Greetings. As we told you yesterday as well, nothing big or impressive was expected from the Mitsotakis–Erdoğan meeting. And so it turned out: the atmosphere was good, and in the meeting between the two, kind words were plentiful on both sides. “A valuable friend,” Mitsotakis was called by Erdoğan; “a neighbor by fate that placed us next to each other,” said Erdoğan—and we lived happily ever after, them even better or worse, which frankly concerns us little…

The old and the new

It did not go unnoticed that the Greek prime minister’s delegation to Turkey also included Ambassador Katerina Nasika, despite the fact that she has not yet officially assumed her duties as the prime minister’s diplomatic adviser. Until the end of the month, and until he departs for Paris, Milton Nikolaidis remains in the position. Still, it was an opportunity for the new diplomatic adviser to the prime minister to meet her interlocutors in Ankara and make an initial contact toward creating a direct channel. Something similar had happened in 2022, when Ambassador Eleni Sourani was leaving the Maximos Mansion and Anna Maria Boura was taking over, who at that time had met Ibrahim Kalın.

Side by side

If there is a duo that is always interesting and invites associations, it is that of the heads of the two intelligence services. Themistoklis Demiris of the EYP and Ibrahim Kalın of MIT met on the sidelines of the High-Level Cooperation Council and sat side by side during the joint statements and the signing of agreements.

Visits to Papadopoulou

The absentee from the High-Level Cooperation Council was Deputy Foreign Minister Alexandra Papadopoulou, who is hospitalized with influenza A at the 251 General Air Force Hospital, fortunately without serious risk. I learn that in the morning, before the Greek delegation departed for Ankara, Foreign Minister Giorgos Gerapetritis visited her, while at another point a contact of mine at the hospital saw the ND Secretary for International Relations, Tasos Chatzivasileiou, enter and visit her as well—he had excellent cooperation with her when they were together at the Foreign Ministry.

Businesspeople at the White Palace

About two years ago, Greece and Turkey decided to establish a Greek–Turkish Business Council. One of those holding the reins is a powerful businessman, Adnan Polat, who was yesterday at Ankara’s White Palace for the luncheon hosted for the Greek delegation by President Erdoğan. A. Polat is considered a tycoon in the construction sector and for years served as a senior executive and for three years as president of Galatasaray. He is also a close friend of T. Erdoğan. In fact, his daughter, Eda Polat, is married to Greek businessman Dimitris Gkinosatis. The wedding took place at Costa Navarino, with major mobilization of the Turkish jet set, as Polat père is a figure in the neighboring country’s social life. Also present were Vyron Nikolaidis of Peoplecert, hotelier Konstantza Sbokou-Konstantakopoulou, and the head of the Quest Group, Th. Fessas.

Special mention of Pierrakakis and the gift to his Turkish counterpart

When yesterday’s session of the High-Level Cooperation Council reached the economy segment, Mehmet Şimşek referred to the importance of Kyriakos Pierrakakis’s recent election to the presidency of the Eurogroup. The Turkish finance minister reserved particularly warm words for his Greek counterpart, calling it a development of especially high symbolism. In fact, Şimşek’s words caused positive surprise, as did President Erdoğan’s favorable remarks. Now, regarding the one-on-one meeting between Pierrakakis and Şimşek, among what was agreed (and not mentioned in the Mitsotakis–Erdoğan statements) is the organization in the coming months of two business summits—one in Athens and one in Istanbul—aimed at deepening economic and business relations between the two countries. From what I managed to learn, the Greek finance minister offered his counterpart a desk ornament with two white doves facing each other—a timeless symbol of friendship.

The secrecy

I have updates on the Panagopoulos issue at the GSEE. The lifelong president finally sent his fiery letter late last night to Harilaou Trikoupi. What’s amusing, however, is the method: it was not sent electronically by email, nor via ELTA, but in the traditional way. A courier arrived late at night at Harilaou Trikoupi and handed the letter directly to the associates of N. Androulakis, A. Spyropoulos, and G. Koutsoukos. No one understood why there was such… secrecy. Even more quaint is that the address of PASKE was listed as “Solomou 13–15.” These are the historic offices of PASOK’s trade-union arm, which, however, have been inactive since… 2009, when G.A.P. carried out that grand move from Harilaou Trikoupi to Hippokratous, where he consolidated all the scattered offices. It seems PASKE is still using the old… stamp. The Panagopoulos letter will be officially answered by PASOK spokesman Kostas Tsoukalas, along the lines that “we are not being blackmailed,” etc.

