Hello. Although all of you readers want to learn the latest news about the “Democratic Alliance” and our leader Nikos A., who is under fire from all sides, I will begin with a government-related story. In the coming days, Mitsotakis will move to fill the truly major gap left at the Ministry of Environment by the late Nikos Tagaras. This will involve appointing a deputy minister, restoring Tasos Chatzivasileiou to a government position (after his OPEKEPE case was shelved), and perhaps appointing one or two additional deputy ministers in other ministries. My sources tell me it could happen in one week, or perhaps two—but let me remind you: this is Mitsotakis. You can never be entirely sure. In any case, today, before all of that, the entire Cabinet and New Democracy (ND) will bid farewell to Nikos Tagaras, with the Prime Minister presiding and delivering the eulogy. Tagaras passed away after a long and difficult battle with cancer.

PASOK: We’ve lost the body, my friend

Now let’s move on to PASOK. I hereby declare “I renounce” and proceed to offer full support to our Nikos because soon we may be saying, “We’ve lost the body, my friend.” Since Sunday, Androulakis and PASOK have been living through yet another drama, as a combination of opinion polls and statements by “little mayor Haroulis” have thrown the green universe into chaos. And what did the man do? He went for a trip to his beloved Serifos, after first carrying out his party duty in Karpenisi. The problem is what will happen to Androulakis if the polls continue like this after the summer as well—that is, when the next “season” begins, which will also be the last one before the final match: the national elections. A source of mine from the Maximos Mansion told me: “If Mitsotakis was thinking once about holding elections in September… well, now he’ll think about it one more time.” Because it suits him tremendously to face Nikos in a state of political disintegration, and to have Tsipras as the opposing figure, rather than, say, someone else leading PASOK if (heaven forbid) Nikos is finished. Because, as you understand, if we are trailing by 4–5 percentage points in September, there will be drama. Should I also note that Androulakis’s only reaction yesterday was to return yet again to the issue of wiretapping as his sole topic?

Haroulis

And in the midst of such a climate, Haris Doukas came out and said that discussions should begin with Tsipras as well regarding the next day. I hear that Androulakis was flooded with phone calls and messages urging him to expel Doukas from the party. But, according to one of his associates, “it never even crossed his mind” to do such a thing. Why open more wounds after the Konstantinopoulos affair, as the saying goes. In the end, the prevailing view was simply to ask Doukas to issue a clarifying statement—which the mayor did—and the matter ended there. I also asked why he postponed the Political Council meeting that had been scheduled for today. His associates say he wanted to combine it with announcements regarding everyone’s roles within the body and perhaps even a shadow cabinet. However, it seems that some phone calls he made did not produce the desired results, so he postponed it until Friday. Another reason was that he wanted the dust to settle from the continuous polls showing him in third or fourth place, although it seems that, as time goes on, the situation may worsen rather than improve.

Skertsos

Today Skertsos will be in Brussels (which is why he will not attend Tagaras’s funeral) to meet with Irish Commissioner McGrath, who is responsible for the rule of law, regarding this year’s European Commission report on the state of the rule of law in Greece. In recent years, the country has made progress, and when the Commissioner visited Athens in May, he congratulated the responsible officials on the progress made toward the goal of a fairer state.

Google–Proto Thema: Strategic Alliance in Artificial Intelligence

We rarely, if ever, write about ourselves; we leave it to readers to judge us. Today, however, I will make an exception because it is extremely significant news for us that Google, through Gemini—the name of its AI (artificial intelligence) platform—has selected Proto Thema S.A. as its strategic partner in Greece. Protothema.gr, along with Newmoney.gr, are the first Greek websites whose journalistic content will continuously feed Google News and the Gemini application, providing readers around the world with accurate and reliable information. It should be noted that, globally, Google has chosen a number of major international publishing organizations for the same purpose of timely and credible information, including Der Spiegel, Financial Times, The Washington Post, The Guardian, El País, The Washington Examiner, Folha de S.Paulo, Infobae, Kompas, and The Times of India, among others. We are genuinely proud that the world’s largest platform, Google, has chosen our own media organization in Greece for this new era of AI-powered news and information.

