Makarios’s degree (come on, guys), Stavros and the State list, the second blue suitor of Athens, Watsa on his business in Greece

-Hello, we are gradually returning to mundane beingness and… the warm-up started with the endless clowning astir implicit Lazaridis’s degree. That is, whether Lazaridis, with a assemblage degree, should person been appointed successful 2007 (during the Rafina government) to the bureau of the now-deceased curate Marietta Giannakou arsenic a technological advisor and not to a little position, due to the fact that that mode helium earned €150 much oregon thing similar that. In different words, we are present talking astir a 20-year-old case, which is being raised by radical who were praising Tsipras, who had Nikos Karanikas arsenic a strategical advisor astatine the Maximos Mansion! Of course, the M.M., which lately has been overdoing it with the doctrine “spirit and morality,” arsenic Vasilis Avlonitis utilized to accidental successful that unforgettable Greek film, came adjacent to throwing him nether the bus. But fine, it won’t bash it, due to the fact that past it won’t find anyone.

The large things tomorrow…
-On much superior matters, time successful Parliament determination volition beryllium the statement connected institutions, wherever the opposition, led by Nikos A., volition spell aft K.M. implicit the wiretapping and OPEKEPE. Now, don’t expect Mitsotakis to instrumentality it determination directly—he wasn’t calved yesterday—he volition wholly sidestep the wiretapping and, connected OPEKEPE, volition accidental the obvious: a) the “sinful” OPEKEPE is fundamentally being abolished and the organisation of cultivation subsidies volition beryllium taken implicit by the AADE, so, favors are over. b) During this government’s term, the legally recorded conversations of MPs and ministers astir doing favors for farmers took spot (even if by accident, arsenic I say). c) That “we are abolishing favors everywhere: successful the army, successful soldiers’ transfers truthful they don’t instrumentality to Athens up of time, we don’t cancel fines for immoderate crushed (alcohol, parking, etc.), we don’t appoint, we don’t, we don’t, we don’t…” In addition, Mitsotakis volition propulsion successful a large walk astir the Constitutional Revision truthful we person thing good, positive, and semipermanent to speech about. That’s that…

Visit to Vasilissis Olgas
-Mitsotakis, successful immoderate case, volition commencement taking walks extracurricular Maximos present that the somesthesia is rising. I’m told that contiguous helium whitethorn instrumentality a stroll on the caller Vasilissis Olgas, which volition soon beryllium opened to the public, unneurotic with Mendoni and different officials. The absorbing happening is that Haris Doukas volition beryllium absent, arsenic helium is successful Boston.

Papathanasis’s candidacy
-At Easter, erstwhile determination isn’t overmuch news, scenarios usually flourish. According to 1 specified scenario, owed to overcrowding, the Deputy Finance Minister Nikos Papathanasis volition permission the ND ballot successful the bluish assemblage of Athens B and determination to the State list. Papathanasis categorically denies specified a script to anyone who asks, saying that helium entered progressive authorities done the ballot and volition permission done the ballot if necessary. So helium is not closing his bureau and is preparing to combat his battle, which of people volition not beryllium easy. As for the State list, connected the different hand, Papastavrou’s sanction is being powerfully floated, but that inactive has a mode to go.

The Chrysomal(l)is case
-Let maine concisely notation different ND MP who is fundamentally a “foreign body.” The MP for Messinia and adjacent person of Antonis Samaras, Miltiadis Chrysomal(l)is, is present “in, out, and each the same,” without fundamentally supporting the authorities but besides without (yet) filing for divorce. His image, however, ever being unneurotic with Antonis Samaras astatine each nationalist appearances, says it all. He did the aforesaid astatine Easter erstwhile helium “combed through” Messinia, portion helium was with Samaras astatine a gathering held with Vangelis Meimarakis successful Pylos square.

The suitors of the Municipality of Athens
-I wrote to you weeks agone astir Bakoyannis’s determination to absorption exclusively connected the Municipality of Athens and his effort to get revenge connected Haris Doukas successful 2028. However, it seems that Bakoyannis volition not beryllium unsocial connected the center-right side, arsenic Christos Tentomas, for years a municipal councilor and president of the metropolis council, is declaring successful each code that helium volition signifier his ain faction, denote it successful the fall, and spell each the way, rejecting scenarios of pre-election practice with Bakoyannis. He himself does not privation to look linked to ND, betting connected a much non-partisan logic. I foresee complications.

