Hello, we are entering a politically quiet week as we sink further into the summer lull, with Mitsotakis consistently repeating in public that elections will be held in 2027, while at the same time continuing his tours across Greece. Today he has an interview on ANT1 TV (with Hatzinikolaou) and will again reiterate the message about elections in 2027. On Saturday he will make a quick trip to Rhodes, since it has been a while since he last visited; one of his basic principles is to make use of even a single day, and politically speaking, he has always maintained this useful habit of intense mobility. I am told that yesterday there was a small disturbance over the issue of increasing the salaries of the bishops, but between us, it is not really anything dramatic. If a metropolitan bishop earns €1,500 net, the only difference is that he will now live not only from the church collection box, whereas before he lived from the collection box as well! I wonder why Tsipras, who is one of Archbishop Ieronymos’ most ardent supporters, did not resolve the issue during his time as prime minister. Longtime readers may remember that we used to call him “Syrizonymos”; now perhaps he should be renamed “Ellasonymos,” though it does not sound very good. Not that the Archbishop does not also get along well with Mitsotakis, but in any case, a €1,500 raise is hardly worth all this discussion, considering we are talking about fewer than 100 priests. After all, that is about what ministry secretaries-general earn.

The Optimistic Mitsotakis Smelled… Thyme and Elections

For some reason, whenever Mitsotakis approaches New Democracy headquarters, he is in particularly high spirits. That happened again yesterday afternoon when he arrived at the party offices on Piraeus Street, which in the coming months will take on a new life as the offices begin filling up. People were waiting for him, and he appeared cheerful—perhaps because the place is associated with victories, both for his party and for himself personally. Now, anyone who watched or read yesterday’s speech and did not detect the scent of elections—complete with a strategy aimed at winning in a single round, references to the danger of ungovernability, accusations against “patriotism profiteers,” and so on—has probably forgotten the basics. As for the behind-the-scenes details of yesterday, let me tell you that Kyranakis was in his office on the party’s second floor early in the morning with his associates, preparing his speech. Today he is already taking on his first party assignment at the New Democracy Political Committee in Thessaloniki.

Urban Planning Offices

Before moving on to the day’s more current developments, I wanted to make a comment about the ongoing corruption case involving urban planning offices. It is worth noting that the case is being investigated by state authorities, namely the Hellenic Police (under Michalis, not Alexis). As long as this chaotic situation and legal overregulation continue to exist—with municipalities, which are major centers of corruption and backroom dealing, the Ministry of Environment to some extent, and perhaps the Technical Chamber of Greece to a lesser or greater degree—two things will continue to happen. First, there will be corruption, bribery, and lawlessness. Second, and more importantly, there will be environmental destruction, which unfortunately cannot be reversed. In terms of environmental and urban-planning policy, two full New Democracy terms have passed with almost nothing—or perhaps absolutely nothing—being done. Therefore, I do not know what criminal responsibilities may or may not be found regarding the secretary-general who was removed (Bakoyannis), but everyone in Greece knows that urban-planning offices operate almost like a modern mafia. The situation is much worse than OPEKEPE because the entire country interacts with them.

PASOK Also Speechless…

And let me not forget to tell you that I was struck, perhaps as you were if you were paying close attention, by PASOK’s near silence on the issue. What happened to the usually outspoken Nikos when it comes to his fellow civil engineers and the Technical Chamber of Greece? PASOK issued a brief statement about the scandal and then went completely silent.

A Manual for the Government’s Work

One element in which Mitsotakis is investing heavily ahead of the election period is the codification of the government’s achievements—that is, highlighting which of the 2023 campaign commitments were actually fulfilled, so that the promises made in the next election campaign will carry credibility. The party has already prepared a dossier for its officials, cataloguing major projects that have been completed and providing arguments tailored to local communities and public appearances. It is also likely that a social-media campaign based on the same approach will be launched in the coming period.

The Ball Is in Hatzidakis’ Court

Mitsotakis has assigned yet another responsibility to Vice President of the Government Kostis Hatzidakis. Hatzidakis will be responsible for coordinating the drafting of New Democracy’s election platform together with a committee of experts, under the title “Agenda 2030.”

An Old Friend Returns

I am told that today’s Eurogroup meeting will feature a presence carrying strong symbolic significance for Greece. The reason is Jean-Claude Juncker, who accepted an invitation from Kyriakos Pierrakakis and will participate in today’s discussion among the eurozone finance ministers. This means that today’s meeting will include not only a deep expert on EU economic affairs but also a longstanding friend of Greece who demonstrated his affection for the country during difficult times.