Tsipras’s Interesting Diplomatic Adviser

Now that the honeymoon period with Tsipras’s party is over, scrutiny of the people surrounding him has begun. A relatively unknown but important associate is Alexis’s new foreign policy adviser, Haris Tzimitras. He is an international relations expert, director of the Cyprus Centre of the Peace Research Institute Oslo (PRIO) in Nicosia, and a Senior Fellow in the Turkey Program of the Atlantic Council in Washington. But that is just the surface. I am told that in Washington he worked closely with a woman named Pinar Dost, who is involved in promoting Turkish interests within lobbying circles. He is also said to be closely connected to Tsipras’s former diplomatic adviser, Vangelis Kalpadakis, who now serves at the OSCE in Vienna. Tzimitras has extensive knowledge of Turkey, having spent a decade in teaching and research positions at Istanbul’s Bilgi and Koç Universities. I am also told that he maintains a broad network of contacts in the neighboring country.

OPEKEPE: 4–0, Total Miss

The OPEKEPE 2 case—which was advertised as a major scandal—is progressing very well and is turning into a first-rate bubble as far as political figures are concerned. So far, the score is 4–0… complete miss. Yesterday there was a recommendation to shelve the cases involving Chatzivasileiou and Athanasiou, while Livanos and Arabatzi have also effectively been cleared regarding the prospect of a parliamentary preliminary investigation. What remains, following the Tycheropoulou report? No financial damage for other political figures such as Karamanlis, Mitarakis, Vartzopoulos, Boukoros, and Senetakis, and only minimal damage for certain others—certainly nothing rising to the level of a felony. There are, of course, some lawyers considering legal action against the European Public Prosecutor’s Office on behalf of their clients should the cases be shelved, but I understand that this is not the prevailing view.

Countdown for ADMIE

The book-building process opens on June 16 and closes on June 18, while management begins teleconferences with American fund managers starting tomorrow. In London, ADMIE management held twelve meetings and reportedly left an excellent impression. Formal presentations were hardly necessary, since the fund managers already knew ADMIE’s plan. As a result, every session moved directly into questions and answers. The €1 billion capital increase is, in reality, a bet on only about €260 million. The reason lies in the complex two-stage ownership structure. Of ADMIE S.A., 51% belongs to the listed ADMIE Holdings, 25% to DES ADMIE (the Greek state), and 24% to China’s State Grid, which is contributing approximately €240 million. The state is covering its own share, supported in part by the Recovery Fund. Thus, the only truly open portion is the free-float segment, around €250–260 million, and even that has a state safety net if the market does not fully subscribe. At this point, the observations made by investment funds are noteworthy. First, they consider the amount “small” relative to their size. Second, reliable information suggests that fund managers are concerned about the depth of the Greek market and the liquidity of the stock. On the other hand, ADMIE presents a clear financial plan with full visibility: fully regulated pricing, guaranteed WACC through 2029, approximately €6 billion in investments during 2026–2029, and a doubling of its regulated asset base to €7 billion by 2029, from €3.3 billion in 2025. In two weeks, it will become clear whether this “small amount” can attract sufficiently large buyers.

Euronext Athens’s Second Strategic Goal: Defense Industry

With the objective of attracting shipping companies already underway, attention now turns to a second strategic goal: the defense industry. According to information, the “defense” file being examined by the group’s management is not limited to traditional defense equipment manufacturing but extends to technology, cybersecurity, drones, and systems linked to European defense programs. At the center is ReArm Europe. Initiatives such as SAFE, the European Defence Fund (EDF), and ReArm Europe are being activated, while geopolitical developments are pushing EU member states toward increased defense spending. THEON International, led by Christian Hadjiminas, is showing the way. Since its listing on Euronext Amsterdam in February 2024, THEON’s market capitalization has surged from €686 million to approximately €2.5 billion—an increase of more than 250% in two years. A potential listing on Euronext Athens would have a multiplier effect. At the same time, discussions between Euronext Athens and members of the Association of Greek Manufacturers of Defense Equipment are likely to produce concrete results soon, while talks are also taking place with companies participating in the European Defence Fund.

PPC’s Data Center

Building an AI-ready data center is an extremely complex undertaking and therefore requires experience and specialized expertise. At present, the only company carrying out such a project in Greece on any significant scale is GEK TERNA, which is building one for Microsoft in Spata. The facility will have a capacity of 10 MW. Construction has already begun, and the cost is expected to reach €100 million. All of this becomes relevant when the tender process begins for awarding construction of PPC’s data center in Kozani.

Piraeus Bank: Meetings with 40 Funds in Zurich

Piraeus Bank is participating in Goldman Sachs’s “30th European Financials Conference,” taking place today in Zurich. As part of the conference, Group CFO Theodoris Gnardellis and Head of Group Investor Relations Xenophon Damalas will meet with more than 40 international investment funds from America, Asia, and Europe. They will present the outlook for the Greek economy and the bank’s 2026–2030 business plan, which focuses on healthy credit expansion, further diversification of revenue sources through asset management and bancassurance, investments in technology, and operational efficiency. Gnardellis will also participate in a panel discussion with his counterparts Miguel de Bragança of BCP Millennium and Sergio Palacecino of Sabadell, where they will discuss profitability prospects, asset quality, and capital management in Southern Europe’s banking sector.

