Hello, and in this way, because of the developments involving Thymios Bakogiannis, Mitsotakis did not delay it for long and wrapped it up within a few hours. After all, this is nothing more than filling vacant positions. My source, a highly credible one from the Prime Minister’s Office, whom I asked how this came about, explained to me: “We are already in a pre-election phase. Whether it is autumn or spring, Mitsotakis will decide what he is going to do, but it is close either way, so this is not the time for experiments.” Which, interpreted by me, means that replacing Pavlos Marinakis involved risk, and K.M. rightly decided against it, as I had intuitively written yesterday as well. Besides, the position is difficult by nature, at times an “electric chair,” and not something to gamble with. As for the rest, Kotsiras is the new all-purpose name. I admit I do not know him personally, but his colleagues speak highly of him. As for Markopoulos, it seems Mitsotakis owed him something for his support during difficult times, though Pierrakakis also wanted him. And Soukouli is someone the Prime Minister trusts completely—she is also an engineer and a Member of Parliament for Corinthia.

In Chania…

Now, I more or less knew these things already, although I will return to them later. But from my conversation with my highly credible source (Prime Minister’s Office), I focused on that phrase: “Mitsotakis will go to elections either in the autumn or in the spring…” and followed up. My source told me: “Listen, the President will spend August, as he does every year, between his office and Chania. He will mainly assess the course of the international economy, and of course it is summer, so everything must also go well during the wildfire season. Then, after consulting the pollsters, he will make the big decision around that time, or by September 1 at the latest. Therefore, I believe September 1 is another ‘box’ in his head, because Mitsotakis operates in an orderly and organized manner, always with planning and structure. He may even set mental deadlines for critical decisions. So, if he presses the ‘election button’ this autumn, do not be surprised if he targets September 27. The reason for September rather than, say, October, is that he is somewhat superstitious, because I am told New Democracy has never won elections in October. Of course, we also have to talk about (and write) a few scenarios so that people keep reading the column, right?”

Surprise Move

K.M. nevertheless caught the entire system off guard with his decision to reshuffle the government yesterday instead of waiting a few more days. It is telling that Marinakis, during the briefing, was saying “by Thursday,” and Mitsotakis made the changes an hour after the briefing ended. The first person to receive a phone call was Giorgos Kotsiras, who is moving to the Ministry of Transport and had, in fact, parliamentary questions to answer in Parliament. When his transfer was announced, he approached NIKI party leader Dimitris Natsios and Kazamias from Plefsi Eleftherias and asked that the questions not be addressed, since although he was technically still Deputy Minister of Finance, it would have been somewhat inappropriate. Kyranakis, meanwhile, was in Luxembourg yesterday for the Transport Ministers’ Council, so he did not have a firsthand picture of developments.

Appointment to Ministerial Office and Case Closure

A special case in the reshuffle is that of Tasos Chatzivasileiou, who, as events have shown, was unfairly implicated in the OPEKEPE affair. Yesterday was therefore a doubly joyful day for the MP from Serres, who belongs to Mitsotakis’ inner circle, because his involvement in the case was formally shelved by the Court of Appeal following the prosecutor’s recommendation. Thus, a heavy burden that began with a message and a question concerning a pair of producers was finally closed. Since I am speaking about Chatzivasileiou, let me tell you that the bureaucratic preparations for his position at the Ministry of Foreign Affairs—which did not exist until now—are the reason the swearing-in ceremony is scheduled for next Friday rather than taking place immediately.

Tsipras’ Announcements

Tsipras held several meetings yesterday, and the common conclusion is the following: toward the end of the week he will announce the first governing bodies of ELAS. That is, a morning coffee meeting with key associates who will form the core team, something akin to an Executive Office, and another body resembling a National Council with somewhat broader participation.

Doukas Borrows €75 Million from the European Investment Bank

Tomorrow, Wednesday, June 10, the Athens Municipal Council meeting is expected with great interest (and, naturally, the reactions as well), where the issue of a loan agreement between the Municipality of Athens and the European Investment Bank is expected to be discussed. The loan concerns €75 million and, according to the municipality, will be allocated to infrastructure projects—primarily school infrastructure—while the mayor will also be authorized to request the first disbursement of €22.5 million.