Pierrakakis law: applications for Swiss franc loans doubled successful 1 month
-Borrowers proceed to respond to Pierrakakis’s instrumentality connected Swiss franc loans. On the level issuing the certificate for the class each borrower falls into, 10,000 applications person been submitted—doubling wrong a month, which coincides with that of the subject operations. Also, successful 1 of the banks, already 20% of the loans person been converted from Swiss francs to euros. The instrumentality is successful unit until August 19. If involvement continues astatine the aforesaid gait until the extremity of the validity period, it is estimated that astatine slightest 50% of performing loans successful Swiss currency volition beryllium converted into euros. It should beryllium noted that the conversion speech complaint is not fixed and is locked successful upon submitting the application—not connected the platform, but astatine the bank.

What Watsa says astir Eurobank…
-A large time day successful Toronto arsenic the yearly wide gathering of Fairfax Financial Holdings shareholders takes place, successful the beingness of Prem Watsa, Chairman and CEO of Fairfax, and COO Peter Clarke. The laminitis of the group, arsenic each year, volition contiguous the achievements of the past twelvemonth for Fairfax, which recorded yet different twelvemonth of maturation with profitability astatine a grounds $4.77 billion, and volition outline the strategy for 2026. In the missive helium sends each twelvemonth to shareholders up of the wide meeting, Watsa refers to each the cardinal investments made by Fairfax, including Eurobank. The Indo-Canadian billionaire describes the concern successful the Greek slope arsenic “by acold the champion Fairfax has ever made.” He adjacent notes that the yearly instrumentality from the Eurobank concern accrued from -7% successful 2020 to 15% today, owed to the emergence successful the stock price, giving recognition to F. Karavias and the fantabulous absorption squad who had yet different outstanding twelvemonth successful 2025. Using Eurobank arsenic an example, Watsa emphasizes (as a committed worth investor) that semipermanent strategy and patience are precise often a virtue, portion not hesitating, however, to spot alongside “very often” the lawsuit of BlackBerry, Fairfax’s astir loss-making investment.

…and however helium evaluates managers
-Special notation is besides made of the statement a fewer months agone for the merchantability of 80% of Eurolife to Eurobank for €813 million. In his missive to shareholders, Watsa expresses his restitution with the deal, arsenic it allows Fairfax to support its absorption connected security activities successful spot and casualty arsenic good arsenic reinsurance, portion astatine the aforesaid clip benefiting from the continued occurrence of Eurolife’s beingness security conception done its involvement successful Eurobank. Watsa notes that Eurolife has performed exceptionally good nether the enactment of Alex Sarriogiorgiou and expects it to proceed to execute precise good nether the ownership of Eurobank and Fokion Karavias. As for Grivalia Hospitality, Watsa points retired that aft a hard 2024, it restructured its teams and focused connected improving operational show successful its halfway assets successful Greece. Referring to the company’s flagship, One & Only Aesthesis, helium says that past twelvemonth revenues accrued by 25% and profitability improved significantly; a caller General Manager was appointed, and Fairfax looks guardant to further betterment crossed each metrics successful the coming years. Concluding his notation to Greece, Watsa says with wide restitution that Fokion Karavias astatine Eurobank, Alex Sarriogiorgiou astatine Eurolife, and Giorgos Chryssikos astatine Grivalia person delivered tremendous worth for Fairfax implicit the past decennary and, addressing shareholders, says: “When you spot them astatine the wide meeting, accidental convey you!! (say Efcharistó!!).”

Fairfax votes for Mytilineos
-In his letter, Watsa besides refers extensively to Metlen, wherever Fairfax is contiguous the second-largest shareholder with an 8% stake, “behind the laminitis and chairman, Evangelos Mytilineos, whom we greatly admire.” He points retired to shareholders that Metlen owns and operates 1 of the lowest-cost aluminum facilities successful Europe and has announced plans to grow into strategical metals specified arsenic gallium, describing 2025 arsenic a engaged twelvemonth owed to the IPO successful London. He besides refers to the 3rd translation programme launched by Metlen and looks guardant to bully returns from this semipermanent partnership.

The Vardinogiannis companies for “Serenity Village”

-Giannis Vardinogiannis, done Hydra Rock, is preparing the crushed for the ample project, characterized arsenic a strategical investment, other Hydra. This is the much-discussed “Serenity Village,” worthy €474 million, which volition see an integrated tourer edifice and an organized vacation village. In this context, 3 caller companies linked to Hydra Rock were precocious established: Hydra Rock Residences, Hydra Rock Facility Management, and Metochi Marina S.A. Hydra Rock Residences focuses connected existent property transactions of each kinds (plots, buildings, houses, apartments, etc.) oregon the operation of each types of buildings connected them—homes, shops, warehouses, hotels, etc.—for resale oregon exploitation, leasing, conversion, and renovation of properties, and truthful on. As for Hydra Rock Facility Management, its entity is undertaking and implementing contracts for the management, maintenance, and cognition of hotels, tourer facilities and infrastructure, residential complexes, and idiosyncratic homes, etc. Metochi Marina S.A. volition beryllium active, arsenic its sanction suggests, successful the tourer marina sector, executing and fulfilling concession contracts for the close to make and usage marine zones of tourer ports, providing mooring services for leisure boats, operating facilities, and truthful on.

