– Hey there! You might have noticed we haven’t discussed poor Stefanos in a while. Honestly, what’s left to say? It’s not entertaining anymore—Liagas even abandoned him. However, I have to give Stefanos some credit for the clever moves he made regarding SYRIZA. In just three hours, he managed to sway their position on the Preliminary Investigation Committee by siding with Karystianou. The way he left them hanging at Koumoundourou was elegantly executed—like buying a pair of shoes in the morning, realizing later you don’t like them, and returning them for something better. Quite the magic trick, right?
Stunned in Palestine
– While all this significant action was happening, the SYRIZA delegation was in Ramallah, led by President Famellos. They were shocked when they learned through news outlets that the Kasselites had pulled their support from Koumoundourou’s proposal. The revelation was twofold—SYRIZA’s proposal for the Preliminary Investigation Committee was effectively dead, and the internal chaos that this will bring is about to be enormous. To make matters worse, in Ramallah they had little to no internet access to coordinate with SYRIZA’s parliamentary secretary, Kalamatianos, who was attending a Conference of Parliamentary Presidents.
Gaza… at home
– Back in Athens, as I mentioned, the Kasselites’ dramatic exit sent intra-party tensions soaring. SYRIZA members are already whispering that the upcoming Party Congress, scheduled for June 12–15, might turn into a “Palestine” situation, as they had previously cautioned the leadership about the risks of co-signing anything with those… peculiar individuals. The repercussions are now hitting both Famellos and the Polakis–Pappas duo.
Treason Talk
– One source told me that when Haritsis was asked whether they would co-sign Mitsotakis’ so-called “high treason,” he responded with something like, “Honestly, this wouldn’t stand up even to first-year students—we’d be a complete laughingstock…”
Cantina Conference (Chatzidakis)
– Chatzidakis had a lot to say at the Cantina Academy conference yesterday about Greek cuisine, agricultural production, and the concerning impending water shortages. But what caught my attention was a disheartening statistic: for a foreign worker to obtain a work permit in Greece, they must acquire 39 different permits and certifications before they can even start. This explains why workers from countries with whom Greece has agreements often do not arrive.
Pierrakakis (Cantina)
– Additionally, Pierrakakis expressed his intent to seek a U.S. tariff exemption for Greek agricultural products, and it seems there’s a possibility the Americans may be receptive to this.
Tsiaras (OPEKEPE)
– Beyond Pierrakakis’ mention at the Cantina conference that starting January 1, 2026, the Independent Authority for Public Revenue (AADE) will assume OPEKEPE’s responsibilities, Tsiaras assured that agricultural and livestock subsidy payments will proceed as usual despite the overhaul.
Hardalias
– Regional governor Hardalias also mentioned Attica’s agricultural output at the opening of our Cantina conference.
The Metlen Factory and K.M.
– One of K.M. (Kyriakos Mitsotakis’) stops in Volos yesterday was the old METKA factory in Nea Ionia. Now known as the Metlen Group, the facility is undergoing expansion—50% complete—becoming a vital manufacturing site for Leopard tanks and more. Mitsotakis has also pledged that 25% of every defense contract will go to Greek companies. Metlen’s strategic investment, with a budget of €45 million, includes new construction and specialized machinery for producing advanced, high-value metal components. Development Minister Takis Theodorikakos, who aided in getting the investment into the strategic investment framework last December, accompanied him.
Controversy over Vouliagmeni Beach
– It’s not just the most popular organized beach in Attica; it’s also the most profitable. This highlights why notable names (Prokopiou, Restis, Melissanidis, Kokkalis, etc.) are competing for the ETAD tender for its lease. Vouliagmeni Beach can host up to 8,000 visitors daily and welcomed 420,000 visitors last year, potentially yielding around €5 million just from entrance fees. Revenue from bars, the “Okeanida” restaurant, sports courts, and various extra fees (like sunbeds and parking) makes this beach a gold mine. ETAD, a subsidiary of the Hellenic Corporation of Assets and Participations, doesn’t seem to consider it one of the few remaining organized public-access beaches. I doubt ETAD knows the scope of its public properties, but its CEO, H. Chatzigeorgiou, is smartly focusing on the most easily monetizable assets. Ideally, they would include stipulations to ensure average citizens retain beach access under the new arrangement. However, the only apparent priority is to finalize a lease deal valued at €50–60 million for 20 (+10) years, a mere fraction of the €700 million debt ETAD accrued in the Mantonanakis matter. The only hope seems to rest with an appeal to the Council of State by the Vouliagmeni Winter Swimmers Club, scheduled for a hearing in September.