Papadopoulou in Libya

Deputy Minister Alexandra Papadopoulou departs today with the Greek negotiating team, which also includes two members of the Special Legal Service of the Ministry of Foreign Affairs, for Cairo, from where they will travel to Tripoli tomorrow morning. There, the second round of talks with the Libyan government will take place regarding the delimitation of the Exclusive Economic Zone (EEZ), a meeting of great importance, although no “miracles” are expected, since there remains a significant gap between the two countries. Until now, there had been efforts to create faits accomplis through the Turkey-Libya Memorandum. However, there is now also strong pressure from Athens through the granting to Chevron of rights over the two offshore blocks south of Crete, which overlap with the area that, according to the Turkey-Libya Memorandum, would fall under Libyan control. The Greek side is also waiting to see the composition of the Libyan delegation, as Eastern Libya has expressed a desire to participate in the talks as well. However, it is still unknown whether the Libyans have found a formula that would allow both sides to be represented in the negotiations, as has occurred in other forums.

Now Even…Motor Oil Coffee

Motor Oil has begun a series of meetings with investors for the issuance of a new five-year eurobond of up to €400 million maturing in 2031. The move is linked to the maturity of the existing €400 million eurobond issued in 2021 with a 2.125% coupon and due in July 2026. It is refinancing, but in a very different interest-rate environment from that of the original issuance. A critical detail: the new bond will be included in the Group’s consolidated balance sheet, rather than that of the refinery itself, a move that paves the way toward obtaining an investment-grade rating—a goal that Motor Oil’s management, through P. Tzanetakis, has stated it intends to pursue soon. At the same time, P. Tzanetakis confirmed strong profitability for 2026, with April–May results continuing the positive momentum of the first quarter. The highlight, however, was not the numbers but the coffee. Motor Oil announced that it will produce and distribute its own coffee brand through its fuel stations.

Strong Fundamentals, Discounted Stock

On that note, it is worth mentioning that the 26-page report published by Alpha Finance – Axia Research on Motor Oil reflects the group’s intention to accelerate its transition from a strong refining company into a diversified energy group with a regional presence across Southeastern Europe. The company’s main advantages include the refinery’s high efficiency, diversification of profit sources, a strong investment presence in renewable energy, and the gradual reduction of debt. According to the analysis, the company is expected to generate adjusted EBITDA of approximately €1.4 billion in 2026, while free cash flow generation remains particularly strong. Analysts remain positive in their outlook, seeing room for further valuation upgrades, with Motor Oil trading at levels considered attractive relative to comparable European companies in the sector—specifically at a 21% discount to the European Oil & Gas sector.

Domes Resorts’ New Project

The new project by the Spanos family’s Domes Resorts in central Athens is moving forward through the licensing process. It concerns a new luxury boutique hotel on Mitropoleos Square. The property is a listed building owned by Prodea Investments REIC, which will be converted from office use into a five-star hotel with 36 rooms. Domes Resorts CEO Giorgos Spanos describes it as a project on Mitropoleos Square “with an outstanding pedestrian street in front and a unique rooftop, in cooperation with an excellent restaurant brand. We hope to begin within the next quarter, with construction expected to last around 16 months,” he said. The property, located in a prime position on Mitropoleos Square, until recently housed shops and offices, including a branch of the National Bank of Greece, as it was one of the older properties that entered Prodea’s portfolio through the banking property portfolio. The 3,093-square-meter building had, in the distant past, housed the offices of Hellenic Woolen Mills.

