Hello, I’ll start with a comment about the (new) resignation yesterday of a lady from PASOK who is accused by the National Transparency Authority of irregularities or illegalities in the granting of welfare benefits at OPEKA, where she was working as head of audits. Ms. Tasoula Chatzidakis resigned herself from PASOK, but at the same time she also requested the suspension of her party status by the party itself. I do not know nor have I ever heard the name of Ms. Chatzidakis, and of course the fact that she is being investigated by a state Authority does not automatically mean that she is guilty. She is certainly under investigation, but that’s as far as it goes. However, I would like to point out the following: PASOK was one of the two largest governing parties for about 30 years, with tens of thousands of members, officials, people everywhere. “PASOK as a profession,” as they used to say—not that it didn’t happen (and doesn’t still happen) with ND as well. But when you are, or at least were, a party of power, you should also have the corresponding behavior. PASOK is not SYRIZA, nor Zoe and Velopoulos, to live and breathe through extreme denunciations—xylol, pedophiles, thieves, traitors, etc. Or at least it wasn’t (PASOK). Now Androulakis has gone on a trip and dragged his whole party along, where it’s whoever manages to denounce the government and Mitsotakis first, before Zoe, Velopoulos, etc. The result is what you see: to trap himself and not even be able to basically check whether his own officials are accused unjustly or justly. That’s what happened to our Nikos with his accountant best man in Crete in the OPEKEPE case, and the same with Panagopoulos. And of course PASOK—and Androulakis himself by nature—can never denounce (or insult) better than Zoe or Velopoulos. Get well soon…

Tasoula, Nikos’ director and the promotion
A serious source from PASOK called me yesterday to “brief” me about the said Ms. Tasoula Chatzidakis, who we may not know, but she is not at all unknown to our leader Nikos. After all, with her as Secretary for Organization he held double elections in 2023, an extremely responsible position. Chatzidakis had long been in Diamantopoulou’s circle, but she returned to the upper floors of PASOK under Androulakis in 2022, when Elena Anastasiou became director of his office. Chatzidakis then took on the role of her direct associate-secretary, but with her qualifications she impressed leader Nikos, who promoted her to this crucial party position. As abruptly as he promoted her, just as unexpectedly he “removed” her in early 2025, placing Iraklis Droulias there, who “plays ball” in Western Attica.

The meeting at OPEKA
I return to the OPEKA case to add that because of the weather she did not fly yesterday to Thessaloniki, so the Minister of Social Cohesion and Family, Domna Michailidou, who initiated the OPEKA case, together with the ministry’s secretary general Konstantinos Gloumis, went yesterday to the Organization’s offices and held a meeting with the new president, Nontas Atsaves. They also evaluated how the Organization will be legally represented in the case, as the report of the Transparency Authority has been with the Prosecutor for some days now and prosecutions are expected, mainly for Ms. Chatzidakis and her successor as head. At the same time, disciplinary offenses are also being assessed, as Chatzidakis will obviously face the question of dismissal, but disciplinary proceedings may also extend to other employees, for example those who allowed her to retain access to the system codes even after June 2022, when she was seconded to PASOK. I also learn that Michailidou gave an order for the immediate recovery of the funds that were improperly granted by OPEKA services, so notices are expected soon.

Modi’s dinner
Since yesterday Mitsotakis has been in India, where he was received at the airport in New Delhi with the classic traditional outfits and a dance performance designed for the officials. He is accompanied by the Minister of Digital Governance Dimitris Papastergiou and the official responsible for foresight Giannis Mastrogeorgiou, while today his contacts with top executives of big tech companies are scheduled, as well as with Narendra Modi, who yesterday hosted a welcome dinner for the leaders who made the trip. I am told it was nothing grande, as it took place in a nearby hall of the conference center where the forum is being held, and generally everyone is somewhat sparing with food at such events.

The first proposals for the Constitution
K.M. had asked ND MPs during February to submit proposals for the Constitutional Revision, so that in March the governing party’s overall proposal could be presented and in April the process would begin in Parliament. I am told that the first proposals have started arriving. One of them is from Deputy Minister of Justice Giannis Bougas, who some years ago had served as president of the Preliminary Investigation Committee for Mimis Papangelopoulos. Bougas proposes, among other things, that in the revision of Article 86 there be a mandatory preliminary investigation of case files concerning political figures by two senior judges, who will carry out a substantive evaluation and then send the file to Parliament, whose Plenary will decide on prosecution. In practice, he proposes rendering Preliminary Committees inactive, and this has value coming from someone who presided over one.

Marinakis’ inauguration
A large crowd gathered yesterday on Solomou Street in Psychiko for the inauguration of Pavlos Marinakis’ new political office, as he is already “running” his candidacy in the Northern Sector of Athens B. Obviously the test was positive for the government spokesperson, and the interesting part was that traditional New Democracy supporters were present—people Marinakis knows well as former party secretary—as well as individuals who do not often attend party events.

