The (quiet) pre-investigation, Takis’ AADE, Thymios and Kyranakis, the 5 major investments, the treasure hunt, and the business deals with Israelis

Greetings! The standout news from yesterday is undoubtedly the proposal from ND (New Democracy) to set up a pre-investigative committee concerning Karamanlis, focusing on a potential misdemeanor charge of breach of duty. This pertains specifically to whether the minister adequately funded and staffed the Hellenic Railways (OSE) in a timely manner. As expected, the case will mimic the “Triantopoulos model,” ultimately transitioning to the regular courts after a few committee sessions. However, a noticeable difference from the Triantopoulos era is the marked change in public sentiment surrounding the Tempi train disaster, particularly following the discredit of conspiracy theories about hidden materials or cover-ups. Reports suggest that the Prime Minister’s office is anticipating a swift process—around two to three weeks—to resolve matters in Parliament and mitigate negative publicity.

Takis’ New Oversight Authority
Today brings a cabinet meeting, which piques interest. Minister of Development, Takis Theodorikakos, is set to introduce a significant new tool for market supervision: a standalone authority modeled after AADE (the Independent Authority for Public Revenue). Takis has examined several control frameworks—Italian, Swedish, and French—and is inclined towards a Swedish-style approach. The key takeaway is what this plan entails: the new authority, projected to become operational by 2026, will integrate the Consumer Ombudsman, DIMEA (the Development Ministry’s inspection body), and services from the General Secretariat for Commerce. A crucial detail will be the selection of a leader—a “Pitsilis-type” individual appointed through an international competition for a five-year term.

Focus on Five Key Strategic Investments
In a similar fast-tracking vein, Theodorikakos has scheduled a virtual meeting for Monday morning with Deputy PM Kostis Hatzidakis and several relevant ministers regarding the Interministerial Committee on Strategic Investments. The agenda covers five major initiatives:

• A large carbon unit at TITAN’s facility in Kamari, Boeotia
• United Fiber’s investment project
• The Hermes project by Intracom S.A.
• A significant investment in Kanali, Preveza under Law 4864/2021
• Approval of a shareholder change in Consortium Solar Power Systems SA for a new 284MW solar park.

Adonis’ Event
Recently, a friend enjoying an Aperol at Natu in Kifisia observed a buzz of activity. Adonis Georgiadis organized a gathering with political allies—primarily his core supporters who mobilize events when he’s in town. Word of mouth led to around 1,500 attendees, including many notable figures from the healthcare sector, filling the restaurant. Adonis claimed he hadn’t made formal efforts to coordinate it, but it clearly showcased his robust presence in the northern suburbs.

Kyranakis vs. Lyberopoulos
Tensions are rising between Transport Minister Konstantinos Kyranakis and longstanding Athens taxi union leader Thymios Lyberopoulos. Kyranakis has now chosen to disengage from discussions with Lyberopoulos, despite the latter’s attempts to mend fences. Recently, Lyberopoulos entered the minister’s office unannounced, and his allies removed signage at the airport taxi rank that depicted fixed fares. Sources suggest the Prime Minister’s office fully supports Kyranakis’ position against allowing loaded taxis to use bus lanes—except for pickups and drop-offs. Interestingly, Kyranakis’ predecessor, Vasilis Oikonomou, had struck a deal with Lyberopoulos and is now reportedly undermining Kyranakis.

Gerapetritis Plans Libya Visit
Foreign Minister Giorgos Gerapetritis is slated to visit Libya, including Tripoli and Benghazi, in the coming weeks. Libya, a strategic area due to rising Turkish influence and significant migration concerns, is currently home to around 1 million migrants. Notably, migration flows from Libya to Crete have increased.

SYRIZA Media Employees Prepare Legal Action
As SYRIZA gears up for its upcoming congress after the Pentecost weekend—potentially in Peristeri or OAKA—troubles brew. Employees at the party’s media outlets, particularly its radio station “Sto Kokkino,” threaten legal action, claiming unpaid wages for three months (soon to be four). Beyond planned strikes, they are warning leadership: “You can’t hold a congress using our unpaid salaries.” Legal injunctions seem probable unless payments are fulfilled—though that appears unlikely.

