Greetings. Before I move on to current affairs, a comment as I usually make: I find the issue that has arisen with the photographs (on eBay) offered for sale from the executions of Greek patriots in Kaisariani extremely interesting. Hopefully, in some way, they will return to Greece, by whatever means, and end up in Greek hands. I would like, however, to remind that apart from the 200 heroes executed by the Germans in Kaisariani, according to data from the Nuremberg Trials, 91,000 Greeks lost their lives through executions; other sources report that overall, from 1940–44, another 400,000 Greeks were killed by hunger and hardship, and about 13,000 soldiers and officers as well. Not that it changes anything, but just to keep our feet on the ground. All were war heroes, even those who died of hunger.

Polls in general…

Moving on to everyday matters: the polls are continuing and will run until the end of the week. I believe that from this wave of surveys, Mitsotakis emerges as a winner, and I think Tsipras as well, since President Maria—although still second—shows a dip. I see Nikos below the threshold and Zoe hovering around Nikos; besides, you’re irritating her with the nonsense and the accusations and she has… gone wild in Parliament, arguing even with the chairs, so to speak, in committees where there is no time limit. Yesterday, for example, she berated Adonis for a total of 112 minutes in Parliament! In the individual surveys by electoral district, I’m told that in Athens A’ Pier is surging (forgive me for the word “surging”…) but that’s logical since he became president of the Eurogroup. I also see Kostas Bakoyannis in a good pole position as a spoiler. Some gossipmonger, since we’re talking about Athens A’, told me that Olga Kefalogianni has “toned down a bit” the matter with her husband and the children, but I’ll look into it more closely in the coming days. In the western districts the same surge appears for Chrysochoidis (who can be compared with him…) but they also see a breakout for Eirini Agapidaki, which I consider normal due to intense activity.

Mitsotakis–Arveler

K.M. will be in India from today for the AI Summit organized by Indian Prime Minister Modi, and on Thursday he will also have a one-on-one meeting with him. Needless to say, relations with a country and a market of 1.4 billion people are not negligible, while at the forum he will meet top players of the tech market. I am told, however, that on Friday, when he is back home, he will be one of those delivering a eulogy at the “final farewell” for Eleni Glykatzi-Arveler at the Metropolitan Cathedral.

Nikos plays alone (on another beach…)

Let’s move now to the green news. What President Nikos is doing inside PASOK cannot exactly be called an “open game.” In words and appeals for unity he is first—“let’s all go together,” and so on. In practice, he is first from the… bottom, declaring that he guarantees unity while sending only his own people as speakers to the pre-conference dialogue and to events around Greece. Every now and then, of course, he breaks the monotony of exclusions, leaving space on the green panels for some dissenters. As for Haris Doukas, no discussion at all: neither Doukas himself nor even one—just one—of his associates has received marching orders for any of PASOK’s pre-conference events. President Nikos shows in every way that he wants to fully control both the balance of power and the message at the Congress. And I think he will do it, because he likes being first in the village, even if last in the city. And those who wondered where President Nikos disappeared after his… unifying speech at PASOK’s pre-conference last Sunday were late but eventually learned the reason for his… disappearance from the main hall at the Athens Hyatt. Androulakis, instead of staying to listen to Doukas, Geroulanos, or any other cadre who, well, had something else—less Androulakis-like—to say, quietly left the hall, almost tiptoeing out, according to his enemies. And he never returned, not even out of basic courtesy to listen to his intra-party rivals. He left, but he didn’t go far. As we learned, he settled in another space on another floor of the hotel—which hosted PASOK’s meeting on Sunday—and held successive one-on-one chats with some cadres of his mechanism from the regions. Wherever you lose him, wherever you find him, with an “algorithm” under his arm…

PASKE and the “landing” at the PASOK Congress

Some have been circulating in recent hours the scenario that PASKE trade unionists, the green organization within GSEE, after Sunday’s clash at the Athens Labor Center with the new “green” formation—PASKE 2—are thinking of taking their hats and leaving the party en masse. Not at all! The opposite—they’re organizing. First of all, they won more seats, even though the Androulakis team probably thought that the Panagopoulos affair would “crush” his faction, PASKE, at the polls and that their own green ballot would stroll through the ALC. PASKE not only won more seats, but Panagopoulos was elected comfortably and is preparing the faction’s run at the GSEE Congress in April. Before April, however, comes March, and the Congress expected with particular interest due to the immovable needle is PASOK’s. And there it is rumored that various PASKE trade unionists—who are also PASOK members—may make a “landing,” following all the party’s rules for electing delegates. A whirlwind…

