Hello. The fact that Mitsotakis is seriously considering elections in the autumn is not evident only from the fact that he attends two events a day (something like a pill: one in the morning, one in the evening). I have also learned that a bill is being submitted under which, they say, the salaries of bishops will more than double, rising from €2,000 to €5,000! Truly divine, right? But I don’t know whether those saying it (and criticizing it) are exaggerating regarding the size of the increases. Anyway, that’s how it is when you are approaching the final stretch toward the ballot box. You yourself will appear much more in public because, let’s be honest, people vote for individuals, not only in Greece but everywhere. You will also try to settle your outstanding matters with whatever powerful or “useful” people are available on the market. Thus, for several months now (since Easter), K.M. has restored relations with almost everyone—businessmen and media owners alike—while at the Maximos Mansion they are also preparing the communications team that will fight the election campaign. Don’t imagine anything different from the 2023 campaign team. After all, “the president does not easily change habits and does not trust people and associates equally easily, so he consistently sticks with the same ones,” my source told me. Among the non-government figures (I mean those with a role) whom I know of, apart from the polling team, Thomas Varvitsiotis is once again appearing frequently at the Maximos Mansion. He is a traditional party figure with significant experience in communications and, naturally, politics. And before long, visits by the well-known American political consultant Stan Greenberg, who has been with him since the 2019 elections, will also become more frequent.

And Tsipras too…

Among the others “opposed” to Mitsotakis, although he announced a party only a few days ago, Tsipras appears the most prepared in terms of “high-level contacts” and relations with the media. Alexis’ usual wealthy friends-oligarchs never abandoned him, not even during difficult times. On the contrary, over the past three years, he himself (with some help from friends) managed to resolve outstanding issues with some of his most fervent media and other “enemies.” They did not become friends, but, to put it colloquially, “they won’t have it in for him” anymore, because he had the intelligence (or at least the cunning) to display a basic level of courteous political behavior. Poor Androulakis, meanwhile, is at the opposite extreme. Nikos, by contrast, seems hardly to speak to anyone, figuratively speaking, either inside or outside his party. But that’s his choice. What the otherwise likable PASOK figures—Geroulanos, Anna, Christodoulakis, etc.—have not understood is that in the end they may not even find any chairs left to inherit from what was once the mighty center-left party. Within Tsipras’ team, those working on polling are willing to bet that PASOK is now firmly in single digits. When you tell them, “You are biased because that is your opponent,” they reply: “Yes, but we are not claiming that Mitsotakis has collapsed or that we are polling higher than the surveys show. PASOK, however, is not above 9%, and you will see that soon enough.” We shall see…

PASOK and hydroponics!

PASOK is, if nothing else, a party renowned for inventing expressions, pompous phrases, and even empty rhetoric that means absolutely nothing. From the late Andreas Papandreou’s “non-war,” to Tsochatzopoulos’ “productive reconstruction and social restructuring,” and Laliotis’ “redemptive act of hope and perspective.” Today, the party’s new secretary, Giannis Vardakastanis, took it to another level. Wanting to demonstrate his social roots, he made a rather original comparison: “PASOK is not a… hydroponic party; it is a party deeply rooted in Greek society,” he said in an interview. He even insisted on “PASOK’s strategic goal of coming first in the elections.” The science of agronomy throws up its hands in despair.

Gerapetritis–Fidan

Since we are on diplomatic matters, let me tell you that Gerapetritis and Fidan are expected today to meet briefly on the sidelines of the South-East European Cooperation Process being held in Sofia. Officially, there is no one-on-one meeting between the two men on the schedule. However, I am told it is extremely likely that they will at least exchange a few words “standing up,” because otherwise people will start saying there is a crisis in bilateral relations. Of course, with Greek-Turkish relations you never really know. Even if they do meet, some will afterward accuse them of being too accommodating and argue that you should not speak with someone who threatens you with war and “Blue Homeland” claims.

Papadopoulou as career Deputy Foreign Minister

The swearing-in of the new members of the government will take place on Friday. Someone who closely follows government gazettes (FEK) drew my attention to the Foreign Ministry, where, with the presence of Tasos Chatzivasileiou, there would be four deputy ministers—which is not possible. For that reason, according to my source, a constitutional provision will be utilized to create the position of a “career” Deputy Foreign Minister, meaning someone coming from the diplomatic service. In the current lineup, that “career” deputy minister will be Alexandra Papadopoulou, since the new Chatzivasileiou and the existing deputy ministers Haris Theocharis and Giannis Loverdos are politicians elected by popular vote.

