Hello, first of all I recommend being careful with mobile phone messages because you saw that even presidents get trapped by them, like Emmanuel with Brigitte, when he got slapped over the SMS messages he was exchanging with the Iranian actress. But here on our own turf we also have some nice hair-pulling going on — not over romance, but over politics. The catfight, then, has properly begun between PASOK and SYRIZA, and we still do not even know when the ballot boxes will be set up. For instance, yesterday Giannoulis of SYRIZA told Spyropoulos of PASOK: “You come from a faction that looted the country, and now you are looting MPs too.” But apparently the best lines are being delivered by the new green star, Vasia Anastasiou, whom I am going to focus on because I find her absolutely perfect in every way. She is young (born in 1991), beautiful, highly educated with her LSE degree, and comes from a good family of doctors on both sides, not to mention that her tongue runs like a sewing machine. The other day she began her appearance on a TV panel opposite a SYRIZA member and a New Democracy member by saying, “Tsipras should first go wash himself so some of the dye comes out of his hair,” and then she moved on to… deep political argumentation. Vasia is a lawyer and communications expert by profession (or professions), and a few days ago she had thrown out the line that she is “one death away from winning a seat in Eastern Attica,” but yesterday she almost got expelled because of the… hair-dye remark about Tsipras. And thus Nikos almost lost the freshest and most genuinely aggressive asset he has in the Movement, something like Tetteh in Panathinaikos, you know what I mean. Anyway, they tell me that spokesman Tsoukalas called her and told her to make a statement of repentance so they would not expel her, and with a heavy heart she did it and survived for now. That Nikos fellow does not even have a sense of humor, although the truth is that Tsipras does not dye his hair — he is just graying.

Anna, polls
Yesterday I wrote to you that PASOK’s little refrain of “the pollsters are lying — a bad workman blames his tools” had also been adopted by Doudonis, who said that “the polls are a joke.” In contrast, Diamantopoulou said that “PASOK is not going to war with polling companies,” but who told you that Anna is or represents PASOK’s official position? Since we are talking about polls, I was told that one was conducted in Chania which gives New Democracy 29%, but the interesting part comes below that: PASOK is only at 15%, Zoe’s Plefsi at 10%, the KKE at 9%, Velopoulos at 7%, Aphroditoula at 5.5%, Niki at 3%, and Varoufakis at 3%. Now wait until the “TsiproMarias” are added into the mix and then we will see where the percentages go.

Pierr-DEI
Yesterday, Pierrakakis also spoke in Parliament about the “so very toxic political competition for such a very small political prize as second place between PASOK and Tsipras,” addressing Androulakis. The reason for this remark is the constant attacks the government is receiving over PPC’s share capital increase. Fine, PASOK says things in general about everything, but for Tsipras to talk about PPC and say he handed it over profitable in 2019 is yet another indication that our beloved Alexis is blatantly fooling us and has learned nothing. A simple Google search or ChatGPT query would show anyone that in 2019 PPC was on the verge of bankruptcy with losses of €1.7 billion and negative EBITDA, whereas the 2025 figures show profits of €480 million and EBITDA of €2 billion, apart from investments, market capitalization, and other indicators showing that the company is flourishing, which is why there is such strong interest from foreign investors. Really, even nonsense has to have limits…

Pierr-banks
Besides PPC, Androulakis also seemed eager to once again raise the familiar opposition agenda about banks, but in the end the discussion probably did not go the way he wanted. That is because Pierrakakis did not answer with vague political slogans but with specific data and numbers. From the reduction of debt and unemployment to the increase in investments, exports, and disposable income, the Finance Minister chose to confront him on the field of hard data. Especially on the PPC issue, the argument that the value of the state’s participation had risen from €150 million in 2019 to €2.5 billion today probably “froze” quite a few opposition MPs in their seats. In fact, the discussion soon moved to the course of the Greek economy and the international recognition Athens is now receiving. The Finance Minister pointedly noted that his election to the presidency of the Eurogroup was not a personal matter but political recognition of the path of the Greek economy in recent years. And somewhere around there, those who insist on speaking as if we were still in 2015 found themselves confronted with a rather uncomfortable reality: that Greece today is treated in Europe as part of the solution rather than part of the problem.

Heavyweight names at Saturday’s Costa Navarino gathering
On Saturday morning K.M. will normally attend the ND conference until noon. But I hear that around midday he will depart for Costa Navarino, where ANT1’s Theodoris Kyriakou is organizing a closed Atlantic Council gathering, with which he has begun a strategic partnership. And admittedly the names arriving at the Messenian resort are impressive. Among others, those who have confirmed their presence for a closed all-purpose discussion session include Christine Lagarde of the ECB, Kristalina Georgieva of the IMF, Giorgia Meloni, Finnish President Alexander Stubb, the Emir of Qatar Mohammed Al Thani, a number of other officials from Gulf countries, as well as former UK Prime Minister Tony Blair, who has taken on an advisory role at ANT1 Group. Among the Greek attendees, besides Mitsotakis and Kyriakou, there will be Pierrakakis as president of the Eurogroup, EU Transport Commissioner Apostolos Tzitzikostas, and Cypriot President Nikos Christodoulides.

