Hello, now I, who—as is well known—maintain a relationship of particular sympathy and mutual esteem with Nikos A., would not say that the specific issue that emerged yesterday constitutes a classic political scandal. His family had been renting a property in Heraklion, Crete, to the Greek state for the past 15 years and received around €1.2 million in rent payments, or perhaps even more, because Nikos himself revealed yesterday that the property has been leased by the state since 2004 and not since 2009, as the relevant mononews report claimed—that is, for a full 22 years. If I am not mistaken, even reading the restrictions imposed on MPs regarding transactions with the state (Article 57 of the Constitution), I would still say that the spirit of the lawmaker does not really apply to Androulakis’ case, even though part of the property, according to what he himself says, came into his possession through parental transfer. However, on the other hand, I want to make it clear that our beloved PASOK leader, instead of getting angry as usual, would do well to answer everything in detail. Because after everything he has said about everyone and everything—much of which he knows perfectly consciously to be lies, dictated talking points, exaggerations, or distortions—it is only natural that today his political opponents are lying in wait for him and giving him a taste of his own medicine. So, substantively, the matter is simple for Androulakis—unless it ends up becoming… complicated or mysterious for his political career. In order to continue denouncing and lambasting the universe—even with visibly less success than Tsipras—he must: A) Produce all the property contracts with the Greek state from 2004 onward and make them publicly available. B) Explain in writing all the procedures related to the leasing of the property by the state from 2004 to 2026 (which is no small matter). Even better, he himself could submit the documents to the Committee on Institutions and Transparency and request a full audit and official report on the matter. While we’re at it, he should also tell us why he left that one million euros—which he forgot to declare—in foreign banks, and why he doesn’t bring the money back to Greece. Since he wants banks to be taxed, he too could contribute a little. And by the way (as Kimon Koulouris would say), Mitsotakis should also tell his ministers to bring their money back into the country, because I consider it unacceptable for a minister and political figure to keep their savings abroad.

The Aachen sidelines and Merz’s praise

“Abroad, things are going well,” I told you yesterday, and today K.M. will take the stage at the ND congress with morale boosted by what he heard in Aachen and by Draghi’s receipt of the “Charlemagne” award. I’m told that in the informal conversations among leaders, Greece was held up as the example of progress. That is what Draghi, Lagarde, Juncker, and Trichet were reportedly saying in their standing discussion.

Also, from the podium, Merz praised the efforts of our country and specifically the government. “This path of reforms was hard for Greece, for many people in your country, Mr. Prime Minister, but it proved correct. Your country, dear Kyriakos, has for some time now been able—through its own efforts and even ahead of schedule—to repay the loans that were necessary at the time. The great efforts were worth it. And we are grateful for this and congratulate you and the entire Greek people for how you achieved it,” said the German Chancellor. The Germans have become our friends.

Christos Zois’ concerns

Ahead of today’s ND congress, ten former MPs, ministers, and generally “former” ND figures appeared yesterday with a letter (published in Dimokratia) saying that the party has lost its soul, that enough is enough, and that something new must be created. The fact that half of them are associates and friends of Samaras is probably just a coincidence. Still, I noticed with surprise and admiration the name of former minister Christos Zois among those concerned about the soul of ND. If I remember correctly, it’s been around 15 years since Zois was expelled from ND during the days of the second Memorandum, along with Kammenos, whom he later followed as a founding and senior member of ANEL. He later fell out with Kammenos as well; in 2014 he ran in the European elections with Vyron Polydoras but without success, and later his path almost led him to SYRIZA, since in 2019 he attended an event by Louka Katseli that was part of the outreach to the broader center-left. Since I’m talking about the blue congress, let me tell you that today’s speech by K.M., which will have unifying characteristics, will in reality contain the electoral dilemmas—or, as he likes to say, the dilemmas of Greece in 2030. It will effectively serve as the opening whistle of the pre-election period, since we are now counting months depending on the decisions he makes regarding the timing of the elections. Of course, don’t expect K.M. to say that he will hold elections before 2027. Such things are not said openly.