CEO Change (after two years) at the… immovable Fourlis
-Dimitris Valachis served as CEO of Fourlis for two years after taking over from Apostolos Petalas, who led the group for 17 years. Given Fourlis’ focus on stability, Valachis’ replacement stirred market chatter, especially upon learning his successor would be Giannis Vassilakos, a long-time head of Kotsovolos instrumental in the brand’s success, now under PPC. Some insiders say the leadership transition was expected but hastened when Valachis completed a broad transformation plan without clear guidance from shareholders about future directions. Sources indicate Vassilakos’ departure from Kotsovolos two months ago also accelerated this process. Valachis will oversee key projects until completion and will reportedly leave on solid ground, with Vassilakos stepping in on July 1. Meanwhile, the general shareholders meeting on June 20 is expected to shed more light on the CEO transition and the Group’s upcoming strategic focus, as Fourlis seeks its direction—reflected in stock performance. Despite the ASE rally, the stock remains in the “immovables” category, leaving many investors puzzled since the Group is financially healthy and retains a strong retail position, especially with IKEA as its key asset.
Competition or Fear of the Commission?
-I’m skeptical about whether competition will genuinely begin to influence ferry ticket prices. Attica Holdings has launched two modern high-speed vessels on Cyclades routes with a capacity of 2,000 seats, reportedly starting with an aggressive pricing strategy. Essentially, Attica has entered routes previously ruled by Sea Jet. It’s too early to determine if true competition is emerging, but let’s remember that the Competition Commission conducted surprise inspections in the ferry sector last March and is gearing up for a major industry investigation.
The Kekropas Enigma
-The mysteries may unveil today at 9 a.m. during the annual General Shareholders Meeting in Paleo Psychiko. The action kicked off on May 27, when Kekropas stock surged to €1.145 with higher-than-average trading volume. A week later, it reached €1.23, followed by a jump to €1.32. Yesterday, with 240,881 shares traded, KEKROPS soared to €1.66, marking a +22% increase. The rumors and “inside information” are swirling. Some speculate that one of the two main shareholders (Kokkalis or Peristeris) might sell their shares at €0.50 above last week’s price, while others create even more fantastic theories. After experiencing losses of €1.38 million in 2024, the company’s market cap has now hit €32.8 million.
National Bank and Piraeus Bank Dividends Recovered
-The National Bank of Greece and Piraeus Bank quickly absorbed losses from the dividend cut of €0.422 per share from the former and capital return of €0.298 per share from the latter. NBG rebounded above €10.5, recovering from a -2.76% drop. Similarly, Piraeus traded above €5.6, regaining recent losses, with a market cap surpassing €7 billion. A buying wave accompanied large block trades for both bank stocks. NBG saw three pre-agreed trades priced between €10.3 and €10.52, totaling 2.174 million shares worth €22.513 million. Piraeus exchanged four blocks at €5.53–€5.57, with a total of 5.634 million shares valued at €31.197 million.
