Greetings. Now, since yesterday morning in this column we had already tipped you off that something is going on with the robust unionist president of the GSEE for some 20 years, a heavyweight cadre of PASOK through almost all political situations and presidents, lately also with Nikos A. What can he say, our president, when on the one hand he denounces the “frappes” of ND and on the other his accountant best man (from OPEKEPE) lands in prison and now along comes comrade Panagopoulos to remind us of Yiannos’s legendary line at a (PASOK party congress): “we are all fighting for socialism, comrades,” which of course went down in History.

The strong little clique around the GSEE
According to the Anti–Money Laundering Authority, therefore, under deputy prosecutor Char. Vourliotis, who—as is well known—doesn’t play games of godfatherhood despite the classic old-PASOK sayings of Giannis Panagopoulos (his lines are reminiscent of Akis): I didn’t see, I don’t know, the enemies, the system, etc., a very solid and strong little clique had been set up around the GSEE and its subsidiaries.
This little system, made up of natural and legal persons, was dipping into money—sometimes even cash—coming from grants and subsidies of the Greek state and the EU, through direct assignments or “tenders” to various companies in the interests of the president himself or of other accomplices. The garden had everything you could want: contractors, communications consultants and journalists, training, VET centers, etc., etc. Except that, according to the Anti–Money Laundering Authority, the jobs were “air” and the invoices inaccurate or fictitious, so that wages were left over, which the Authority initially estimated at €2 million.

Conclusion – moral of the story
First conclusion: when someone stays in the position of even an elected union leader for two decades—as Panagopoulos did—it doesn’t seem unlikely that he might put his hand in the honey, so it would be good for the state to set some term limits. Second, it would be good for parties that have governed and today are (and act as) opposition to watch what they say, because the devil, as is well known, has many legs and hides everywhere—especially when we’re talking about PASOK.

Spy – China
I asked my source about the air force colonel who was arrested for espionage on behalf of China, and he told me the following: “The information came to us from the other side of the Atlantic. This military officer, 54 years old, was good with technology-related issues and provided that kind of information to the Chinese. We will have many similar incidents as issues open up in Greece, because the Chinese have serious interests due to the port.”
Indeed.

Cautious about Chios
Purely intuitively, from a few phone calls and of course by watching Mitsotakis’s interview with Foreign Policy, I see restraint and sparing commentary by officials regarding the accident involving migrants in Chios, since the actual facts are still unclear. The Ministry of Shipping has also kept the ball low, emphasizing of course the professionalism of the Coast Guard, and Mitsotakis himself did not “take the case on himself,” referring instead to the need for a full investigation making use of video material, if it exists. After all, the case of the Pylos shipwreck—which resulted in criminal prosecutions of Coast Guard officers—is still “fresh.”

Waiting for the Turks
Now that the Mitsotakis–Erdogan meeting for next Wednesday has been “locked in,” I should tell you that some final details remain, which however still require serious work. For example, Gerapetritis—who did a final check with the Turks and gave the “green light” for the date to be announced—is waiting for his counterparts to specify how many Turkish ministers will participate in the discussion and, correspondingly, how many bilateral agreements can be signed—of course on issues of the so-called “positive agenda” and more broadly low politics. Based on what I see, however, Nikos Dendias will not be at the Ankara table, who in any case will be absent until Tuesday in India, where he has contacts in several cities.

The ball with Nikitas
The Konstantopoulou affair, who put on a tasteless show (but with very good communication results for herself) at the Investigative Committee for OPEKEPE, reached yesterday Nikitas Kaklamanis via ND MP and committee vice-chair Maria Syreggela. Syreggela accused her of anti-parliamentary behavior, with insults and provocations both toward her and toward other ND MPs. You see, Zoe has found it convenient in the Investigative Committee that there is no “cut-off,” as there is in the Plenary where she is by-the-book, and she gives it her all there, seeing afterward that the clips are used and go viral. Still, I understand that Kaklamanis’s room for maneuver is limited, since basically he can issue a reprimand, without further disciplinary measures. But perhaps he will consider a “cut-off” for a future Investigative Committee…

The banks’ bill from the Supreme Court
While for many days information suggested that the recommendations to the Supreme Court were in favor of borrowers, those following the case did not expect such a fast and clear result.
They factored in that the Supreme Court would also take into account the cost to the state in its decision.
Now efforts are focused on calculating the cost of the decision, and this is not a simple matter. According to a KPMG report prepared on behalf of the servicers, the impact on securitizations is expected to reach €1 billion—and even that with some reservation, because we do not know exactly the value of the loans under the Katseli law. So we accept KPMG’s estimate (which was also used in court), and the conclusion is that the overwhelming majority of this amount will be called upon to be covered by the state through the guarantees of the securitizations. Obviously the state will attempt to invoke the exceptional-circumstances clauses of Hercules, so the case will become complicated and lawyers will not be bored. Servicers, for their part, will also take on part of the damage, as cash flows from fees they would have received will be missing, but this extends over time. It is not an insignificant amount, but it will not make a notable difference. So the Hellenic Republic will at some point be called upon to pay the largest cost, without ruling out that, following this Supreme Court decision, appeals may also follow regarding the out-of-court mechanism and vulnerable borrowers, since this too falls under bankruptcy law.

