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– Greetings! As we move into summer with May coming to a close, I couldn’t help but notice the throngs of tourists capturing images of the Evzones guard change in Syntagma. It certainly signals an encouraging tourist season ahead. On another note, poor Mitsotakis hesitated to take a short break for his children’s graduation in the U.S.—yes, all three of them! And just like that, two political factions have emerged. One is to his right and seems to be under Samaras’s influence. When asked about his intentions to form a new party, he reportedly said, “Well, they’re pressuring me…” Whether that’s true or just him being restless at night remains to be seen. Regardless, we have a soft spot for President Antonis; after all, many politicians have dreams of grandeur.
Louka and the Dinner Parties
– There’s another political gathering brewing that might cause some concern for K.M. while he’s in New York. Various political veterans, particularly from PASOK, have been meeting at Katseli’s home over delightful meals—Louka is known to be an excellent chef. These dinner parties are popping up often. On a lighter note, it’s good that they’re relishing their time together. I heard Manzouranis, during one of these gatherings, quipped: “The late Livanis used to say that to launch a party, you need funds, organizational support, and a leader. All we have is a database. Sure, a leader might someday show up, but where’s the funding?” His skepticism isn’t unfounded, but hope often lingers. There’s also discussion about uniting left-wing parties into a joint ballot, though this seems unlikely without PASOK onboard. Androulakis is not keen to entertain such talks, making the whole idea seem futile. Someone from the group remarked, “Even if Androulakis steps back after the elections, you think the PASOK crowd will ally with us? They’ll probably side with Mitsotakis for a government coalition.” I hear that sentiment echoed around.
Drones
– I can’t ignore the absurd spectacle of drones advertising over Athens. This time, they were buzzing above the Acropolis; soon they’ll be targeting the Temple of Poseidon, Delphi, and Parliament. My first question is—what safety measures are in place for 500 drones flying over populated areas? A crash or a malicious act could harm innocent people or government buildings. Plus, it looks ridiculous, and the cost for such visibility is surprisingly low. If it were a major cultural or athletic event, okay, but imagine drones above Syntagma promoting Mitsos’s souvlaki shop? Some cities have outright banned this, while others only issue permits under strict conditions. This trend needs to stop.
KYSOIP
– Although K.M. is in America (he’ll speak at an event about Greece’s presidency of the UN Security Council), work continues back in Athens. At 11:00 AM, Hatzidakis is holding a “mini-cabinet” meeting at the Bodossaki Mansion for the Government Council on Economic Policy, tackling multiple European and domestic issues. Several ministers will present their reports, and notably, this will be the first meeting without Mitsotakis—a new standard moving forward with few exceptions.
ERT-Eurovision
– Claudia’s impressive 6th-place finish in Eurovision has been a blessing for ERT’s new management team, Giannis Papadopoulos and Kostas Papavasileiou. There’s also contentment at M.M. with Pavlos Marinakis, who has supported both this personnel selection and the national final format over direct artist assignments. The return of the Kapoutzidis-Kozakou duo for commentary following last year’s disaster has also contributed to the positive vibe. Overall, ERT’s effort this year felt much more organized, which led to their best placement in over a decade, leaving last year’s awkward moment with Satti’s yawn in the rearview.
Meeting on Hydra
– A report from protothema.gr on the traffic chaos involving cars, motorbikes, and bicycles in Hydra has sparked significant conversation. The government has been aware of the situation for days. I hear a meeting is set for Tuesday at M.M., led by Skertsos and with Mendoni present, to discuss potential solutions as summer approaches.
National Bank, the Saudis, and ADMIE
– In a quiet manner, the National Bank has entered the Saudi Arabian market, submitting documents to open a branch in Riyadh, an area popular with both local and international businesses. CEO P. Mylonas and Group General Manager V. Karamouzis recently traveled to Riyadh to meet with local ministers, establishing a foothold as corporate banking executives shuttle back and forth. The first signs of National’s business in Saudi Arabia can be seen with the data center project being developed in Spata by PPC and DAMAC. Currently, they’re awaiting the Riyadh branch’s opening while negotiating with Saudi Electricity and ADMIE regarding an electrical interconnection between the nations.
