinaikos in basketball, which at the time of the invitation is playing against Valencia for a place in the EuroLeague Final Four, and many attendees are deeply interested in it.

Odysseas is not in a hurry (in general)
Since Odysseas Konstantinopoulos is from Halandri and Tsipras’s recent event took place at the small theatre of Rematia, speculation about a political rapprochement has resurfaced. This does not seem to be mature, although theoretically Tsipras’s party and the Arcadia ballot could be a destination for the former PASOK MP. However, I am told that he is in no hurry at all, as life outside politics is normal and he receives sympathy from people who perhaps did not show it when he was inside politics.

Why Athens is worried about drones
Before the report of forensic experts has even been completed regarding all evidence concerning the drone-vessel found in Lefkada, both the Minister of Defence and the Minister of Foreign Affairs have described it as an extremely serious incident. Dendias raised it with his Ukrainian counterpart during the SEY teleconference, while Gerapetritis also announced a diplomatic demarche. This reflects concern about attempts to expand the war in the Eastern Mediterranean, which directly affects Greece, as uncontrolled—even if targeted—strikes against ships belonging to the Russian “shadow fleet” and other vessels potentially linked to Russia create a major threat to free and safe navigation, serious environmental risks, and possible Russian retaliation. Athens, from the very beginning, wants to send the message that it will not tolerate such actions—especially when the drone vessel was found not just in territorial waters but almost on the shore, and certainly does not want the impression that it was aware of the operational movements of the drone operators. In Kyiv, we hear that they are keeping a low profile and are presumably awaiting Greece’s reaction. However, after the necessary messages are delivered to Kyiv, we should also look at the other side of the coin, by pushing for the implementation of the Mitsotakis–Zelensky agreement from last November for the procurement and co-production of drones, a field in which the Ukrainians have made remarkable progress.

Adonis and AI
The case involving a photo attributed to Adonis Georgiadis from a restaurant, which turned out to actually feature a Serbian politician, did not go unnoticed. The issue of deepfakes and the use of artificial intelligence for other purposes will be central in the government’s preparations ahead of elections. I am told that yesterday Adonis and Mitsotakis had a discussion about the regulatory framework concerning AI. In any case, note that the issue already concerns the National Intelligence Service, the National Cybersecurity Authority, and the Cyber Crime Division, which are also expected to operate preventively.

What the Commissioner did not say
There was considerable discussion yesterday about the complimentary remarks of the European Commissioner for the Rule of Law, who met Mitsotakis and did not “criticize” him, as the country has shown compliance with the Commission’s requirements. What did not receive much attention is that Commissioner McGrath did not say what Androulakis, Konstantopoulou, and others in the opposition say—that the rule of law has collapsed in Greece and that the country is governed by a mafia, as is said daily inside and outside Parliament. The Commissioner, who also met earlier with spokesperson Marinakis, who has institutional responsibility for the media, instead noted that Greece is making progress and this is reflected in economic indicators and investment attraction. It is also worth noting that the Commissioner does not owe Greece any political goodwill, as he does not come from the EPP but from Macron’s Renew Europe.

Euroxx–Pantelakis and upcoming brokerage deals
The acquisition of the Greek Stock Exchange by Euronext is considered certain to completely transform the landscape in the brokerage market. Developments point toward the creation of large, mainly bank-centered groups; mergers and consolidation are seen as inevitable (with Pantelakis and Euroxx already moving to Credia Bank and Optima respectively), while many brokerage firms are expected to be reduced to pre-existing ELDÉ-like activities. The market expects further deals in brokerage firms sooner or later. Credia Bank has already acquired 70% of Pantelakis, with the deal including call and put options for the remaining 30%. Based on its 2025 financials, Pantelakis had €6 million in revenue and €1.3 million in pre-tax profits. The acquisition aligns with the strategy of Vrettos’s management, adding another stable revenue stream from commissions and enabling synergies and cross-selling between CrediaBank’s client base and the brokerage’s services. Regarding Euroxx, Optima’s management told analysts that the combined group is expected to control over 18% of the Athens Stock Exchange through Euronext Athens Brokerage, making it the second-largest brokerage provider, while brokerage commissions are expected to rise by 10% due to the Euroxx deal. The transaction is also expected to significantly boost investment banking within the group and increase assets under management by approximately €1 billion.