Good news for the Recovery Fund
The news regarding absorption of Recovery Fund resources appears positive. After the handling by Deputy Minister N. Papathanasis, if all goes well, within the spring the Development Bank will receive pillar assessment certification, which means that:
a) the €2 billion in RRF loans that will not be absorbed can be assigned,
b) there will be direct access to a broader range of European resources—NextGenEU and the upcoming European Competitiveness Fund—immediately, i.e. without ministry intervention,
c) access will be granted to European funds intended for non-EU member states, e.g. reconstruction of Ukraine, Serbia, etc.
Pillar assessment certification has been a goal of the president of the Development Bank (HDB), G. Zabbos, since 2022. He considers it a game changer not only for the HDB but also for the banking system. If this pending issue closes in the spring, as expected, then €2 billion of unallocated Recovery Fund resources will pass to programs at the Development Bank, meaning a significant reduction in funds we will fail to absorb.

MEVACO in talks
Activity and behind-the-scenes discussions have been underway in recent weeks around MEVACO, as it appears to have attracted the interest of more than one strategic and investment player. The company’s trajectory in recent years, both in terms of financial performance and in terms of know-how and infrastructure—with activity in specialized construction projects and, of course, Defense—has not gone unnoticed, especially the projects of increased technical requirements it implements, including “dual-use” applications, i.e. civil and defense. Its presence in demanding international projects and collaborations with top groups such as MBDA, Thales, Raytheon, and Naval Group further strengthen its role as a reliable industrial partner of high added value. Information indicates that interest has been expressed by well-known groups seeking access to industrial know-how that is not easily created from scratch, particularly in the Defense sector. Despite initial contacts, Mevaco’s management appears cautious, evaluating not only the financial but also the strategic footprint of a potential deal. The company, valued at €97 million on the Athens Exchange, is implementing a €10 million investment for the construction of a new production unit for defense systems in Aspropyrgos.

METKA: expectation becomes reality
METKA is preparing for its stock market listing and has already begun to behave like a listed company. With an already high construction backlog and now with the concession of the VOAK, METKA is “locking in” significant revenues. The foundations are being laid methodically earlier than many expected. Thus, the €700 million from construction and the market estimate of half a billion from the concession give a different air.

Enthusiasm for Lamda and the deal with ION
The Lamda Development share is one of the few ASE stocks that had not followed the market’s six-year upward rally. In recent days, Lamda has picked up steam and its capitalization has comfortably exceeded €1.3 billion. The explanations given by market players for this rise focus on the announcement of the €45 million agreement with Centric and Ten Brinke for the purchase of two plots at Ellinikon (€2,650/sq.m.).
Other information adds that the deal will have a continuation with Ten Brinke’s participation in Centric’s share capital. Behind all this, however, lies something much bigger and more important: the imminent completion of the deal with the Italian ION Group of Andrea Pignataro. The agreement with ION, which will bring €450 million into Lamda’s coffers for the concession of 250,000 sq.m. and will lead to total investment exceeding €1.5 billion by 2030, is at the final stage of due diligence. Odysseas Athanasiou had committed to a final signature within Q1 2026. Discussions with the small Italian fintech empire are progressing at greater speed. The ION Group will acquire 2% of Lamda’s share capital. Pignataro (with a personal fortune of $36.5 billion, the second-richest Italian) sees further than a real estate project. He constantly refers to the “European Artificial Intelligence hub” being created at Ellinikon.

AKTOR’s surge
In a difficult stock market session, the AKTOR share stood out, as with trades of 361,900 shares it closed with gains of 5.09% at €11.14. This is an all-time high for AKTOR’s share, as energy and concessions are emerging as the group’s strong cards. In addition to the vertical corridor for U.S. LNG in which AKTOR plays a leading role, yesterday it was announced that through a binding agreement it acquired 36% of the share capital of “DIKTAION PARACHORISEIS S.A.,” the concessionaire for the “Study – Construction – Financing – Operation – Maintenance and Exploitation of the Northern Road Axis of Crete (VOAK) in the Chania–Heraklion section,” and also acquired a 30% stake in the construction consortium of the project. It is recalled that AKTOR is already constructing the so-called small VOAK, specifically the Agios Nikolaos–Hersonissos section.