Samaras’ thoughts

Against this backdrop, I spoke with someone who knows Samaras’ thinking inside and out. He is still “weighing” whether to create a new party. Obviously the scenario exists, but he believes that a serious poll must first be conducted that includes the other new parties—especially Karystianou’s party. In other words, he does not want to go for just 3–4%, but at the same time there is not much room left for understanding with Mitsotakis. Still, the scenario of his own party has been measured in polls without spectacular results so far, regardless of what various friends of his tell him during their daily analyses at his office on Dimokritou Street and in the cafés of Valaoritou.

Qatar is eyeing PPC

Everything is proceeding smoothly and according to plan regarding PPC’s €4 billion capital increase. After shareholders gave the green light yesterday at the general assembly, the order book opens next week. According to information, the date with the highest probability is Monday, May 18. Demand for participation in the increase is reportedly explosive—and this is not journalistic cliché—because the roadshows conducted abroad by Goldman Sachs and Citigroup generated interest for bids that may range between €9 and €10 billion, far above the company’s target. It is certain that PPC will attract very large investment funds, from sovereign wealth funds and family offices to major international institutional investors. CVC, which already owns a 10.3% stake, has stated that it intends to invest up to €1.2 billion in order to significantly increase and possibly double its stake. Information also indicates that Arab capital will participate in the increase, specifically from Qatar through its sovereign investment arm. According to the same sources, the Copelouzos Group, which acquired a 1.5% stake in PPC two years ago (as part of the transaction through which PPC purchased a renewable energy portfolio from the group), and which according to reports has now increased its stake above 2%, will maintain its participation. And of course, the Greek state is expected to participate proportionally to its 33.4% stake.

Didn’t they listen to Tsipras and Androulakis?

What attracts these major investment funds is PPC’s strategic plan for 2026–2030, which foresees the company’s expansion and dynamic growth in Central and Southeastern Europe, focusing on investments in renewable energy sources, natural gas units, energy storage, and data centers. New markets such as Hungary, Poland, and Slovakia are at the forefront. Apparently all these people must not have listened to Tsipras and Androulakis regarding PPC.

Tasoulas 1, 2, 3

The four-day visit to the Evros region began for the President of the Republic with a visit to the Regional Integrated Border and Migration Management Center at the “Democritus” airport in Alexandroupoli. Police officers provided the President with classified briefings regarding the successful handling of the Evros crisis in the autumn of 2019. They then proceeded with a brief demonstration of the border control systems at their disposal. In Alexandroupoli, the President visited the Metropolitan Church of Saint Nicholas and attended the doxology for the 106th anniversary of the city’s liberation, officiated by Metropolitan Anthimos of Alexandroupoli, with whom Mr. Tasoulas has maintained a friendly relationship for years. After the service, the Metropolitan hosted the President briefly at the Bishop’s residence and offered him French coffee, cake, and cookies. After the parade—which included students, the army, the navy, the fire brigade, and representatives of local associations—the mayor of Alexandroupoli, Giannis Zampoukis, hosted a meal at the restaurant “Chovoli” on the waterfront, an Armenian restaurant known for excellent meats—platters of chicken, beef, kebab—and every kind of salad, which has been hugely popular in Alexandroupoli for years.

American generals in Athens

Their arrival has already sparked discussion in diplomatic and defense circles. Officially, they are coming to participate in a conference at Thermopylae, the Thermopylae Forum. Michael Erik Kurilla and Andrew Poppas are two figures who until very recently stood very high in the hierarchy and within the hard core of American military power. Kurilla, also known by the nickname “The Gorilla,” served as head of CENTCOM, the command responsible for operations in the Middle East. American reports recently described him as one of the most influential voices in the Pentagon regarding Iran, with a decisive role in discussions about U.S. strategy in the region. Andrew Poppas, meanwhile, as head of FORSCOM, was responsible for the largest operational structure of the U.S. Army, overseeing the readiness and preparation of hundreds of thousands of personnel and units. Put simply, he was one of the people keeping the machinery of the American military “warm.” Kurilla is said to have taken a particular interest in Greek history and the Battle of Thermopylae, while Poppas, often referred to as Greek-American, reportedly sees Leonidas as a model of leadership, duty, and responsibility. Those who understand how Washington works know that such figures do not move around easily or appear randomly at conferences. That is why their visit has attracted broader interest.