Schinas’ activation
Margaritis Schinas appears very active, moving between Thessaloniki and Madrid (and less Brussels). His presence in the North and generally his presence here may signal his political activation on ND ballots in the elections. One obvious option is Thessaloniki A, where generally it’s a fierce contest, while another is the nationwide State ballot, which is of course more difficult since the electable positions are few and always decided at the last moment by the Prime Minister. As for the scenarios linking him to the Region of Central Macedonia, I would say not to bother, as there MP Karaoglou, former regional councilor Gioutikas and, under certain conditions, the current Deputy Minister for Macedonia–Thrace Kostas Gioulekas are looking to “play ball.”

Tassoulas–Khachaturyan
During the official lunch hosted by the President of the Republic Konstantinos Tassoulas for the President of Armenia Vahagn Khachaturyan, some interesting things were heard. For example, V. Khachaturyan was telling K. Tassoulas that Armenia, despite not having diplomatic relations with Turkey and with their borders closed, has recently taken steps toward rapprochement with Turkey. And Turkey is responding to these. “We do not forget the genocide, but geography is geography,” Khachaturyan was heard to say. He also added that they are preparing flawless elections in every respect for June 7, because flawless elections are a criterion for the country’s accession to the EU, which Greece strongly supports.

To Washington for the ONEX–Hanwha deal
Takis Theodorikakos is preparing for a lightning trip to the other side of the Atlantic next Wednesday. The Minister of Development will be present in Washington at the important signing ceremony of an agreement between ONEX and the Korean giant Hanwha for the construction of American ships at American shipyards. The ceremony will take place under the direction of Kimberly Guilfoyle, and we are talking about a move of significant geopolitical and economic character. That is why at the Ministry of Development they feel vindicated in their choice to guarantee by law the loan of the American development bank to ONEX, through its activity at the Elefsina Shipyards.

Big business with water: AKTOR–SUEZ, VEOLIA–MESOGEIOS
Major business deals linked to tackling climate change, the sustainable management of natural resources—especially water—are being set in motion, and for this reason large Greek companies with relevant know-how and capacity are taking up positions. The beginning came a week ago with the announcement of the partnership between the AKTOR Group and SUEZ, the French giant present in 40 countries, serving 68 million people with water supply services and 44 million with wastewater services. An exclusive cooperation between the two groups, with AKTOR stating that it aims at further expanding its activities covering the entire water cycle—from the supply of drinking water to wastewater treatment—with particular emphasis on sustainability. According to information, and barring unforeseen developments, the next thing we will hear in the water sector will be an agreement for the acquisition of a significant stake in the company “Mesogeios,” which operates in environmental projects, by the other French multinational group, Veolia. Reports say that Veolia–Mesogeios are in advanced negotiations, due diligence is underway, and the estimate is that it will be completed before Easter. Why so much activity? The answer lies in the approximately €2.5 billion worth of projects planned by EYDAP over the next decade, ranging from the replacement of old pipelines and reduction of leaks to digital monitoring of networks, strengthening the resilience of the water supply system, and the implementation of innovative water-saving technologies, among others. Beyond these, to strengthen Attica’s water supply, the Government recently presented the “Evrytos” project, with a €500 million budget, which includes the partial diversion of the Krikelopotamos and Karpenisiotis rivers toward the Evinos reservoir. Additionally, there is the HYDOR 2.0 program of the Ministry of Rural Development with a total budget of €1.6 billion, while according to a press report (Kathimerini), another €2.5 billion for water supply and irrigation projects is being planned by the Government for the coming years. All of the above amount to a total budget of €7.1 billion.

Orcel’s “Greek map”
The new strategic plan presented by Andrea Orcel for the next phase of UniCredit, under the title UniCredit Unlimited, leaves little room for misinterpretation. UniCredit clearly states that it is moving forward as a “leading pan-European bank,” based on a model of 13+1 strong local banks with a unified strategy, forming the backbone of its growth. Within this framework, Greece is explicitly included in the Group’s European footprint through Alpha Bank, as part of the network of banks that make up UniCredit’s so-called “federation of national champions”—a model combining local strength with the Group’s shared platforms, technology, and strategic direction. It is no coincidence that the new strategy is described as the next phase following five years of transformation, aiming to further accelerate growth by leveraging precisely this network of local banks as the key driver for the next decade. In other words, in the new chapter UniCredit is opening, Alpha Bank is not merely a presence in the Greek market. It is the link through which Greece is organically integrated into Andrea Orcel’s pan-European plan.

