Hello, well, little by little the exams are ending, the schools are closing too, and the incredible Greek summer is beginning—the “baths of the people,” as Andreas used to say. It’s that period when everything moves more slowly and seems less important, or perhaps takes on its true proportions. As for day-to-day politics, a relatively quiet week is expected. Today there is yet another poll confirming all the others from the last 15 days: New Democracy remains stable, Tsipras is also stabilizing or even gaining slightly, PASOK is hovering around 10%, and Karystianou continues to decline. Yesterday I heard again the rumor that Androulakis is seriously considering bringing in Kasselakis, supposedly along with other important figures such as Theodora Tzakri. I repeat that I consider this somewhere between black humor and what the Left used to call a provocation, but I heard that Geroulanos has reportedly started worrying because Nikos wants to throw Stefanos into the battle for Athens A. What can I tell you? I don’t believe it, but of course in life people often change their thinking when developments hit them like a bolt from the blue. Since we’re talking about the PASOK–Tsipras sphere, let me say that I find these pre-election promises completely outdated—things like free public transportation for young people and so on, which both Alexis and Androulakis are talking about. After so many years, are we still hearing the same things over and over from the opposition, without any beginning, middle, or end? Also, something about Tsipras: this left-wing self-pitying line—“I didn’t study at Columbia, I learned English at a neighborhood language school, that’s why I don’t have a good accent”—what do you need that for, my boy? Tell a truth for a change: that you didn’t know English because you didn’t study, not even at the language school, and now you finally applied yourself and learned enough English to hold a proper conversation with someone.

PASOK–Notopoulou?

Since the transfer season has opened and various SYRIZA members are on the move, I’m told that PASOK does not view negatively the possibility of Katerina Notopoulou running in Thessaloniki A, where the party’s ballot desperately needs reinforcement. It is said that Notopoulou will not go with Tsipras, despite being his creation and having good connections at Charilaou Trikoupi. At least this has some logic behind it, but I think transfers involving people so closely identified with one party simply drive voters away—especially PASOK’s remaining base.

Mark an X and total silence

Meanwhile, the revelations about corruption in the Urban Planning Offices continue, and with prosecutorial investigations you never know where things will end up. Yet I don’t see the two major historic parties saying much about it: New Democracy, with TEE President Stasinos, and PASOK, with Vice President Milis. Mark an X and complete silence!

Haftar’s son in Athens

At a time when migration is once again a major issue, I do not consider the visit of one of Khalifa Haftar’s sons to Athens insignificant. This time Saddam Haftar is coming to Greece. He is said to be the frontrunner to succeed his elderly father and serves as deputy commander of the General Command of the National Army. This son of Haftar reportedly has good channels with Turkey, so the visit is noteworthy. I’m told he will have contacts with the Foreign Ministry, and it is not impossible that he may also stop by the Prime Minister’s office, given Mitsotakis’ relatively light schedule.

The app against high prices

Before departing for Brussels on Thursday and the major battle over the European budget, Mitsotakis is expected to present, together with Takis Theodorikakos, a new tool for consumers to combat high prices, probably on Wednesday. More specifically, the new Independent Consumer Protection Authority has designed an app through which consumers will be able to see supermarket product prices live, or check the cost of a basket of products. There will also be the possibility of comparing prices with equivalent prices across Europe.

Mylonakis’ victory

Giorgos Mylonakis returned home yesterday showing significant improvement, two months after the incident that nearly cut his life short unexpectedly. He is communicating with his family and friends, including by telephone, and is now back with his two sons. At his side is his wife, Tina Messaropoulou, who is also returning today to her television appearances on Alpha. Mylonakis still has a long road ahead and will continue daily treatments, but he is emerging victorious from the hardest battle of his life, and that is encouraging.

The portfolio, Bank of Greece approval, and an 8%–9% return

According to information, Hamblin Watsa Investment Counsel—the central investment company of Fairfax—has committed to Eurobank to deliver an annual return of 8% to 9% in managing Eurolife’s €300 million portfolio. Responsibility for managing this portfolio remains with Fairfax until the end of 2030, even though 80% of Fairfax-owned Eurolife Insurance was sold to Eurobank for €813 million. Fairfax remains a major shareholder of Eurobank. The same sources say the agreement did not pass easily through the Bank of Greece, since transactions between two companies controlled by the same shareholder are inherently complicated. Through the same deal, Eurobank also acquired control of Grivalia Hospitality, which in recent years has not distinguished itself through exceptional performance in the hotel sector.

