Greetings. So, the situation in the opposition with Karystianou’s party—however unlikely it may seem to you—reminds me of Katerina Lioliou’s new hit: “Caaaan I get the biiill pleaseee and a manager for a moment to taaalk, how much does each ‘I love you’ cost,” etc., etc. When this time last year the entire opposition was rolling out the red carpet for the grand rally at Syntagma Square starring Maria of Tempi, the xylols, the toluols, and the missing railcars, what did it expect— that the bill wouldn’t come due? The worst thing for them—and let me clarify that I am not talking about PASOK—is that Karystianou isn’t saying anything different from Zoi, from Velopoulos, from Niki, not even from the KKE. Maria says the same things in different words about “cleansing,” capitalism, the Russians and the Americans, and above all about the corrupt politicians she wants to put in prison. Except that (Maria) is the brand-new little sieve, the joy and safe harbor of the populist—something like our Alexis in 2012 and 2015, who would beat the drums and the Europeans would dance, and the “Hold on, Jeroen” German collaborators would be defeated. She’s a woman, she’s fresh and untainted, and above all she’s suffering—so she’s more attractive than Velo and Zoi, than Alexis, and of course than the anti-touristic remnants of SYRIZA.

Farandouris – the pianist!
Yesterday we essentially had the first “voluntary departure” of yet another stable political figure, of the kind the Left abounds in: Nikolas Farandouris, who also plays the piano and sings beautifully. Nikolas figured, where else am I going to find the twenty grand a month again and the strolls around the European Parliament with SYRIZA, and he started serenading Maria so they’d be forced to expel him—without, of course, resigning from the gravy train of being an MEP. Let me remind you: Nikolas started out in PASOK at the lower rungs as a parliamentary assistant, went to SYRIZA with Alexis, SYRIZA with Stefanos, ditched Kasselakis when he realized the astrakhan wasn’t working, and now he’s left the sure defeat that is Famelos. Don’t shoot the pianist!

Farmers: Very… goo-goo ga-ga
Now let’s move to the other burning issue of the day: agriculture. I sat down and watched yesterday’s interview of the government conclave under Hatzidakis with the proposed measures and benefits. A lot of… tenderness and Proderm, my brother—very goo-goo ga-ga after 20 days of people’s hardship. First of all, I don’t understand why a government should apologize because a sector was late (30 days) in receiving European subsidies, when 7,000 of their colleagues had been illegally pocketing money for years. To society and to the broader public opinion, the government should have apologized for not doing its job properly for so many years. I think the joke with the roadblocks needs to end somewhere around here. Meanwhile, after the announcement of the package to the farmers, I’m told there was a barrage of phone calls to Tsiaras—with questions, requests for clarifications, and also a willingness among quite a few farmers to end the match and move to a dialogue with the government on the… regular issues of the primary sector. I repeat: this is not the view of the “farmer bosses” of the roadblocks, who were talking about blockades at least until yesterday afternoon, although later they too began to realize they had overdone it. I believe that after last night’s proposal by the government to move to dialogue with open roads, they’ll have a hard time. So be it… Maria has driven the KKE and the Zoi-style farmers crazy…

The negotiation of Theodorikakos, Kotsiras and Petralias
In society, in any case, a mood is forming of “go on, you too—call a strike, you can.” That’s what the street vendors did as well, who yesterday staged a demonstration on Nikis Street, in front of the Ministry of Finance and the Ministry of Development, protesting issues in their sector. The first person they saw was Theodorikakos, from whom they left satisfied because he met their demand for new licenses that had been “frozen” by a 2021 regulation. Theodorikakos did not react under the pressure of a strike; he has been discussing the matter with them for the past four months, and the regulation is already at the government’s general secretariat. The representatives of the street markets then also saw Deputy Ministers of Finance Kotsiras and Petralias, who settled the matter definitively.

The Greek–Turkish appointment
Weeks with many trips ahead are on the agenda for K.M. On Friday to Mainz, Germany, with Merz; on Monday to Madrid for a meeting with Sánchez and King Felipe; and in about ten days he departs for Davos and the World Economic Forum. Let me tell you, however, that regarding the major Greek–Turkish appointment with Erdoğan in Ankara, Gerapetritis and Fidan are examining availabilities for the first half of February, while this year K.M. plans to also be present at the Munich Security Conference, which takes place from February 13 to 15.