Bank of Epirus enters the Nomikos era
The €30 million capital increase at the Bank of Epirus has been officially completed, through which CAPSTONE CAPITAL, interests of the well-known shipowner Petros Nomikos from Santorini, acquires a 51% stake in the banking institution. The bank’s share capital now amounts to €48,339,762 and is divided into 96,679,525 common registered voting shares with a nominal value of €0.50 each. Within the framework of the capital increase, €25 million was added to share capital, and the bank now has a capital adequacy ratio significantly exceeding 30%. The new shares issued (with the waiver of preemption rights by existing shareholders) were acquired by CAPSTONE CAPITAL, which entered as a strategic investor. This followed the conversion from a cooperative to a Société Anonyme banking company, giving the Bank of Epirus the ability to establish and operate branches nationwide. This is also included in the development plan to be implemented in the coming period, with the opening of new branches in strategically selected areas to strengthen its presence and attract new customers.

Agricultural financing from the HDB
The Hellenic Development Bank is seeking to “turn on the tap” of financing for investment projects in the agricultural sector, currently preparing a TEPICH-type instrument specifically designed for the farming community. The relevant memorandum with the Ministry of Rural Development has already been signed since last December, and discussions with banks are underway to open the necessary “windows” and launch the program. Market interest is already noticeable, with inquiries being recorded even before the official starting signal. The new instrument will operate along the lines of the Hellenic Development Bank’s familiar schemes, offering competitive borrowing costs and guarantees, with particular emphasis on young farmers. And, unlike what applied until now, it will not be limited only to investment plans: working capital will also be included, as well as the historically difficult financing for the purchase of agricultural land. If it “fits” as designed, it could change the rules of the game in the primary sector.

Martinos’ confessions on Greek shipping and the economy
As Thanasis Martinos revealed, speaking recently at the event marking the 10 years of the MSc in International Shipping, Finance and Management (ISFM) at the University of Piraeus, the war in Ukraine was not merely a geopolitical disturbance for shipping, but a catalyst that highlighted the strategic value of the Greek-owned fleet. While major oil companies avoided transporting Russian cargo due to sanctions, independent Greek shipowners took on the bulk of the shipments, maintaining the flow of oil and keeping costs in check for consumers. He stressed the “global dimension” of this role, noting that about one-third of the world’s tankers are of Greek interests. Without these ships, freight rates would have skyrocketed and the market would have faced serious shortages in energy transportation. Essentially, Greek shipping functioned as a “shock absorber” for the global economy. Another behind-the-scenes point he highlighted concerns LNG. With the full ban on Russian natural gas in Europe, demand for supply from producing countries such as the U.S. and Qatar is surging. Greek shipowners are ready to cover a large part of this need, but as he noted, consumers will not see favorable prices, since Greek shipping contains costs—it does not reduce them. At the same time, he emphasized that Greek shipping operates under full competition, not monopolistic conditions. This means crisis management is not based on “closed-type” agreements among a few players, but on real markets driven by supply and demand—a key element underscoring the credibility and dynamism of the Greek fleet.

Pittas’ strategy: “Don’t get stuck on forecasts, adapt”
At the 9th Capital Link Cyprus Shipping Forum held in Limassol last Tuesday, Aristidis Pittas, with his three companies listed on the NASDAQ, made clear that the market is unstable, with expensive newbuildings, high fuel costs, and delays in vessel deliveries. His strategy? Flexibility and modular ships capable of changing engines, tanks, and energy systems without radical reconstructions, so as to adapt to future requirements. Behind the scenes, this means that while others “burn” capital on newbuildings that may not pay off, Pittas keeps risk low and all options open regarding alternative fuels: LNG, methanol, ammonia, hydrogen.

…and the reference to Nadal
Regarding the risk of investing in a volatile freight market, Aristidis Pittas—being a tennis enthusiast—referred to a statement by one of the greatest players ever, Nadal. The Spanish superstar, with dozens of titles to his name, had told students: “Don’t look at the titles I have won. Know that of all the points I have played, I have won only 51%,” wanting to highlight the effort and readiness needed to deal with a situation when it goes wrong, so that at the end of the day the overall balance is positive.

“Ferto mou ferto mou” (bring it) sing the shipowners
At the airport, on my way to Cyprus to attend the shipping conference mentioned above, I witnessed discussions among senior shipping executives. At the center were shipbuilding orders, where things have gotten out of hand. The Greeks are placing orders by the dozens, having nearly filled up all the shipyards. “So, how many have you built and will you build?” one asked. “39 in total,” came the reply. “So many? I thought it was fewer,” said the interlocutor. “We had 31 and within one week we activated eight options,” replied the other—who then added loudly: “We’ve now reached the point where we’ll all be singing together… ferto mou, ferto mou, fertooo…” At that point, the third of the group intervened: “I was in Shanghai a few days ago and ran into… (he mentions the shipowner’s name). I asked him what he was doing in China since he builds in Japan. He replied that he ordered five bulk carriers and was so satisfied with the negotiations and the agreement with the Chinese that within a week he returned and ordered five more.” What were we saying? Ah yes. Ferto mou ferto mou, I told you… fertoooo!