Papastavrou with Chevron and Exxon

“The government is cooperating with ExxonMobil and Chevron to develop Greece’s hydrocarbons sector,” Stavros Papastavrou said in an interview with Fox Business. In this spirit of accelerating timelines, I learn that during his trip to the United States he will meet executives from both American energy giants. Yesterday, as part of the Eastern Mediterranean Energy Business Forum organized by the Atlantic Council, Papastavrou met Chevron’s General Manager for International Relations. In Houston, he will meet Neil Hartley, the executive responsible for Exxon’s projects in Greece. The goal is to ensure that the exploratory drilling operation in the Ionian Sea, scheduled for February 2027, is not delayed by even a single day. Another objective is to complete seismic surveys south of Crete by the end of 2026.

The Kyranakis–Meimarakis phone call

Ahead of today’s Political Committee process for his election as the new party secretary of New Democracy, Kyranakis has begun calling MPs and party officials to gather the necessary signatures and, of course, to inform the party apparatus that he is taking over. I am told that one of the more interesting calls he made was to Vangelis Meimarakis, who has generally kept his distance and even attended the party congress without speaking. They spoke for quite some time. Meimarakis offered advice, given that he himself served as secretary of New Democracy for five years, from 2001 to 2006, and was a key figure in the party’s 2004 electoral victory. Since I am talking about that period, do not be surprised if Kyranakis also meets Karamanlis in the coming period, as Karamanlis generally receives visitors at his office.

Political Academies

Since we are on New Democracy matters, let me tell you that Political Academies will soon begin, as part of an effort to energize the party’s cadre base ahead of the elections. The launch takes place tomorrow, Thursday, in Thessaloniki and will be Kyranakis’ “premiere.” The core group of participants also includes New Democracy General Director Giannis Smyrlis, Skertsos, Kontogeorgis, Nikos Romano, while Vasilis Fevgas, Dimitris Kairidis, Makis Voridis, and Christos Dimas will also travel to Thessaloniki. Between 250 and 400 party officials will participate in a four-hour program. Future stops include Agrinio next week, then Ioannina, and Larissa in early July.

Attica Department Stores on the stock exchange

Toward the last week of June, the public offering for Attica Department Stores’ listing on Euronext Athens is expected to take place. The IPO will involve the sale of a 30% stake in the company and comes after a period of strong organic growth, which accelerated following Ideal Holdings’ acquisition of a stake in the company. Notably, during the 2022–2025 period, operating profits (EBT) nearly doubled, reflecting improved efficiency and commercial momentum, while revenue rose to €244 million from €190.6 million. As Lambros Papakonstantinou, head of Ideal Holdings, stated during a press briefing, the company has a strong business model, a very healthy balance sheet, cash flow, and financing capacity. Therefore, there was no reason to raise new capital for the stock market listing by issuing new shares. According to CEO D. Boumis, the goal is to increase market share from 11% today to 15–16% within four years. This will be achieved through a combination of expanding existing operations and launching new projects. As for the possibility that Attica, currently a tenant, might one day own properties for its stores, management ruled out such a prospect.

Lamda Development: Flexibility for Riviera Tower, movement in the stock

Lamda Development demonstrated a flexible policy by deciding to allow Riviera Tower apartment owners to transfer their apartments directly to third parties, should they wish to do so. Demand for apartments in the tower is very high, and many owners receive attractive offers from interested buyers because there is no remaining availability. Until recently, however, anyone wishing to sell had to do so through a special office established by the company for that purpose. Now transfers can be carried out directly by the owners themselves. Construction of the Riviera Tower—the tallest building in Greece—continues. Concrete works are expected to be completed during the summer, while exterior cladding has already begun on the lower floors of the building being constructed by the Bouygues–AKTOR consortium. Meanwhile, Lamda Development’s stock made a strong return to the spotlight yesterday, standing out among large-cap shares with a rally of nearly +4%, closing near €6.50. With this move, the stock is attempting to bridge the gap back toward the pre–Middle East geopolitical crisis level of €7. The strong rise was accompanied by a sharp increase in trading activity, with a large volume of block trades changing hands. The value of pre-arranged transactions reached €6.2 million (nearly 1 million shares). Investor interest was fueled by developments concerning the company’s debt structure. The rally occurred just hours before the official start of trading for its new seven-year corporate bond, worth €350 million, on the Athens Stock Exchange.