Stock Market Capitalization Reaches €175 Billion

The market capitalization of the Athens Stock Exchange (ASE), following the commencement of trading in PPC’s new shares, has reached €175 billion. In earlier eras, such a figure would have implied that the General Index stood at 4,587 points and had returned to levels last seen in the distant year of 2008. The distortions created by bank recapitalizations and changes in stock weightings have led to this longstanding mismatch between the General Index and the market’s capitalization. More specifically, the ASE now has 28 listed companies with market capitalizations exceeding €1 billion—only three fewer than at the end of 2007, when the General Index was trading at 5,200 points. Today, the most valuable company on the exchange is worth as much as 118 listed companies out of a total of 139. In 2007, the most valuable listed company (National Bank of Greece) was worth as much as 251 listed companies out of a total of 302. The all-time closing high in market capitalization was recorded on October 13, 1999, at €214.8 billion. Even if the ASE reaches that capitalization level again, however, there will still be objections regarding the dual listing of many stocks (such as Coca-Cola, Metlen, Titan, etc.), which to some extent creates an artificial picture of the exchange’s total market capitalization.

Safe Bulkers: Athens Debut with a Double-Digit Surge

Safe Bulkers’ debut on Euronext Athens was a success, attracting strong interest from the domestic investment community. The shipping company, which is also listed on the NYSE, capitalized on the strong momentum of the U.S. market. Specifically, during Monday’s session—when the Greek stock exchange was closed due to the Holy Spirit holiday—the stock in New York jumped 5.92%, closing at $6.62. This development set the opening trading price in Athens at €5.70, exactly equivalent to the U.S. closing price after currency conversion. In its first trading session on Greek soil, the stock outperformed, recording a double-digit gain of 10.53% and closing at €6.30. That price corresponds to approximately $7.34, creating a significant premium over the Wall Street price and signaling continued momentum on the other side of the Atlantic. Trading activity was considered particularly satisfactory for a debut, with more than 117,000 shares changing hands and total transaction value approaching €750,000.

New All-Time High for Motor Oil, with €40 in Sight

Motor Oil’s stock stood out during the first session of June, surging 6.54% to close at a new all-time high of €39.40. This marked its best trading session in the last three years, specifically since July 12, 2023 (+7.39%), and puts the psychological €40 threshold firmly in sight. Yesterday’s rise was triggered by a wave of business developments and a landmark strategic agreement announced before trading opened. Motor Oil, through its subsidiary More, is acquiring 60% of Enact, a leading company in waste management and environmental engineering. The move represents a decisive step in the group’s transformation as it aggressively expands its footprint in the circular economy and green transition beyond traditional fossil fuels. The investment community welcomed the deal, as Enact immediately strengthens consolidated EBITDA and offers significant synergies with the group’s existing green businesses, such as Thalis. The sharp increase in trading volume and the achievement of new highs confirm that both domestic and international portfolios are closely examining Motor Oil’s diversification strategy.

At a Discount, but Finding Supporters

UniCredit continues its pursuit of Commerzbank, though without seeking full control.

The proposed exchange ratio is expected to be 0.485 UniCredit shares for each Commerzbank share, valuing the German bank at €38.6 billion. With Commerzbank shares trading at €37.06 (June 1, 2026) and Tangible Book Value Per Share (TBVPS) at €29.98 as of March 31, 2026, the bank currently trades at roughly 1.24 times tangible book value. However, the proposed exchange of 0.485 UniCredit shares per Commerzbank share—with UniCredit trading at €73.72 (June 1, 2026)—implies an offer value of €35.75 per Commerzbank share. As a result, the proposal currently represents a discount rather than a premium for Commerzbank shareholders. Commerzbank has characterized UniCredit’s proposal as speculative and inadequate. Nevertheless, several major international asset managers, many of whom are also shareholders of the German bank, have expressed support for Andrea Orcel’s plan. The offer is now entering a critical phase. In any case, the consolidation process of the European banking system has begun.