Binance visit to Ch. Vourliotis
Representatives of the world’s largest cryptocurrency exchange, Binance, visited the head of the Anti–Money Laundering Authority, Ch. Vourliotis. The visit, initiated by Binance, took place in order to inform the Authority about the company, its activities, and the way it operates, as Binance has begun procedures to obtain an operating license in Greece.

ADMIE, the capital increase and the value that does not unlock
With ADMIE’s €1 billion capital increase having been locked in, Eurobank Equities strongly emphasizes the positive aspect of the decision, noting that this choice appears to be driven more by financing needs and less by a strategy of valuation optimization. The brokerage’s analysts note that the planned capital increase of around €1 billion is estimated to cover the needs of the ambitious investment program, maintaining leverage at levels comparable to European network operators. The strong project pipeline of over €6 billion supports one of the highest RAB (Regulated Asset Base) growth rates in Europe and strengthens ADMIE’s strategic role in the energy transition. Nevertheless, says Eurobank Equities, the market does not seem to fully price in this dynamic, mainly due to corporate complexity, and concludes that the investment narrative remains strong, but value is not expected to fully unlock as long as the holding-company structure remains.

TIME and ADMIE
On the occasion that the discussion is about ADMIE, let me note that next Monday the new issue of TIME magazine is being released, featuring on its cover the four astronauts of Artemis II. Artemis II is NASA’s next crewed mission to the Moon, the first since 1972 that will carry astronauts into orbit around the Moon (without a lunar landing), in order to test the systems of the Orion spacecraft. In the inner pages of the magazine, however, there is an interview with the CEO of ADMIE Holdings, Giannis Karampelas, who presents ADMIE as the backbone of a new energy map.

Why Patitsas is ordering new Suezmax tankers now
The new Suezmax order by Atlas Maritime is not simply another shipbuilding move, but a confirmation of a specific investment logic that the company has been systematically following in recent years. The choice of two plus two optional newbuildings at DH Shipbuilding, with delivery in 2028 and at a price lower than the most recent comparable deals, shows that Atlas continues to position itself based on the cycle rather than on short-term circumstances. In a market where the Suezmax orderbook has reached the highest level of the past decade, this move functions as a redeployment of capital that came from previous asset sales, aiming at the creation of added value over a medium-term horizon. Atlas has already proven that it treats ships as investment assets rather than as permanent balance-sheet items, exploiting market windows both on entry and on exit. A decisive role is played by the relationship with DH Shipbuilding and European Maritime Finance. Favorable delivery times and pricing levels indicate access to terms that are no longer available to all shipowners. This gives Atlas greater flexibility, either for commercial operation or for future resale, depending on conditions in the tanker market. At a strategic level, the move is directly linked to the assessment that demand for crude oil and the need for energy security will continue to support the sector, regardless of the pace of the energy transition.

V.V. enters the game of large portfolios
The moves of Vyronas Vassiliadis are read as capital allocation with a ten-year horizon. The tripling of the orderbook to six LR2s in China and the parallel locking-in of six MR2s in South Korea clearly show that Venergy is not betting on the timing of the next upswing, but on the scarcity value of modern product tonnage after 2028–2030. Put simply: it is buying capacity today that will be hard to find tomorrow. The choice of two different shipbuilding hubs is not geographic diversification for appearances’ sake. It is a hedge. China for scale and delivery flow, Korea for quality and optionality. The portfolio being built is not one-dimensional, nor is it vulnerable to a single shipbuilding or technological risk. The most interesting element is not the number of ships, but the speed at which intentions are converted into commitments. Vassiliadis is rapidly burning through “execution risk.” LOIs and options do not stay in the drawer; they become firm. This is a signal of confidence in the balance sheet and a clear picture of the cash flows that will be required. The fact that in less than 12 months more than USD 800 million has been placed into eco tonnage by a player who appeared as an independent shipowner only in 2025 shows two things: first, access to capital without pressure, and second, the absence of a need for rapid payback.

