Hello, I’ll start not with President Maria, who is warming up the engines (looks more like a Lada to me…) for Thursday, but with a sudden stab delivered by the Karamanlis bloc to our president Alexis. At dusk next Tuesday, May 26, the leader of the “Refoundation of the State” (as Nikos Dendias reminded us at the Congress), KKR (Kostas Karamanlis of Rafina), decided to speak at an event for a book by Arvanitopoulos and Filis. That is, at roughly the same time that the popular “once every 100 years” leader Alexis will announce his new party in Thissio. Such disrespect and impropriety at the same time I have never seen before. I mean, where is the well-known little clique, the “Rafina Faction,” supposed to go — to President Kostas or to the future prime minister of “Second Time Left but Also a Little Right, One of Everything”? Were there no other hours, days, nights, or taverns available? Anyway, mistakes happen; let them postpone it even now because they are sowing division. Now, of course, an observant person pointed out to me that Kalpadakis is also on the book panel, and as is well known he is also a member of the Tsipras Institute. Do you think they’ll be transported by bus from one event to the other?

Red Maria and Ivan

Meanwhile, we’ve become the talk of the town, they’ve figured us outttt… as Andromache says, with President Maria’s Russian “connections,” to the point that I learned from a good source that even Ivan (Savvidis) was annoyed. He’s apparently saying: “As if we didn’t already have enough troubles with PAOK, now they’ll pin Red Little Maria on us too because of Avgerinos — go sort that mess out.” So, for the record, an “Ivan source” clarifies that “we have absolutely nothing to do with the political venture; correspondent Avgerinos has left Open, good luck to them, but we are not involved.” I also asked another source in Thessaloniki what kind of “business” this joint company of Karystianou and Moysiadis actually does, and they answered that it owns a property. I cannot verify the accuracy of the information, but that could explain the company’s existence since its business activity is very limited. Nor is there anything scandalous about it, but when a person enters politics this is what happens at first — everyone digs around trying to find their background. Let the president answer these things gradually; everyone who entered the ordeal of politics faced difficulties.

Maria gets organized

I’m told that Thursday’s event in Aristotelous Square, weather permitting, will be fairly flashy, while her communications team has already begun organizing itself. Coordinated by Thanasis Avgerinos and a group of volunteers, they are setting up a press office and a group responsible for informing journalists about the president’s activities. That is where, for example, yesterday’s news about the lawsuit against Karahalios came from.

What’s happening in PASOK over coalitions

Although PASOK’s Congress decided that it would under no circumstances cooperate with New Democracy, as time passes something new keeps emerging. Suddenly Anna Diamantopoulou declared that “PASOK’s political opponent until the elections is New Democracy.” Notice that — “until the elections,” says PASOK’s head of Political Planning. After that? After that, “the elections will show what needs to happen so the country can have a government.” Logical enough, but it leaves a window open. On the other hand, Pavlos Geroulanos told protothema that if PASOK comes first in the elections (just saying), then everything changes and the party will cooperate with whoever agrees with its agenda, without excluding New Democracy. “If some people are anxious to grab ministerial chairs, PASOK shouldn’t have to pay the price,” react some MPs who believe that a post-election alignment with Tsipras’s party is more likely than one with New Democracy. Total chaos…

SYRIZA on the verge of a nervous breakdown

And after the PASOK intermission, I return to our Alexis, who has driven SYRIZA into a nervous crisis as the hour approaches — not even one week remains. Yesterday the party’s No. 2 figure, Secretary Stergios Kalpakis, resigned because despite his efforts he could not figure out President Sokratis Famellos’s intentions. Famellos himself said yesterday on ERTNews that SYRIZA will contest the next elections within a “large, unifying and dynamic formation,” but the problem is that he does not tell the rest of the SYRIZA members what this formation will be. Will it be with Varoufakis, the Gabriel of the Left, or Androulakis? Nobody knows, and that is why both little Nikolakis (beloved) Pappas and “I can survive a third expulsion too” Polakis are banging on about convening the party organs to see which direction they are headed. Everyone wants to move toward Tsipras, but there the face control is stricter than at a private club. Now some of the more cunning ones are resigning in good time and voluntarily, hoping the popular leader might be touched and gather them back in at the end. But Odysseus reached “Ithaca” alone — besides, Alexis is warming up a few forty-somethings in the locker room.