Turmoil in PASOK over Panagopoulos

The Panagopoulos issue, in any case, has caused enormous turmoil in PASOK. Everyone is rushing to distance themselves, even close internal party allies. Androulakis and his team have been holding meetings for two days to see how to deal with the hurricane they are experiencing. There, I learn that President Nikos, realizing the danger, desperately sounded a counterattack. Which means that PASOK on the one hand will distance itself from the Panagopoulos scandal, and on the other will talk about a… “blue scandal,” targeting ministers who put the relevant signatures (Kerameus, Papathanasis, and perhaps also Vroutsis as labor minister during the critical period after the “skolio elikikou”). “We will take it to the end, even if it turns into OPEKEPE,” was the line of President Nikolaos the scandal-fighter.

The power of Panagopoulos, the GSEE fund

The best line, however, came from an experienced observer of politics and trade unionism: “Panagopoulos’s power is the GSEE’s fund,” he says, and clarifies: “I’m not talking about illegal money, but legal. In the country there are more than 40 Labor Centers. Every one of their expenses—from posters to the electricity and water they pay—necessarily passes through the signature of the GSEE president. So they inevitably give in to pressure to put their signature under some text Panagopoulos will indicate, even if their little hearts know what they’re saying behind his back.” The highlight, of course, is the scene described to me laughingly by someone knowledgeable about a meeting, six months ago, that Giannis Panagopoulos had with two “green” owners of vocational training centers. The people went to discuss the possibility of joining one of the running programs. After listening to them, the GSEE president turns and says: “Fine, guys, what you’re telling me—but I have no idea about these programs, nor do I know they exist.” A sly fox, Panagopoulos—he immediately shrugged it off…

Tsipras to see Tasoulas today

Today around 12:00, Alexis Tsipras will pass through the doors of the Presidential Mansion to meet Kostas Tasoulas. The President of the Republic continues meetings with former prime ministers. He has already seen (in order) Kostas Karamanlis, George Papandreou, and Loukas Papademos, which went well, and now Tsipras. Logically, next week the meeting with Antonis Samaras will follow. Tasoulas and Tsipras have very good relations, despite the public exchange by letters last year, when the former prime minister requested that the minutes of the Council of Political Leaders after the 2015 referendum be made public—something the current President of the Republic refused, as did his predecessor K. Sakellaropoulou. K. Tasoulas had in fact phoned Tsipras at least three times: on the day he resigned as an SYRIZA MP, wishing him “good luck in the new venture”; when Alekos Flambouraris died, to offer condolences; and when he received his book Ithaca, with a personal dedication.

DEDDIE

So, faults and power outages happen due to weather phenomena—usually extreme—reasonable and within bounds. But for it to get… dark for five or six hours with blackouts across entire neighborhoods, Rigillis–Pangrati as well as Vasileos Georgiou, four times in two months, is not acceptable. Residents say it’s due to metro excavations, while DEDDIE, which is responsible, either doesn’t answer or, when it does, says nothing. Shameful, isn’t it?

Raid by the Capital Market Commission and Cybercrime Unit

I suppose we’ll soon learn more regarding the information circulating in the market about a raid yesterday by teams from the Capital Market Commission and the Cybercrime Unit at the offices of an investment platform.

The Avramar deal with the Arabs is closing; the Canadians’ maneuver void

Banks are taking a cautious stance, if not keeping their distance, from the moves of the Canadians of Cooke regarding Avramar Greece. The multinational group, which entered late into the race to acquire Greece’s largest aquaculture company, attempted to overturn the situation and submitted a genuinely attractive offer to gain control. In the opposing camp, the Arabs of Aqua Bridge—who had entered the tender process run by Deloitte and were named preferred investor, having even entered the MoU signing stage—grasped the situation and responded to the new data by significantly improving their initial proposal, which in total reached around €230 million, becoming better than the Canadians’. Now Cooke is attempting a counter, agreeing with the Amerra fund (whose management led to new problems for Avramar) and purchasing Spain’s Avramar Seafood, resulting in claims that they have indirect control of the Greek Avramar companies as well. The issue is that the shares of Greek Avramar are pledged by the creditor banks, which exercise the voting rights. Moreover, since preliminary agreements had been signed with the Arabs, it would be difficult for the banks to back out. Even so, they managed to significantly improve the initial agreement, come out benefiting, and everything converges on the deal closing with Aqua Bridge, with formalization expected very soon. That’s why banking sources expressed puzzlement over the Canadians’ recent moves, as there was an impression they had understood the facts of the case. On the other hand, the Canadians have so far proven persistent, and it remains to be seen whether their strategy will extend into the courtrooms as well.

