Hello, I’ll start with a little behind-the-scenes story that was discussed and “read into” more than anything else the other night: the photo of Adonis at an event marking Masoutis’ 50th anniversary, sitting at the same table as Androulakis and little Zoe, who were clearly looking elsewhere, visibly frozen. First of all, how it happened: Minister Adonis was seated at a neighboring table with Karamanlis of Rafina, Stournaras, and Masoutis. At one point, he says to the “supermarket man,” “Watch this, just for fun… so that someone might actually notice your event online. I’m going to sit for five minutes at the next table with Takis (Theodorikakos), who’s sitting with Androulakis and Zoe. Just wait and see what happens when they spot me next to them.” And that’s exactly what happened, to the point that a flustered Nikos (no, now he’s not merely angry…) leaked a line to the media saying that “he wasn’t sitting next to Adonis”… as if someone had said he was sitting with Haris Doukas! The rest you know, you read it, and of course you understand what’s going on in poor little PASOK. If you’re wondering why so many politicians were at Masoutis’ event, I have the answer. Because of their size and the nature of their business, supermarkets hire hundreds of employees every year, seasonal workers and so on. As you can imagine, every politician wants a little favor, a little appointment, despite all the things we hear these days and naturally laugh about.

Nikos A. consults with Laliotis…

Meanwhile, no matter how much goodwill people may have, and no matter how much bullying pollsters endure, at best poor Nikos comes out in third place ahead of President Maria, but that’s as far as it goes. Yesterday, one of those rumors that sweep through the political scene started circulating: that Kasselakis is going to PASOK. The older generation used to say that being insulted is good because it means people take you seriously; being mocked, however… Yesterday I learned (though how could I verify it?) that Nikos is holding consultations in general, and one of the people involved is Laliotis, who in any case practically lives at Charilaou Trikoupi (as if it were his own home), tucked away in some small office. Of course, I have no idea what he’s telling him, but whatever he’s telling him…

…and waits for Haris

In the midst of this wonderful atmosphere that is PASOK, the Political Council meets on Friday. Now, some people may be saying that Nikos is going to get rid of Haris, but however great the human temptation may be, I don’t think Nikos will take that step. His people say he will try to speak in a somewhat more “transcendent” way and refer to the party’s political plan that needs to be promoted. But if he hears Haris, in his own remarks, repeating what he said on Sunday on Mega, he’ll be waiting for him around the corner, and I can see the mayor not getting away unscathed—unless that’s exactly what he wants. Another problem for Haris is that his influence within the party organs has diminished since he fell out with Christodoulakis, who is trying to create his own political pole. As for the other “top figures,” no need for me to tell you: Geroulanos is completely disillusioned and sees no prospects for upward momentum, while Diamantopoulou is acting the most composed, though she does have a special fondness for Haris, because he takes every opportunity to look after her as well.

The secretary surprise

K.M. has several trips ahead of him these days: today to Bulgaria, then Montenegro, and from there to Boston—which is why he will miss the baptism of the son of his former associate Elpidoforos Papanikolopoulos, whom he married to Evina Giakoumatou, on Saturday in Psychiko. I’m told, however, that he has personally taken charge of the issue of the party’s new secretary and that the names being discussed in the recent past are no longer in the picture. Now, he may send a message over the weekend from the United States and tell his sphinx-like associates, “We’re done, this is the one,” or he may tell them on Monday when he returns. In any case, the official announcement within the party will be made on Wednesday, when New Democracy’s Political Committee meets.

Hatzivasileiou and the Presidency

I wrote yesterday that Tasos Hatzivasileiou, who unfairly left the government because of the OPEKEPE affair, is expected to return to the government lineup. The most likely position is the one Miltiadis Varvitsiotis held in the previous government: responsible for European Affairs, though logically as a deputy minister rather than an alternate minister. After all, preparations are needed for Greece’s upcoming EU Presidency in the second half of 2027, and there is work to be done.