Swiss franc borrowers: the market expects an extension until August 19

The process of restructuring Swiss-franc loans appears to be entering its final stretch. The deadline for borrowers wishing to join the program by converting their loans into euros—without being subject to financial or other special criteria—is theoretically completed next week. Specifically, June 19, 2026, is the deadline for this category of borrowers. However, market estimates suggest that the electronic platform will remain open even after that date. Instead, it is considered likely that it will remain available until the overall process is completed for all eligible borrowers, with August 19 as the target date. So far, the proportion of loans already restructured is approaching 50%, while at some banks it has already reached that level. Market estimates converge on the view that participation will increase further before the application period ends, confirming the strong interest of borrowers in this solution.

The World Cup phenomenon

Studying data from 15 World Cup tournaments between 1950 and 2006, researchers found that during World Cup periods the average stock market return is negative 2.58%. In years without a World Cup, markets gain 1.21% during the same period. Trading volumes decline, and in countries whose teams are eliminated, the main local stock indices fall. On the other hand, publicly traded sponsors of the tournament see their shares rise by an average of 7.1%.

The Church is renting out its properties

A wave of tenders is being launched in the heart of summer, during July, in Athens and Thessaloniki, as the Church seeks to utilize individual properties ranging from apartments to offices and entire floors. The leasing tenders are being conducted through the Church’s Central Financial Service (EKYO). Among the noteworthy properties is a 128-square-meter apartment with storage space in Kolonaki, at the corner of Deinokratous and Xenokratous 55, available with a minimum rent of €2,400 per month. Only serious proposals are accepted, as a €9,600 guarantee deposit is required for the tender taking place on July 10. Another interesting property is a commercial one: integrated office spaces totaling 350 square meters in the “STATUS” building on Athinas Avenue 41 in the municipality of Vari–Voula–Vouliagmeni, with a minimum monthly rent of €7,000 and a participation guarantee of €20,000. Also being tendered in July is a retail space in Thessaloniki: a 144-square-meter ground-floor store with a 71-square-meter mezzanine at 94 Ethnikis Aminis Street, with a starting monthly rent of €2,700. Another commercial property heading for lease is a 582-square-meter first floor at 135 Vasilissis Olgas Street, with a starting rent of €3,800 per month. At this stage, the Church appears to be achieving better results through the utilization of individual properties—especially given current market demand—than through tenders involving larger properties, which are more difficult and often provoke opposition.

Tsafos backs DEDDIE

It is not uncommon for issues falling under the responsibilities of DEDDIE (the electricity distribution network operator) to become political headaches for the government, placing the Ministry of Environment and Energy on the defensive. From restoration times after outages and prolonged power cuts to delays in connecting new customers and renewable energy projects, as well as electricity theft, the operator has repeatedly been at the center of public criticism. Against this backdrop, the extensive briefing recently given by Deputy Minister of Environment and Energy Nikos Tsafos to accredited ministry journalists, in the presence of DEDDIE CEO Anastasios Manos, can hardly be considered accidental. Seeking to frame the discussion politically, the deputy minister described DEDDIE as an organization operating under the burden of a decade of underinvestment. He even used the image of a poorly maintained house—a house that for ten years was neither painted, repaired, nor maintained and now requires complete renovation. With this analogy, he argued that today’s network dysfunctions cannot be separated from the mistakes of the past. The discussion followed the same logic regarding the undergrounding of power lines. Nikos Tsafos cited the cost of a large-scale undergrounding effort—which could reach €35 billion—to demonstrate that there are no easy or inexpensive solutions. When the discussion turned to practical examples, Anastasios Manos referred to a church on Aegina. The line passing through the forest is approximately six kilometers long, but if the cable had to be buried underground while following the road network, the project’s length would jump to eighteen kilometers, with corresponding increases in cost and technical complexity. The political message of the briefing was clear. The government is trying to shift the discussion surrounding DEDDIE away from the network’s current weaknesses and toward the broader picture of accumulated investment deficits and the technical and financial difficulties involved in correcting them. In other words, Nikos Tsafos sought to provide political cover for DEDDIE, presenting it as an operator that has significantly improved its performance but still carries the burden of a long-standing investment shortfall.