What Connects Pierrakakis and Rutte

On the sidelines of the Eurogroup, Kyriakos Pierrakakis held two high-level meetings yesterday, one with Kristalina Georgieva and another with Mark Rutte. While I will discuss the IMF Managing Director further below, the meeting with the NATO Secretary General went exceptionally well. In fact, the Greek Finance Minister invited Rutte to one of the upcoming Eurogroup sessions in order to discuss defense-related matters. I also hear that one reason the two men immediately developed mutual sympathy was that they discovered a shared admiration for the author Robert Caro.

Greece Returns to the Balkans Through the IMF

Returning to the Pierrakakis–Georgieva meeting, the IMF chief spoke in highly flattering terms about the progress of the Greek economy. However, the most significant outcome of the meeting was the formalization of Greece’s participation in a new regional center that the IMF is establishing in the Balkans, with the aim of strengthening the resilience and stability of neighboring countries. This is no small matter: a country that only a few years ago required IMF assistance is now taking on an advisory role in its broader region. And according to what I hear, beyond the symbolism, there is also a very practical dimension: Greece’s return to the Balkans, an important national asset that weakened during the years of the crisis.

Revolut Threatens the Systemic Banks

The real and increasingly threatening competitor to Greek banks—and not only Greek banks—is Revolut. It is penetrating the domestic market at great speed, attracting customers away from the systemic banks and taking over profitable transactions. Its, for now, exclusively digital presence allows it to move quickly and flexibly while effectively raiding the customer bases of traditional banks. An indication of the disruption Revolut is bringing to the market came on May 29, when it announced that it had surpassed 2 million customers in Greece, strengthening its ambition to become one of the country’s leading banks. It stated that it serves more than 18% of the population and added that Greece is its 11th-largest market globally. To leave no doubt about its next steps, Revolut also announced that the upcoming launch of a Greek branch will provide Greek IBANs and new local banking services. Beginning in July, Revolut will introduce new fees for its services—mainly affecting professionals—but even with these changes, its pricing remains highly competitive. The systemic banks expect that sooner or later Revolut will enter the lending market in a major way and begin offering attractive returns on deposit accounts.

Supervisory Pressure from the ECB on the Digital Bank

The threat has, to some extent, been moderated, as—according to the Financial Times—Revolut’s rapid expansion will now be accompanied by increased regulatory scrutiny. In the summer of 2025, the European Central Bank imposed restrictions on Revolut’s European arm and required the digital bank to conduct an independent review of its risk-management, regulatory-compliance, and legal-oversight functions related to the approval of new services. At the same time, it temporarily limited the European subsidiary’s ability to launch new products within the European Economic Area until the identified weaknesses were addressed. The Financial Times notes that the ECB’s interventions strike at the core of Revolut’s business model. Nevertheless, the supervisory pressure that began last summer does not appear to have slowed the company’s growth.

Motor Oil’s Bond and the Cost of War

Only a few hours were needed for the order book to be covered. By early yesterday afternoon, demand for Motor Oil’s new eurobond had exceeded €1.4 billion, representing 3.5 times oversubscription for a €400 million issuance. Motor Oil’s management received the answer it was seeking from international markets, with Citi, Goldman Sachs, and HSBC leading the issuance. The bond is a senior unsecured Reg S instrument maturing on June 18, 2031, with a fixed coupon paid semi-annually, initial pricing indications around 4.375%, and settlement scheduled for June 18. It will be listed on Euronext Dublin. The proceeds will be used to repay the €400 million eurobond issued in July 2021, which matures next month and carried a cost of 2.125%. This is the group’s fifth bond issuance and its fifth successful one. There were eurobonds of €350 million in May 2014 and April 2017; the domestic seven-year bond of €200 million listed on the Athens Stock Exchange in March 2021 with a record-low 1.90% coupon; the €400 million eurobond of July 2021; and now this fourth international bond, issued amid a wartime energy environment. At a time when the Strait of Hormuz determines pricing across markets, operational flexibility has become the most expensive asset. In 2021, Motor Oil borrowed €400 million at 2.125%. In 2026, it is borrowing the same €400 million at close to 3.75%. The amount is unchanged; the cost has doubled. That is the price of war.

Riviera Tower Reaches the 50th Floor

Construction activity at Hellinikon has accelerated noticeably, and the Riviera Tower is now reaching its final height at the 50th floor. The residential tower that will dominate the redevelopment project of the former Hellinikon airport is reaching its top floor, with the final concrete pour scheduled for tomorrow evening, Friday. Specifically, the last concrete slab will be poured on the 197-meter skyscraper, after which only the installation of a canopy at that level will remain. That concludes the structural framework of the building, which will contain a total of 170 residences. Work has already begun on the exterior façade of the lower floors, while interior fit-out and apartment construction are progressing inside. According to Lamda’s latest update, the project is expected to be completed in May 2027.