Samaras, Heraklion, and the “blue” absences

Amid reports that launching his own party is already a settled decision, Samaras is preparing to travel to Heraklion on Friday afternoon to speak at an event organized by the think tank “Noima-Crete,” which will take place at the Chamber of Commerce. The think tank is run by physician Grigoris Paspatis, a long-time New Democracy candidate and old friend of Samaras, though generally an institutional figure, and by Fragkiskos Lambrinos, who comes from the PASOK camp and is the son of former Heraklion mayor Vasilis Lambrinos. The speech will have a broad theme, and Samaras is the first former prime minister to accept the think tank’s invitation, obviously because he will also have the chance to speak in proud Crete, especially in Heraklion, where New Democracy has suffered a setback because of the OPEKEPE affair. Invitations were sent to all MPs from the prefecture, but I hear that all three “blue” MPs will be absent. Avgenakis does not have particularly warm relations with Samaras, while Kostas Kefalogiannis has another commitment, and Maximos Senetakis considered attending because of his friendship with Lambrinos, who is also his lawyer, but ultimately will not be present. It will, however, be interesting to see which New Democracy figures go to listen to the former prime minister, who yesterday at Tagaras’ funeral kept his distance from Mitsotakis.

Macron and his people

Kyriakos Pierrakakis’ presence yesterday at the Élysée Palace was primarily focused on a meeting with the new Secretary-General of the French Presidency, Pierre-André Imbert. However, attention was drawn by his brief conversation with Emmanuel Macron. It was not the first time the two had exchanged views, even briefly, and many recalled that during the recent French business mission to Athens, Macron publicly referred to the Greek minister twice. And since I mentioned the French president, it is worth noting that Pierrakakis’ visit to Paris confirmed something else as well: the relationships the Greek side has developed with Macron’s inner circle continue regardless of the individuals involved or the offices they hold. The day before yesterday, the Finance Minister and President of the Eurogroup was among the first to meet Emmanuel Moulin on his first day as Governor of the Bank of France. The relationship between the two men has been built over the recent period, when Moulin served as Secretary-General of the French Presidency and was one of Macron’s closest collaborators. And yesterday, as I already told you, Pierrakakis once again passed through the doors of the Élysée Palace for an extensive meeting with Moulin’s successor, Pierre-André Imbert. Thus, within just two days, he met both the man who left the most powerful office in the French Presidency and the one who succeeded him.

Skertsos, Kövesi, and the rule of law

Ahead of this year’s European Commission Rule of Law Report on Greece, Minister of State Akis Skertsos flew to Brussels, met with Commissioner McGrath, and listed the progress Greece has made—documented and measurable—on last year’s four recommendations from the European Commission. Without tiring you with details, I’ll simply say that 28 of the 39 reforms and investments related to the rule of law under the Recovery and Resilience Facility have been implemented. In fact, over the last four years Greece has improved its performance in similar important reports by other reputable, independent organizations assessing the state of the rule of law (OECD reports on anti-corruption, Transparency International, The Economist, and the Council of Europe). But Akis Skertsos also dismantled, with arguments, the claims made by Laura Kövesi in the letter she sent to the Commission. He cited three specific points to the responsible Commissioner: First, that the Greek state has consistently supported and responded positively to all requests from the European Public Prosecutor’s Office for institutional strengthening, including increasing the number of prosecutors from 7 to 13, introducing financial incentives, providing administrative support, tightening penalties through regulatory interventions, and so forth. Second, regarding the issue of renewing prosecutors’ terms, which Kövesi requested, Skertsos stated the obvious: it is a legal disagreement between the independent Greek judiciary and the European Public Prosecutor’s Office, into which the government cannot intervene while respecting judicial independence and self-governance. As for accelerating procedures involving political figures, there had been public agreement from the European Public Prosecutor’s Office itself, expressed by Ms. Kövesi when the proposal was presented to her, as well as agreement at the technical level from her associates regarding the final version of the legislation that was passed. In essence, the measure does not affect the powers of the European Public Prosecutor’s Office at all; it merely speeds up the handling of such cases and elevates the rank of the investigating judge reviewing the evidence to that of an appellate-level judge. And third, he referred to developments from the past week that led, on the one hand, to the closure of 2 out of 13 cases and, on the other hand, brought to light an expert report reducing by nine-tenths the estimated scope of the damage to the level of simple misdemeanors. This report, which was not submitted in a timely manner to the relevant parliamentary committee, raises questions regarding both the formal and substantive safeguarding of the fundamental right—and obligation—to a fair trial. An obligation from which, naturally, not even the European Public Prosecutor’s Office is exempt. In short: “the treasure turned out to be coal.”