From Eurobank in Luxembourg to Shipping Finance

A new investment initiative is currently making the rounds in shipping and investment circles. Paloma Maritime Capital is a shipping fund that aims to bring together two worlds that rarely coexist on equal terms: international banking expertise and Greek shipping know-how. Behind the initiative is Pietro Corpi, known for his long career in Eurobank’s private banking and wealth management operations in Luxembourg. The venture also involves the Kourtesis family of Seahawk Group, which has built its own successful track record in international shipping. The family successfully exited the bulk carrier market at a particularly favorable point in the cycle and subsequently moved into product tankers. In recent years, it has focused on the LPG transportation market. Paloma Maritime Capital is primarily focused on LPG (Liquefied Petroleum Gas) carriers, while also looking toward the future development of new energy cargoes.

Romania Hurts Fourlis

The situation in Romania is becoming more difficult for Fourlis, as it is for all retail chains operating in the country, which is facing a political crisis with repercussions for the economy and consumer spending. At the company’s general meeting, management stated that the negative impact on its results from Romania’s recession is estimated at €4–5 million. Romania is the Fourlis Group’s largest market outside Greece, with ongoing expansion of the Intersport and Foot Locker networks. Management considers it a critical market for the group’s overall performance. Based on previous management disclosures and the geographic distribution of stores, Romania is estimated to contribute approximately 28%–32% of consolidated sales, or roughly €180–205 million annually. Group sales this year are expected to reach €645 million (+8.6%), with a gross profit margin of 46.5% and operating profit between €15–17 million, including extraordinary items. However, the year will be burdened by significant non-recurring expenses totaling €10 million. Of these, €4.4 million relates to the voluntary retirement program announced by management, €3.9 million to restructuring the sales networks, and €2.4 million to the exit (sale) of the Holland & Barrett chain—an investment that ultimately proved to be a poor choice. In September, Fourlis will hold an investor day to present its updated five-year plan.

The Next Big Bets After 2,400 Points

After breaking through its previous multi-year highs, the Athens Stock Exchange General Index has entered a new phase where technical resistance levels and psychological thresholds define the next major targets for buyers. Now that the 2,400-point zone has been surpassed, the market is looking to the distant past—specifically early 2008—for its next resistance levels. The 2,500-point area is the next major milestone, as significant price consolidation occurred there before the financial crisis. Although it remains a distant target, a return to 3,000 points represents the ultimate benchmark for the full normalization of the Greek market. To approach that level, Greece would need to maintain strong economic growth, continue delivering high dividend yields, and, of course, secure the official upgrade of the Athens Stock Exchange to developed-market status, which would attract new, high-quality global capital. To keep these targets alive, the General Index must hold the 2,350–2,400 point zone as a cushion and first line of defense. Maintaining those levels during any correction would confirm that sellers have lost control and that buyers are gathering strength for the next major move higher.

The “Unbending” Stocks of the Market

Three heavyweight stocks on the Athens Stock Exchange have refused to correct: PPC, OTE, and GEK TERNA, helping push the domestic market to new multi-year milestones. PPC completed an impressive streak of seven consecutive positive sessions, posting a total gain of 6.7% since June 3. On Friday, the stock closed at €22.60, having even surpassed €23 intraday, with a daily high of €23.08. This marks an 18-year record, as the stock had not traded at these levels since June 2008. OTE has been moving at a similar pace, recording five consecutive positive sessions with cumulative gains of 6.3% since June 5. Friday’s close was €19.26, while the stock reached €19.55 during trading. This is also an 18-year milestone, with OTE returning to price levels last seen in May 2008. Finally, GEK TERNA is confirming the strong momentum it gained following its recent upgrade to the MSCI Greece Standard Index. After seven consecutive positive sessions and total gains of 6.84% since June 3, the stock closed at €44.68 and reached €44.84 intraday, setting a new all-time high. The aggressive performance of these three blue-chip stocks demonstrates that strong investment capital is spreading beyond the banking sector.

Intrum: When the Daughter Earns Money but the Mother Is in Debt

Intrum AB of Sweden, Europe’s largest debt-servicing company, is currently conducting a major emergency capital increase. The company is seeking approximately $812 million (7.5 billion Swedish kronor) at a subscription price of just SEK 2.45 per share. Existing shareholders who choose not to participate face dilution of up to 94.7%. The “Intrum 2030” strategy, announced at the end of January, calls for aggressive deleveraging as a condition for survival under the weight of its debt burden. The group’s market capitalization has shrunk to roughly SEK 2.8 billion—about €250 million, roughly the size of a mid-sized Greek company. Yet this €250 million group manages all of Piraeus Bank’s non-performing loans. Intrum Hellas launched in 2019 with €28 billion under management and remains the largest loan servicer in Greece. In 2025, the Greek subsidiary reported net profits of €60.6 million, revenue of €172.3 million, and paid a €53 million dividend. The daughter is supporting the heavily indebted mother. However, the landscape is changing in Greece as well. Supreme Court plenary decision 6/2026, along with new government legislative initiatives governing how loan servicers inform and interact with borrowers, is creating a new environment.

