Greetings—Let us welcome the children of the Left and of progress from everywhere: from SYRIZA, from Stefanos’ orphans, all the way to certain “progressive” sites that wore us out with the mother of Tempi, etc., etc. And some TV personalities who, with a studied air, mocked anyone and anything that resisted Saint Maria—they even wanted her as President of the Republic. What happened, guys? Did you fall from the clouds, or did you simply expose yourselves for supporting her out of anti-government passion and spite? Have you now realized that the “president” is a “Niki” like Natsios’s party, with a bit of Ilias and Zoe mixed in? Which politicians to date say that the entire political system is corrupt and chant about cleansing and prisons? Shall we tell you, since we’re not ashamed: Michaloliakos and Kasidiaris were saying these things from 2010 onward, and at one point they even reached 10%–12% in the polls, back in the days of “rise up” shouted by Giorgos Germenis, the “Caiadas” of Golden Dawn. Who stormed the National Gallery because they considered works of art sacrilegious? Some MP from Victory whom even Natsios couldn’t stand. Why does President Maria’s stance on abortions surprise you, when her right hand, Ms. Gratsia, was a Niki candidate? Since the president herself was talking about the old woman from Syria with Aramaic, visions, saints and angels, etc., what’s gotten into you now? We wish you a speedy recovery and patience—something will turn up along the way…

The hen and the egg

So then President Maria, after triumphing with the cover on Sunday’s Down Town, went on Open yesterday and posed the great eternal question: “does the hen make the egg or the egg the hen?” That is, does the mother have the right to terminate her pregnancy, or does the embryo define its own life? Who is sovereign—the mother or the embryo, the hen or the egg? Let me add that President Maria had previously also taken a stand against the personal identification number. Specifically, the president addressed a greeting on December 13 last year at an event in Thessaloniki titled “Before it’s too late: Defending freedom in the digital age,” organized by the Panhellenic Movement Against Digital Totalitarianism. Among other things, the president said that “when the government asks to control our data, our choices, and our health, it is essentially asking to intrude impermissibly into our private lives and to control our very will.” At the same event, the abbots of the Karakallou, Docheiariou, and Gregoriou Monasteries of Mount Athos were present and offered greetings. Ameeeen!

From the Left…

Yesterday I wrote that despite all this—namely, the lifestyle Down Town interviews, the referendums on abortions, etc.—pollsters see that Maria K. has appeal, and in fact from everywhere (except perhaps from the ND and PASOK spaces): she draws both from the “pious ladies” and from the Left. But I also remember Kasselakis, who stirred up the whole universe at the beginning—gay, straight, “closeted,” as he himself says (he said yesterday that he has quite a few in Parliament, as if we care). Until the months passed and people realized that Stefanos wanted to become the leader of the morning TV shows and stroll around with Tyler and Farley. To tell the truth, Stefanos seems to me like a Harvard professor compared to the nonsense we’ve been hearing lately.

Spain

As for the tragic accident in Spain, not much can be said, nor can jokes be made—“they don’t talk about xylols, etc.”—because quite simply there are dead. We will presumably learn responsibly from the authorities what happened in what is probably a much more modern train management and infrastructure system, and we will judge. We’ll also see what the “model” prime minister of Androulakis, Pedro Sánchez, says—and above all how his opposition, the… equivalent of Mitsotakis, will confront him.

A chaotic discussion at M.M.

Let me now take you to yesterday’s meeting of K.M. with farmers and livestock breeders, who came to the Maximos Mansion understanding, of course, that the basket isn’t particularly full; however, they themselves didn’t help the dialogue become more productive. While at the beginning K.M. asked Rizos Maroudas of the KKE, who was the most experienced and institutional trade unionist, to manage his colleagues so there would be a flow to the discussion, in many cases it turned into a hubbub with a chaotic logic and many individual local issues. In general, those judged more serious were Maroudas, Sokratis Aleiftiras of Larissa, and Tzellas of Karditsa, who are the more “old hands,” while the newer ones came in with a “bull in a china shop” approach. “How was the discussion last week with the other farmers? No relation,” my source from M.M. told me, visibly disappointed with the farmers’ approach, who nevertheless clearly want to leave the roadblocks, no matter how much they make grand statements about continuing mobilizations. In general, K.M. was very specific that “there is no more money” and that he can only discuss technical matters—and I should tell you that even on those, the farmers were not as specific as they claimed to be in front of the cameras.