Alpha Bank day at the Stock Exchange
Yesterday at the Stock Exchange, the increase of UniCredit’s direct participation in Alpha Bank was completed with seven blocks of transactions totaling €354.71 million. That is, the shares from JPMorgan’s derivatives were delivered to UniCredit, which now holds 29.8%. A “Total Return Swap” (TRS) is a practice whereby banks or institutional investors agree to buy quantities of shares from the trading screen on behalf of the interested investor. At the end, the interested party receives the shares that others bought on its behalf, after the costs of holding those shares have been deducted. Yesterday, the main volume of the “return” blocks went through at prices of €3.3910–€3.3920 per share (a 9.5% discount relative to the immediately preceding close). The blocks correspond to 4.6% of Alpha’s share capital. Pre-arranged transactions were also recorded in other banking stocks, especially Piraeus Bank, which showed activity throughout the session and also during the auction process at the end of the day, with a block of 11.7 million shares worth €83.2 million. All in all, total transaction value on the Athens Stock Exchange reached €821.97 million. The session closed with the General Index at new 16-year highs (+0.44%) at 2,163.88 points. Strong investment interest was also shown in OPAP shares, with transactions worth €21 million (-0.58% at €18.77) due to the approval of the merger agreement with Allwyn.

The next day for OPAP – Allwyn
Yesterday’s extraordinary general meeting of OPAP shareholders, which gave the green light for the merger with Allwyn, lasted about 3.5 hours. Just 1.5 hours were needed for the reading of the agenda items by the presidium of the meeting, and the remaining time was spent answering shareholders’ questions, hearing their statements, etc. Yesterday had it all: questions from shareholders showing complete ignorance of the process and the structure of the deal, and others showing that some people had spent time studying what is, in any case, an extremely complex transaction. The process ran flawlessly, and no doubts or unanswered questions remained—many of them concerned Allwyn’s dividend policy going forward, as well as the exit right at €19.04. OPAP’s executives clarified that nothing changes in the taxation of dividends for shareholders who are tax residents of Greece (5% tax), even though the headquarters of the merged company will initially move to Luxembourg and then to Switzerland. It was also clarified that regardless of the number of shareholders who voted against the proposed merger at the general meeting, there is a deadline until 9/2 to exercise the exit right. Those who exercise it will, of course, not receive the special dividend of €0.80 that is предусмотрed after completion of the transaction, and their shares will remain locked for a considerable period until the transaction is formally completed. Completion is expected, all things being equal, around the end of June, management said, as the required approvals must be granted by regulatory authorities, the authorities of Greece and Luxembourg, etc. In any case, a lot of water will still flow under the bridge, and it is expected that many shareholders who voted against the transaction will think twice or three times about whether they will ultimately exercise the exit right at €19.04. What is certain is that after the merger, yesterday will also be the last time a general meeting is hosted at OPAP’s building on Athinon Avenue, as after the change of headquarters they will be held remotely, with investors participating electronically.

Close scrutiny by RAAEY of DEDDIE over electricity theft
Electricity theft is turning into an open wound for the electricity market, and into a serious institutional issue as well, judging by the dozens of complaints that have been reaching RAAEY lately. Complaints which, in many cases, describe a striking ease with which households are labeled as offenders, without clear and sufficient evidence always being produced. DEDDIE counters these arguments by saying that it has increased inspections on an annual basis to 50,000 checks, describing the phenomenon as a long-standing scourge that harms law-abiding citizens and businesses. The annual cost to the market and to final consumers is estimated at €450 million, which according to the operator corresponds to an average increase of €60 per year in the electricity bill of every citizen and business. According to information, the energy regulator appears determined to keep the operator under close watch, organizing a special project under the code name “Heracles,” aimed at an in-depth investigation of DEDDIE’s practices and at identifying the reasons why the phenomenon seems to have taken on uncontrollable dimensions. This investigation will also extend to other areas that constitute the operator’s Achilles’ heel. In this context, the financial penalty of €120,000 recently imposed on DEDDIE in an electricity-theft case that vindicated a consumer can be interpreted merely as a warning shot, as further action is expected. The climate is further burdened by the operator’s inspections in all directions, an indication that the limits of the process are being tested. Combined with the distortions and pressures recorded overall in the energy market, it is not hard to see why the independent authority believes the issue cannot tolerate any further delay. It is noteworthy that the practice of attributing electricity theft to consumers appears to have reached such proportions as to provoke even the intervention of the judiciary. The rapid increase in lawsuits filed by DEDDIE over alleged electricity-theft cases recently led the head of the Thessaloniki Court of Appeal Prosecutor’s Office, Leonidas Nikolopoulos, to request a relevant review. Among other things, it was requested that it be investigated whether inspections of electricity meters are carried out in accordance with the established procedures and with the required guarantees of legality.

Waiting for announcements on industrial electricity
The French electricity utility EDF announced on 6/1/26 that it signed a long-term agreement to supply cheap electricity from nuclear power plants to all ArcelorMittal facilities in France. It is evident that European countries are constantly taking concrete actions to meaningfully support their industries’ costs. Meanwhile, here we are still waiting for the repeatedly announced government initiatives on industrial electricity prices.