Take It More Gently, More Carefully

The tone chosen by “legal circles of the banks” to express their views regarding the calculation of interest for borrowers under the Katseli Law, following the recent Supreme Court ruling, was unpleasant to the point of arrogance. The issue is not related to the legal interpretation itself, which one may discuss, accept, or challenge, but rather to the tone of strict and uncompromising ex cathedra instruction adopted by these “legal circles of the banks” in presenting their arguments. No one expected a display of social sensitivity, but neither did anyone expect the matter to be treated as a mere academic exercise in civil law or as “simple mathematics,” with an evident tendency to dismiss those who disagree. “For anyone who claims otherwise…,” the relevant text states, “we do not refer them to the Civil Code, but to the decision itself, which on page 44 clearly…” Elsewhere it says that “we learn this in the second year of law school…” (namely, that interest is a quantity of money, etc.) before posing and answering the question: “Do borrowers benefit? That too is a matter of arithmetic.” A more measured and cautious rhetorical tone from the “legal circles of the banks” would not have hurt. After all, there are legal scholars who express opposing views, and moreover, we should not forget that it is the courts that ultimately interpret the law. And in this case, we are discussing a decision of the Supreme Court.

Mastoras’ New Company

In today’s world, singers and other artists make sure that, beyond the stage and while their popularity lasts, they engage in other activities as well, thereby securing their future to some extent. The popular singer Christos Mastoras appears to have new investment-oriented ventures in mind. Thus, yesterday, Monday, June 8, the company Calma Holding was established in Athens, with objectives including holding-company services, business consulting and management consulting, and services related to financing entities and investment companies (in shares, securities, real estate, etc.). The initial share capital amounts to €515,000, divided into 515,000 company units with a nominal value of €1 each. The entire amount was contributed by AlmaProductions, while Christos Mastoras was appointed manager and representative. For your information, Alma Productions P.C. was established in March 2019, with its primary activity being singer services, along with a range of secondary activities, from audiovisual post-production, editing, recording, and music publishing services to property management and public relations. Its sole partner and manager is Christos Mastoras himself.

The Crazy Stock-Market Dance of World Cup Tickets

On social media there is an uproar. As always, there are also many exaggerations. One very popular post accuses FIFA of increasing the price of the most expensive final ticket by “+396%,” from $1,607 in Qatar in 2022 to $6,370 in 2026. The arithmetic is not entirely accurate, but it contains many truths. The official base face value for a Category 1 final ticket at MetLife Stadium is $6,730, representing an increase of roughly 319% compared with the previous World Cup. For the first time in its history, FIFA is applying dynamic pricing to tickets. This is known as “surge pricing,” the same model used for airline tickets and hotels. There is no longer “one price.” Instead, there is a price range that changes according to demand. Tickets started at $60 for a group-stage match (Category 4), while the top price reaches $6,730 for the final. However, in the premium Front Category 1 section, FIFA’s own platform pushed face-value prices as high as $32,970. On StubHub, final tickets start at $7,200. The system also works in reverse. In 2025, at the Club World Cup, the semifinal between Chelsea and Fluminense fell from $474 to $13.40. The law of supply and demand. This year, FIFA brought stock-market logic into the stands. The price of every ticket no longer reflects the product itself, but rather the crowd’s desire for it. And desire, like any investment product, is priced in real time.

Jumbo: Pressure on the stock, concerns over guidance

Jumbo came under selling pressure yesterday. The stock traded in negative territory throughout the session and finished at its intraday low, plunging 2.17% to €22.50. With this decline, the share price once again approached its negative record and yearly low of €21.50, reflecting investor caution. The trigger for the correction was the official announcement of the company’s results for the first five months of 2026. Although the group’s total sales increased by about 4% both in May and over the five-month period (January–May 2026), the market focused on the macroeconomic pressures affecting the Romanian market and on the slower pace of sales growth to the franchise and wholesale network, due to geopolitical uncertainty and comparison with a strong base last year. The main burden, however, was management’s warning regarding this year’s forecasts. Although the group is maintaining its investment budget unchanged, it made clear that if current international geopolitical conditions persist beyond the first half of the year, it will reassess its guidance, most likely when publishing first-half 2026 results. The prospect of such a revision unsettled short-term portfolios, leading to controlled selling despite the fact that the €22.50 zone remains attractive for long-term investors.