The next big deal

The next major deal with Greek—and not only Greek—flavor that is rapidly approaching (as a certain soul used to say about President Tsipras) is CVC’s sale of marina management company D-Marin. The process has been advanced by Goldman Sachs, and there is serious interest from major names, with sources speaking of a deal comparable in scale to CVC’s sale to Blackstone—the world’s largest alternative asset manager—of its stake in Skroutz, which valued Skroutz at €635 million. Blackstone’s Greek portfolio already includes Hotel Investment Partners, a stake in Fraport Greece, and more. In D-Marin’s case, sources speak of a valuation approaching €1 billion. The company, which generates annual profits of roughly €70 million, currently manages 26 marinas. In Greece, it manages the Zea Marina in Piraeus, the Lefkada Marina, and the Gouvia Marina in Corfu.

Banks: Mandatory changes to dividend payment schedules

Banks have been forced to change the dates for dividend ex-dates and distributions, as the Single Supervisory Mechanism (SSM) has not yet provided the formal approvals required for the payouts. In Eurobank’s case, the dividend ex-date is being moved from June 8 to June 10, while payment is postponed from June 12 to June 15. Since the adjustment is minor, the bank has received informal notification from the supervisor and is awaiting the official letter. The same applies to National Bank, as it appears that similar assurances have been received from the SSM. Accordingly, the ex-dividend date moves to June 10 from June 5, while payment shifts to June 15 from June 12. For Piraeus Bank, where the ex-date for the capital return had been scheduled for June 9 and payment for June 15, the new ex-date is August 3 and the payment date August 7. The change was necessary because the bank is carrying out a capital return, a process that requires 40 days following publication in the General Commercial Registry (GEMI). As for Alpha Bank, there is no issue because its annual general meeting will take place on June 26, when the dividends will be approved. This is the last year in which Greece’s systemic banks require SSM approval before proceeding with distributions.

Lamda: Bond offering closes, ION due diligence continues

Tomorrow, June 5, marks the end of the public subscription period for Lamda Development’s corporate bond. According to the timetable, trading of the bonds will begin on June 10. The size of the issue is expected to reach between €330 million and €350 million. The company will use €320 million to repay a bond issued in 2020, with the remainder allocated to financing needs. According to the prospectus, the listed company’s main shareholders, Consolidated Lamda Holdings S.A. and Brevan Howard Capital Management, hold 44.76% and 8.6% of total shares respectively. At the same time, the prospectus revealed that the major agreement with the ION Group remains subject to the successful completion of due diligence by the investor and the finalization and signing of contractual documents, a process expected to conclude by the end of July. The deal concerns the acquisition of land for the development of an International Research & Innovation Center at Hellinikon, an investment exceeding €1.5 billion by the ION Group, with completion targeted for 2030. Lamda is expected to receive €450 million from the transaction.

Seanergy prepares its move

According to information, shipping company Seanergy, owned by Stamatis Tsantanis, is next in line to enter Euronext Athens through a bond issuance that will trade in the Main Fixed Income Securities Market. The company has established a strong presence in U.S. capital markets, remaining listed on Nasdaq since 2008. It focuses exclusively on Capesize vessels while simultaneously renewing its fleet. In recent years, it has made substantial investments, more than doubling its fleet size. Meanwhile, strong Capesize freight rates continue to create favorable conditions for further expansion.