Possible additional capital return at IDEAL Holdings
IDEAL Holdings announced yesterday a major capital return of €0.70 per share, and if the €0.15 per share returned on January 30 is included, the company will have returned a total of €0.85 per share to shareholders in 2026. With the share closing at €6.70 on the Athens Stock Exchange, the new capital return corresponds to a yield of 10.5%. Even if the share were trading around €7.5, the dividend yield would still be 9.3%. And this does not take into account additional cash IDEAL Holdings will have after the completion of the listing of Attica on the Stock Exchange. As the company has stated, whenever it partially or fully divests, it will consider returning additional capital to shareholders. Therefore, IDEAL Holdings may consider another capital return after the summer.

Golden bonuses at AustriaCard
AUSTRIACARD HOLDINGS AG proceeded with the disposal of treasury shares linked to its stock option program. Specifically, the company transferred a total of 448,799 treasury shares without payment to top executives as part of the Share Option Program. From the distribution, the chairman and CEO of the group, Emmanouil Kontos, received 170,971 shares; executive vice chairman Jon Neeraas received the same number; and the group CFO Markus Kirchmayr received 85,485 shares. An additional 21,372 shares were transferred to a senior subsidiary executive who was not named. The total value of the distributed shares exceeds €3.6 million based on closing prices of May 7, 2026. After completion of the transactions, the company announced that it no longer holds any treasury shares.

ONYX Tourism prepares international partnership
Last week, ONYX Tourism—whose market capitalization reached €110 million on the stock exchange—signed a common bond loan program with Credia Bank. Essentially, ONYX has “locked in” the capital structure that will finance a tourism project currently underway in Northern Greece. The approved financing reached €286.97 million: Recovery and Resilience Fund loan: €130.44 million (45.45%), Co-financing from Credia Bank: €99.13 million (34.55%), Equity participation: €57.39 million (20%). At the same time, a bond issuance program of up to €229.57 million was announced. Approval of the Special Spatial Development Plan is expected within 2026, paving the way for a complex tourism and agritourism project with a total budget of approximately €388 million. The next step, according to market sources, will be a capital increase through which a strategic partner will enter the company’s share capital. Reports suggest this will be an international hospitality operator that will take over the management of the master plan in Sani.

Which Greek shipowners are partying on Wall Street
With the Baltic Dry Index once again comfortably crossing the psychological threshold of 3,000 points, optimism in the Greek shipping market is no longer being hidden. And not without reason. Capes have taken on the role of “locomotive” in the new dry bulk rally, with daily charter rates exceeding $45,000, while Greek-linked listed companies on the U.S. stock market are seeing share performances reminiscent of the strong pre-crisis shipping boom years. In Piraeus, those who know the shipping cycles well say the current situation differs from previous spikes. The supply of newbuildings remains limited, demand for raw material transport is holding firm, and major players appear determined to exploit the timing to the fullest. That is why names such as Seanergy of Stamatis Tsantanis, Star Bulk of Petros Pappas, Costamare Bulkers of Kostis Konstantakopoulos, Diana Shipping of Semiramis Paliou, Safe Bulkers of Poly V. Hadjioannou, and Eurodry, controlled by Aristidis Pittas, are once again at the center of discussion. Government officials, banking executives, and figures influential in the economic policy establishment are closely monitoring the new rise in dry bulk, recognizing that shipping remains perhaps the only Greek sector capable of generating international capital at such scale. Some in Akti Miaouli even comment that in recent times there have been increased discreet contacts with well-known shipping companies, not only for business, but also for something broader: shaping the new economic balances of the next day.