National vs. Piraeus Bank Showdown
– Continuing with the National Bank, some internal tension has surfaced over the acquisition of National Insurance. While it’s more an emotional issue than a business one, the feeling is that the insurance firm has unresolved challenges, and Piraeus Bank will need considerable time and resources to address them. Within National, there’s a dismissive attitude toward the competition, particularly concerning Triantafyllakis, the General Manager of Legal Services, who’s quite a name in legal circles. They seem ready to pursue all legal options—not to reverse the deal, but mainly to safeguard National’s clients and, somewhat clandestinely, to challenge their competitor. I’m uncertain how this rivalry will conclude, but I can assure you that M.M. views it strictly as a matter between the two banks, with the Bank of Greece echoing that sentiment.
P. Mylonas’s Next Moves
– Mylonas appears undeterred by market speculation. While I can’t divulge his private discussions, he is clearly focused on the bank’s forthcoming strategy. Reports suggest they are evaluating around ten different projects, with several standing out as particularly promising. They are considering options that may involve partnerships or acquisitions in the insurance sector to avoid being reliant on bancassurance until National Insurance stabilizes. Expect an announcement from National by the end of the year, barring any unforeseen circumstances.
Snappi’s Preparation
– Moving to Piraeus Bank, preparations are underway for its digital bank, Snappi. The capital increase has been finalized, with €2.1 million from last month’s General Assembly and an additional €7.8 million in cash. Snappi’s total capital now stands at €56.6 million, and the neobank, owned by Piraeus Bank and Natech, is gearing up for its official launch next month, having started sign-ups for its waitlist. They aim for 100,000 customers in the first year and over a million by 2027. Additionally, Snappi Hub will open in Athens this third quarter—the only physical location for the bank—with plans for international expansion starting in 2026. A primary challenge will be ensuring that Snappi does not cannibalize Piraeus Bank’s existing clientele, but I’m sure they’ve analyzed that thoroughly.
Attica Bank’s Recovery
– Turning around a distressed bank is no easy feat, and Attica Bank’s case is well-known. After a collapse, a new business strategy was put into play featuring new shareholders, leadership, capital boosts, and a reduction in non-performing loans (which were down to 2.9% in Q1 2025, down from 61.5% in 2024, with a coverage ratio of 46.8%). Attica Bank is in the final stages of recovery, fortifying its balance sheet. The group doubled its recurring operating income in Q1 versus last year to €55.1 million and saw a 90% increase in net interest income. In a fiercely competitive environment, CEO E. Vrettou announced new disbursements of €671 million, meeting the bank’s growth targets. Of this, 47% of loans went to SMEs, 6% to individuals, and the remainder to large corporations. Overall, Attica Bank is on a solid path, with deposits totaling €6 billion and operational expenses down by 11%. The first quarter accounted for the cost of a voluntary exit program of around €15 million, and management is also finalizing its merger with Pancretan Bank, completing the transitional phase with over a third of the anticipated cost synergies achieved.
Fitch’s Market Shift
– The Athens Stock Exchange is experiencing a positive upturn, having crossed the 1,800-point mark for the first time in 15 years. Fitch’s upgrade of Greece’s economic outlook has further boosted the market. With two weeks left in May, the typical “sell in May and go away” adage isn’t holding true this year, as the General Index has risen over 6%. Among bank stocks, Alpha Bank matched Eurobank at €2.6 per share, reaching a 9-year high, while Piraeus Bank closed above €5.5, marking a 4-year high. Coca-Cola also reached a historic high above €46. Several mid-cap stocks, including Quest Holdings, Kri Kri, and Profile, hit new all-time highs as well. The Athens Exchange Group (HELEX) reached a 22-month high, nearing the €6 mark again.
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