The background on the activation of EuRep
The sequence of events is revealing. At the Eurogroup meeting, Minister Kyriakos Pierrakakis made a special reference to the need to create a “risk offset mechanism” against potential monetary turbulence that could be caused by the Trump administration’s moves to “play” with the dollar exchange rate to improve the competitiveness of U.S. products and services. The very next day, the European Central Bank announced that it would expand the Eurosystem Repo Facility (EuRep)—the system providing euro liquidity to (national) central banks—starting in Q3 2026. Interestingly, two weeks earlier, when the ECB’s Governing Council met in Frankfurt, there was no announcement of this measure. Therefore, it appears to have emerged after discussions between Eurogroup finance ministers and Christine Lagarde. Kyriakos Pierrakakis was very clear when he said: “… in light of recent geopolitical developments in today’s geopolitical environment, there are risks that the international financial and monetary system could be used as a political tool… Therefore, it is an existential issue for us to safeguard the international role of the euro, as it is inextricably linked to the monetary sovereignty of the EU….” The activation of EuRep by the European Central Bank is the first step, a warning, and a safety lever against potential turbulence.

Cenergy’s new major project
The stock market reacted with justified enthusiasm to the new contract signed by Hellenic Cables, the cable division of Cenergy Holdings, with DEME for the supply of inter-array cables for the BC-Wind offshore wind project in Poland. The deal is estimated to generate revenues of around €70 million, with the usual profit margin of 15%, i.e., over €10 million in simple arithmetic. Poland is massively accelerating investments in offshore wind energy in the Baltic Sea to reduce dependence on fossil fuels and align with European climate goals, and the Viohalco Group is strategically positioning itself in this dynamic market.

Viohalco: A coordinated leap to new heights
The coordinated jump of Viohalco Group stocks (Viohalco, Cenergy, Elval Halcor) in yesterday’s session is a clear sign that the market is undertaking a substantial re-evaluation of the group’s industrial holdings. A key driver of this move is the growing involvement of international institutional investors, with Capital Group at the center of recent reports. The impressive rally appears not to be merely a temporary reaction but reflects upgraded expectations for all industrial holdings in the new business environment. The parent company led yesterday’s rise, as the market seeks to bridge the discount between its stock market value and the net asset value (NAV). With management emphasizing the strengthening of outward-looking activities and stabilization of operational cash flows, the stock now approaches €14, supported by strong fundamentals and historic high profitability recorded last year. Cenergy Holdings, as mentioned earlier, continues to be the “locomotive” of the group in terms of capitalization and investment interest, exceeding €21 for the first time. With a backlog of orders consistently over €3 billion, the company leverages its strategic position in the global energy transmission market. ElvalHalcor also recorded significant recovery, with its stock moving on a multi-year record trajectory. The gradual implementation of the European Carbon Border Adjustment Mechanism (CBAM) acts as a catalyst, giving ElvalHalcor a competitive advantage over producers from third countries.

ONYX: €30 million capital increase and search for a construction partner
Preparations are underway for implementing ONYX’s (formerly MED) development plan to create a tourist and agritourism resort with an ambitious €388 million budget in Sani, Halkidiki. Reports from Thessaloniki indicate that ONYX, now listed on the Main Market, is preparing a €30 million capital increase. The management’s plan is to allow the construction group undertaking the project to participate in the company’s equity, in addition to their contractor fee—essentially transforming from supplier to partner. ONYX’s stock market story began in summer 2023 when the small commercial company MED (swimwear and underwear) entered the alternative market with a capitalization of €13 million. By October 2024, having announced its change of activity plan and the absorption of two small real estate companies, ONYX moved to the Main Market with a capitalization of €53.7 million. Today, it is worth just under €111 million.

AI is treated as “infrastructure,” not “technology,” for investment purposes
Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, and Kevin Gordon, Senior Investment Strategist, published a chart in Bloomberg re-pricing companies based on the degree of AI integration into their production processes. Companies that have successfully incorporated AI into their production gain explosive competitive advantages. Other companies—regardless of size or history—see their profit margins quietly eroded until the market suddenly “discovers” them. This explains the violent drop in software stocks in February this year. Markets have decided that many software companies are not AI suppliers but rather victims of it. From January 2025 to mid-February 2026, four S&P 500 sectors followed strikingly divergent paths. Companies in terrestrial transport and real estate rose 15–25% above the starting baseline. Other “physical” sectors that the market now re-evaluates as AI-era infrastructure—logistics, data centers, storage—soared in valuation. Conversely, software and capital management companies underwent a sharp correction. AI is no longer merely a technology or software issue—it is now core infrastructure.