Banks erected a “barrier”

In a session marked by heightened volatility and sharp swings between gains and losses, the heavily weighted banking sector acted as a pillar of support for the Athens Stock Exchange. Investors appeared particularly cautious due to renewed geopolitical tensions in the Middle East and the fragile ceasefire, yet buying interest in banks prevented a worse outcome, keeping the market above the technical threshold of 2,350 points. The banking index, continuing its positive trajectory after last Friday’s 1.14% gain, helped counter international pressures. At the center of the upward move were Piraeus Bank, Alpha Bank, and Eurobank, all of which posted notable gains exceeding 1%. In this way, they completely reversed the negative picture of the session’s opening hours, demonstrating that the sector remains the driving force of the Greek market. A positive report from Jefferies also played a decisive role in attracting buying interest, confirming that Greece continues to maintain a strong growth story in the banking sector. Although sellers had the final say during the closing auction, preventing the General Index from ending in positive territory, the banks’ strong performance confirmed both their resilience and their fundamental protection against external crises.

Intesa Sanpaolo’s offer

Intesa Sanpaolo, Italy’s largest bank, is aiming for a major move with Monte dei Paschi di Siena. It submitted an offer valuing each Monte dei Paschi di Siena (MPS) share at €10.09, representing a 12.5% premium over last Friday’s closing price. Intesa is offering 16 new shares of its own for every 10 MPS shares, plus €1 in cash for each MPS share. The total value of the transaction amounts to €30.6 billion. Based on MPS’s latest published figures, its tangible net worth after the acquisition of Mediobanca is estimated at €22–23 billion. In other words, the transaction is being conducted at roughly 1.3x–1.4x the company’s tangible net worth. Mediobanca currently posts a return on equity (ROE) of approximately 12%–13%.

Billions “fell” at Posidonia and many did not notice

While attention was focused on geopolitical developments, the green transition, and discussions about the future of shipping, billion-dollar agreements were being signed behind the scenes at Posidonia, confirming why Athens remains the industry’s global focal point every two years. Deals followed one after another, with Greek shipowners taking the lead in new vessel orders and investment plans far exceeding the market’s usual scale. The order for 12 VLCCs from Dynacom Tankers, worth $1.47 billion, kicked things off, followed by agreements totaling $2.2 billion from Hengli Heavy Industries, with a strong Greek footprint. Those who know the shipping market well say that the real news at Posidonia is not always found in official speeches and panel discussions. It is found in closed-door meetings, negotiations, and agreements prepared months in advance and ultimately announced in Athens.

The message governments sent from Posidonia

There was one detail at this year’s Posidonia that did not go unnoticed by experienced observers: the unprecedented presence of government and intergovernmental representatives. Shipping was once primarily the business of shipowners and brokers. Today, it stands at the center of discussions on energy security, international relations, and economic sovereignty. For this reason, many viewed this year’s Posidonia as more than a trade exhibition. They saw it as an informal international summit on the future of global commerce.

The room could not fit another person

Those who attended Posidonia agree that one event attracted more attention than any other: the annual press conference of the Union of Greek Shipowners. The packed venue and the presence of dozens of foreign correspondents demonstrated that the international shipping community is paying very close attention to statements coming from the Greek side. And this goes beyond business. At a time when decisions concerning the environment, energy, and trade are increasingly made at the political level, the positions of Greek shipping carry weight extending far beyond the boundaries of the sector.

Now these are businesses: From astrology to internet communications

The things one can encounter in this country, even among newly established companies, can surpass the wildest imagination. For example, a few days ago a company named “Noema Core” was incorporated in Kallithea, Attica, with share capital of €20,000. Now for the interesting part. The company’s primary activity is listed as “astrological and spiritualist services.” Fair enough—there is demand for such things. However, the company’s stated purposes extend much further. They include data transmission services via wired telecommunications networks, telephone customer service operations, information technology design and development services, telematics software development and support, multimedia services, website creation, distribution of parking cards, phone cards and internet cards, full-service advertising, and even call center services. In other words, the company undertakes everything from astrology to wired and internet communications, advertising, call center operations, and various other activities that appear unrelated both to one another and, above all, to its core business. As people used to say: “I’ve got anchovies too…”