Famelos and the Minors’ Shelter
The IOM facility visited by MP Sokratis Famelos isn’t new—it has been operational for three months. Deputy Migration Minister Sevi Voloudaki has been actively overseeing the care of Palestinian minors and their families there, ensuring they receive medical and psychosocial support in collaboration with the IOM and Greek hospitals. “These facilities aren’t for party leaders to use for PR stunts. Unless SYRIZA’s leader wanted to thank the government for this initiative(!),” a government source noted. “Joking aside, these structures exist to assist those in need, and that’s the government’s daily focus.”

ELTA’s Rapid Rise in the Banking Sector

ELTA has emerged as an attractive partner in recent developments. Previously known for its partnership with Eurobank resulting from the Postal Savings Bank’s acquisition of its “good” assets, yesterday revealed a strategic collaboration with Alpha Bank, promising significant mutual benefits through complex financial transactions. This partnership aims to enhance the accessibility of modern, diverse services for citizens and SMEs. By teaming up with Alpha Bank, ELTA can leverage its service offerings, expanding new opportunities. Additionally, expect another banking collaboration with a smaller, non-systemic bank soon—most likely a fifth pillar. Eurobank’s partnership with ELTA will focus on basic banking services like account openings and deposits. In contrast, the collaboration with Alpha Bank will be broader, encompassing specialized financial solutions such as insurance and investment products, slated for gradual rollout across ELTA branches starting in the latter half of 2025.

Bank Bonds in Motion

Following Piraeus Bank’s successful issuance of a €500 million Senior Green Bond—received with six times the demand—rumors surface of Eurobank preparing an AT1 bond issuance soon. As noted earlier, banks are accelerating bond issuances amid MREL requirements, eager to take advantage of lowered interest rates and the current volatile environment.

Revolut’s Competitive Edge in Greece

Revolut, based in Lithuania, has reached a €45 billion market valuation and boasts 1.5 million clients in Greece, experiencing a staggering 162% increase in peer-to-peer transactions as users seek alternatives to traditional banking fees. According to unconfirmed reports, Revolut is expected to join Wero, an initiative set to create a true digital wallet usable across the EU. Revolut would become the first neobank to join this project. Concurrently, plans are underway for Revolut to open a physical location in Athens, capitalizing on its European banking license. Notably, 130,000 Greeks hold deposits totaling €240 million in Revolut through Flexible Cash Funds.

Trading Volume Skyrockets

On Monday, Evropa Holdings (EVR) launched new shares from its capital increase on the market. The first trading day saw about 700,000 shares traded, which surged to 1.26 million yesterday—an astonishing 2,309.38% above the prior quarter’s average trading volume. The stock closed at €1.72, down by -1.15%.

OPAP’s Dividend Outlook

A closer look at Euroxx’s report on OPAP reveals why the stock is set to remain in investors’ sights for the foreseeable future. Analysts Fani Tzioukalía and Alexandros Boulougouris project that OPAP will maintain a compelling dividend yield over the next year, with expectations ranging from 7.7% to 8.1% throughout 2025-2027. They also foresee an average annual net profit growth rate of 8.2% during this timeframe. While much of this positive momentum might already be factored into the stock price, they set a target of €22 for the stock, which closed yesterday at €20.20 after a recent dividend payout of €0.80.

ATHEX Salary and Expenses Update

Staff salaries and expenses at ATHEX increased by 8.4% year-over-year, reaching €4.3 million for Q1 2025, based on data released recently. Increases were seen across various categories: salaries alone reached €3.4 million, up from €3.2 million, and “other benefits” climbed to €350,000 from €288,000. Stock-based employee compensation also rose. In Q1, the Group reported a 17% revenue increase, 28% EBITDA growth, and a 30% rise in net profits after tax, although operating costs also increased by 6%.

Alpha Bank Breaks Records

Last Friday’s short-sellers are regrouping as European and US stock markets enjoyed a rally, spurred by hopes for peace potentially reviving Trump’s trade deals. Though nothing concrete is currently on the horizon, the Athens Stock Exchange reached a crucial 1,850 points. If this level sustains for a few days, it could be pivotal for future trends. Alpha Bank led the pack with €34 million in trading volume, appreciating +4.26% to €2.79—a solid performance for a blue chip. Sarantis (+4.35% to €13.90) and Cenergy (+3.37% to €9.82) also saw gains among large caps. Other stocks like TITAN (+2.71%), Eurobank (+2.31%), National Bank (+1.44%), and Piraeus (+1.32%) indicated strong interest not solely from retail investors. On the downside, PPC (-0.82%), Ellaktor (-0.62%), and HelleniQ Energy saw declines. After initial hesitation, the General Index steadily climbed and closed at a high of 1,850.13 points (+0.85%), with trading volume hitting €179.67 million, including €30 million from block trades.