Greece, Your Greatness…

What happens when an illegal structure is considered dangerous—but happens to be a church? This is occurring not in some distant place, but within Athens itself, specifically in Ilioupoli. The area originally contained a small chapel of Prophet Elijah located in a forested area. In the summer of 2019, during August, the chapel “disappeared,” and in its place a new church building of approximately 120 square meters was erected. The initiative was undertaken by a specific priest. Following complaints from residents, the Forestry Service ordered work to cease in September 2019 and requested the construction permit. To make a long story short, the permit did not authorize the construction of a new church, meaning the building was illegal. The priest, however, paid little attention. In March 2020, during the strictest phase of the pandemic when all gatherings had been banned, he became involved in an incident involving the violation of public-health measures when he barricaded himself inside the unfinished structure with a group of worshippers in order to hold a religious service. A police patrol arrived and remained outside for more than an hour and a half before eventually leaving without making any arrests. In April 2020, the Coordinator of the Decentralized Administration of Attica ordered the demolition of illegal constructions in the public reforested area known as “Prophet Elijah” in Ilioupoli. The priest appealed to the courts, but in March 2021 the Administrative Court of Appeals of Athens rejected his request to suspend enforcement regarding the illegal structure. I was reminded of all this because I saw a document issued by the competent department of the Ministry of Environment, dated April 30, 2026, entitled: “Decision prohibiting public entry and presence in all buildings of the Church of Prophet Elijah of the Municipality of Ilioupoli, in order to prevent accidents.” Among the referenced documents are decisions from planning authorities, the Forestry Service, the Police, and the Municipality of Ilioupoli, which states: “that all buildings were deemed dangerous from a structural and engineering standpoint and that, according to Police Department document no. 7011/5/13-a of 09.04.2026, religious services continue to be conducted on the premises, a fact that may place attendees in immediate danger.” In other words, despite years having passed, despite the illegal construction and despite court rulings, the priest effectively got his way, and religious services continue in a building considered unsafe.

Why Greek Shipping Has Deliberately Chosen to “Shrink” Its Fleet

In shipping, the Greece–China “bras de fer” is a comparison between two different models: a state-directed giant and a completely private, fragmented, yet highly flexible system. China now has the scale and momentum. With both its orderbook and fleet steadily expanding, it has become the principal driver of the global fleet. Greece, by contrast, has fallen to second place in absolute numbers, with the gap widening steadily in recent years, according to Clarksons data. Yet behind the scenes, the interpretation is more complex. Greek shipowners do not view this development as a loss of influence but as a shift in priorities. The strategy is no longer fleet expansion but fleet recycling and cycle positioning. The key point is that Greek shipping has consciously chosen to become “smaller” in fleet size in order to become “larger” in quality and fleet renewal. The accelerated sale of older vessels to Asia, combined with a new wave of ship orders, has created a younger—but smaller—fleet on the water.

The Clock Is Ticking for Paliou, Pappas, and Genco

On Wall Street, this particular shipping dispute is viewed as a textbook example of active shareholder activism with a Greek signature. Everything will be decided at the June 18 shareholders’ meeting in New York, where the chances of success for Diana Shipping’s latest proposal are estimated at roughly 50–50. At the center of the battle are Semiramis Paliou and Petros Pappas, who have intensified pressure on the management of Genco Shipping & Trading in an effort to secure a change in control of the U.S.-listed company. Diana, already Genco’s largest shareholder, has submitted three successive acquisition proposals, the latest at $24.80 per share. At the same time, it is conducting a parallel proxy fight aimed at electing a new board of directors. For its part, Genco’s management has consistently rejected the proposals, arguing that they undervalue the company and involve substantial execution risks.

Greek Dominance in Tankers: 1,064 Ships Ahead of China and Japan

Greek shipping in the tanker sector continues to operate at levels that are difficult to challenge internationally. Greek shipowners maintain not merely a leading role but clear dominance in key industry metrics. According to the latest data, Greeks control 26% of the global tanker fleet, with 1,064 vessels, confirming that this sector remains a “Greek affair” on a global scale. The total value of the Greek-owned tanker fleet reaches $66.38 billion, well ahead of the second-ranked Chinese fleet at $39.6 billion and the third-ranked Japanese fleet at $24.52 billion. Singapore follows with $20.26 billion and South Korea with $16.24 billion. The superiority extends not only to the existing fleet but also to the future of the sector: new buildings. Greek tanker orders under construction are valued at $39.89 billion, compared with only $9.52 billion for China, $8.61 billion for Singapore, and $5.13 billion for Hong Kong. Even more indicative of Greek strength is the fact that three of the five shipping companies with the largest tanker orderbooks are Greek-owned. At the top of the global ranking stands Dynacom, with 36 vessels worth a combined $3.8 billion. It is followed by Byron Vassiliadis’s Venergy Maritime, with 14 vessels worth $991 million, and Capital Ship Management, with 11 vessels valued at $1.3 billion. The same pattern appears in the tanker sale-and-purchase market. Minerva Marine has recorded the largest acquisitions this year, totaling $312.17 million, followed by Thenamaris with $235.19 million and Okeanis Eco Tankers with $194.73 million.