Four Changes in the Occupational Pension Reform Bill

Within the next few days—and no later than the end of the month—the Ministry of Labor will submit legislation that changes the rules governing the second pension pillar, Occupational Pension Funds (TEAs). The first major change is the establishment of “open” Occupational Pension Funds, meaning TEAs without a professional affiliation requirement. Currently, a TEA can only be employer-based or sector-based. Under the new framework, an employer or large organization—such as a bank or insurance company—will be able to create a TEA and offer it to all clients, from small businesses to self-employed professionals, regardless of their industry. Full portability of rights between funds will also be introduced, including transfers between pension funds and group insurance schemes. The bill introduces new tax incentives by shifting taxation of benefits from years of participation to the age of the insured individual. This effectively closes the chapter on ongoing legal disputes. Finally, the legislation equalizes both the obligations and rights of participants. Occupational Pension Funds (TEAs), supervised by the Bank of Greece, and group pension programs managed by insurance companies will be brought under the same regulatory and supervisory framework. Assets managed by supervised TEAs reached €620.4 million at the end of 2025, an increase of 22.5% in one year. The legislation is expected to transform the second pension pillar into an open option for social partners. New “open” funds are expected to be announced in waves, and the current €620 million asset base may soon seem relatively small.

Government Signal to Thessaloniki Regarding Pier 6

The visit of Deputy Minister of Shipping Stefanos Gikas to the facilities of the Port of Thessaloniki did not go unnoticed. Beyond the standard statements regarding the strategic importance of Thessaloniki’s port, those familiar with the situation saw a clear message. The government wants to see the Pier 6 expansion move forward without further delays. The port’s management, led by CEO Ioannis Tsaras, made sure to present the investment plan in detail, especially the flagship Pier 6 expansion project, emphasizing that its full potential depends on the completion of road and rail connections. In other words, the ball is now also in the state’s court. Sources say that special emphasis was placed on connectivity projects during discussions, since without them the port’s major investment project cannot achieve its maximum value. It is no coincidence that the deputy minister even visited the Pier 6 construction site to receive a firsthand update on progress.

The World Bank Message That Stirred Greek Ports

The World Bank’s latest report may record a slight decline in global port efficiency, but many in Greece’s port sector saw more than just a statistical observation. For those operating behind the scenes in port development, the message is clear: those who invest in infrastructure, technology, and speed gain ground on the global map. It is no coincidence that in recent months the management teams of several Greek ports have accelerated modernization plans, while officials at the Ministry of Shipping are closely monitoring international rankings. After all, the battle to establish Greece as a key trade and logistics gateway for the Eastern Mediterranean is not decided solely by investment plans but also by performance indicators. Geopolitical instability may complicate matters for everyone, but some see major opportunities amid the disruption. The question already circulating in port circles is which Greek ports will succeed in turning the investments of recent years into a genuine competitive advantage—and which will remain standing on the pier watching events unfold.

The Olympic VLCC Returned from the Persian Gulf with a “Souvenir” Missile

If some people think shipping now operates in the era of “smart” vessels and artificial intelligence, the tanker Olympic Life has served as a reminder of how harsh reality remains in the waters of the Middle East. The 318,800-dwt VLCC, built in 2019, belongs to Ariva Shipmanagement Ltd and is commercially managed by Olympic Shipping & Management SA of Athens, the successor to the historic shipping company founded by Aristotle Onassis. That fact alone was enough to attract considerable attention in shipping circles when news of the incident emerged. According to reports widely discussed in the market, the vessel was struck by a missile in the Gulf of Oman in late May. What made the incident remarkable was not only the attack itself, but the fact that the missile failed to explode and remained lodged deep inside the hull, penetrating several compartments before ending up in a fuel tank. According to industry sources, the crew continued the voyage with what was effectively a highly unwelcome “cargo” inside the ship until it arrived in Kochi, India. There, a special operation by the Indian Navy was required to remove the missile, which was then transported to a secure facility for examination.