The losers of the roadblocks

Yesterday’s Opinion Poll survey (Action 24) had interesting findings on current political issues, and I focus on the finding that 53% of respondents do not agree with the blocking of national highways by farmers. In fact, I learned that the percentage is even higher in three regions: Epirus, Thessaly, and Central Greece, as opposed, for example, to Attica. What do these regions have in common? They experienced a wave of booking cancellations and a blow to the local economy, unlike others who followed the affair from the couch.

From Davos, Brussels

K.M. had scheduled a dense program of international contacts in Davos on Thursday and Friday, but Trump and his plans for Greenland mobilized the Europeans, who scheduled a leaders’ summit with physical presence at 20:00 on Thursday evening. The core program of K.M.’s public appearances, of course, is Thursday morning, with interviews to international media and a forum panel with top business executives and the vice president of the European Investment Bank. And from the Swiss resort he will go to Brussels. What remains to be answered is whether on Friday he will return to Switzerland or head back to Athens.

How Pierrakakis “erased” the memories of the crisis

The meeting room itself came to symbolically reinforce Kyriakos Pierrakakis’s “first” as president of the Eurogroup. As the space where eurozone finance ministers usually meet was unavailable due to works, the meeting was moved to the room bearing the name of the Finnish diplomat Antti Satuli. This is a landmark with extremely negative connotations for the country, as it was there that Yanis Varoufakis gave one of his worst “performances” at a Eurogroup, provoking the anger of all his counterparts. However, Pierrakakis’s presence yesterday bore no resemblance whatsoever to the drama of eleven years ago. “We must learn from one another,” was the message of the new Eurogroup president to his counterparts, aiming to further strengthen unity and cooperation among the finance ministers of the countries participating in the common currency. And judging by the atmosphere the 21 ministers projected as they left the room, Pierrakakis won the cooperation bet at his first Eurogroup—indeed, with an extremely critical agenda on the table.

“For sale” signs go up in IT

Intense activity is being recorded in the IT sector. Market conditions are changing, Recovery Fund financing is nearing its end, so a regrouping of business forces is coming. The outline of these changes was recently mentioned by L. Papakonstantinou, principal shareholder of Byte via Ideal, saying that 2026 marks the beginning of a new cycle for the group. Meanwhile, companies that have taken on many public IT projects are showing a willingness to be sold, if possible without delay. An example is Uni Systems, which has hired advisors to build its profile, business plan, etc. On a similar trajectory is EpsilonNet, as the three shareholders reportedly cannot reach agreement among themselves and there is concern about the market’s course this year. Information indicates they have hired a large (and expensive) American investment bank to negotiate with the Italians who expressed interest.

Marios Iliopoulos buys high-speed vessels from Attica Group

I hear that Marios Iliopoulos of Seajets is preparing a new dynamic move in coastal shipping, this time with five high-speed vessels from the Attica Group. Information says that four of these are intended for inter-Cycladic routes, further strengthening Seajets’ presence within the Cyclades, while the fifth high-speed vessel will remain on its existing route, again in the Cycladic arc. Developments in Greek coastal shipping seem to be moving at a rapid pace, with the Greek entrepreneur remaining in the spotlight. Each move appears to fit into a broader plan for rearranging routes and fleet, at a time when competition is rising and market demands are changing. The behind-the-scenes action does not stop here, however. According to the same circles, it is not ruled out that Marios Iliopoulos will proceed with a second round of moves, purchasing another five vessels from the same group. If this is confirmed, we are talking about a move that will noticeably alter the balance in the Cyclades, confirming that Seajets continues to play aggressively.