Papachristophorou’s caller ventures (Invel)
-New concern ventures, chiefly successful Italy, for Invel Real Estate, which is indirectly linked done its main shareholder Chr. Papachristophorou to the home existent property concern institution Prodea Investments REIC. The institution secured €65 cardinal successful financing from UniCredit to accelerate the improvement of the YellowSquare level successful Italy, successful the “hybrid hospitality” conception for affordable hostel-type accommodation aimed astatine young travelers who privation lower-cost options. The financing volition beryllium directed toward acquiring and processing much than 2,000 beds, which are expected to run nether the YellowSquare marque successful large Italian cities, with an accent connected redevelopment projects of existing buildings. The financing follows the associated task betwixt Invel and YellowSquare announced successful January 2025, portion YellowSquare presently operates astir 1,200 beds successful Rome, Milan, and Florence, and besides has a beingness with its archetypal hostel successful Athens, successful Theatre Square.

“Second Resurrection” connected the Stock Exchange led by AKTOR

-Euronext Athens returned from the four-day Easter interruption with momentum that near nary country for hesitation. In the Maundy Thursday correction, the General Index had mislaid -2.63% and the banking scale -4.51%. This correction importantly improved slope valuations. Yesterday, the General Index closed astatine 2,284.40 points with a 2.64% rise, adjacent touching the intelligence “step” of 2,300 intraday. Trading worth was festive and released the unit of the four-day wait, exceeding €470.4 million, with artifact trades unsocial worthy €27.4 million. The emergence was supported by existent flows that gave hesitant investors the accidental to liquidate. The instrumentality to bid negotiations and Brent beneath $100 (-3.56%) and WTI (-5.95%) brought a consciousness of forward-looking optimism to the market. The upward opening triggered wide sell-offs by investors who took vantage of precocious prices to exit positions. The archetypal half-hour turnover reached €71.5 million. At the close, during the auction process, important orders from overseas funds gave a rebalancing character. The standout performer was Aktor’s banal with an awesome rally of +9.16%, adjacent outpacing Eurobank which closed with a leap of +7.56%. National Bank, Bank of Cyprus and Viohalco roseate implicit +5%, portion Piraeus and Alpha gained much than +4%. Special notation should beryllium made of GEK TERNA, whose marketplace headdress climbed to €4.14 billion, raising its escaped interval worth to €2.7 billion, a captious size for MSCI evaluation. Aegean and ElvalHalcor roseate implicit +3%. Cenergy strengthened by 2.80%, portion PPC, Athens International Airport, Lamda, Coca Cola and OTE closed with gains supra 1%.

The Inglesis household strengthens its beingness successful tankers

-The reappearance and simultaneous enactment of the Inglesis household successful the tanker assemblage is simply a wide denotation that accepted shipping groups are not lone returning but repositioning themselves much aggressively successful a marketplace undergoing restructuring. Antonis Inglesis’ enactment done Carlova Maritime and Giannis Inglesis’ parallel people with JHI Steamship amusement a coordinated—albeit independent—strategy of beingness successful cardinal marketplace segments. The prime to put successful VLCC and aframax vessels is nary coincidence. It concerns power implicit cardinal vigor flows astatine a clip erstwhile geopolitical instability creates caller opportunities for those with liquidity and entree to shipyards. Beyond the figures, timing is what matters most. Tensions successful the Middle East and shifting commercialized routes are not acting arsenic a deterrent for Greek shipowners; connected the contrary, they are accelerating decisions. What is absorbing is that the caller procreation of the Inglesis household operates with antithetic tools: fleet diversification, entree to Asian shipyards, and simultaneous beingness successful some superior and secondary markets. It is simply a much flexible approach, combining accepted shipping instinct with modern hazard management.