Alexis dissolves SYRIZA and New Left

So Tsipras is announcing his party on Tuesday, May 26, exactly as I had informed you in time, and he is triggering chain reactions in neighboring political spaces. In the coming days — perhaps even Friday, according to rumors — more resignations are expected from New Left (after Ferhat Ozgur), with the result that their parliamentary group will dissolve. The Haritsis faction (Achtsioglou, Tzanakopoulos, etc.) is heading toward Tsipras’s party, while those remaining under Gabriel Sakellaridis will redefine their alliance strategy. SYRIZA itself is now on an irreversible path toward incorporation into Tsipras’s new party as well. In June, the Central Committee will convene and make the final decisions. A formula is being sought for wording that would amount to suspending the party’s operations. As knowledgeable people tell me, SYRIZA has cleaned up its finances and owes nothing anywhere apart from regulated debts that it has the money to repay. So? “Ninety-five percent of our cadres and grassroots members want us to go to our natural leader, who has the momentum of a second-place party. And we will go completely clean, without financial burdens,” says a top party figure. Now, what will happen with MPs resigning — which Tsipras reportedly sets as a precondition for joining his party? “That’s a very delicate issue,” they say, because there is also the obvious problem of leaving SYRIZA without a parliamentary group until Mitsotakis decides on elections. Therefore, I predict gradual resignations — besides, parliamentary salaries are still coming in…

Polls with the new parties

After Holy Spirit Day, the new wave of polls is expected, as all polling companies are waiting for the parties of Karystianou and Tsipras to be announced, for a few days to pass so the public can digest them, and then measurements will begin. Regional data will of course also be interesting, since Tsipras theoretically performs better in urban centers while Karystianou performs better in Northern Greece.

The new candidacies

The warming up of New Democracy’s party machinery will also include some candidate announcements in the coming period. For example, spokesperson Alexandra Sdoukou has been locked in for Grevena, Deputy Education Minister Nikos Papaioannou for Thessaloniki A, and the coordinator of the Prime Minister’s Office in Thessaloniki, Elena Sokou, for Evros.

From blue to red

Politicians, businessmen, and well-known market figures attended the inauguration in Schimatari of Coca-Cola HBC’s new PET production line, a €20 million investment that further boosts the group’s production capabilities in Greece, where it has invested a total of €180 million over the last five years. Prime Minister Kyriakos Mitsotakis, after warmly greeting Anastasis David, chairman of Coca-Cola HBC’s board, Haris David, and the group’s executives, began his speech “in red,” saying that “after three days of congress where everything was blue, I’m very happy with the change in color.” Among the large audience, the column spotted, among others, Development Minister Takis Theodorikakos, Energy Minister Stavros Papastavrou, Anna Diamantopoulou — who has also served as a board member of the company — Aristotelis Panteliadis (MyMarket), Giannis Masoutis (“Masoutis”), Telis Thanopoulos (“Thanopoulos”), Vlasis Georgatos (VG Holding, “Grigoris”), and others.

Apostolos Tamvakakis: If bank administrations change…

“Greek banks now belong to international shareholders,” said Apostolos Tamvakakis, chairman and Managing Partner of EOS Capital Partners, speaking on a panel at the Circle of Ideas conference. Taking his argument one step further, he noted that public discussion focuses almost exclusively on whether banks adequately finance businesses — especially small and medium-sized enterprises. However, perhaps we should not only look at the present, but also at a future whose surprises we do not know. Tamvakakis pointed out that if international shareholders in the future decide to replace the administrations of Greek banks with foreign management teams, then the center of decision-making will effectively move outside Greece. In such a scenario, even large Greek business groups would face financing difficulties, since decisions regarding liquidity and development projects would then be made far away from the Greek market and according to a broader international environment.