Withdrawal cap imposed by Partners Group (owner of Pharmathen)

Private equity firm Partners Group has imposed withdrawal limits on its Global Value SICAV fund, which manages approximately AUD 8.6 billion. The fund now allows withdrawals of up to 5% of net assets per quarter because redemption requests increased to around 9.8% during the second quarter. This development follows broader nervousness across evergreen and semi-liquid private market funds, particularly in private credit, where other major asset managers have also restricted withdrawals. Partners Group acquired Pharmathen from BC Partners in July 2021. Pharmathen develops and manufactures generic pharmaceuticals and operates two production facilities approved by U.S. and European regulators, with headquarters in Greece. The transaction was valued at approximately €1.6 billion, making it one of the largest private equity deals ever completed involving a Greek company. Partners Group manages €170 billion in assets, of which €80 billion is in private equity.

The judicial millstone of PROODEFTIKI

Thirty years after its listing on the Athens Stock Exchange, PROODEFTIKI S.A. is under surveillance status despite having neither negative equity nor overdue liabilities. The problem is simply that the current management has been unable to issue financial statements for the previous year despite the company’s insignificant economic size. On June 2, the Athens Single-Member Court of First Instance issued another ruling (Decision 3,623/2026) regarding an injunction application filed by Char. Koutounidis, holder of 1,741,372 registered shares (7.16%), ordering the convening of a General Assembly on July 2, 2026, with the sole agenda item being the election of a new Board of Directors. The current board, led by Chairman Georgios Kontolatis, refused to convene the assembly within the 20-day deadline following notification of the request (January 30, 2026) and also attempted to challenge the applicant’s shareholder status. The court explicitly rejected that claim as “substantively unfounded.” Clearly, there is extensive backstage maneuvering. National Financial Services LLC, acting as custodian, represents Koutounidis as the beneficial owner and is in open conflict with the current management over a financing agreement with LDA Capital. The General Assembly of April 21, 2026, had already recorded the majority shareholders’ disapproval of the management. The new July 2 meeting, now ordered by the court, appears likely to put a final period to the matter.

New records for Motor Oil and HELLENiQ ENERGY

The return of international oil prices to the $100-per-barrel range has created an extremely favorable environment for refinery stocks, as heightened geopolitical concerns and limited crude supply are boosting refining margins. This has been reflected on the Athens Stock Exchange, where both HELLENiQ ENERGY and Motor Oil have been breaking one record after another, each posting gains exceeding 26% since the beginning of the year. HELLENiQ ENERGY was the star performer of yesterday’s session, rising 2.3% to €10.54. These are price levels not seen since June 2008—an 18-year high. Breaking through the €10.50 threshold opens the way to new technical resistance levels. The next immediate target is €10.56, the closing price of June 13, 2008. If surpassed, the path toward €11 becomes open, a level not seen since January 2008. After a powerful rally fueled by its strategic moves in the circular economy, Motor Oil continued its upward trajectory, gaining another 0.5% to close at €39.58. This represents yet another all-time high, with the group’s market capitalization expanding further to nearly €4.4 billion. Motor Oil is now setting its sights on breaking through €40, a target considered only a matter of time given the strong news flow and robust cash generation supported by current conditions in the oil products market.

Mutual fund assets exceed €32 billion

This summer has brought a record for the Greek mutual fund market. Despite geopolitical tensions and interest-rate uncertainty, assets under management in Greek mutual funds have exceeded €32.1 billion. For the first time in more than two decades, the market has surpassed the €32 billion threshold and is now just €2.35 billion away from the all-time record set in 1999. From 2020 to today, mutual fund assets have nearly quadrupled—from €8.09 billion to €32.19 billion over six years. Since the start of 2026, assets have increased by more than €2.76 billion (+9.36%), with net inflows of €1.64 billion. In the past week alone, Greek investors purchased mutual fund units worth €58.43 million. During the first five months of 2026, total market net inflows reached €1.57 billion, down 42% compared with the same period last year. Banking sources describe this slowdown as normal after three years of average annual net inflows of around €4.5 billion. Others, less optimistic, see signs of household liquidity fatigue and uncertainty arising from global geopolitical disruptions. Greek equity mutual funds now represent just 13.20% of total assets, far below the 40.92% share recorded in 1999.