Fee of €550,000 for a consultant at the Superfund

The Superfund (Growthfund) is seeking an international-level strategic consultant tasked with identifying, prioritizing, and maturing investment opportunities in critical sectors of the economy. The goal is to assign advisory services for the preparation of action plans and investment dossiers for strategic investments, aiming to turn mature ideas into investable projects with a substantial footprint in the Greek economy. The project is divided into two phases: first, the consultant is to map the main sectors of economic activity and create a “pool” of potential investment ideas, examining where growth prospects exist and where Greece can realistically play a leading role. Then, from this long list, approximately ten projects must be selected based on feasibility of implementation, expected returns, and strategic relevance to the Superfund’s role and asset base. In the final stage, for at least three of these investments, full investment dossiers will be prepared with a clear investment narrative, market analysis, return estimates, financing structure, involved stakeholders, risks, and proposals for policy or regulatory interventions, so that these projects can be presented to investors and financial institutions as mature, implementable proposals. As for remuneration, the total project budget amounts to up to €550,000 plus VAT and covers the full range of deliverables. This amount is allocated across two phases: approximately 45% for the first phase, which concerns mapping and prioritizing investment ideas, and approximately 55% for the second phase, which includes the preparation of the full investment dossiers and the transfer of know-how to the Superfund.

Who is right about Jumbo: Citi or everyone else?

The Citi report on Jumbo caused a big stir, as it cuts the target price for the stock to €27 with a negative recommendation, whereas only a few weeks ago it had reset the bar at €32. The main argument of Citi’s analysts is that Jumbo will lose market share and profit margins due to the entry of the competing chain Action into Romania (where Jumbo is also present), while Citi also foresees future expansion of Action into Bulgaria and Greece. After the report, Jumbo’s share price fell as low as €25.60 and appears to be stabilizing around €26. But who is Action? It is a Dutch non-food chain offering low-priced goods that is emerging as a significant retail force in Europe. It has been identified as one of the fastest-growing retailers on the continent, is already active in 14 European countries, and from 2026 plans to enter Croatia as well. It is 80% owned by the British fund 3i Group and in the first nine months of 2025 it posted sales of €11.2 billion (Jumbo is estimated to have reached turnover of €1.25 billion in 2025). Its stores offer more than 6,000 products across 14 different categories. Jumbo has already realized that Romania will be a field of intense competition and is responding with more aggressive expansion, aiming to double its number of stores by 2033. It is not only the Dutch, however, as Citi also refers to competition from the Turkish e-commerce platform Trendyol (in which China’s Alibaba holds 70%). What is particularly interesting is that Citi has taken a stance against almost all the houses and brokerages covering Jumbo: Eurobank Equities gives a target of €33.4 with a “buy” recommendation (although yesterday it removed Jumbo from its top picks of the year), Pantelakis €37.5, Euroxx €42, while the stock is one of JPM’s picks for Greece. It remains to be seen who is right.

A consolation for Sami Fays’s shareholders

Six rising sessions out of the last seven, a gain of +16.6% from €3.20 on December 21 to €3.73 today. This is some consolation for Fais shareholders who see the stock trying to recover its… IPO price (€4.7), as in a period when the Athens Exchange is breaking one record after another, those who bet on Fais Group last March were disappointed and are still counting losses—almost €1 per share. The tough game of Trump’s tariffs and European retaliation does not help the recovery narrative for Harley Davidson or the strengthening of premium brands (Levi’s, Puma, Under Armour). Kiko Milano’s expansion in Eastern Europe may help, but on its own it is not enough. Sami Fays’s management is methodically executing the share buyback program approved by the Ordinary General Meeting last May. From July to today, the group has bought more than 443,000 treasury shares—about 1% of share capital. The stock’s trajectory since listing, with a debut drop to €4.58, below the IPO price, down to the July low of €3.08 (-34.5% from the IPO price), does not strengthen the recovery narrative. It seems, however, that Sami Fays has closed some past loose ends and is preparing to announce turnover of €231 million in 2025 and operating profitability of €48.6 million. For now, €3.73 is -21% below the IPO price, but also +21% above the July low.

Piraeus Bank moves, Attica department stores expand

In the building on Amerikis Street, which houses Piraeus Bank’s headquarters, offices once extended up to the 6th floor. Today only the 6th floor remains with Piraeus Bank—and it is very sparsely occupied—while the other floors are passing to Attica, which is multiplying its department store space. Piraeus Bank services and employees who were housed in the building have gradually been distributed to buildings on Charilaou Trikoupi Street, Panepistimiou 30, Syngrou Avenue 87, and elsewhere, and it will not be long before even the 6th floor is abandoned, as headquarters will be transferred to the building the bank acquired from Dimand at 4 Korai Street.