677 words versus 34…

Antonis Samaras chose yesterday, after his meeting with Kostas Tasoulas, to issue his own leak to journalists with what he told the President of the Republic, to ensure that the scene with Alexis Tsipras would not be repeated. With his familiar fiery tone, he circulated a 677-word non-paper with one goal: to vent his anger at Mitsotakis by repeating the oft-said claims—that he is “deeply concerned,” that after the Mitsotakis–Erdogan meeting the “sense of risk of consolidating faits accomplis at Greece’s expense” is intensifying (!), that the government is “whitewashing” Turkey—only he didn’t say that they took one of our islands. Tasoulas listened patiently, reiterated his position on the need for common ground, especially on national issues, and at the end issued a dry 34-word announcement: “The President of the Republic Konstantinos An. Tasoulas met today at the Presidential Mansion with former Prime Minister Antonis Samaras. During the meeting, issues and developments concerning domestic and foreign policy were discussed.” And many they were… Nevertheless, while Samaras’s leak was… combative, I learn that the atmosphere at their meeting was excellent. The President even gave him a gift: a volume containing the legal analyses prepared in 2013, after a request by then Minister of Culture K. Tasoulas with Secretary General Lina Mendoni, during the premiership of A. Samaras, by a London law firm for the claim of the Marbles. The firm’s representative was Amal Alamuddin, who had visited Athens. The volume was published by the Hellenic Parliament Foundation during Tasoulas’s presidency.

Dora–Giannitsis: the next meetings

Kostas Tasoulas will attend the funeral of Eleni Glykatzi-Arveler on Friday and then depart for Ioannina, where he will take part in the city’s liberation events and on Clean Monday in Konitsa. After… liberating the cities of Epirus, he will return to Athens to continue meetings with figures of political life. I’m told that next on the list are Dora Bakoyannis and Tasos Giannitsis, among others.

Why Eurobank cut the sale of “Alexandria” to Apollo

Cairo Mezz Plc informed, via announcement, that the sale of the “Alexandria” package, which had been agreed with Apollo, will not proceed due to the non-fulfillment of one of the contractual terms. The development surprised the market because a lot of work had gone into completing this particular transaction. Everyone’s mind went to the recent Supreme Court decision, but that was not the reason. According to reliable information, Eurobank cut the deal because the purchase price paid by Apollo was not sufficient to repay the reserves required under “Hercules” and linked to the financing of the SPV, i.e., the securitization. “Alexandria” was considered a strategic move because it would strengthen the ability to restructure NPL portfolios into performing loans and resell them on the secondary market. Above all, however, the transfer of these loans would pave the way for banks to repay part of the guarantees provided by the Greek state under the “Hercules” securitization framework. The “Alexandria” portfolio includes restructured loans from Eurobank’s “Cairo” securitizations, mainly of large and medium-sized enterprises, with nominal (book) value estimated at around €1.5 billion. Overall, the issue is serious because instead of highlighting the ability to restructure NPL portfolios, it reinforces concerns about valuations in securitizations.

Ashes

Absolutely confirmed: the rumors that began circulating in the middle of last week about a placement in GEK TERNA shares have no basis. Neither the main shareholder, G. Peristeris, nor any other significant shareholder intends to sell. The column received the same categorical denial regarding rumors that GEK TERNA intends to sell a stake in Attiki Odos. Therefore, the column notes that we may see placements on the Athens Exchange in the immediate period ahead, but in other sectors and not in GEK TERNA.

“Present” in Ukraine from GEK TERNA, VIOHALCO and DP Pumps

Since the discussion turned to GEK TERNA, let me mention that together with three companies of the VIOHALCO Group and DP Pumps of the Polemis family, they are the Greek businesses participating in Enterprise Greece’s national pavilion at the exhibition for the reconstruction of Ukraine. Meetings have also been scheduled between executives of these Greek groups and local officials.