Thirty percent of the Greek economy (700,000 businesses and households) on the banking margins

A significant part of the country’s productive fabric, representing 30% of the Greek economy — businesses and private individuals — remains outside the banking system and in the hands of servicers, said Giorgos Zanias, chairman of Eurobank, at the Circle of Ideas conference, ultimately stressing that this part of the Greek economy cannot obtain financing. In another panel of the same event, Michalis Sallas, chairman of Lyktos Group, estimated the number at 700,000 businesses and households that ended up on the economic margins, noting that many businesses fell victim to the punitive logic of the memoranda, which among other things taxed their previously untaxed reserves that they had retained, depriving them of capital resources and liquidity and effectively strangling them. According to Sallas, the problem now is not resources but a rational long-term plan for allocating them and linking investments to major projects.

Lamda is next in line

Since the discussion has turned to PPC, let us add that the public offering concludes today — with complete success, by all indications — and the market is preparing for the next issuances. Next in line in the immediate future is Lamda Development’s new corporate bond, an issuance estimated at €300 million. Lamda appears eager to move one year ahead of the maturity of its seven-year bond due in July 2027, which carried a 3.2% coupon, in order to ensure comfortable access to liquidity during a politically “neutral” period.

Golden Age Capital slipped into pharmacies

Around 12,000 pharmacies currently operate in Greece. One of the first memorandum-era “reforms” imposed by the Troika on Greek businesses was the liberalization of pharmacy ownership. Since then, private non-pharmacists or companies could own up to 99.99% of a pharmacy and merely have the name of a licensed pharmacist on the sign. Recently, certain investment funds had also appeared in the Greek market, specifically Golden Age Capital of P. Mazarakis, systematically buying pharmacies with the obvious goal of creating local chains that would exploit economies of scale. This fund acquired a majority stake (71%) in the pharmacy chain Dr Pharmacy, while its investment portfolio already includes a significant number of pharmaceutical stores, with plans for further development (especially in cosmetics and supplements). Now the government has decided to pass legislation requiring that licensed pharmacists must henceforth hold at least a 30% ownership stake, effectively collapsing the funds’ business model. The logic behind the decision is that the neighborhood pharmacy is not just a simple shop; it bears scientific responsibility, is involved in the public health system, and handles prescriptions. Countries such as France, Spain, and Belgium impose majority pharmacist ownership, so the Greek move is not outside European practice.

Six out of six and a hard landing

The fall in Trastor’s share price to €1 — the level at which the €150 million capital increase was carried out with the waiver of old shareholders’ rights — was entirely expected. On the board it has now recorded six consecutive declining sessions accompanied by heavy trading volume. From €1.34 it dropped to €1, the offering price of the new shares, as shareholders apparently preferred to sell higher and then re-enter at the capital increase level, with supply being immediately absorbed. The real bet, of course, is whether there will be a rebound and whether the expectations of management and Piraeus Bank, which holds the controlling stake, will also be confirmed on the market board.

New lawsuits over Petalioi

The “naval battle” between the shareholders of the company “Ktima Petalioi,” which owns and manages part of the famous Petalioi island complex, appears to have no end. One of the shareholders, Maris Embirikos of the well-known shipping family, has returned with a new lawsuit against the company and essentially against the other shareholder side — the also shipping-related Karnesis family, which has controlled management in recent years. M. Embirikos has filed other lawsuits in the past, essentially seeking recognition of his shareholder rights, which he believes have been undermined by the management of “Ktima Petalioi.” With his new lawsuit, filed at the Athens Single-Member Court of First Instance on May 12, 2026, he requests that the court accept the lawsuit in full, “recognize the invalidity or annulability of the 31-08-2025 decision of the Board of Directors of the first defendant company, or alternatively annul said decision,” and also order the defendants to pay his legal expenses and his lawyer’s fees. This story clearly has a future…