New criminal prosecution against Pizante–Pandi for Bluehouse

Judicial entanglements are intensifying in the case of the Cypriot company Bluehouse. Yesterday, prosecutor Margarita Chra brought a second criminal prosecution against Victor Pizante, Charalambos Pandi, and Despina Minadaki, this time for forgery with use, repeatedly and in complicity. The three executives of the real estate company are defendants not only for fraud and breach of trust, but also for forgery, as they are alleged to have used forged Board of Directors’ decisions in their testimonies. Bluehouse is accused of “fictitious backdated contracts and payments,” issuing fictitious invoices through triangular transactions, and using vehicle companies in offshore jurisdictions such as the British Virgin Islands. Investors who invested more than €8 million allege the withholding of undue fees amounting to €3.6 million and “unknown expenses” of €4.3 million. The forgery charge strengthens the position of the Cyprus Securities and Exchange Commission, which in September 2024 revoked Bluehouse’s operating license, citing “failure to comply with the requirements of sound and prudent management.” The company, which in 2004 began with ambitions to become a pillar of Central European real estate, attracting €500 million from the World Bank, the EBRD, and the Rockefeller Foundation, now finds itself under the weight of two separate criminal prosecutions.

Covalis closes its short position in METLEN

Hedge fund Covalis is closing the short position it held in METLEN. From an initial position of 0.85%, it gradually reduced it to below 0.50%, specifically to 0.4682%. It is evidently closing its short position in METLEN, a development we will not be informed about, as Covalis no longer has a disclosure obligation since the holding concerns a percentage below 0.50%.

SUEZ–AKTOR

Regarding the strategic cooperation launched by SUEZ INTERNATIONAL and AKTOR ATE in water management services, there are three points to note: first, that the main shareholder of SUEZ INTERNATIONAL with a 40% stake is BlackRock, the well-known American investment organization with significant weight in the markets; second, that SUEZ chose AKTOR as its partner in Greece, which has expertise in water management projects; and third, that this is an exclusive collaboration between the two groups.

Awaiting Credia Bank’s decisions

Attention today turns to Credia Bank and information that its Board of Directors will discuss today a process to increase share capital, on the order of €300 million. It is recalled that the bank’s CEO, El. Vrettou, prepared the ground back in January when she announced that she was “examining options to strengthen presence in the capital markets.”

Vardinogiannis–Kokkalis partnership for bancassurance in Romania

In the coming month, a cross-border business cooperation in the Balkans will begin. Vista Bank of the Vardinogiannis group is partnering with Europe Insurance, owned by Sokratis Kokkalis and his partners, for the sale of bancassurance products in the Romanian market. The agreement was concluded last August and is activated in March. Vista Bank is the former Marfin Bank Romania, but has grown through acquisitions (Credit Agricole Romania in 2022, Alpha Leasing Romania in 2025), with 35 branches and profits exceeding €100 million.

Stock market: Counterweights to banking pressures

In recent days, buyer activity on the stock exchange appears to have shifted to selections outside the banking sector. GEK TERNA is leading the way, recording a new all-time high, as it reached intraday levels above €37. Pantelakis sees the stock at €42.4, emphasizing that there is still room for re-rating, as the group has “ammunition” (a war chest, as the brokerage puts it) of €1.6 billion for new investments. Coca-Cola HBC also showed reserves for conquering new peaks, while Aktor and Cenergy recorded new records, reaching very close to €11.5 and €20, respectively. Among the positive performers is Titan as well, which is maintaining contact with its record levels of €59. If these are surpassed, the next target is €70, with Citi setting the bar at that level for the cement company. In its positive scenario, the international house even places the target price higher, at €78.2. Strong gains were recorded by AVAX, which reached €3.57, a 17-year record. The Euroxx report acted beneficially, as it raised the target price for the stock to €4.7 from €3.4 previously. Finally, Austriacard touched €8 for the first time, achieving an impressive turnaround, as just three months ago it was trading below €5, at historic lows.

How a 190% return came from Coca-Cola 3E

Coca-Cola HBC’s share is flirting with €53 and a market capitalization of €20 billion on the Athens Stock Exchange. When the Russian invasion of Ukraine began, the stock had collapsed from €33 at the time to €18, losing nearly half its value in just a few weeks. From the €18 panic low, the stock nearly tripled, touching €53 yesterday. For investors who held their positions at €18, the return exceeds 190%.