Chatziminas’ Sthenos

Markos Chatziminas, son of Christian, is running Sthenos, the artificial intelligence subsidiary of EFA Group, together with a team of 20 young software engineers. Father and son, different companies but the same direction: artificial intelligence as defense infrastructure. THEON’s latest move was to invest $3 million for a single-digit minority stake in Twin Prime, a New York startup led by a Greek executive and founded in 2025 by a multinational team of young researchers with backgrounds from Google Research, Lawrence Livermore National Laboratory, the Pentagon, and the White House. Its field is specialized AI models that process sensor data in real time for defense and security applications. At the same time, THEON and Twin Prime will establish a joint venture (60% THEON, 40% Twin Prime) based in Greece for the development and commercial exploitation of specialized AI solutions as part of the THEON Next strategy. Twin Prime is completing a pre-seed funding round led by Expeditions, a Poland-based fund specializing in defense technology. For THEON, this means simultaneous entry into the American AI market and the Polish defense market, two of the most dynamic defense markets in the Western world at the moment.

The gray areas in the EKPOIZO–National Bank dispute

Over the past few days there has been a war of announcements between EKPOIZO and the National Bank regarding the issue of fees imposed by the bank on customer deposit accounts. However, some calm may ultimately need to prevail. The National Bank cannot be considered the winner in the matter of the charges it imposed on customers’ deposit accounts, since the court accepts that the information provided to customers was incomplete and misleading, and that the bank cannot continue charging €0.80 on “Simple Savings” or “Simple Current” accounts. Why? Because the information provided did not substantiate the “added value” of the services integrated into those deposit accounts. However, under no circumstances did the court rule that such charges cannot be imposed if the information provided is complete, and it certainly made no mention in its ruling of retroactive reimbursement of charges. What would be proper and ethical? Since the bank’s customers should not have been charged due to insufficient information—and therefore it was not clear to them whether they wanted the charge or not—the money should be returned. But ethics are one thing, and obligations arising from a court decision are another. No such legal precedent emerged. And on this basis, the Consumers’ Union’s recommendation that National Bank customers check their account activity to determine whether the €0.80 reversal has been made—and if not, to contact EKPOIZO—does not appear to make much sense.

Trastor’s big bet

Strong interest was recorded in Trastor’s share capital increase, completed yesterday, with clear support mainly from abroad. The offering price was set at €1 per share, and a total of 150 million new shares were issued, raising €150 million. Trastor is currently valued at €300 million on the stock exchange, and the market believes that after the capital increase it will move higher, as the REIC belonging to the Piraeus Group will further strengthen its position in the Greek real estate market, with particular emphasis on logistics and modern office spaces, where it already has a strong presence. Trastor is currently the largest company in the logistics sector and the second-largest REIC in Greece based on portfolio value.