Maria Angelicoussis’ messages

At Posidonia, Maria Angelicoussis’ appearance at the Capital Link Leaders’ Summit, on a panel discussing the global energy market, did not go unnoticed. Not only because of the significance of the Angelicoussis Group today, but primarily because her remarks suggested she is looking beyond the current crisis. While many focused on tensions in the Middle East and the implications of a closure of the Strait of Hormuz, she chose to highlight the resilience of the global energy system. Maria Angelicoussis did not describe a system bending under the weight of geopolitical developments, but one that adapts, seeks alternative routes, and finds new balances. Calmly and without dramatic rhetoric, she explained why the energy market has managed to absorb the shock despite major disruptions in oil and LNG prices. Particularly noteworthy was her emphasis on the growing importance of the United States as an LNG exporter to Europe and Asia.

What Travlou’s speech at Posidonia “revealed”

At the opening of Posidonia 2026, Melina Travlou’s speech was delivered in a restrained tone but carried strategic depth and clear intended recipients. Officially, the message from the President of the Union of Greek Shipowners concerned the importance of shipping to the global economy and the need to protect freedom of navigation. Behind the scenes, however, her remarks were interpreted as a reminder that the sector does not accept being treated merely as a regulated industry but as a critical infrastructure of international power. References to maritime tensions in areas such as the Red Sea and the Middle East served as a clear message to governments and institutions that shipping now stands on the front line of geopolitical instability rather than at its margins. On the European front, her reference to shipping competitiveness was interpreted as a discreet but firm warning to Brussels that green transition policies cannot proceed without conditions ensuring a level playing field globally. Likewise, regarding decarbonization, the implication was unmistakable. The sector is investing, but it does not control the critical tools of the transition: fuels, technology, and infrastructure. This “control gap” has now become the industry’s primary pressure point toward governments and the energy market.

Xylas on the Posidonia Football Tournament pitches

With a Champions League flavor—albeit in a shipping-industry version—Giannis Xylas’ ARISTON continues to write its own golden history on the pitches of the Posidonia Football Tournament. The team of the well-known shipping company won the Posidonia 2026 championship, confirming its complete dominance of the competition. It was the fourth title in the last five tournaments.

The gathering of lenders from Riga to Athens

The customary closed-door meeting of government borrowers is taking place these days in distant, cloudy Riga, Latvia, away from media and cameras. It is the World Bank’s Government Borrowers Forum (GBF). The first notable piece of news is that next year the GBF will convene in Athens. Public debt managers from around the world are meeting this year under particularly tense conditions. The macroeconomic environment leaves little room for optimism. Governments and the private sector are expected to borrow $29 trillion from bond markets this year. The yield on the 10-year U.S. Treasury stands at 4.5%. Central banks have significantly reduced their holdings of government bonds, leaving markets increasingly dependent on price-sensitive investors—hedge funds, private investors, and institutions—with the accompanying risk of greater volatility. European Commissioner Valdis Dombrovskis, a Latvian, also addressed the gathering. One clear message emerges from Riga: volatility in bond markets is no longer viewed as a cyclical phenomenon but as a structural feature of the global economy. At this time next year, the GBF will be held in Athens to symbolize a major transformation. Greece, which spent a decade sitting in the seat of the bankrupt debtor, is returning to the core of the developed economies as host, with a clear agenda focused on deepening capital markets through the Savings and Investments Union and promoting the digital euro as a tool of Europe’s strategic autonomy.