With Christodoulides as guest
I wrote to you the other day about the international guests at the ND conference, namely Jean-Claude Juncker and Roberta Metsola, among others, who will send video messages on Sunday. I now hear that Cypriot President Nikos Christodoulides will also be present. He is arriving here today and will speak on Saturday, the same day as EPP leader Manfred Weber.

A conference without factions
Since I am already on the subject of the conference, let me tell you that the atmosphere is moving toward complete de-dramatization, since no one wants to create internal party trouble at a moment when the goal is for New Democracy to post the highest percentage possible. Besides, whoever causes trouble now may be charged for it later on. So everyone is coordinating with the central mechanism regarding the balancing arrangements ahead of the election of ND’s new Political Committee, which is largely a decorative body anyway and does not meet often. It seems we will not see what used to happen in the past, with voting “lines” circulating from phone to phone depending on the senior party figure, but rather a centralized arrangement.

What the Japanese giant saw in Lykos
It is an extremely rare event to see a major Japanese group turn its attention (and its money) toward a mid-cap company listed on the Athens Stock Exchange. On one side we have one of Japan’s oldest industrial groups, Dai Nippon Printing (DNP), with a history dating back to 1876 and headquartered in Tokyo. On the other side, AustriaCard, known to most people as Inform Lykos, is one of the oldest companies on the Stock Exchange, with a 125-year history. But it was not history that led the Japanese giant to submit a takeover bid at €10 per share (+20% above the previous day’s closing price and around 45% above the six-month weighted average), but AustriaCard’s transformation into a technology group offering integrated solutions for identification and digital citizen documents, card issuance and management, AI solutions, and more. The deal is considered essentially closed since the main shareholder, Nikos Lykos, who controls around 74.6% of AustriaCard, has accepted the transaction, which according to the Japanese could create a global powerhouse in secure identification solutions, payment cards, and trusted technology services. The €10-per-share price translates into an enterprise value of roughly €445 million and a multiple of around 9.1 times EV/EBITDA. Not bad for a group that in recent months had been labeled a bubble by part of the market, with some even calling for regulatory intervention over the stock’s rise. Completion of the transaction is expected in the fourth quarter of 2026.

GEK TERNA won the MSCI “lottery”
As of May 29, GEK TERNA will become the 9th company in Morgan Stanley’s main index, which according to converging market estimates is expected to bring purchases of 3.5 million shares. The total inflows concern passive-management funds that follow changes in index composition and weighting adjustments. What one should retain from the firm’s announcements is that the number of participating companies is not fixed and that exiting the index is a more difficult matter than entering it. Thus, in the case of Jumbo, for which many “experts” appeared certain it would leave MSCI’s main index, this did not happen, and despite the beating it has taken on the board with losses of 23% since the beginning of the year, it has proven resilient.

Inflows of at least €130 million
As for GEK TERNA, inclusion in the MSCI Standard Greece index is characterized by the market as a development of particular strategic importance both for the group and for the Greek capital market overall, as it confirms the strong position the group has acquired in infrastructure and concessions, further strengthening its investment footprint in international markets and increasing its visibility among major foreign institutional investors. At the same time, the portfolio restructuring expected to follow is estimated to lead to significant capital inflows of at least €130 million, a factor that strengthens the company’s stock market momentum. This development is also considered a vote of confidence in GEK TERNA’s management, as it reflects its ability to implement complex large-scale projects and consistently pursue its strategic planning. Inclusion in MSCI also follows the acquisition of investment-grade ratings from Moody’s and S&P, making GEK TERNA the only Greek non-financial group with Investment Grade status.

The luxury residences at The Ilisian
The owners of the luxury residences at Conrad The Ilisian are one step closer to their homes. The Ministry of Tourism approved the required co-ownership and operating regulations for the five-star Conrad The Ilisian as a condo hotel, ahead of the gradual handover beginning this summer of the first of the total 55 residences included in the landmark property on Vasilissis Sofias Avenue. The lengthy regulation includes the specific terms and defines relations among owners, management, maintenance, and the way the independent divided properties will be exploited, essentially ensuring the unified operation of the spaces. “The Ilisian” includes a total of 55 branded residences from the 7th to the 12th floor, 18 under the Conrad Residences brand and the remaining 37 under the Waldorf Astoria Residences brand. The Conrad Residences, which will be delivered first, fall under the hotel’s umbrella and will be available through reservation systems for longer stays while also offering the comforts of a home. The remaining residences bearing the Waldorf Astoria signature are private homes based on the specifications set by the international Waldorf Astoria brand and will have an entrance from Michalakopoulou Street, while their owners will be able, if they wish, to rent them out through separate agreements. These are expected to be delivered to their owners a little later, from summer onward, gradually until the end of the year.