Ismini Panagiotidi Sets Her Sights on Containers

Icon Energy may have built its reputation in the tanker sector, but the company’s management is seeking selective opportunities beyond its traditional neighborhood. Market observers do not regard the company’s decision to participate—albeit as a minority investor—in the acquisition of a 2,000-TEU container ship as accidental. The interesting aspect is that Ismini Panagiotidi’s company is not taking on the full investment risk but is entering the project with a stake of approximately 5% in a vessel that already has secured employment. The ship will operate under charter for at least 24 months at a daily rate of $26,500, guaranteeing contracted revenues of nearly $19 million. Shipping market executives view the move more as a “test shot” into the container shipping sector than as a simple financial investment. After all, the entry comes at a time when many Greek shipowners are once again evaluating the container market following the stabilization of freight rates and the return of revenue visibility.

Europe Is Financing Its Own Competitor

European politicians constantly speak about the need for a united Europe to stand on its own feet and compete directly with China and the United States. Immediately afterward, they talk about the “need to find resources.” The truth is that Europe is not poor. It simply mismanages its wealth. European households save €1.4 trillion per year—almost double the roughly €800 billion saved annually by Americans. At the same time, Europeans keep approximately €10 trillion in bank deposits that generate virtually no return. Meanwhile, more than €300 billion in European savings leave the European Union every year, primarily flowing to the United States. In effect, Europe is lending its capital to the very competitor it wants to catch up with. The unicorns of the global economy are either born or relocate across the Atlantic. There is a reason for this phenomenon. Seventy percent of corporate financing in the EU comes through banks. In contrast, 77% of corporate financing in the United States comes through capital markets. Without a deep and unified capital market, European money does not view Europe as its natural home. Many proposals exist: a Savings and Investment Union, European savings-investment accounts modeled on Britain’s ISA system (which has already reached £430 billion), completion of the banking union, revival of securitization, and harmonization of bankruptcy law, taxation, and regulation. If the €8 trillion that the European Central Bank estimates could be directed toward capital markets were mobilized, it would provide roughly €350 billion per year to the productive economy—almost enough to cover the €750–800 billion annual investment gap identified by Mario Draghi. Europe’s problem, therefore, is not a lack of capital. It is the existence of 27 national vetoes. Europe has the savings capacity of a superpower but the institutional constraints of a confederation.

SpaceX Made History—But with Help from the Referees

This is being described as the event of the week, the month, and perhaps the year. On Friday, SpaceX raised $75 billion on the Nasdaq, issuing 555 million shares at $135 each. The offering valued the company at $1.77 trillion, making it the largest public offering in history—nearly three times larger than Saudi Aramco’s previous record. The stock closed around $161, up approximately 19%, after rising as much as 30% intraday. At its peak, the company’s valuation exceeded $2 trillion, pushing Elon Musk’s net worth above $1 trillion. Musk himself retains nearly complete control, holding almost 85% of the voting rights. SpaceX is not currently a profitable company. In the first quarter, it reported losses of $4.3 billion. Morningstar’s discounted cash flow model values the company at roughly $780 billion—less than half its current market capitalization. This is where what the author calls “refereeing,” favorable calls, and behind-the-scenes maneuvering enters the story. Nasdaq changed its rules in May. Following recommendations from SpaceX advisers, the waiting period for inclusion in the Nasdaq-100 Index—and the resulting inflow of passive investment funds that track the index and are required to buy the stock—was reduced to just 15 days. Previously, a newly listed stock generally had to “mature” on the market for about three months before becoming eligible for index inclusion, allowing the market time to establish a fair valuation. Under the new Nasdaq rule, that period has been compressed to just 15 days. The result was visible on Friday and will continue to be seen in the coming days. Passive funds tracking the Nasdaq-100, such as QQQ, will be compelled to buy SpaceX shares, financing those purchases by proportionally reducing holdings in companies such as Nvidia, Apple, and Microsoft. The S&P 500, however, refused to change its rules. Its requirements still include profitability, meaning inclusion there remains a target for 2027. On Wall Street, Musk’s machine worked. The indexes rose. But within the technology sector, SpaceX absorbed much of the available capital, while companies such as Rocket Lab, Firefly, and Virgin Galactic fell sharply. SpaceX has opened the path. Its fast-track index inclusion is expected to generate a second wave of gains—artificial and effectively guaranteed by passive fund inflows. A hot “summer of IPOs” is expected to follow, potentially including companies such as Anthropic and OpenAI. According to this view, 2026 may go down in history as the year when Wall Street was forced to price tomorrow while ignoring both yesterday and today.