The Arranged Marriage Between PPC and Vodafone That Squeezes Nova

Negotiations had been ongoing for quite some time, but ultimately white smoke emerged, with PPC and Vodafone agreeing on a binding framework to combine their fiber-optic companies, PPC FiberGrid and Fiber2All, into a joint venture that will provide wholesale fiber-to-the-home (FTTH) network services to all telecommunications providers. Once due diligence is completed and everything proceeds smoothly, final agreements will be signed establishing the new company, in which PPC and Vodafone will each hold a 50% stake. Their goal is to create a new force in digital infrastructure capable of competing with OTE. The benefits of the deal are substantial for both parties. PPC gains access to a significant customer base, accelerates its growth, and strengthens its position in the highly competitive fiber-optic sector. Vodafone, meanwhile, enters into a strategic partnership with the telecommunications market’s challenger and becomes a shareholder in a larger company. Vodafone Greece CEO Achilleas Kanaris played a decisive role in closing the agreement. Although other options had initially been considered for Fiber2All, he succeeded both in arranging the “marriage” with PPC and in persuading Vodafone Group to make a substantial investment to achieve the 50–50 ownership structure, since PPC FiberGrid is significantly larger in scale. PPC FiberGrid’s FTTH network has reached 1.88 million households, more than 1.1 million of which are already available for immediate connection. Vodafone Fiber2All’s network covers more than 550,000 homes and businesses. The asymmetry in scale explains why equal ownership requires a valuation mechanism to offset the difference. In practice, Vodafone will contribute capital to the new entity in order to participate on equal terms. The deal also relieves some of the pressure Vodafone had faced in trying to position itself between PPC and OTE in the market. At the same time, it places Nova, owned by United Group—whose shareholder BC Partners is pursuing a strategy of gradual divestment—in a difficult position. OTE, for its part, has already extended fiber coverage to more than 2.1 million homes and businesses and aims to reach approximately 2.4 million by the end of 2026. Through its acquisition of Terna Fiber and participation in the Ultra-Fast Broadband (UFBB) project, coverage is expected to approach 3.5 million lines by 2030. Implementation of the PPC–Vodafone plan will proceed through multiple stages. Due diligence, licensing, and regulatory review will come first. In any case, the two companies are moving closer together—not because PPC is acquiring Vodafone, as had been rumored, but because they are reshaping the dynamics of the highly competitive fiber-optics market. The next chapter will be whether PPC ultimately decides to enter the mobile telecommunications sector.

“Cabinet Reshuffles” at Jetoil

“Cabinet reshuffles” also occur in companies, and a characteristic example is Cetracore–Jetoil, which has been in turmoil since last December. Due to European sanctions against Russia, and following an order by Charalambos Vourliotis, head of the independent anti-money-laundering authority, all of the company’s assets were frozen. It will be recalled that the company announced the suspension of its operations after its principal shareholder, Murtaza Lakhani (head of Mercantile Maritime Group), was included in European Union Council Decision 2025/2594, which imposes sanctions on individuals and entities linked to Russia’s invasion of Ukraine. This added yet another chapter to the long-running Jetoil saga. The company began as the entrepreneurial foundation of the Mamidakis family, expanded into a major enterprise, later suffered financial collapse, witnessed the suicide of Kyriakos Mamidakis, and eventually passed under the control of the Austrian company Cetracore Energy—described by some as having Russian interests—and oil trader Murtaza Lakhani. Numerous management changes have also taken place in recent months. On November 6, 2025, an Extraordinary General Meeting of shareholders elected a new Board of Directors consisting of Shazia Mukhtar as Chairwoman and CEO, Leonidas Psarras as board member, and Konstantinos Skouloudis as board member. Shazia Mukhtar is reported to be Group General Counsel of Mercantile Maritime, a company associated with M. Lakhani. Until then, Christos-Ioannis Karnezis had headed Cetracore-Jetoil. In mid-December 2025, however, Leonidas Psarras formally submitted his resignation from the board through an extrajudicial declaration, leaving the board with only two members. Subsequently, on May 26, 2026, the Single-Member Court of First Instance of Thessaloniki (Voluntary Jurisdiction Procedure) issued an Interim Order in response to an application for the appointment of a temporary administration, tasked with carrying out any urgent actions necessary to safeguard the company’s interests. The temporary administration consists of Shazia Mukhtar as Chairwoman and CEO, Inna Kochetova—Corporate Legal Counsel at Cetracore Energy GmbH—as a board member, and Ioannis Kourtesis as a board member. As clarified in the court order, these individuals were appointed to the board “until the hearing, and subject to the hearing, of the aforementioned application on June 23, 2026, when the matter is scheduled to be tried.” We shall see how the story ultimately ends.