Davaris Jr. and Antiparos

“Terranova Antiparos” is the name of the company founded on May 18 by George Davaris, son of the well-known automotive entrepreneur Panos Davaris and Ritsa Syngelidi. Panos Davaris may have carved out “golden routes” in the car market with the Korean brands Hyundai and Kia, but from the period when Greece entered the ordeal of the economic crisis, the major downturn began… He had also made significant investments in real estate, as well as in a tourist unit in Arachova. As part of a difficult rescue process, corporate and personal properties in Attica, Thessaloniki, Mykonos, Rhodes, Arachova, Kythnos, and elsewhere were transferred to banks, while later some others were also auctioned off. Davaris Jr., however, is now attempting a… comeback in real estate, and specifically in rapidly rising Antiparos, which attracts everyone from Hollywood celebrities to Obama. “Terranova Antiparos,” headquartered in Neo Psychiko, aims to construct and renovate buildings intended for residential or other uses, provide long-term furnished apartment rental services without customer care services, and lease and manage owned or rented properties. The company’s capital has been set at €1,070,000, fully paid up, divided into 10,700 corporate shares of capital contributions with a nominal value of €100 each. This capital arose from his payment of €250,000 in cash and simultaneously from the contribution in kind of a plot of land measuring 5,451.46 square meters, buildable and suitable for development, located at “Soros Petalida” in the Municipal Unit of Antiparos, “together with the currently valid building permit no. 1712689/12-12-2025 issued by the Paros Building Authority.” The property was valued at €820,000 and had initially come into George Davaris’s possession in 2009, as bare ownership through parental transfer from his mother, who later (in 2018) also relinquished the usufruct rights.

New Company Bearing the Emfietzoglou “Seal”

A new company related to the Emfietzoglou family was established yesterday, Tuesday, May 19. It is “Build Smart House Development I.K.E.” (trade name “B.S.H DEV”), headquartered in Marousi at the end of Foinikon Street, namely where the well-known and… much-troubled (due to successive auctions) Emfietzoglou family estate is located. The company’s purpose includes real estate buying, selling, and management; investment consulting services; techno-economic studies; brokerage services; construction of residential and industrial buildings; and more. The initial share capital amounts to €20,000, contributed by Eleni Emfietzoglou (wife of Prodromos Emfietzoglou) with €10,000 (50%), Ilias Samout with €5,000 (25%), and the company Raffaello Development with €5,000 (25%). Management of the company has been assigned to Mr. Ilias Samout.

Koustas Enters the Club of 100

Danaos Corporation is moving into a clearly higher size category, with John Koustas leading the company into the “exclusive club” of fleets exceeding 100 vessels. On a pro forma basis, the fleet now totals 104 containerships and 15 capesize and newcastlemax vessels, confirming a scaling strategy pursued with measured risk. What stands out is not only the size, but the quality of revenues. With a backlog of contracted charters amounting to $4.1 billion, Danaos continues to rely on long-term agreements, limiting exposure to fluctuations in the spot market. The new orders — four newcastlemax vessels for 2028 and two 5,000-TEU containerships for 2027, already covered by three-year charter agreements — reinforce this direction. Behind the scenes, the strategy is even clearer. Danaos is positioning itself for the next cycle, as fleet expansion, diversification of activities, and emphasis on locked-in revenues point to a growth model prioritizing sustainability rather than aggressive exposure.