The shipowner and his brotherly relationship with the Communist Party Secretary General

-Away from the spotlight, but with beardown backstage enactment and precocious symbolism, the moves of Gavriil Petridis successful Vietnam are unfolding. Recently, astatine a meal of peculiar governmental and concern value successful Hanoi, the Greek shipowner sat astatine the aforesaid array with the Secretary General of the country’s Communist Party and his wife—figures who successful signifier find the country’s governmental and economical direction—as good arsenic with the enactment of the authorities shipping company. As is whispered, the idiosyncratic narration helium has developed with apical officials reaches a level of spot beyond accustomed concern limits, and it is nary coincidence they telephone him “brother.” Thus, aft astir a decennary of discreet contacts, conditions person matured for the archetypal important agreement. Concrete deals were enactment connected the table, specified arsenic vessel purchases successful concern with Vietnam’s authorities company, VIMC–Vietnam Maritime Corporation, either done associated ventures oregon bareboat models, opening a caller rhythm of practice with geopolitical and concern prospects. With the Vietnamese shipping enactment contiguous and governmental authorities sending wide signals of support, Petridis’ moves instrumentality connected the characteristics of strategical penetration into a marketplace that until precocious remained hard for overseas players. What began 10 years agone arsenic elemental contacts present appears to beryllium turning into signed agreements that alteration relationships into beardown concern alliances.

The backstage of Antonis Komninos’ concern move

-Antonis E. Komninos’ determination to proceed with a bid of newbuild MR2 vessels done Horizon Tankers is work arsenic a wide strategical aim. The institution has ordered a full of six MR2 tankers from Changhong Shipyard, with MT Horizon Emmanuel being the archetypal illustration of a programme progressing methodically. Behind the scenes, this prime is interpreted arsenic a cautious “locking in” of positions astatine a clip erstwhile shipyard slots are tightening and costs stay fluid. It is not lone astir fleet renewal; it is besides astir securing presumption for the coming years. At the aforesaid time, MR2 vessels proceed to connection the indispensable flexibility successful a merchandise tanker marketplace that is changing but not losing its halfway dynamics. Horizon frankincense seems to beryllium choosing a much balanced approach: renewal without overexposure, concern with visibility. Without noise, but with wide direction, this determination strengthens the company’s illustration some successful fleet and financing terms.

Kampouridis, Tanimanidis and Greek mythology

-The caller task of Miltos Kampouridis and his koumbaros, presenter Sakis Tanimanidis, volition beryllium a ample depository dedicated to Greek mythology. The due crippled of onshore is already being sought. It is recalled that the radical they formed immoderate years ago, Enthoosia Group, holds the maestro franchise for respective countries of the “Museum of Illusions,” portion it has besides launched its ain project, the “Paradox Museum,” which is besides expanding internationally. In total, the Group has opened and manages much than 20 museums from the USA to India. In fact, conscionable past week a caller Paradox Museum opened successful Hyderabad. Tanimanidis precocious besides spoke wearing his entrepreneur “hat” astatine this year’s yearly closed Deloitte lawsuit for scale-ups successful Arachova, successful an unfastened treatment with Antigoni Lymperopoulou, CEO of HDBI. There, among different things, helium announced the instrumentality of “Dragons’ Den,” which turned startup entrepreneurship into a show, expected to instrumentality with a caller play connected Skai this September. Production volition beryllium handled by BetterKnown Entertainment of Sakis Tanimanidis and Michalis Iskas, with filming scheduled for this coming June.

UBS says worse is coming for oil

-On Easter Monday, UBS revised—once again—its forecasts for crude lipid upwards. The caller forecasts acceptable the barroom astatine $100 per tube by the extremity of June (from $90 previously), $95 successful September, $90 successful December 2026 and $85 successful March 2027. The captious constituent highlighted by UBS is the accumulation shut-ins, which person already reached 13 cardinal barrels per day, a historical record. Oil exports from Gulf countries person fallen from 19 cardinal barrels per time (January–February average) to conscionable 8 cardinal barrels successful the past 30 days. Saudi Arabia and the UAE are bypassing the Strait of Hormuz via pipelines, but these excessively stay susceptible to strikes. UBS warns of an adjacent much worrying scenario: if the disruption persists, Brent could transcend $150, triggering important request destruction. It besides expresses interest astir hoarding phenomena—panic stockpiling—that would further boost prices. For Greece, the implications are clear. Motor Oil and HelleniQ Energy import crude chiefly from the Middle East. A displacement to alternate sources, with barrels from Africa oregon America—as UBS itself predicts—means higher earthy worldly costs and unit connected refining margins. For each of us, this translates into much costly gasoline and diesel and, of course, inflation. Even if the Strait of Hormuz reopened tomorrow, marketplace normalization would instrumentality months.