Vakakis’ “competitors” cannot carry their own weight

Not long ago, there was intense speculation in Athens that Poland’s Pepco Group was preparing to enter Greece with the aim of challenging the market leader, JUMBO. Pepco Group was built around the philosophy of “everything cheap.” Yesterday, however, it decided that some things are not worth keeping, even if you sell them for 1 zloty. Pepco Group announced the sale of 100% of Dealz Poland to a newly established company described as a “specialist European retail investor” for the symbolic price of 1 zloty. According to reports, the buyer is the British private equity firm Modella Capital, owned by Jamie Constable. It is the same fund that acquired Flying Tiger Copenhagen only last May and already owns TG Jones (formerly WHSmith) and Hobbycraft. Dealz Poland, with 343 stores and 1,500 employees, was generating negative operating earnings and represented a “significant drag on the group’s profitability and returns.” Alongside the sale, Pepco is also providing a financing facility of up to £20 million, secured against inventory. In return, it retains the right to receive 35% of the net proceeds from any future resale, with no time limit. Last year, Pepco sold Poundland and Dealz UK/Ireland—more than 800 stores and 16,000 employees—to the American firm Gordon Brothers. That sale was also driven by financial pressures. The group currently has a market capitalization of €4.54 billion and has been listed on the Warsaw Stock Exchange since 2021. Romania is its second-largest market. The problem is that in Romania, following the dramatic depreciation of the local currency, the financial results from its network of 500 stores and 4,000 employees have been modest.

The premium for Alpha Trust, the board’s green light, and the countdown

In the asset management sector, attention remains focused on Alpha Bank’s public offer for Alpha Trust, which remains open until June 26. A key factor driving investor interest is the offered price of €20.20 per share, representing a 55.74% premium over the average stock market price of the last six months and a 13.23% premium over the independent valuation. Also considered significant is the unanimous positive opinion of Alpha Trust’s Board of Directors, which sees substantial synergies from combining strengths in Wealth Management and Private Banking. For shareholders seeking further clarification before making decisions, Alpha Bank has made available the hotline 216 005 3030, while AXIA Ventures is providing information through 210 7414400.

Nestlé: Heading to court over the €3 million fine

Nestlé Hellas will challenge in court the €2.99 million fine imposed by the Independent Market Control Authority, arguing that the decision is unfair and that the methodology behind the measure is flawed. Sources within the company say that “every available institutional avenue” will be used. They argue that the cap on gross profit margins was announced on March 12 and effectively implemented the very next day, giving businesses no time to adapt. They also dispute the validity of comparing a period of only three weeks against the average of an entire previous year. The heart of the disagreement, however, lies elsewhere. Nestlé rejects any connection between the case and profiteering, pointing out that its profitability in Greece has fallen by approximately 50% over the past three years. “It is legitimate for the State to seek to support consumers, but a situation in which profitability has been cut in half cannot be presented as profiteering,” the same sources note. The €2.99 million penalty is the largest imposed so far under inspections related to profit-margin caps. Previous fines include: €1.76 million on FAGE, €512,551 on KAFEA TERRA, €328,067 on PEPSICO HELLAS, €248,061 on JACOBS DOUWE EGBERTS, €63,371 on Ferrero, €44,431 on a dairy company. Nestlé itself had already faced a €144,700 fine earlier this year in connection with a separate case.

The battery bet

From 2019 to today, Greece has tripled its installed renewable energy capacity, rising from 6 GW to approximately 19 GW—a clear achievement. That success has created a new problem. Excess green energy is expected to surge to 12–13% of production, compared with only 3% in 2024, with significant implications for renewable project returns and overall system stability. ADMIE Vice Chairman Giannis Margaris sought to provide answers while outlining the future of energy storage. Renewables already function as a “safety cushion” for wholesale electricity prices during periods of market pressure. Storage systems are now becoming the next crucial stage of the energy transition. Since April 1, the first battery installations have gradually entered the system: Ternitsa in Phocis (30 MW/60 MWh), Vevi in Florina (22 MW/44 MWh), Sanida in Boeotia (20 MW/40 MWh). Their construction was completed in just five months. Installed storage capacity is expected to approach 700 MW by the end of 2026 and reach 800 MW by March 2027 as an intermediate milestone toward the national target. The goal is 1.5 GW of installed storage capacity by 2027. Major electricity interconnections with Cyprus, Israel, and Italy, as well as projects in the North Aegean and the Dodecanese, also play a central role in ADMIE’s planning. The circle is being completed: production, storage, export. Time will determine whether the pace is sufficient.