NVIDIA Has Declared War

Nothing about it was accidental. Not the timing. Not the location. And certainly not the product. On June 1 in Taipei, NVIDIA CEO Jensen Huang unveiled a laptop that could reshape the industry. He declared war. The RTX Spark is an Arm-based superchip architecture developed jointly with MediaTek and Microsoft. Before diving into technical details, the simple explanation is this: NVIDIA has created a computer for gaming that also contains an integrated GPU server capable of running artificial-intelligence models—all inside a laptop. Huang promised that the new “tool” can run local language models with 120 billion parameters and a one-million-token context window, process 12K video, and handle AAA games at 1440p with more than 100 frames per second. The market immediately understood that this was not merely another gadget. A new PC architecture had been unveiled. On Monday, June 1, Intel’s stock fell roughly 6%, AMD’s around 5%, and Qualcomm also came under pressure. For the first time, NVIDIA is attacking the personal-computer market directly and with tremendous force. Intel described the development as containing a “healthy dose of paranoia.” NVIDIA says it is moving artificial intelligence from the cloud to the personal device. It is building a third ecosystem: Arm CPUs with GPU muscle. Analysts expect Arm-based Windows PCs to capture more than 30% of the premium market by 2027. Starting this fall, the technology will be available in computers from ASUS, Dell, HP, Lenovo, Microsoft Surface, MSI, and Acer. The traditional personal computer, according to this view, is finished. The war has begun. The question is who will survive.

The IMF Raises the White Flag

For decades, the IMF was the temple of globalization. This year, it admits defeat. In a few days, it will publish the new issue of Finance & Development, with the central theme being the “return of economic statism.” The IMF is formally acknowledging what markets experience daily. Trade, energy, supply chains, and technology controls are no longer purely economic tools—they have become instruments of state strategy. The most troubling aspect is that this shift in strategy is no longer confined to the United States; it is becoming a global model. The ratio of goods trade to GDP is now around 45%, compared with just 16% at the beginning of the Cold War. The conclusion: market fragmentation today is vastly more costly than in the past. According to IMF analysis, the long-term cost of trade fragmentation ranges from 0.2% to as much as 7% of global GDP, while combined with technological decoupling, losses can reach 8% to 12% in some countries. China’s share of U.S. imports fell by 8 percentage points between 2017 and 2023, while the yuan is gaining ground in international trade finance. This year, conditions are even more difficult. The April World Economic Outlook, the IMF’s flagship report on global economic prospects titled “Global Economy in the Shadow of War,” downgraded growth to 3.1% for this year, from 3.4% in 2025, with the conflict in the Middle East repricing energy and risk. For small Greece—export-oriented, shipping-driven, and energy-exposed at the crossroads of three continents—geoeconomic fragmentation represents a new economic reality requiring a new strategy.

The First Crack in the “Never”

For 42 straight months, Michael Saylor built an investment doctrine around a single word: “never.” Strategy (formerly MicroStrategy) would never sell its bitcoin. On June 1, an 8-K filing with the SEC (a disclosure of significant corporate events) invalidated that doctrine. Strategy liquidated 32 bitcoin between May 26–31, at an average price of $77,135, raising roughly $2.5 million. This marked the first sale since December 2022. Statistically, the amount is insignificant noise—32 coins out of a 843,700-bitcoin reserve, just 0.0038%, used to cover preferred-share dividends. Psychologically, however, it was a seismic shift. MSTR stock fell nearly 5%, and the “permanent holder” narrative cracked. But the real story lies elsewhere. Bitcoin is now trading below $69,000, about 44% lower than its all-time high of $126,080 in October 2025, and down nearly 10% on a weekly basis. Behind the decline are not retail traders but large institutional portfolios. U.S. spot ETFs recorded a 10-day streak of outflows exceeding $2.8 billion, with BlackRock’s IBIT alone losing $528 million in a single session (May 28)—the second-largest daily outflow in its history. The drivers are geopolitical tensions and April inflation at 3.8%, the highest since May 2023, which has eliminated expectations for imminent rate cuts. Meanwhile, Wall Street is booming, with the S&P 500 at record highs, pulling capital toward AI and semiconductors. Bitcoin, once again, is not behaving as a “digital safe haven” but as a pure risk asset. Saylor’s sale did not crash the market—it simply reminded it that even believers have bills to pay.