Where it will invest

The completion—even within June—of the acquisition of three properties in central Athens, for which a preliminary agreement has already been signed with Ethniki Insurance at a value close to €55 million, will be the first priority for Trastor REIC, following the recent capital increase to raise €150 million and increase free float. After completion of the process, the stake of the main shareholder, Piraeus Bank, will stand at around 84%, while none of the new shareholders will hold more than 5%. Information points to investment schemes from the United States, the United Kingdom, France, Italy, and Switzerland that will become the company’s new institutional investors, some of whom previously had no presence either in Greece generally or—much less—in the domestic real estate market. It is worth noting that in the context of the offering, the real estate investment company received interest totaling €245 million, meaning coverage of more than 1.6 times the €150 million it sought to raise from the market. Foreign institutional investors, Greek investment schemes, family offices with shipping capital, and insurance companies were among the third-party investors that offered €155 million. Therefore, theoretically—and even without the participation of Piraeus Bank, which had declared from the outset that it would participate—the offering could have been fully covered by outside investors alone. Now, the REIC has several investments at a more advanced stage, and with the funds now available, it can move faster and accelerate negotiations. The message the company has received from the market is that international investors want to see larger and more tradable real estate investment companies in Greece, with Trastor aiming—as management has stated—for a portfolio with gross value exceeding €1.2 billion, up from €822 million.

The “closed-door” lunch of the Greeks

Officially, it may have been a lunch hosted by the International Propeller Club Port of Piraeus, but those present quickly realized that the interest extended far beyond the limits of an ordinary shipping gathering. The Club’s president, Kostis Frangoulis, ensured that representatives of Greek shipping companies listed on the NYSE and NASDAQ—the most Wall Street-sensitive segment of Greek shipping—were seated at the table. And this was considered anything but accidental by attendees. However, what drew the most discussion in the side conversations was the presence of Kimberly Guilfoyle. The U.S. ambassador to Athens did not limit herself to smiles and ceremonial pleasantries. On the contrary, she listened very carefully to the remarks of the Greek shipowners and, according to those present, took notes—a move that impressed even seasoned market figures.

Wall Street and the concerns of the Greek shipping cluster

The concerns conveyed to the American side during the lunch were far from secondary. The discussion focused on the pressures created by tariffs and restrictions connected to Chinese ports, as well as an issue now viewed as a ticking time bomb for international shipping: the dramatic shortage of seafarers. Industry figures reportedly expressed concern that the problem of staffing ships is evolving faster than the market had anticipated, especially in an environment where the global fleet is being technologically renewed but struggling to find sufficient and specialized human resources. The timing was anything but accidental. The meeting took place during a period in which the further strengthening of Greek-American relations is high on the agenda in Washington and personally for Donald Trump. For many, the lunch functioned as an informal communication channel between American diplomacy, Wall Street, and the Greek shipping cluster.

Purchases, sales, and new orders for Greek shipowners

Greek shipowners continue intense activity both in the secondhand market and in newbuild vessels, confirming their enduring presence in the global shipping game. On the front of new orders, Capital Ship Management reached an agreement for four 181,000 dwt bulk carriers at the Chinese Hengli SB shipyards in Dalian, with delivery in 2029 and installation of scrubbers. At the same time, Cape Shipping ordered two 211,000 dwt bulkers from Jiangsu Dajin HI shipyards in China, also for delivery in 2029. In the gas shipping sector, Cardiff Marine contracted two VLGCs with a capacity of 90,000 cbm at HD Hyundai HI shipyards in South Korea for $120.9 million each, with delivery in 2029. The vessels are described as LPG dual-fuel (LPG DF). In the dry bulk segment, Greek interests appeared particularly active in the purchase of secondhand ships. According to shipbroker information, Greek buyers acquired the Supramax SUMAQ QUEEN (51,052 dwt, built in 2017 by Imabari Shipbuilding in Imabari, Japan) for approximately $25 million. The vessel has OHBS, while the next SS/DD is scheduled for March 2027. Astrobulk is linked to the acquisition of the Ultramax DOMINATOR (63,652 dwt, 2021, Shin Kasado Dockyard – Kudamatsu, Japan) for $38 million, with SS/DD in July 2026.