EKTER climbs to the top tier

By the end of the month, EKTER is expected to achieve a strategic objective: obtaining a 7th-class contractor license. The upgrade to the highest category of the Contractors Registry will allow EKTER to participate in public projects of any size. The day after tomorrow, the company will distribute a dividend of €0.076 per share. Management has also promised that over the next five years the company’s turnover will triple to €300 million through construction, tourism, PPP projects, and real estate. Today, its backlog stands at €200 million, double the €100 million recorded at the end of 2024. With the new 7th-class license, EKTER is targeting the PAEGAE logistics hub in Magoula, a €200 million investment that will become one of Attica’s largest storage and distribution centers. The stock has gained more than 60% over the past six months, pushing its market capitalization above €140.5 million.

The summit and a difficult June

The market has now nearly closed the gap with its annual highs and sits only a short distance from the peak reached on February 4 (2,407.07 points). In 2025, the General Index recorded 58 annual highs, the latest occurring on December 23 (2,127 points). This year, only 14 annual highs have been recorded, and it is understandable that the market’s five-year rally has slowed the pace at which the General Index conquers new levels. June, however, is unlikely to be an easy month for reclaiming the peak. The index must overcome a technical challenge: offsetting the impact of regular dividend distributions worth €2.2 billion, equivalent to 1.2% of total market capitalization. At the same time, those dividends may also serve as liquidity fuel for further stock market gains. For now, the omens remain positive.

PPC and ADMIE power the market

The energy sector has become a key catalyst—alongside the banks—for the Athens Stock Exchange’s march toward new highs, with PPC and ADMIE leading the rally and setting new records. Their impressive stock-market performance is closely linked to strategic capital-market initiatives that are reshaping the domestic investment landscape and attracting strong institutional interest. PPC continued its remarkable surge, gaining 2.31% to close at €22.14, while touching €22.40 intraday. This marks a new 18-year high, reaching levels last seen in July 2008. Trading volume approached 2 million shares. The company’s market capitalization climbed to €13.22 billion, chasing National Bank of Greece (€13.46 billion) for third place among the most valuable listed companies. The stock-market “explosion” is viewed as the long-term reward for the company’s landmark capital increase, which provided the funding needed for its transformation and sharply increased its weighting in international indices. In the mid-cap segment, ADMIE Holdings stole the spotlight, closing at a new all-time high of €4.065 (+1.88%). The stock’s consolidation above €4 comes ahead of Thursday’s crucial shareholders’ meeting, where investors will vote on a €530 million share capital increase. Approval would pave the way for a June 16–18 book-building process as part of a broader €1 billion investment plan. First-quarter results are due this morning. The market is already pricing in a successful offering, while Eurobank Equities has added momentum by raising its target price to €4.40 and emphasizing ADMIE’s evolution from a stable dividend stock into a powerful “regulated growth machine.”

Panagiotis and Dimitris Angelopoulos expand METROSTAR

The company METROSTAR, owned by brothers Panagiotis and Dimitris Angelopoulos, is in a phase of strong growth. Recently, they placed orders with Hyundai Mipo’s South Korean shipyards for the construction of two MR tanker vessels. The ships will be classed by the Norwegian classification society DNV and are scheduled for delivery in 2028. They are registered under the Liberian flag. The company currently operates seven tankers and three feeder container vessels, each with a capacity of 1,300 containers.

From shipyards to nuclear reactors

Anyone who thought the main topic of discussion at this year’s Posidonia exhibition would be freight rates, geopolitics, or new ship orders was probably standing in the wrong conversation circles. Because behind the official presentations and business meetings, one word dominated discussions: nuclear propulsion. Interest had already begun to emerge following the presentation of Project NEXUS by ONEX Chairman Panos Xenokostas, who raised the possibility of using small modular nuclear reactors (SMRs) in the commercial ships of the future. A proposal that would have sounded almost like science fiction a few years ago is now increasingly being treated as a plausible next step for global shipping. The discussion did not remain confined to conference halls. According to reports, at the reception hosted by the U.S. Embassy last Thursday at the ambassador’s residence, representatives of companies active in the nuclear energy sector became a focal point of interest. Particular attention was drawn by the fact that many of the senior executives from these companies were Greeks living and working in Boston and London. Small discussion groups quickly formed around them, with shipowners, shipping executives, investors, and shipyard representatives seeking answers about when—and under what conditions—nuclear technology might move from theory to practice. One thing is certain: Whether the technology matures quickly or takes longer, nuclear propulsion has now firmly entered the agenda of global shipping. And, as this year’s Posidonia demonstrated, those conversations have only just begun.