Angeliki Frangou’s strategic positioning in VLCCs

Angeliki Frangou is proceeding with an order for the construction of VLCC supertankers, for at least four units, with the option to expand to eight. Deliveries are expected from the second half of 2028, and the price per vessel is estimated at around $120 million, with scrubbers. The order marks a shift compared to previous years, when the strategy of the Chios-born shipowner focused on midsize and large product carriers, container ships, and coated Aframaxes. To date, VLCCs constituted a small part of Navios Partners’ fleet, with five owned and four under management. The aim is to strengthen the VLCC fleet, a ship type that shows strong short-term prospects and steady demand. The order can also be seen as preparation for medium- to long-term growth, reducing dependence on charters and third-party newbuilds.

The father, liquidity, and thoughts on fleet strengthening

Contships Logistics Corp under Nikos D. Pateras appears ready to strengthen its fleet as soon as conditions become attractive, utilizing $236.7 million in liquidity and a strong capital base of $200 million in bonds. The sale of 20 vessels since early 2025 for $210 million shows a strategy of capitalizing on high asset values, while maintaining revenues above $200 million despite the fleet’s contraction confirms that charters at $15,000–$20,000 per day deliver real returns. Management maintains a cautious stance. It pays dividends but preserves capital security for lenders, while monitoring the feeder containership market, which remains strong with a low ratio of shipbuilding orders to the fleet on the water (10%). The prospect of reopening corridors such as the Red Sea adds strategic flexibility, leaving room for targeted fleet renewal and expansion.

Papoulis, the Oslo stock exchange, and vessel delivery

Low-key, but indicative of the direction followed by Pioneer Marine, is the delivery of the bulk carrier Arctic Bay. The vessel has a carrying capacity of 39,000 dwt, was built in 2015 at the Jiangmen Nanyang shipyards, and is a sister ship to Ionian Bay and Aegean Bay, confirming the continuation of a homogeneous fleet expansion program. Under the leadership of Dimitris Papoulis, the company moves according to a structured fleet development model, avoiding fragmented moves and short-term positioning logic. The selection of vessels with similar technical and age characteristics reduces operating costs and increases predictability of results. The fleet of 14 bulk carriers, with a total capacity of 601,586 dwt, now gives Pioneer Marine an operationally sufficient scale for stable partnerships with charterers. Its presence in Asia through Pioneer Marine Advisers SA enhances the ability for direct contact with cargo markets. In a period of heightened caution on the financing side, the steady course of expansion gains weight for a company listed on the Oslo stock exchange since 2014.

The West suffers from high prices – China from deflation

New data on China’s Consumer Price Index confirm a worrying reality. The world’s second-largest economy faces the exact opposite problem from Western economies and the United States. While the U.S. Federal Reserve is battling six consecutive years of inflation above the 2% target, Beijing sees the CPI falling below forecasts and the producer price index remaining firmly in negative territory. China’s secret is now obvious. China is recording a massive trade surplus of $1.3 trillion, but its domestic market is weak and does not feel the growth. Chinese consumers are not buying, businesses are postponing investments, and the economy is trapped in a vicious cycle of low prices and deferred purchases. The Chinese government has largely exhausted traditional monetary policy tools. Interest rates are already low, liquidity is abundant, but transmission to the real economy remains ineffective. The major real estate crisis—which accounts for 70% of household wealth—has eroded confidence and the willingness to spend. For the rest of the world, China’s deflationary ailment has serious consequences. A deflationary China is forced to export ever-cheaper products, suffocating international competition. At the same time, it reduces demand for raw materials and intermediate goods. China is experiencing a Japanese-style stagnation, and solutions are not obvious.

In the West, inflation panic drives silver up and sinks Bitcoin

The simultaneous rise of silver by more than +6% and the drop of Bitcoin to $66,040 reveal market psychology. While silver returns dynamically above $85 per ounce, the largest cryptocurrency retreats under the pressure of mass sell-offs. The resurgence of geopolitical tensions and fears of global instability are pushing investors toward physical metals—naturally gold, but also silver—which at this time plays a dual role as both an industrial and a precious metal. The energy transition and demand for solar panels, electric vehicles, and electronic systems fuel industrial demand. Silver is an essential component of green technology. By contrast, Bitcoin faces serious pressure from the liquidation of positions by large institutional portfolios, concerns over regulatory interventions, inflation, and the broader risk aversion expressed by technology markets that are “burning” billions on the altar of Artificial Intelligence. The drop below $67,000, after a brief rally to $69,000, shows that the cryptocurrency has failed to prove itself as a reliable “safe haven” in times of turmoil. When markets seek real safety, they turn to traditional metals with 5,000 years of history, not digital assets with 15 years of intangible existence. Silver, with its physical presence and industrial utility, offers something Bitcoin cannot: a specific and tangible value beyond speculation.