Even Mykonos celebrities want their souvlaki

Developments are dense around the restaurant chain “O Proedros” of the Tsarouchas brothers which, as revealed by newmoney (and Stelios Morfidis) on February 4, was the first investment target of the private equity fund Golden Age Capital (of Periklis Mazarakis), which is said to have acquired a majority stake in the fast-growing business. I now learn, however, that “O Proedros” is preparing a… landing in Mykonos. And when I say “landing,” I mean it, as the chain’s management plans both to launch its famous kebabs to the celebrities (and others) flooding the “island of the winds” and to pursue broader investment plans. Thus, yesterday, Tuesday, two new companies were incorporated. The first, under the name “Proedros Mykonou I.K.E.,” aims at food service from grill houses–souvlaki shops, with table service, delivery services, etc. The initial share capital of the company, headquartered in Pallini, is €50,000 divided into 5,000 shares with nominal value of €10 each. The funds were contributed by “FNBHolding,” which paid €25,500 in cash and received 2,550 shares (51%), and “Mr. President,” which paid €24,500 in cash and received 2,450 shares (49%). The first was incorporated on January 14, 2026, with share capital of €200,000 and has Iasonas Tsarouchas as manager. The second was incorporated on January 28, 2026, with Nikolaos Stavrakis as sole partner and manager. Management of “Proedros Mykonou I.K.E.” was taken over by Panagiota Psycha. Also yesterday, the company “Mykonos Management I.K.E.” was incorporated, aiming at real estate leasing and management services. The initial share capital is €15,000, contributed by “IBS Group” with a 51% stake and “Mr. President” with 49%. “IBS Group” was incorporated in March 2024 and belongs to the Tsarouchas brothers. Management and representation of the new company were taken over by Nikolaos Stavrakis.

Paraschis’s new step

Giannis Paraschis, as is known, left the Athens International Airport “Eleftherios Venizelos” last November after 19 years at the helm with notable success. Although he continues to be present in SETE, that does not mean he would remain inactive at the business level. Thus, yesterday, Tuesday, February 17, he proceeded to incorporate a new company under the name “Assertis Strategic Advisory,” headquartered on Panepistimiou Street. The company’s purpose includes business consulting activities, investment company services (in shares, securities, real estate, etc.), public relations services, leasing and management of real estate, and more. The initial share capital is €1,000, of which G. Paraschis contributed €900 (90%) and Panagiota Karampela €100 (10%), who also assumed management and representation of the company.

The quarrel between G. Oikonomou and Aliki Paliou continues

Giorgos Oikonomou is giving Sphinx Investment Corp time to complete its attempt to acquire Performance Shipping of Aliki Paliou, despite declining shareholder participation. The offer for the shares was extended until September 18, indicating that his strategy is based more on long-term planning than on an immediate consensual purchase. By February 10, 1.94 million shares had been tendered to the offer, fewer than the 2.15 million recorded in August, indicating a reversal of interest. Despite this, the percentage remains higher than the 8.3% already held by Oikonomou through direct ownership. Performance trades at $2.11 in New York, significantly lower than the $3 per share offer price, reflecting market doubt about the success of the move. The critical point remains the legal battle over the company’s dual-class structure, which concentrates control in the hands of insiders. A dual-class share structure is a way of organizing shares whereby the company issues two or more classes of shares with different voting rights. Oikonomou has appealed to the courts of the Marshall Islands to annul the vote that allowed share exchanges from 2021 to 2022, while his previous appeal in New York was dismissed for lack of jurisdiction. Without judicial intervention, the acquisition is considered by him practically unfeasible. Performance views Oikonomou as a competitor and points out that the company has significant upside that should not be lost. Oikonomou’s move remains strategically calculated but dependent on court decisions—the persistence shows that the battle for control will not end soon, and the market is closely watching the next steps.