Thanasis Martinos and the most turbulent times… ever

“In my 57 years of a career in shipping, I do not remember a more turbulent period than the last six years.” With this phrase, Thanasis Martinos opened his remarks at the event for the 4th edition of Professor Giannis Theotokas’s book Organization and Management of Shipping Companies, immediately setting the framework within which shipping operates today. Without intensity and without dramatic tones, this observation sums up a period of successive trials for the sector. Martinos referred to the pandemic, the war in Ukraine, and developments in the Red Sea, stressing that these events are not merely external crises but factors that affect the daily operation of shipping companies. In this environment of uncertainty, monitoring geopolitical developments has now become an integral part of management. He noted that today the shipowner is called upon primarily to act as a crisis manager. Decisions must be taken quickly and often with limited data, which, in his view, makes personal management of shipping companies necessary. As he emphasized, speed in decision-making remains a critical advantage, especially in periods of intense upheaval. His reference to the continuity of management from generation to generation closed his remarks in a calm tone. He expressed the view that, despite changes in the international environment, this particular management model is not expected to change substantially—a position that, without exaggeration, showed that experience and continuity are still considered core elements of the resilience of Greek shipping.

Diana–Genco: the proxy fight as a test of strength for Palios

Diana Shipping’s move to enter a full proxy fight with Genco Shipping & Trading is not simply a disagreement over price. It is a clear exercise of power and, above all, a demonstration of the well-capitalised side of Semiramis Palios’s interests, in a market that counts liquidity first and intentions second. Diana is not acting as a financial investor seeking a premium. It is acting as a strategic player with a long-term horizon and sufficient capital base to withstand months of confrontation. The fact that it is already Genco’s largest shareholder with 14.8% is not just a number: it gives it institutional weight and direct access to the shareholder base, bypassing the board of directors. The rejection of the $20.60-per-share offer by Genco’s board triggered the next stage. Diana responds not with rhetoric, but with a slate of candidates that sends a message of seriousness to the markets: experience in dry bulk, capital markets, corporate governance. This is a move showing that Palios’s interests are not testing their luck; they are investing time and resources. The essence lies in Diana’s capital strength. Its balance sheet allows it to maintain pressure without haste. It does not need an immediate transaction. It can wait for the annual general meeting, talk to institutional investors, let the market compare valuations and discounts. This is an advantage against a board that must justify daily why it says “no.” For Ms. Palios, the Genco case also serves as a message to the market: Diana is not a passive listed Greek group, but an active consolidator when the numbers allow it. Genco’s counterproposal to acquire Diana is seen more as a tactical maneuver than a realistic scenario, given the sizes and capital structures involved. It is no coincidence that Genco has a recent history of a proxy fight with a Greek shareholder, George Economou, who ultimately exited with a profit. The market remembers that such confrontations often end either with an improved price or a reshuffling of management. In both scenarios, the player with the strong balance sheet has the upper hand. In clear Wall Street terms, Diana is raising the cost of refusal for Genco’s board. That is the real stake. And behind the strategy, the signature of Semiramis Palios’s interests is clearly discernible: discipline, patience, and capital adequacy as tools of influence.