Entering the Suezmax segment: Panagiotis and Dimitris Angelopoulos
In the Suezmax market, where valuations fluctuate faster than fixtures, another Greek move passed almost quietly but not unnoticed by those in the know. Metrostar Management, of Panagiotis and Dimitris Theodorou Angelopoulos, re-emerges with the acquisition of Metro Moon, built in 2013, with a carrying capacity of 160,250 dwt—a vessel that in the market had already appeared at different valuations in a short period, ranging from about $44.5 million to $56 million. The same company has already been involved in more “structural” restructuring moves, including its exit from Suezmax tankers through the sale of two vessels to Delta Tankers for around $156 million. Market executives speak of a consistent “capital cycle” strategy. However, the interest is not limited only to individual deals.

The background of Giorgos Oikonomou’s major counteroffensive
Giorgos Oikonomou’s recent move to strengthen TMS Cardiff Gas’s orderbook with two additional VLGCs at HD Hyundai Heavy Industries shipyards is part of an already clearly aggressive expansion strategy in the gas carrier sector. The choice of dual-fuel vessels with a capacity of 90,000 cubic meters and delivery timing set toward 2029 shows planning with a medium-to-long-term horizon, while the group is simultaneously running a series of orders at Samsung Heavy Industries, bringing the total number of VLGCs under construction to six. Against the backdrop, the broader momentum in the VLGC market, with a sharp rise in orders in 2026 and an orderbook reaching nearly one-third of the global fleet, is creating an environment in which many players are positioning themselves in anticipation of increased tonne-miles and stronger LPG demand. TMS Cardiff Gas’s strategy, which also includes the ability to carry ammonia according to market sources, shows adaptation to a more flexible energy mix, while still remaining anchored in the core gas shipping market. The overall picture is of a shipowner continuing to “build scale” in a highly volatile sector, choosing to invest during a period of strong activity, while the market is still assessing whether the current ordering boom is structural or cyclical.

Open interest at historic highs
March was a triple derivatives expiry month (indices, stocks, options), and therefore the increase in open interest to historic highs (1,669,836 contracts) was somewhat expected. However, April not only avoided any decline in activity, but recorded a new all-time high of 1,805,755 open contracts. Since June 2025, when the Greek market’s upgrade to developed markets was announced, open positions in derivatives have increased every month—from 515,000 contracts to 1.8 million. This does not necessarily imply an imminent major market correction, as derivatives activity may involve hedging or complex strategies. What is certain is that, ahead of the market upgrade, the derivatives market is also showing strong interest.

How much is eBay really worth?
Yesterday, eBay rejected a $55.5 billion acquisition proposal submitted by GameStop CEO Ryan Cohen. eBay described the offer as “neither credible nor attractive.” The courtship began on February 4, when GameStop quietly started buying eBay shares and increased its stake to 5% before making the offer. On May 3, Cohen submitted a non-binding proposal for 100% of eBay at $125 per share, structured as 50% cash and 50% GameStop shares. The proposal offered a 46% premium over the February 4 closing price and a 20% premium over the current price. The business logic was straightforward: GameStop’s 1,600 stores would give eBay a “national network” ensuring authenticity, pickup, and order fulfillment—an issue that all marketplaces face in competition with Amazon. GameStop is valued at about $12 billion and aimed to acquire a $47 billion company with a $20 billion letter of credit from TD Bank. Officially, eBay rejected the offer due to financing uncertainty and integration risks. Shares rose only 5% after the announcement, to $109, still below the proposed $125. The courtship, however, appears to be ongoing.

The UK is not feeling very well
At the beginning of the year, in January, the yield on the UK 10-year bond did not exceed 4.4%. Yesterday it reached 5.10%. A large part of this increase in borrowing costs is due to war-related factors. However, what concerns analysts and markets is domestic political instability in the UK. Markets are revising expectations for inflation and Bank of England rate cuts. Before the war, rate cuts were expected; now markets price in almost zero probability of cuts this year and at least two hikes. Domestically, Prime Minister Keir Starmer’s government is under pressure from all sides. Reform UK led by Nigel Farage gained ground in local elections, while Labour lost hundreds of seats. Starmer insists he will not resign, but leadership questions are multiplying, and bond markets are again recalling the days of Liz Truss. Yesterday the 30-year gilt yield surged to 5.78%, the highest level since 1998. Higher bond yields translate directly into higher borrowing costs, tightening fiscal space at a time of increasing pressure to support households and businesses.