At Tsakos Headquarters

The visit yesterday by the U.S. Department of Energy’s special envoy, Joshua Volz, to the headquarters of Tsakos Group in Athens confirmed something already considered a given in shipping circles: that major Greek groups no longer operate merely as commercial maritime players, but also as critical hubs in the new energy and geo-economic environment. The presence of the American official in the fleet management room, among real-time data on dozens of vessels and international routes, also carried symbolic significance. Beyond being an institutional introductory visit, it was an indirect acknowledgment that shipping — especially Greek shipping — has become a tool of energy security. The tour was conducted by Nikos and Panagiotis Tsakos, with the presence of retired Hellenic Navy Admiral Stelios Kostalas, chief of staff and head of cybersecurity, in a setting that resembled a strategic infrastructure briefing more than a corporate visit. Images from the “heart” of a 120-vessel fleet also serve as a reminder that maritime power is measured not only in capacity and freight rates, but also in technological and operational readiness. On a political level, the visit demonstrates the intensifying convergence of shipping and energy diplomacy. Greek shipping groups appear increasingly often at the table where new energy maps are being drawn — even if they are not always officially seated there.

Government Plans for the Port of Elefsina

The recent reference by Shipping Minister V. Kikilias to the tendering of the Port of Elefsina by TAIPED fits into a broader narrative of utilizing port infrastructure as a lever for development and regional revitalization. The statement that “it deserves to have a port and marina there” and that residents will see an upgraded quality of life reflects the government’s basic approach: transforming ports from purely industrial or transport infrastructure into multifunctional hubs with tourism and investment footprints. In the case of Elefsina, the discussion also has a strong symbolic dimension. It is an area with a heavy industrial heritage and significant environmental burden, where the concept of “development through port and marina” is not neutral but tied to the critical question of transitioning to a new productive model. The challenge, therefore, is not only investment-related, but also social and spatial: how economic activity will be balanced with the need for environmental restoration and upgrading of the urban fabric. The reference to the international tender and the participation of American investment interests fits into the broader geo-economic narrative of attracting capital and strengthening the country’s position as an investment hub in the Eastern Mediterranean. However, such remarks often function more as political signaling than as concrete investment data, since the final outcome of any tender depends on market conditions, returns, and the regulatory framework. Politically, the stake remains twofold: on the one hand, the need to utilize public infrastructure that remained underused for years, and on the other, ensuring that development does not turn into a fragmented “real estate logic,” but incorporates substantial benefits for the local community and sea-related productive activities.

The “Silent” Pressures on Bulk Shipping Behind Giannis Xylas’s Speech

Behind the diplomatic language of the speech delivered in Singapore by Intercargo President — International Association of Dry Cargo Shipowners — Giannis Xylas, an increasingly pressing reality for bulk shipping is taking shape. Greeks dominate the bulk carrier sector and are currently building 168 vessels. The reference to “realistic solutions” for decarbonization translates into clear concern about regulations advancing ahead of technology and increasing costs without immediate alternatives. At the same time, charterers are raising the bar through stricter standards and evaluation tools, effectively acting as informal market regulators. Meanwhile, financiers are intensifying pressure through ESG criteria, making financing more selective and expensive. The result is a triple “front” for shipowners: regulatory, commercial, and financial. The observation that bulk carriers operate without fixed routes is not a technical detail, but an indirect warning: horizontal policies are difficult to apply in a sector based on flexibility. In this environment, the real stake is not only compliance, but the sustainability of the bulk shipping business model itself.