Who is right? Morgan Stanley or Euroxx
The day before yesterday, Monday, Morgan Stanley informed us through a report that it was initiating coverage of Credia Bank’s stock, emphasizing that the bank has the highest growth rate in the sector, but that its valuation is already at demanding levels. It therefore gave a target price of €1.15, while the stock was trading at €1.28 on the board, with the result that it closed down 5%. Yesterday, Euroxx also published a report announcing that it too was initiating coverage of the stock, characterizing CrediaBank as the “fifth banking pillar” in Greece. Euroxx’s experienced analysts, Alex Boulougouris and Fani Tzioukalia, set the bar at €1.55, that is, 26% higher than last Monday’s closing price and 35% above the target set by MS. In the coming months it will become clear who is right.

What they are expecting at the port of Thessaloniki
OLTH’s stock closed yesterday at €40.2, with gains of +1.52% during the session and +11.3% on a monthly basis. It is a performance that leaves no room for doubt about what the markets are “seeing” behind the Thessaloniki port’s financial indicators. Despite the geopolitical turmoil in the Middle East, OLTH showed remarkable resilience. Only 5 ships changed route because of the events in the Persian Gulf. It seems, however, that amid the fog of war a business opportunity can be discerned. The port of Haifa, operated under the management of the Indian Adani group, is the main Mediterranean entry hub of the IMEC. It is precisely this port that OLTH CEO Giannis Tsiaras revealed he is in discussions with. Goods from Haifa to Thessaloniki, and from there to the Balkans. A route which, if implemented and established, would effectively become the European “tail” of the India-Middle East-Europe corridor. The Greek ports of Piraeus and Thessaloniki are internationally recognized as potential major hubs for transporting and distributing goods across Europe within the framework of IMEC. The railway connection is the critical issue. This is where the expansion of Pier 6 comes in, which is being carried out by METKA on schedule, along with the rail infrastructure connecting to the Idomeni line. It is an essential prerequisite for OLTH to transform itself from a regional port into a European gateway. With a valuation of €405.2 million, the stock remains clearly undervalued compared with peer port operators in the Eastern Mediterranean.

The plan for the new Skaramangas
With a clear message that Skaramangas Shipyards are now entering a phase of organized development rather than simple restart, Skaramangas Shipyards CEO Miltiadis Varvitsiotis appeared at the 1st Mare Forum Chios. According to what he said on the sidelines of the conference, the plan now “running” for Skaramangas is not limited to ship repairs but extends into new markets with high growth potential, such as energy vessels and mega yachts, while the axis of cooperation with the Hellenic Navy also remains active. As he noted, “Skaramangas is the largest industrial infrastructure in Greece after the refineries and has enormous potential.” He stressed that the reopening already has measurable results. “After 15 years of absence, we restarted with ship repairs and have already serviced more than 115 vessels,” he said, describing a picture of increased activity which, according to market executives, has begun to put Skaramangas back on the map of the Eastern Mediterranean. Particularly interesting were his references to the international situation. Varvitsiotis directly linked increased demand to developments in the Middle East and the pressures being recorded in navigation in the Persian Gulf. “After the developments in the region, our activity increased at an unprecedented rate. Tankers that cannot be serviced elsewhere are turning to reliable shipyards such as Skaramangas,” he said characteristically. According to people in the ship repair market following developments, what is interesting is that for the first time in years the discussion at Skaramangas is no longer only about survival, but about the next day with investment horizons and extroversion.

What the entry of a Canadian fund into Ismini Panagiotidi’s Icon Energy means
A move with investment interest and a low profile is being recorded around Icon Energy after the Canadian Hampton Financial entered its share capital with a stake reaching 10%. Hampton’s investment, through the purchase of around 325,000 shares, is presented as the fund’s first entry into the shipping sector, with management linking it to the company’s valuation and the improved dry-bulk market environment. Behind the scenes, Icon essentially remains under the control of Ismini Panagiotidi, who retains the overwhelming majority of shares and almost complete voting control, a fact which in practice limits influence balances. Hampton’s investment move comes at a time when the company is trying to highlight its strategy in selective shipping placements, without for the moment changing Icon’s control structure.