Trump’s archetypal large victory

-Yesterday we said that a cardinal extremity of Trump’s argumentation successful the Middle East is to curb China’s economical expansion, which has already invested $269 cardinal successful the region. Yesterday, CNBC provided information confirming the “effectiveness” of this strategy. China’s March 2026 overseas commercialized figures gave analysts a archetypal factual representation of what the American commercialized warfare means successful signifier for the world’s second-largest economy. China recorded export maturation of conscionable +2.5% successful March, versus an archetypal authoritative forecast of +8.6%. Chinese exports to the US person collapsed, astir -30% year-on-year, confirming that Trump’s tariffs are achieving their main goal: limiting Beijing’s entree to the American market. Naturally, China’s commercialized with the war-stricken portion has besides declined. The different broadside of the equilibrium expanse is arsenic surprising: China’s imports surged by +27.8%, 2.5 times supra forecasts. Clearly, the Chinese did not abruptly go richer and indulge successful a consumerist frenzy. It is the outgo of imports (mainly vigor and earthy materials) that has risen dramatically owed to geopolitical turmoil successful the Gulf. China’s equilibrium of payments is nether unit from 2 fronts simultaneously.

When bankers go borderline guards

-US Treasury Secretary Scott Bessent confirmed yesterday that helium is preparing a caller enforcement bid that volition necessitate banks to cod citizenship information from their customers. The bid is portion of the broader Trump medication strategy to exclude undocumented migrants from fiscal services. Until now, determination has been nary instrumentality oregon regularisation prohibiting non-US citizens from opening a slope account. Banks people travel the “Know Your Customer” regularisation to forestall wealth laundering, but this does not necessitate citizenship verification. Discussions astir this caller involution person raised concerns successful the banking sector. Many question the legality of the order. Legal analysts enactment that implementation via enforcement bid is doubtful and that specified a alteration would apt necessitate a legislative process done modular administrative procedures, which could instrumentality 1 to 2 years. For Greece, banks operating oregon maintaining typical offices successful the US volition person to comply with the caller bureaucratic process and its further costs for cross-border transactions. Greeks of the diaspora successful the US who usage Greek banks for remittances and savings volition present request to supply passports oregon different citizenship documents. It is telling that astir 50% of the US colonisation does not adjacent person a passport. Banks successful America are turning into tools of migration policy. Someone volition wage the price.

The US lodging marketplace is sinking

-Sales of existing homes successful the US fell -3.6% successful March 2026 connected a monthly basis. The yearly complaint dropped to 3.98 cardinal transactions, good beneath forecasts. The diminution is owed to 2 factors. First, the precocious outgo of location acquisition. Thirty-year owe rates stay astatine 6%–6.5%, levels that marque buying unaffordable for a ample conception of the population, particularly first-time buyers. Second, economical uncertainty that discourages large commitments. The National Association of Realtors illustration shows a marketplace moving wrong an highly constrictive scope since aboriginal 2024, fluctuating betwixt 3.8 and 4.2 cardinal sales—figures that constituent to stagnation by US standards. March 2026 appears arsenic a caller dip aft comparatively amended show successful erstwhile months. The outpouring play is historically the astir dynamic for US location sales. The information that it begins with specified a deviation from forecasts raises questions for the entirety of 2026. If uncertainty does not subside and involvement rates bash not fall, the marketplace risks closing the twelvemonth adjacent its lowest levels successful caller years, with implications for the broader operation sector.

Data centers request vigor and instrumentality that America does not have

-Around 50% of US information centers scheduled for 2026 volition yet beryllium delayed oregon adjacent canceled owed to cardinal instrumentality shortages. Data centers necessitate tremendous quantities of materials that the US cannot nutrient astatine the needed pace. Imports of large electrical instrumentality into the US (transformers, switchboards, batteries) reached $411 cardinal successful 2025, marking a +4.7% yearly increase. Since 2020, these imports person risen by $181 cardinal (+78%). Data centers supporting AI systems necessitate instrumentality that US manufacture cannot proviso sufficiently. At the aforesaid time, they necessitate immense amounts of energy. Goldman Sachs estimates that planetary information halfway vigor depletion volition scope 1,350 TWh by 2030, a +220% summation compared to 2023 levels. The erstwhile estimation was +175%, but it was revised upward owed to greater needs of AI servers, which progressively usage high-energy equipment. About 60% of this summation could travel from the US, with American depletion reaching 750 TWh and the remainder of the satellite astatine 600 TWh. By 2030, installed information halfway capableness successful the US is expected to scope 95 gigawatts, a 197% summation from 2025 levels. In short, information centers necessitate equipment, earthy materials and energy that the US cannot nutrient connected its own.