A Surge of Block Trades on the ASE
-Recently, there has been a notable uptick in large equity placements for institutional portfolios on the Athens Stock Exchange. These packages serve as new springboards for the market. Clearly, the professional managers purchasing at these prices today are well aware of the market’s four-year upward trend and the strengths of the companies they’re investing in. In yesterday’s session, out of €227.7 million in total turnover, €59.5 million came from block trades in blue-chip stocks—not aimed at retail investors. Over 60% of the day’s trading volume concentrated on Piraeus, National Bank, and Alpha Bank stocks. The General Index ended the day up +0.23%, closing at 1,839.22 points—close to the session’s high. Coca-Cola showed little support for the market, closing down -1.16% at €46. Eurobank (+1.2%) traded at €2.78 with a turnover of “just” €15.4 million. OTE (+0.34%) ended at €17.7 with €9.6 million in trades. Overall, of the €227.7 million traded, €216 million was concentrated in FTSE25 stocks, leaving limited room for mid- and small-cap equities…
Lavipharm Expands Production
-Lavipharm is developing a new transdermal production unit at its Peania facility to meet third-party orders, with multinational pharma giant iNova Pharmaceuticals—known for the Betadine brand—being the first major client. Previously, Lavipharm produced 45 million patches annually, exports worth approximately €25 million. By 2026, the new plant’s capacity will expand to 120 million patches. Additionally, in liquid products, capacity will rise from 3.5 million bottles to 20 million, with Betadine as the flagship offering.
Lessons from Ukraine
-Last Sunday, Ukraine executed Operation Spiderweb. We witnessed an unprecedented drone attack on five Russian airbases, including Belaya base in Irkutsk—about 4,500 kilometers from Ukraine. This operation, planned over 18 months using 117 AI-powered drones, reportedly disabled 41 Russian strategic aircraft, causing estimated damages of $7 billion. While Western intelligence has offered more conservative assessments, the operation is a striking asymmetric strike. Greek defense and resilience companies, part of a 30-member business delegation in Kyiv, were briefed on Ukraine’s evolving defense doctrine, which changes every two weeks. This doctrine emphasizes drone warfare and the establishment of infantry UAV units staffed by young soldiers, often proficient in video gaming. The “robot zone”—a 30-kilometer area operated entirely by unmanned vehicles—is now standard on the Russo-Ukrainian front. The Greek delegation returned yesterday with plans to propose concrete changes to Greece’s defense doctrine, invest in UAV technologies, and train military personnel for contemporary warfare requirements.
Recovery Fund and Strategic Projects
– Projects amounting to €3 billion are set to be completed by mid-2026 through the Strategic Projects Preparation Facility (PPF) of the Hellenic Corporation of Assets and Participations (HCAP). By the end of this year, they are expected to finalize €1 billion in projects. Recently, the Minister of Shipping and Island Policy approved a €9 million project to deepen the channel and harbor basin at the port of Stylida. On the same day, the Prime Minister inaugurated the newly renovated Health Center in Velestino, which underwent €4 million in upgrades now providing enhanced services to local residents. These projects share a common link: the PPF unit of HCAP is responsible for their preparation, tendering, contracting, and funding via the Recovery and Resilience Facility.
Silver Prices Skyrocket
– Silver has surged to its highest price in 13 years, crossing $35.8 per ounce and heading towards $36. Since the start of the year, silver has increased by 24%, outperforming many significant business sectors. According to the Silver Institute, global demand is set to outstrip supply for the fifth consecutive year. Meanwhile, tech stocks on Wall Street are thriving, with the S&P 500’s market cap rising by around $7.5 trillion since April 7. Notably, 54% of this increase is attributed to the so-called “Magnificent Seven” tech stocks (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, Meta), which have collectively raised their market capitalization by $4 trillion. Tesla and Nvidia shares have jumped 53.6% and 42.6%, respectively.
Lagarde’s Future in Politics
– Many believe France’s conservative bloc needs Christine Lagarde’s leadership to gain stability. She has not denied her political beginnings—being the first female Finance Minister of a G8 country. Some speculated she might leave her ECB position early to head to Davos and take over the World Economic Forum from Klaus Schwab. However, Lagarde has firmly rejected such speculation, stating she is committed to her current role: “I want to be clear that I have always been, and remain fully devoted to fulfilling my mandate. I am determined to see my term through.” Her term concludes in 2027. In truth, Christine Lallouette (her birth name) has previously resigned early, vacating her IMF position in 2019 to lead the ECB. Even back in a 2018 Financial Times interview, she publicly denied interest in such a transition.
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