The sales

On the sales side, Greek interests also appeared as sellers of the Capesize PIGASSOS (176,364 dwt, 2011, Shanghai Waigaoqiao – Shanghai, China), which was sold to Chinese buyers for $31.7 million. The vessel’s next special survey/drydocking is scheduled for July 2026. In tankers, the market is focusing on the sale of the newbuilding MR tankers HORIZON SYROS and HORIZON ANDROS (50,000 dwt each, delivery in 2027 from the Zhoushan Changhong shipyards in Zhoushan, China), valued at $51 million per vessel. HORIZON SYROS is reportedly being acquired by TORM A/S and is equipped with a scrubber as well as Framo pumps. This picture underlines the continuing renewal and restructuring of the Greek-owned fleet. Data from the last twelve-month period reflect the constant movement within the Greek fleet: 263 new ship orders, 234 secondhand acquisitions, and 319 secondhand vessel sales.

Risk in Chinese equities

Chinese President Xi Jinping hosted U.S. President Donald Trump in Beijing for a two-day visit, the first visit by a sitting U.S. president since 2017. Trump is accompanied by a large business delegation with a strong presence of technology giants, including the CEOs of NVIDIA, Apple, Tesla, Meta, Cisco, Micron, and Qualcomm. Ahead of the summit, Chinese equities are underperforming regional markets, with the Hang Seng and the CSI 300 posting gains of 2% and 8% respectively since the start of the year, compared with 21% for the MSCI Asia ex-Japan index. Foreign institutional positioning in China remains low, with an estimated underweight of around 1.3% in the first quarter of 2026, according to FactSet data. Market expectations are subdued, and it is unclear whether an outcome of mere “status quo maintenance” would act as a catalyst. Analysts do not expect a comprehensive reset of U.S.–China relations, but they see possible agreements on Chinese purchases of U.S. agricultural products and aircraft, in exchange for easing restrictions on technology exports. The strong presence of technology companies in the U.S. delegation signals a focus on access to technology markets on both sides. Any positive surprise in trade or technology issues could support markets and reduce the geopolitical risk premium on Chinese equities.

The Fed reveals poverty in America

The U.S. Federal Reserve published its annual report on the economic well-being of U.S. households (SHED 2025). One number stands out: 73% of adults say they are living “well” or “comfortably.” This is the same as in 2024 but 5 percentage points below the record high of 78% recorded in 2021. However, there is a second reading. Nearly 1 in 5 Americans say they are “just getting by,” while 8% say they are “struggling to get by.” Inflation continues to shape American life. 91% of adults still consider price increases a “major” or “minor” source of concern. The share describing inflation as a “major concern” fell to 53% from 56% in 2024. This 3-point decline is perhaps the only positive psychological shift in the survey. The labor market is sending a different signal. 42% of adults express concern about “finding or keeping a job,” up 5 points from 37% in 2024. The survey was conducted in October 2025, in the shadow of trade uncertainty created by Trump’s tariffs. A particularly revealing indicator is the “$400 test,” tracked by the Fed for years. 63% of Americans can cover an unexpected $400 expense using cash or savings. This is unchanged from 2024 but below the 68% peak recorded in 2021. In simple terms, this means the U.S. economy is currently in a fragile equilibrium: it is not falling, but it is also not recovering to 2021 levels. Future trends will depend on developments in the labor market.

Japan’s warning signal

Japan is sending the strongest warning signal to bond markets since 1999. The 30-year Japanese government bond has risen to a yield above 3.9%, the highest level since the 30-year tenor was introduced in 1999. The 40-year bond has reached 4.16%, breaking the psychological 4% threshold for the first time since its introduction in 2007. Japan’s public debt now exceeds 256% of GDP, while inflation runs at 3%. At the same time, the Bank of Japan is reducing bond purchases by ¥400 billion per quarter, having already removed ¥21 trillion from its balance sheet. Japanese insurance companies, traditionally the main buyers of long-term government bonds, are now avoiding new purchases due to volatility. Meanwhile, Japan holds around $1.2 trillion in U.S. Treasury securities, more than any other country. As Japanese yields rise, domestic institutions have less incentive to allocate capital abroad. The U.S. 30-year yield has also crossed 5%, while pressure has spread to government bonds in the U.K., Canada, and the Eurozone. Bond markets are now demanding a price for fiscal complacency.