The Athens Stock Exchange… a safe investment haven

Even without American investors, the Athens Stock Exchange closed the session with turnover of €268.44 million, with only €14.9 million in block trades. While the rest of Europe was suffering from anxiety over the tariff war and President Trump’s warlike rhetoric, the General Index initially followed its European peers hesitantly but ultimately closed at 2,256.32 points (+0.48%), a new 16-year record high. When the rest of Europe was seeking a safe haven, Athens showed its… banks, which were enough to shape a positive climate. National Bank (+2.79% at €15.24), Eurobank (+2.37% at €4.05), and Piraeus Bank (+1.98% at €8.26) alone were capable of turning the market upward, while Alpha Bank focused on maintaining contact with €4. Eurobank recorded yesterday its third consecutive session with gains above 2% and reached €4 for the first time since early November 2015. A 10-year record also for National Bank, which is stabilizing above €15, with its market capitalization reaching €14 billion. Piraeus Bank counts nine consecutive rising sessions, with €8 becoming the new normal. The share is moving at March 2021 levels. GEK TERNA (+1.14% at €30.26) and AKTOR (+1.03% at €9.85) were unstoppable. Intralot was impressive, starting the session with a sharp drop of -3.8%, but ultimately closing with gains of +1.14% above €1. ABAX ran an explosive rally yesterday, reaching €3.5, a price last seen in November 2009. With a jump of 8.36%, the construction company’s share recorded its best daily performance since April 8, 2025, when it had risen by 10.47%. In addition, its market capitalization now exceeds €500 million.

The Danes started the boycott trend

More than 95,000 Danes have joined a new trend that systematically avoids American products and services, following Trump’s repeated statements about Greenland. They are not many, and Denmark is a small country of 6 million inhabitants. Coca-Cola, Netflix, Amazon Prime, even YouTube, have already been blacklisted by the 95,000 Danes. The new movement is called “Købdansk” (“Buy Danish”) and is moving from social media to supermarket shelves. In a country of 6 million inhabitants, 1.6% of the population declares that it actively participates in an organized boycott. Until yesterday, Denmark was one of the most stable Atlantic allies, a NATO member, with historically high trust and preference toward the U.S. The economic footprint of “Købdansk” is negligible for now. Denmark’s entire market does not approach the size of Berlin or Paris. But if the “Købdansk” trend is followed by Germany with its 84 million inhabitants, with a strong tradition of consumer activism, and then by France, where anti-Americanism is always in fashion, things could become serious for American multinational giants.

Artificial Intelligence devours the planet’s… memory

Seventy percent of the semiconductors (memory chips) to be produced worldwide this year will end up in data centers. This is the new reality of an industry being reorganized around artificial intelligence. Manufacturers have already drastically reduced production of legacy chips to satisfy the demand of data centers required by the global thirst for more AI. This means that cars, smartphones, televisions, household appliances are being dangerously squeezed to absorb the crumbs, the leftovers of production. Samsung has increased memory prices by up to 60% since September. IDC analysts predict a -5% drop in smartphone sales and -9% in personal computers for 2026, due to the explosive increase in RAM prices. Manufacturers are selling capacity not for this year or next, but for 2028. This is not a cyclical shortage, but a structural reallocation of production. Major technology giants are now investing hundreds of billions in AI infrastructure to gain a few points of productivity that may never materialize. In practice, they are absorbing the components needed by the entire industry.

Wall Street fears its own heights

In one week from today, the U.S. Federal Reserve meets again, and Wall Street investors fear yet another cold shower from Chairman Powell. During yesterday’s holiday, all discussions on financial television networks and related social media focused on whether the U.S. stock market is “dangerously expensive.” Many analysts brought up the CAPE Index (cyclically adjusted price-to-earnings ratio). For S&P 500 stocks, the CAPE has exceeded 39—a level recorded only 25 times since 1957. Coincidentally, those 25 times were exactly before a dramatic price correction on Wall Street. Many recalled the peak of the dot-com bubble in 2000. U.S. market capitalization as a percentage of GDP has exceeded 200%, while valuations in AI technology stocks, with companies such as Nvidia trading at 50–500 times earnings, recall that era when any company with “.com” was considered a gold mine. FED board member Lisa Cook now speaks openly about potential “oversized declines in asset prices,” while the minutes of the October committee explicitly mention “stretched valuations” and the risk of a “disorderly stock market decline.” The S&P 500 Index has recorded a return of 18% in 2025, but history teaches that when CAPE exceeds 39, the next 12–24 months are usually negative. The fact that the market rebounded from the April shock, when $6.6 trillion evaporated in two days after Trump’s tariff announcements, does not change the fundamentals. Today there is excessive concentration of capital and expectations in a few technology stocks; there is over-investment in artificial intelligence without proven profitability models. Against all this stands a politically pressured central bank trying to balance inflation and recession. Wall Street professionals systematically avoid the word “crash.” They prefer to speak of a “recalibration” of the market…