The “Trump levy” brings grumbling to shipping

They may be talking in Washington about a “new golden age,” but in international shipping the Trump administration’s Maritime Action Plan is being read with a much colder eye. And as the days go by, backstage concern is growing. The idea of imposing a universal fee on all foreign-built vessels calling at U.S. ports has set off alarm bells among shipowners, charterers, and financiers. Not because they fail to understand the White House’s goal of reviving American shipbuilding, but because they see the risk of triggering a domino effect of interventions in global trade. In Piraeus, the major groups are keeping a low profile publicly. Behind closed doors, however, the discussion has flared up. The assessment circulating is simple and market-based: if the fee is passed on to freight rates, the balance will shift in specific U.S.-bound trades, especially in tankers and bulkers. The International Chamber of Shipping is already voicing reservations, fearing market distortions. And not a few brokers point out that horizontal measures of this type rarely go unanswered by other major maritime powers. Behind the scenes, two scenarios are being seriously discussed. The first sees the plan as a lever to pressure investments into American shipyards. The second—and more worrying for the market—foresees real implementation that would raise the cost of access to the world’s largest import market. The more experienced figures in the market hold onto one phrase: in shipping, when a new fee appears, rarely does only one party pay it. And this time, the bill may be spread far more widely than Washington calculates.

Greeks carry 20% of Chinese trade and 50% of energy

Greek-owned shipping is a decisive player in China’s trade flows, as China is a global logistics colossus. As revealed by the General Manager of the Chinese classification society CCS, CUI Yuwei, Greek shipowners carry more than 20% of China’s seaborne trade. In addition, about 50% of China’s energy transport is carried out by Greek vessels, while 30% of Greek bauxite and LNG cargoes are directly linked to the Chinese market. The Greek fleet recorded 320 days of average annual sailing time, compared to the global average of 290 days, without serious accidents in 2025. The fleet under CCS inspection reaches 36,000 vessels, 212 million gross tons, with annual growth of 5.4%, while internationally registered vessels amount to 178 million gross tons. In IACS rankings, Greece is 1st in ore carriers, 2nd in bulk carriers, and 4th in tankers and large containerships. In Greece, nearly 200 Greek-owned vessels, totaling 20 million dwt, are classified with the Chinese society. Greek-Chinese cooperation extends to financing through leasing, green technologies and shore power, digital shipping, and shaping international regulations at the IMO. As Greek tycoon Peter Livanos recently commented, “We are paid to transport cargo safely from one point to another. If we do it correctly and consistently, we will continue to be successful.”

Expansion into one of the fastest-growing payments markets

AUSTRIACARD HOLDINGS has opened the door to one of the most dynamic and fastest-growing payments markets in the MENA region (Middle East and North Africa). The group, which is the evolution of Inform Lykos, recently secured Card Chip Profile certification from the Central Bank of Saudi Arabia for the national debit card system mada, which processes millions of transactions daily. This certification is considered an “entry ticket,” since without it no international card manufacturer can legally supply banks and financial institutions in the Kingdom. Thus, the company will be able to pursue partnerships with Saudi banks and financial institutions, expanding its client base in a market with strong growth rates and digital transformation. Through Vision 2030, Saudi Arabia aims to raise electronic transactions to 70% of the total (from less than 20% a decade ago). This translates into huge demand for chip-enabled payment cards, POS infrastructure, and digital identification solutions—precisely what AustriaCard provides. For a company with 9 production facilities in Europe and the U.S., entering the Middle East via the region’s largest economy represents a qualitative leap in geographic diversification. Competition is fierce (Idemia, Thales, Giesecke+Devrient), but the market is large enough to accommodate multiple players. AUSTRIACARD HOLDINGS has strategically targeted these markets, already operating in Jordan (Amman) and the UAE (Dubai Silicon Oasis) with sales and support offices. These moves come at a time when the stock had been at the center of rumors about business deals, leading it to reach €8 a few days ago with an impressive rise of over 7%. Since then, however, it has retreated to €7.50.

The trio that set up barriers on the Athens Exchange

Even in the session the day before yesterday, with American fund managers celebrating Presidents’ Day with another Monday holiday, the Athens stock market carried out transactions worth €300 million in a declining session. Yesterday, in the third consecutive down session, turnover reached €338.38 million, of which €52.4 million were block trades. In simple terms, some are selling shares from which they are making substantial gains, and some are buying in hopes of a reversal in sentiment. The General Index (-1.14% at 2,253 points) completed a correction of about 5 percentage points with significant losses in overall capitalization, as pressures are appearing mainly in heavyweight but profitable stocks. The market sought and found… comfort in three stocks that acted as small pockets of resistance. Coca-Cola HBC once again confirmed its role as a “barometer,” as with a jump that reached nearly 2% intraday it managed to limit the index’s overall losses, keeping its capitalization above the psychological €20 billion mark. It closed at a new all-time high of €53.8, reaching as high as €54.4 during the day. Alongside it, EYDAP continued its quiet rally, capitalizing on interest sparked by a recent Piraeus Securities report with a €10.20 target price, the large investment program to shield Attica from water scarcity, and prospects for a more generous dividend policy. The stock closed at its highest level since August 2022, coming within a breath of €8. Completing the trio of defensive leaders was Athens International Airport (DAA), which moved against the wave of liquidations sweeping banks and other blue chips, approaching record levels of €11.5.