The MV MARATHON of the Efstathiou brothers ready in just 7 months
The recent naming and delivery ceremony of the “MV MARATHON” from Hengli Heavy Industry to the Greek-interest company Efnav is being recorded as yet another episode in the rapid consolidation of Chinese shipyards within the Greek shipping portfolio. The vessel, a bulk carrier with a carrying capacity of 82,000 dwt, was delivered just seven months after the start of cooperation between the two sides. Present at the ceremony were Efnav chairman Philippos Efstathiou and Hengli chairman An Jinxiang. The event serves as a display of “speed and productive capability” and confirms that the relationship between Greek ocean-going shipping and Chinese yards has moved from the phase of selection to the phase of systematic dependence on specific industrial ecosystems. Shipbuilding is no longer merely a matter of cost and specifications, but also a geoeconomic constant, where delivery times and production-line availability have become just as critical as the ship’s design itself.

Patoulis’ new step
A medical…stamp marks the new company Aegean Med Connect I.K.E., established yesterday, Wednesday May 13. What is interesting is that former Attica Regional Governor Giorgos Patoulis is becoming entrepreneurially active through it. The company, headquartered in the municipality of Spata-Artemida, aims to provide business consulting and other management consulting activities, head-office services, as well as office administrative and support services. The initial share capital is €8,000, contributed equally at €2,000 each (25% apiece) by the four partners Giorgos Patoulis, Konstantinos Pantos, Nikolaos Velonis, and Nikolaos Vrachnis, while management has been undertaken by N. Velonis.

“Harmonia Living Life” by Koutsiana
Sophia Koutsiana-Kellogg, daughter of Nikos and Niki Koutsiana — founders of Apivita and today head of Symbeeosis Eu Zin — after distinguished studies in the United States and Canada, has carved out her own path for years as a life coach and author. It now appears, however, that she has decided to broaden her business horizons, as she proceeded with the establishment of the company “Harmonia Living Life,” whose purpose is the leasing, management, and purchase and sale of real estate, as well as short-term rental services through digital platforms. The company, headquartered in Neo Psychiko, has initial share capital of €25,000, which was paid in by Sophia Koutsiana herself, who also assumed its management.

Why Commerzbank is a target for Andrea Orcel
Andrea Orcel has decided to turn Unicredit into a multinational giant. He knows that achieving this goal requires a significant increase in the bank’s size, and for this purpose he needs Europe’s largest economy. Under this logic, no matter how much the German government resists, he does not seem willing to back down unless he loses the game. It is worth noting that the average turnover of a large industrial company in Germany is €300 billion, while the corresponding figure for a large Italian industrial company is €20 billion. Therefore, however much Commerzbank, assisted by the German state, puts up resistance, Unicredit’s effort will remain forceful. Of course, the final outcome cannot be predicted, at least not yet. Among the defenses of the German side is also Commerzbank’s recent revision of its earnings outlook, which provided 2026 profit guidance of €3.4 billion so that shareholders can weigh how much they stand to gain in either case.

The first stock in Wall Street history worth $5.5 trillion
This story began with a notable absence. Initially, the name of Jensen Huang, head of Nvidia, was entirely missing from the list of top business leaders accompanying President Trump to China. Important business leaders such as Elon Musk and Tim Cook had long since secured spots in the POTUS delegation. Naturally, the media reacted. Analyses, assumptions, and predictions began circulating. President Trump changed his mind, personally called Huang, and invited him. Nvidia’s chief boarded his plane, flew to Alaska, and from there boarded Air Force One. It is one of the rare occasions when the geography of a business flight carries such symbolic significance. Wall Street reacted immediately. Nvidia’s stock surged to a new all-time high, with its market capitalization touching $5.5 trillion — a milestone no other company in market history has achieved. Huang’s presence in Beijing brought the issue of artificial intelligence and semiconductor exports to the center of the summit, a market which he himself has described as a “$50 billion opportunity.” Everyone has now realized that Nvidia is no longer merely considered a company, but infrastructure for American national strategy.

The American bond market is reliving…2007
Yesterday we saw the yield on the 30-year U.S. Treasury bond exceed 5% (5.04%), a level that functions as an alarm bell. These interest-rate levels were last seen for a prolonged period back in 2007, just before the major financial crisis triggered by Lehman Brothers erupted. Certainly, fears of an oil shock because of the war in Iran are fueling inflation concerns. April inflation data showed an annual increase of 3.8%, the highest since May 2023, effectively tying the hands of the new head of the Fed, Kevin Warsh, who wants a rapid easing of the cost of money in the American economy in order to satisfy President Trump. While all this is happening in the bond market, on Wall Street… it is raining elsewhere. American stocks continue to hit historic highs, as the explosion of investment in artificial intelligence and strong corporate earnings are preventing investors from weighing geopolitical risks and the rest of the economic indicators. This disconnect between the bond market and the stock market is one of the most interesting — and dangerous — phenomena of our era.