Kekrops…on the Trampoline

The share price of KEKROPS moves up and down like a trampoline, and its market capitalization has exceeded €40 million. Yesterday it recorded an impressive rise of +9.63%, while on a weekly basis gains exceed +12.6%, with the stock trading above €2. A few days ago, KEKROPS announced turnover of €2.08 million and pre-tax losses of €903,000. Therefore, the driving force behind the rise is not fundamentals, but expectations. According to the company’s management, the only visible development prospect lies in the exploitation of the Lavrio properties. On the other major issue, KEKROPS’s appeal to the European Court of Human Rights concerning the “Latomeio” (“Quarry”) area has already been accepted for substantive examination. This is not vindication; it has merely been accepted for examination — something achieved in only 1 out of 5 cases. The pending litigation concerns 242 acres in Paleo Psychiko, which the Greek Supreme Court awarded to the Greek State in 2022, a decision the company described as “respectable but excessively unjust.” KEKROPS’s free float amounts to 21.52%. Over the past two years, the company repaid total debt obligations of €5.6 million not only to banks but also to its two main shareholders. Thus, it entered 2026 without bank debt and with a positive cash position. There are no profits, but the balance sheet now offers freedom of movement. During 2024, the company succeeded in reintegrating plot OT 145 into the city plan, achieved a favorable court outcome for OT 161, and is in the process of lifting expropriation measures on an additional 9 acres of properties. The truth is that in recent years the stock has followed a classic pattern. Every time a hearing approaches or information leaks regarding the “Quarry,” the price rises. Every time judicial developments are not favorable (as has repeatedly happened), the stock falls. Now, the bets appear to be focused on Strasbourg.

Jumbo goes against the trend with block trades exceeding €5 million

Jumbo, during yesterday’s trading session on the Stock Exchange, showed remarkable defensive behavior and recorded a strong increase, in complete contrast to the downward trajectory followed by most large-cap stocks. The buying interest was accompanied by intense activity, reflected in the execution of significant pre-agreed block trades. Specifically, during yesterday’s session, four block trades changed hands, with a total value of €5.44 million. These transactions involved 251,273 shares, a volume corresponding to 0.19% of the listed company’s share capital, with block trade prices ranging between €21.6 and €22.06 per share. The smooth absorption of liquidity at higher price levels highlighted the strong demand for the stock, which moved away from its recent low of €21.

America is getting poorer. It is paying with cards it cannot repay

Serious credit card delinquencies in the United States — payments overdue by more than 90 days — surged to 13.1% in the first quarter of 2026. This is the highest level in the past 15 years. The New York Fed published data revealing that the credit card delinquency curve has already surpassed every peak from the 2007–2010 period, and is just 0.6 percentage points away from the all-time record of 13.7% recorded during the heart of the Great Recession (2007–2009). Total credit card balances have increased by +63% since the first quarter of 2021, with Americans now owing a total of $1.25 trillion — $325 billion above the pre-pandemic record. Serious delinquencies in auto loans have reached 5.6%, an all-time high. “Red” student loans, after the resumption of repayments, have surged to 10.3%. The New York Fed notes that the weakness is mainly concentrated in lower-income households, while so-called prime borrowers show only marginal deterioration. However, when the lower half of the market collapses, consumption — which supports 70% of GDP — feels it first.

The end of cheap money for governments

The global bond market has become extremely expensive. Yields on government bonds remain close to multi-year highs, as everything happening around us fuels inflation. Major bond markets (the US, UK, Germany, Japan), which for decades moved toward lower yields, have now sharply reversed direction. The yield on the UK 30-year gilt has reached its highest level since 6 March 1998, while in Germany the 10-year yield is approaching its highest levels since May 2011. Japan is recording a historic high in its 30-year JGB at 4.2%, the highest level since its first issuance in 1999. Governments, from Tokyo to Washington and from London to Berlin, are massively increasing debt issuance, flooding the market with new bonds. Central bank quantitative easing programs now belong to the past. Long-term bonds are more exposed to accelerating inflation. The yield on the US 30-year Treasury reached 5.181% today, the highest level since July 2007. The last time the long-term bond traded at these levels, Lehman Brothers was still operating, the iPhone had just been released, and no one could imagine what would follow. Bond market investors, until the end of February, were pricing in not one but two rate cuts this year. Today, they are pricing in a 50% probability of a FED rate hike by December. The world is drowning in debt, central bankers remain permanently concerned, but what is certain is that the era in which governments could raise cheap funding from markets has already ended.