Renewables are making history

At a time when Greece is securing its energy position with four agreements to explore the critical and useful transitional energy of natural gas, Renewables in Greece are making history. The combination of strong winds, heavy rainfall and snowfall in the north, together with lower demand due to mild temperatures, has pushed wholesale prices down to levels reminiscent of the pre-energy crisis era. Sunday, February 15, 2026 was recorded as a historic day for the domestic energy market, with the average megawatt-hour price on the Energy Exchange at €27.10 (a -58.75% drop compared to Saturday), with wind covering 60.69% of the energy mix and hydroelectric 19.69%. Overall, 80.4% of total production was covered by “green” sources. Natural gas, which for years was the “marginal producer” setting the market price, was limited to just 9.2%. Yesterday the average price fell to €57.8, while for the whole of January it had closed at €108.67/MWh versus €110.04 in December. The result was that the de-escalation passed through to retail energy prices as well, while February’s green tariffs naturally remained stable. Regardless of what happens during the remaining days of February, which will determine March retail prices, the fact is that over the last two months Greece has been producing abundant and cheap electricity which, after covering domestic needs, it exports to its neighbors. Nothing like previous years when Greece was often among the most expensive countries in southeastern Europe due to limited interconnections and increased dependence on natural gas.

U.S. public debt will reach $64 trillion

The CBO is the Congressional Budget Office, the independent fiscal policy office of the U.S. Congress, founded in 1974 and operating as the “economic referee” of American legislation. The CBO published a study according to which U.S. public debt will increase by $2.4 trillion each year over the next 10 years. This means that, according to new CBO estimates, U.S. debt will likely reach a record $64 trillion by 2036—double that of 2023. Obviously, U.S. public debt did not derail overnight. The first major distortion began in the early 2000s, with the Bush tax cuts and the heavy spending of the two wars in Afghanistan and Iraq. Then came the Lehman Brothers crisis in 2008, which brought TARP, massive financial system bailouts, and the Fed’s quantitative easing. The 2020 pandemic saw Washington channel more than $5 trillion in benefits, grants, and loan guarantees within months. Debt, which stood at $23 trillion on the eve of Covid, soared to $31 trillion within three years. The sharp rise in interest rates from 2022 onward turned “cheap” borrowing into a fiscal tombstone. Interest payments have already exceeded $1 trillion annually, and the CBO projects a doubling to $2.1 trillion by 2036. Thus, America spends more on interest than on its defense budget. The $64 trillion debt by 2036 is not a pessimistic scenario. It is the CBO’s baseline forecast, assuming no recession occurs over the next 10 years.

Why are bond yields falling?

While U.S. public debt is heading to unprecedented heights, and while Japan was, is, and will remain the most indebted country on the planet, government bond yields are falling. The U.S. 10-year, from 4.29% on January 20, 2025—the day of Trump’s inauguration—stands today at 4%, while the Japanese 20-year is steadily declining, despite the prime minister’s electoral victory and her intention to increase already explosive public spending. There are three interpretations of this paradox. The first is the optimistic one: that markets believe in Trump and hope that his “economic self-reliance” policy—with tariffs, spending cuts, and public-sector layoffs—will lead to long-term fiscal consolidation. The second is more worrying. The fall in bond yields, it says, reflects slowing growth expectations. Weak retail data, labor market deterioration, and uncertainty from tariffs are compressing long-term yields. The third explanation concerns Japan specifically. The Bank of Japan is proceeding with extreme caution in raising interest rates, temporarily curbing upward pressure on Japanese bonds. Therefore, the markets’ dilemma is simple: is there fiscal confidence, or fear of recession? The answer will be given by the equity markets.