Aegean Airlines Update

Historically, Q1 is typically a challenging period for Aegean Airlines, as the airline incurs preparation costs without the benefit of summer tourism revenue. However, this year appears to be different, with potentially less severe losses. Passenger traffic has notably increased (+9.9%), particularly for international flights, and global oil prices have declined. Management has strategically hedged fuel costs, positioning Aegean favorably amidst decreasing prices. Furthermore, Aegean will announce its Q1 results today. Notably, over the past three years, Aegean has been refueling its aircraft with sustainable aviation fuel (SAF) sourced from Thessaloniki’s “Macedonia” International Airport, which uses renewable hydrogen and captured carbon, along with waste oils, fats, and recycled conventional fuels. The use of SAF is now mandated in Europe under the ReFuelEU directive, which aims for 20% of all aviation fuel to be sustainable by 2035—a challenging shift that requires significant infrastructure investment, which Aegean has proactively begun. Additionally, the airline continues to reward shareholders, having distributed a dividend of €0.80 per share, which went ex-dividend on May 20.

Treasure Hunt in Pella

This isn’t the first time citizens have sought out treasure, and it’s almost become a national pastime. Although most treasure hunts result in disappointment, some individuals now choose legal avenues instead of covert digging. Recently, the Pella Forest Directorate approved a permit for treasure discovery in a public forest area within the Milea estate, located in the Exaplatanos municipal unit of Almopia. This application was submitted on April 15, 2025. The excavation site, measuring 2,705.32 square meters, is set for a three-day operation, utilizing a mechanical excavator to dig a trench 10 meters around and 2.5 meters deep. Measures have been put in place to minimize environmental disruption and ensure restoration after the excavation. Perhaps they will actually uncover something valuable…

Greek-Israeli Business Meeting

A 26-member Israeli business delegation is meeting this morning with Greek entrepreneurs. The delegation includes senior executives from shipping, high technology, finance, aviation, agri-food, and defense sectors. This initiative is spearheaded by the Piraeus Chamber of Commerce and Industry in collaboration with Israeli firms Beni Morgan, BDO, and Herzog Fox & Neeman. Notable participants from the Greek side include Mathios Rigas from Energean, Panos Xenokostas from ONEX, and Antonis Oikonomou, Secretary General of the Ministry of National Defense. Israeli Ambassador to Athens, Noam Katz, has played a key role in arranging these meetings. The event will be inaugurated by Tasos Chatzivasileiou, Deputy Minister of Foreign Affairs responsible for Economic Diplomacy and Extroversion. Several large Cypriot companies have expressed interest in this burgeoning business ecosystem.

The Cryptocurrency Treasure Hunters

On May 27, Trump Media & Technology Group Corp, listed on Nasdaq and known for the social media platform Truth Social, announced a deal with 50 institutional investors to sell $2.5 billion in stock through a private placement. The goal, according to CEO Devin Nunes, is to acquire an equivalent amount of bitcoin, termed a “crown jewel asset.” Following this announcement, total cryptocurrency market capitalization surged to $3.4 trillion— a 42% rise from its low on April 8. Back in December 2024, the total crypto market cap had hit an all-time high of $3.6 trillion, and some are beginning to see this as the digital gold of our time.

Home Buying in the U.S. Now a Luxury

The housing crisis frequently discussed in Greece and Europe also resonates in the U.S. The annual income needed to afford a typical home has jumped to $116,600—double what it was five years ago. Renting a typical U.S. home now requires earning over $64,200 yearly, translating to more than $5,300 monthly. In essence, a buyer must earn 82% more to purchase a median-priced home than to rent a typical apartment, compared to just a 16% gap five years ago—significantly narrower.

The Future of E-Commerce is… Made in China

As Trump imposes tariffs, China accelerates its technological advances. Chinese e-commerce titan Alibaba has introduced a new shopping app in the U.S., promising delivery to American customers’ doorsteps in under an hour, which has excited consumers. Within just one month of launch, Alibaba processed over 40 million orders daily. This service integrates food delivery drivers with those delivering consumer goods, rendering traditional 2–3 day delivery timelines a distant memory.