Greek shipowners continue “fleet rotation”

In the shipbuilding sector, activity by Greek interests has been focused almost exclusively on dry bulk. Seanergy Maritime Holdings placed an order for a 181,000 dwt bulker at the Chinese Hengli Heavy Industry shipyard, with scheduled delivery in 2027, sending a message of confidence in the long-term prospects of the capesize segment. DryDel Shipping has also been particularly active, signing an order for an 82,000 dwt vessel at the Japanese shipyards Shin Kurushima / SK Sanoyas Mizushima, with delivery expected in 2028. At the same time, the company further strengthened its orderbook with two additional 64,000 dwt vessels at Nihon Shipyard in the Imabari region and at Oshima Shipbuilding, with deliveries scheduled for 2029 and 2030 respectively. These moves are not isolated. Over the past twelve months, Greek interests have placed a total of 269 new vessel orders, of which 32 concern dry bulk carriers, 127 tankers, 86 container ships, and 21 gas carriers. Meanwhile, although Greek participation in the second-hand ship market was limited over the past week, a clear strategy of fleet renewal and restructuring is evident behind the figures. In the Kamsarmax segment, attention focused on the sale of THEMMIS (81,882 dwt, built in 2012), constructed at the Chinese COSCO (Dalian) Shipyard. According to market reports, Greek interests were behind the transaction, with the vessel changing hands for $18.25 million to undisclosed buyers. Greek shipowners have completed 240 purchases of second-hand vessels, of which 125 are dry bulk carriers, 89 tankers, 21 container ships, and one gas carrier unit. At the same time, they have acted as sellers in 327 transactions, with 161 bulkers, 124 tankers, 28 container ships, and 9 gas carriers exiting Greek portfolios. These figures reflect a continuous effort to renew the fleet and reallocate capital toward newer or more efficient assets.

Navios Maritime Partners’ shelf registration/prospectus by Angeliki Frangou

Navios Maritime Partners’ move to open a “window” for raising up to $500 million from the US market did not go unnoticed on Wall Street. Angeliki Frangou’s company is not proceeding with an immediate issuance, but is securing the flexibility to take advantage of favorable market conditions whenever it sees fit. It has filed a shelf registration/prospectus with the US Securities and Exchange Commission (SEC), meaning it has obtained prior approval to issue, in the future, shares, bonds, or other securities totaling up to $500 million. The timing is not considered accidental. The stock has strengthened significantly since the beginning of the year, while the recent successful bond issuance in Oslo confirmed continued strong investor confidence in the shipping group. Officially, the funds are intended for general corporate purposes, working capital, investments, and potential vessel acquisitions. However, market participants believe the company is positioning itself to seize opportunities in a sector where balances and valuations shift rapidly. The key point is that Navios is acting pre-emptively rather than under financing pressure—an approach analysts interpret as a sign of strength rather than necessity.

The quiet expansion of Nikolas Martinos across multiple Chinese shipyards

Thenamaris, led by Nikolas Martinos, is opening a new chapter in its shipbuilding strategy, with a strong Chinese focus and an even stronger element of returning to older, long-dormant partnerships. The company has re-entered Dalian Shipbuilding Industry Group (DSIC), via its Shanhaiguan subsidiary, after an absence reportedly spanning nearly three decades. Market observers interpret this as evidence that major Greek shipping players are returning to traditional Chinese shipyards, but on new terms and with stronger negotiating power. The company has secured a package of four LR2 Aframax tankers, with deliveries scheduled for 2029, indicating long-term planning rather than opportunistic ordering. At the same time, its relationship with Hengli Shipbuilding is being further strengthened, with an initial deal for three LR2 vessels reportedly expanded to four. Even more notably, there are reports of a potential third separate agreement with another Chinese shipyard for smaller product tankers, suggesting a diversification of orders across multiple production platforms—a strategy rarely adopted without deliberate planning.

GEK TERNA’s quiet new record

In a period of high volatility, GEK TERNA provided support and stability to the Athens Stock Exchange. The stock closed yesterday’s session up 0.7% at €43.30, marking a new all-time high. The rise is described as “quiet,” as the share has now recorded five consecutive sessions of gains, most of them modest, below 1%. With this steady upward movement, the stock surpassed its previous record of €43.2, set in May.