Greek Shipowners’ Revolt at the IMO – Who Is Worried by the Greek Attack on Net Zero

While the spotlight at Posidonia was focused on shipping’s new “green” narratives, a conflict with far greater political and economic significance was unfolding behind the scenes. The coordinated attack by leading Greek shipowners against the IMO’s Net-Zero Framework (NZF)—the complete decarbonization of shipping—not only caused turbulence within international organizations but also placed the entire ecosystem of companies that have invested billions in shipping’s green transition in an extremely difficult position. Led by Maria Angelicoussis and publicly supported by the Minister of Shipping, the Greek side appears determined to openly challenge the IMO’s plan. The message is clear: Without available and economically viable green fuels, the new regulations risk becoming an expensive tax on the global economy without delivering meaningful environmental benefits. However, this forceful intervention also creates collateral damage. Companies selling decarbonization technologies, compliance systems, and energy-transition solutions suddenly see their business models being questioned. Many of these companies base their growth strategies on the assumption that global emissions regulations will move forward without major resistance. The irony is that while shipowners denounce the NZF as impractical, green-technology firms warn that its collapse could lead to an even more complex and costly patchwork of regional regulations imposed by the European Union, the United Kingdom, Turkey, and potentially China.

The Occupational Pension Fund That Keeps Growing and Winning Trust

In the field of occupational pension funds, Greece continues to lag behind the European average. In contrast, the Occupational Pension Fund of the Ministry of Finance is growing faster than average. On June 1, 2026, the Ministry of Finance Occupational Pension Fund (TEA-YPoik) surpassed 15,000 insured members. It was the first Occupational Pension Fund established and the first to provide benefits under Law 3029/2002, the legislation that introduced Greece’s second pension pillar. In other words, it is the pioneer of an institution that has been slow to mature in Greece. Its primary purpose is the voluntary provision of additional insurance protection covering old age, disability, and healthcare, through procedures designed to ensure transparency and the long-term sustainability of benefits. The secret behind its success appears to be its decision to open membership to all employees of the public sector, both core and broader public administration, thereby significantly expanding its pool of potential members. The fund’s chairman is Christos Nounis, who also serves as President of the Hellenic Association of Occupational Pension Funds (ELETEA). For years, he has advocated legislation that would equalize the operating conditions of Occupational Pension Funds and Group Insurance Plans. Next week, the 7th Occupational Insurance Conference will take place under the auspices of the Ministry of National Economy and Finance and the Bank of Greece.

Bolt’s Driverless Taxis

A small startup began in Estonia as a low-cost alternative to Uber. Today, it is preparing to reshape mobility across an entire continent. Bolt is now Europe’s largest mobility platform, operating in 50 countries and serving 200 million users. This year it is launching pilot services using Level 4 autonomous vehicles—that is, vehicles capable of operating without a driver—in selected European cities. Markus Villig’s goal is to have 100,000 autonomous vehicles operating through the platform by 2035. Bolt’s strategy relies on three powerful partners. With Stellantis, the partnership combines the company’s AV-Ready Platforms™—specifically the eK0 minivan and the STLA Small platform—with Bolt’s network. The initial production target is 2029, while testing is expected to begin in 2026. Through its partnership with China’s Pony.ai, Bolt leverages proven autonomous-driving technology for Level 4 services in European cities, with Bolt providing the ecosystem and Pony.ai supplying the technology. The backbone of the project, however, is NVIDIA. The partnership announced at GTC 2026 utilizes: The DRIVE Hyperion platform, Cosmos for processing real-world driving data, Omniverse for creating digital twins of European cities, Alpamayo for handling the unique challenges of European traffic conditions, from Prague’s medieval streets to Amsterdam’s bicycle lanes. Europe currently trails both the United States and China in the race to deploy autonomous vehicles. However, with data from millions of journeys across 23 EU member states, Bolt is expected to gain a competitive advantage that no newcomer can easily purchase: knowledge of the terrain. That accumulated operational knowledge may become one of the company’s most valuable assets in the coming battle for autonomous mobility in Europe.