The revenge of Greece’s mining companies

Suddenly, Greece is acquiring strategic importance within the European mining industry. The Association of Mining Enterprises (SME) celebrated its first century of presence in the Greek economy. At yesterday’s General Assembly, President Konstantinos Yazitzoglou described Europe’s dependence on Asian monopolies for rare earths and critical minerals, as well as a global struggle that is reshaping supply chains in real time. The market is changing. Hellas Gold (Eldorado Gold), through its Skouries project in Halkidiki, is entering the production phase, placing Greece on Europe’s copper production map. Greece is now positioned as Europe’s third-largest gold producer. Metlen is moving ahead with gallium production, a rare-earth-related critical material essential for semiconductors and defense technology. Before the end of 2026, Greece is expected to begin production of two critical and strategic minerals: copper and gallium. At the same time, a new legislative framework is taking shape in Europe, while the United States is implementing new critical-mineral security plans and accelerating the energy transition. All of this is generating demand that traditional suppliers can no longer reliably satisfy. The industry’s demands in Greece focus on the Mining Operations and Exploitation Code (KMLE), which is currently regarded as outdated, and on stronger spatial-planning legal certainty, which companies consider insufficient.

Strong language from S. Theodoropoulos

At the same General Assembly of the Association of Mining Enterprises (SME), held yesterday at the Royal Olympic, the president of the Hellenic Federation of Enterprises (SEV), Spyros Theodoropoulos, spoke in particularly strong terms. He repeated a personal experience from a few years ago, when he met a European Commissioner who told him clearly that she was not concerned about the deindustrialization of Europe: “I do not want heavy industry in Europe.” Today, Europe is paying the consequences of that policy choice: deindustrialization, energy dependence, and loss of strategic autonomy. Europe is three to six times more expensive in energy than its major competitors. Member states apply different support models for businesses depending on their energy mix. While Europe is still debating, its competitors are accelerating. In a recent meeting of major European companies, it was found that only 6% of ongoing investments are located in Europe. Greece is at a disadvantage compared to countries with lower debt, as it has less fiscal space to subsidize industrial energy costs. It is not only a matter for Brussels, but also a matter of fiscal suffocation due to years of excessive debt. Theodoropoulos concluded with a strategic proposal that goes beyond the usual calls from industry: he urged mining companies to step outside their sector and speak to society, to build social legitimacy. “Tourism has done it,” he said. Industry, until now, has remained silently burdened by guilt.

Money has changed sides

For many years, “smart money” aggressively bought cryptocurrencies, with Bitcoin as the undisputed leader. Yesterday, Bitcoin fell below $66,000, reaching a low of $65,710, losing more than 45% compared to its all-time high of $126,200 in October 2025. At the same time, Wall Street was hitting new records, led by Nvidia. Crypto is falling, Artificial Intelligence is winning. U.S. spot Bitcoin ETFs recorded a record eleven consecutive sessions of outflows, totaling around $3.45 billion—the longest streak in their history. Smart money appears to be searching for its next paradise, which currently seems to be Artificial Intelligence. Technical analysts say the crypto market moves with an 84% correlation to the Dow Jones index. Yesterday, forced liquidations reached $1.8 billion. The Fear & Greed Index dropped to the 20 level. For Bitcoin, the next technical threshold is $65,000, followed by a possible slide toward $60,000.

The Cinderella from Taiwan

Jensen Huang of Nvidia took the stage at Computex Taipei and said just five words: “The next trillion-dollar company.” Next to him stood Marvell Technology CEO Matt Murphy. Huang praised Murphy’s company as an essential pillar of the AI infrastructure era. Marvell’s stock surged 32.52% in a single session—the largest daily gain in its history. His argument was simple and compelling: every computational problem is distributed across thousands of chips that must communicate with each other. Connectivity is now essential. That is exactly where Marvell excels. Its networking and optical interconnect chips are the “hydraulic infrastructure” of large data centers—unseen, but indispensable. Nvidia had already committed a $2 billion investment in Marvell, integrating it into its NVLink Fusion alliance. Marvell itself had projected that custom chip development could exceed $10 billion in annual revenue by 2029. The stock has already gained 230% since the beginning of the year. Jensen Huang’s endorsement simply accelerated the trend. The AI revolution has now entered a new phase: demand is no longer focused on raw computing power, but on communication between chips. That is the new highway of wealth and dominance.