PPC overtakes National Bank of Greece

A symbolic shift took place on the Athens Stock Exchange, as PPC surpassed National Bank of Greece in market capitalization, taking third place among listed companies behind Coca-Cola HBC and Eurobank. PPC extended its 18-year record, closing up 1.17% at €22.40. Investor interest was boosted by the announcement of its strategic partnership with Vodafone Greece in fiber-optic networks, pushing its market capitalization to €13.38 billion. In contrast, National Bank of Greece fell 2.48% to €14.35, partly due to the stock trading ex-dividend (net dividend €0.279 per share), reducing its market value to €13.12 billion and cementing the change in ranking.

OTE close to 18-year highs

In a session where most stocks were under pressure, OTE moved against the trend, rising 2.9% to €18.80, approaching the €19 level. The stock is now just shy of its yearly high of €18.86 (May), which is also the highest level in 18 years. Institutional buying interest is now focused on the next key level of €18.90, last seen in May 2008. OTE’s strong performance reinforces its role as a defensive safe-haven asset during periods of market volatility.

A historic (and possibly fateful?) day for Wall Street

The Wall Street Journal published a simple chart showing SpaceX’s valuation growth from 2015 to today. The curve resembles a rocket launch: nearly flat for a decade, then a sharp vertical ascent. Just hours before its Nasdaq listing under the ticker SPCX, SpaceX is targeting a $1.77 trillion valuation in what would be the largest IPO in market history, selling 555.6 million shares at $135 each and raising $75 billion. The order book was oversubscribed twice, with demand near $150 billion, and 30% of the offering allocated to retail investors. SpaceX reported $18.7 billion in revenue in 2025 and a net loss of $4.9 billion. Starlink accounted for $11.4 billion in revenue with $4.4 billion in operating profit, while its AI division recorded a $6.35 billion loss. Morgan Stanley projects $3.4 trillion in revenue by 2040, while Goldman Sachs forecasts $352 billion in EBITDA by 2030. Both banks are underwriters of the IPO. At a valuation of $1.77 trillion, SpaceX would be priced at 94.7 times annual revenue—implying growth expectations unlike anything seen in corporate history.

China is hoarding the world’s gold

For the 19th consecutive month, China has increased its gold reserves. The People’s Bank of China added 9.95 tons in May, bringing total official holdings to 2,331.52 tons—a new record. Many analysts believe China’s actual gold reserves may exceed 5,400 tons, more than double the official figure. In April, the central bank added 8 tons, marking the highest monthly purchase in 15 months. Gold now accounts for over 9% of China’s total foreign exchange reserves, which exceeded $3.4 trillion at the end of May. Since Russia’s $300 billion reserves were frozen in 2022, gold has become increasingly central in sovereign reserve strategy. Unlike fiat assets, gold has no counterparty risk, cannot be sanctioned or frozen, and does not rely on external financial infrastructure. China converts vulnerable local currencies into gold immediately upon receipt, effectively signaling a long-term shift in the global monetary system.

Lagarde speaks first; Waller will complete the sentence

Exactly one year after its last policy move, the European Central Bank is changing direction. A 25-basis-point rate hike is widely expected, bringing the deposit facility rate to 2.25%, with markets pricing in at least one further hike before year-end. Inflation in the eurozone rose to 3.2% in May, up from 3% in April, driven by energy at +10.9% and services at +3.5%. Core inflation rose to 2.5%, remaining above the ECB’s 2% target for the third consecutive month. In the US, markets assign a 65%–89% probability that the Federal Reserve will keep rates unchanged at 3.50%–3.75%. The FOMC remains deeply divided, with the last decision passing 8–4. Inflation in the US stands at 4.2%, the highest since April 2023. The divergence between ECB and Fed policy paths leaves markets watching closely for coordination signals between Christine Lagarde and Kevin Waller.

The ghost of 1979 over Washington

Markets are increasingly drawing parallels with the 1970s oil crisis. Analysts warn that if past mistakes are repeated, a second inflation wave between 2026 and 2030 could be severe. A 10% rise in oil prices typically adds 0.4 percentage points to US CPI. Since the start of the conflict, oil has risen about 40%, implying roughly 1.6 percentage points of inflationary pressure, though full pass-through takes 3–6 months. However, counterarguments note that real oil prices remain lower than in the late 1970s, unionization has fallen from 35% to 15%, wage indexation is rare, and central banks have stronger tools.US cumulative inflation since 2020 is estimated at 24%–26%, with mortgage rates now between 6.44% and 7%. The economy, some argue, is drifting toward structural conditions reminiscent of the 1970s—but not identical.