Greeks are evolving into a significant arm of Western energy strategy
The shift of Greek shipowners toward LNG carriers is not simply a shipping trend; on Wall Street it is read as a clear macro bet on the new energy architecture of the West. Over the past two years, the Greek LNG fleet has been strengthened by players with different profiles but a common reading of the current environment. Nikos Tsakos, traditionally conservative in the natural gas sector, is said to be studying his next move into LNG carriers, without having made any decisions yet. Anna Angelicoussis through Alpha Gas and Maria Angelicoussis with Maran Gas are moving more aggressively, confirming that they treat LNG as a core business rather than a complementary activity. In addition, Evangelos Marinakis with Capital Clean Energy Carriers and George Economou through TMS Cardiff Gas are accepting higher risk, positioning themselves even without secured long-term charters. From an American perspective, the message is clear. Greek shipowners are betting on the sustained increase of LNG exports from the United States and on Europe’s role as a stable buyer. It is no coincidence that most maintain close relationships with ExxonMobil, Chevron, Shell, and TotalEnergies. For Wall Street, this translates into reduced counterparty risk. Behind the scenes, Greek shipping is functioning as an informal arm of Western energy strategy. The shift toward LNG is not merely a business choice; it is a geoeconomic positioning with a long-term horizon and a clear political footprint.

The first Greeks to benefit from SAFE
Brussels is opening credit lines for the SAFE (Security Action for Europe) program with up to €150 billion in loans for joint procurement and strengthening of the defense industry. The core doctrine is “we buy European.” The initial allocation shows as beneficiaries the countries with established defense industries. Poland receives €43.7 billion, Romania €16.7 billion, and France/Hungary about €16.2 billion. The Greek “share” was locked in at €787.7 million. Turkey was left out, without a special agreement with the EU. First to enter the frame of beneficiaries was Resilience Tech, which after acquiring Flybot announced the creation of an automatic flight pilot kit for autonomous vessels controlled by Artificial Intelligence. It is a kit entirely designed and manufactured in Greece, with flight programs and autonomous missions. Its know-how comes from the lessons of asymmetric warfare in Ukraine. The company has already begun pilot use with selected units in Ukraine and in the Hellenic Army.

Venetis and Dodoni Ice Cream
A few months after the ratification of the restructuring agreement and the transfer of all assets of “Dodoni Ice Cream” to “Kremeria Dodoni” of Panagiotis Monemvasiotis (Venetis), efforts are underway for the comeback of the once-dominant brand in the ice cream market. The main shareholder of “Venetis” injected €4.5 million as part of a share capital increase into “Kremeria Dodoni,” forming the basis of the company’s investment plan. In its first phase, this plan is expected to reach a total of €10 million and, beyond interventions at the production facility in Pallini and the development of a new store concept with significant synergies with “Venetis,” it also includes the acquisition of a farm in Boeotia to secure raw materials. For the record, the share capital of “Kremeria Dodoni,” after the cash capital increase, reaches €4.6 million.

The “crisis of confidence” in bitcoin
The bitcoin exchange rate collapsed yesterday at midday, below USD 70,000, for the first time since November 2024, signaling what analysts describe as a “crisis of confidence” in the cryptocurrency market. The drop—44% from the all-time high of USD 126,000 in October—reveals that behind the noise and the praise for “digital gold” and “inflation hedging” lies a still purely speculative asset and investment vehicle. The decision by U.S. Treasury Secretary Scott Besent to rule out any “state bailout” program for the cryptocurrency market simply created the climate and conditions for the deep correction. Washington wants America to be the “capital of cryptocurrencies,” but it will not intervene to support the market. At the same time, spot Bitcoin ETFs are recording a reversal of flows. They have turned into net sellers, instead of buying 46,000 bitcoin during the same period last year. The Bull Score Index of CryptoQuant fell to absolute zero from 80 last October, while liquidations of leveraged positions exceeded USD 800 million in the last 24 hours. Now technical analysts with their charts have the floor. For the first time since 2022, the 365-day moving average has been broken, with the next target at USD 60,000–65,000. Until now we heard and read nice stories about the “passion” of institutional investors for cryptocurrencies. Today, the truth is revealed: when liquidity dries up, when central banks tighten the screws, bitcoin behaves exactly like all “high-risk” investment instruments. Certainly not as a safe haven.

The Trump era for foreign high-tech workers
New developments in the U.S. labor market are affecting the lives of all foreign students and workers. President Trump, by executive order, has imposed a fee of USD 100,000—every year—for the notorious H-1B visas. H-1B visas are a program that allows American companies to hire specialized foreign workers. The previous cost of an H-1B was only a few hundred dollars up to USD 1,000. Initially, the measure applied to all H-1B holders, but after an outcry it was clarified that it applies only to new applicants, not to existing holders. The Trump order mainly affects the technology sector. Companies such as Amazon, which has about 11,000 employees on H-1B visas, will face enormous additional costs for new hires. Amazon has already approved more than 10,000 H-1B hires just for the first half of 2025. Companies such as Microsoft and Meta had more than 5,000 H-1B employees each. Beyond the tech giants, there are thousands of small and large American companies that import “smart minds” from abroad. Official data show that the H-1B program provides 85,000 visas annually. 73% come from India and 13% from China. Trump believes that this way he will create jobs for Americans, especially for young graduates.