Neither Peace nor War, and the terror of July 9, 2026

The roller coaster in oil prices heated up again yesterday. Oil did what it has been doing for the past three and a half months: it surged, then fell, and then rose again. Brent crude climbed as much as 3.2% early in the morning as Israel and Iran exchanged strikes. It later retreated to gains of just 1.39% after Iran announced it had halted attacks against Israel, while reserving the right to resume them if Israel did not reciprocate. This is the new normal: neither peace nor war. Rather than experiencing an explosive price spike, oil markets are operating under a strange and opaque defensive mechanism known as the use of strategic reserves—a system that is steadily weakening. Since the conflict began on February 28, with the closure of the Strait of Hormuz and the disruption of 20% of global oil flows, three “shields” have kept prices in check. The International Energy Agency activated the largest emergency stock release in its history, releasing 400 million barrels from the strategic reserves of its 32 member countries. At the same time, Russian and Iranian oil that had been stored in tankers was brought to market. The United States, as the system’s largest individual contributor, has released approximately 58 million barrels from its Strategic Petroleum Reserve (SPR), reducing it by 14% to 357 million barrels—the lowest level since January 2024. How much longer can this system endure? Samantha Gross of the Brookings Institution has identified July 9, 2026, as the date when all extraordinary global reserves—Russian, Iranian, and IEA-related—will be exhausted. After that date, the market will have to absorb the full shock of a disruption of roughly 7 million barrels per day without any cushion.

“American socialism” in artificial intelligence

Last Saturday, aboard Air Force One, Donald Trump confirmed what had been discussed behind the scenes for more than a year. The U.S. government is considering acquiring equity stakes in AI giants. It would begin with OpenAI, Anthropic, and xAI. The President stated that the American citizen would “essentially become a partner.” Last April, OpenAI proposed a “Public Wealth Fund”—a state vehicle funded by free equity grants. Rather than buying shares, it would receive them and distribute AI profits directly to citizens. Sam Altman had reportedly pitched the idea to Trump as early as the beginning of 2025, and appears to have found a receptive audience. Since returning to the White House, the President has entered into at least ten similar agreements. Among them, a 10% government stake in Intel (2025) stands out. OpenAI is now valued at more than $850 billion and is preparing for an initial public offering next September. Anthropic has confidentially submitted listing documents, while xAI has been absorbed by SpaceX, which is reportedly preparing what could become the largest IPO in history. The “American leftist” Bernie Sanders, through the “American A.I. Sovereign Wealth Fund Act,” has proposed a one-time 50% tax payable in shares, along with board seats and voting rights. Naturally, critics raise questions. Would the state oversee companies in which it owns stakes? During crises, would a “too big to fail” dynamic emerge? What is undeniable is that in the capital of capitalism—where for decades the state was taught not to interfere with markets—the government is now seeking seats on corporate boards and a share of algorithmic profits.

“Micro-strategy” games with bitcoin

Just a few days ago, Strategy (formerly MicroStrategy), led by Michael Saylor, announced that it had sold a small amount of bitcoin to pay $2.5 million in dividends to preferred shareholders. It was the first sale since 2022 and shattered the myth of “we never sell bitcoin.” Yesterday, on the very day of the annual shareholders’ meeting, Saylor announced the purchase of 1,550 BTC at an average price of $65,332. On the day of the announcement, Bitcoin had fallen as low as $63,000, meaning the purchase was made at a considerably higher price than the prevailing market rate. Strategy now holds 843,706 BTC at an average cost of $75,699 per coin. As a result, it has an investment position worth $63.8 billion that currently shows an accounting loss of $11.2 billion at prevailing prices. The U.S. Financial Accounting Standards Board (FASB) now requires companies to value their digital assets at current market prices each quarter. Consequently, accounting losses flow directly through earnings. The central topic of yesterday’s shareholders’ meeting was STRC, the “Digital Credit” instrument through which the company raises capital by issuing preferred shares to purchase bitcoin. Shareholders were asked to approve increasing the frequency of STRC dividend payments—from monthly to every two weeks. Saylor sent a message to shareholders that the company “continues to buy” bitcoin. However, on the betting platform Polymarket, the probability that Strategy will be removed from the MSCI index by the end of 2026 has risen to 63%. If Polymarket’s prediction proves correct, passive funds would be forced to sell their holdings.