Costamare, Safe Bulkers and TEN show the way in the market
Dividend announcements by Greek-interest shipping companies such as Costamare, Safe Bulkers and Tsakos Energy Navigation (TEN) are not simply updates about cash reaching shareholders’ accounts. Quarterly settlements by Costamare on common and preferred shares, the steady dividends of Safe Bulkers and TEN’s 30th dividend on Series F preferred shares function as signals of stability. The market sees these amounts not as indicators of exuberance, but as security: cash flowing into accounts means that companies have visibility over their cash flows and are not under financing pressure. Preferred shares, with fixed yields, bring back the logic of “investment without surprises” in an environment of high interest rates and limited liquidity. The message to Wall Street is clear: consistency matters more than the occasional growth narratives. As long as companies like Costamare, Safe Bulkers and TEN continue paying dividends, the market strengthens the sense that it is preparing for a period of cautious discipline and risk management. This is not a rally, but a strategy of patient waiting with yield—and that, on Wall Street, is more valuable than any spectacular headline.

Upgrade of Dorian LPG of John and Alex Hadjipateras
The upgrade of Dorian LPG, owned by John and Alex Hadjipateras, by Pareto Securities from “hold” to “buy” reflects a carefully calculated market move to capitalize on the strong dynamics of the VLGC (Very Large Gas Carrier) market at the beginning of 2026. These are tankers that transport liquefied gases, mainly propane and butane (LPG – Liquefied Petroleum Gas). In practice, a “buy” means that this Norwegian investment bank and brokerage considers the stock undervalued relative to its intrinsic value, as a price increase is expected in the coming period, with the first quarter starting much more dynamically than consensus suggests. The current charter rate of $70,000 per day for VLGC cargoes corresponds to EPS (Earnings Per Share) of $2 per quarter and expected EPS of $4.4 for 2026, 14% above current estimates. Dorian LPG maintains low leverage and strong liquidity, leaving room for a potential dividend increase or other strategic capital moves. Market fundamentals remain stable, with U.S. production high, inventories full, and the international tensions of 2025 having subsided. In conclusion, the upgrade is not symbolic: it is a strategic positioning in a VLGC stock with strong fundamentals, stable cash flow, and a positive outlook for 2026.

Angeliki Frangou and Navios bonds
Navios Maritime Partners under Angeliki Frangou is returning to the spotlight, with its 2030 bonds considered a top pick for 2026 by Fearnley Securities, an investment bank and brokerage specializing in shipping and financial markets, providing bond analysis, ship financing and investment strategies, connecting investors with shipping companies worldwide. In practice, Navios is attempting to decouple from the traditional cyclicality of shipping by shifting part of its revenues to long-term charters and strengthening balance-sheet stability through strategic bond issues. The company shows a fleet with a diversified profile (dry bulk, tankers, containers) and a committed backlog of $3.7 billion, supporting its financial picture in a volatile environment. However, the positive reading by Wall Street analysts concerns not only the company itself, but also the broader high-risk market climate, where the offering of high yields combined with tight spreads creates opportunities—but also risks due to geopolitical factors. Navios’s value, as perceived in the Wall Street environment, lies in the balance between yield, leverage and market perception.

The Astir Vouliagmeni model
Astir Vouliagmeni is following the international trend of visitors seeking multiple experiences at destinations, gradually enriching the “product” of the iconic complex. Hospitality, gastronomy, shopping, entertainment and yachting make up the mix of experiences—both old and new—at the “prime asset” of the Athenian Riviera, where this year, for the first time, a Christmas market also operated at the marina (from early December until yesterday), even combining pop-up stores with Greek brands. The initiative is new for Astir, which, as is known, has passed into the hands of shipowner Prokopiou, and the enrichment with new experiences serves a dual purpose: beyond attracting the complex’s own guests, it also seeks a broader opening to the Athenian public, boosting foot traffic especially at the marina, which hosts very high-profile luxury brands (Louis Vuitton, Dior, Gucci, Zegna, etc.). This “opening” by the management led by Heracles Pavlou is being attempted at a time when, as occupancy figures show, Athenian nightlife and entertainment have hit “red,” with the same happening at top-tier stores on Voukourestiou Street—see Prada, Hermes, Louis Vuitton, and others.

Intracom Holdings considers acquisitions
As of yesterday, Intracom Holdings’ market capitalization exceeded €317.6 million, that is, 12% higher than its stock-market value a month ago. Based on official figures from last June, Intracom has cash on hand of around €140 million and participations in defense activities and in Intralot. Clearly, this is why a close associate of Sokratis Kokkalis, Giannis Papavasileiou, said at the recent Extraordinary General Meeting in December that “the group is considering additional acquisitions.”

The mutual fund with the highest return
According to data from the Association of Institutional Investors, the Greek Equity Mutual Fund of Optima AEDAK, managed by Aristotelis Panagiotakis, recorded the highest return for 2025 at +53.61%. The General Index returned +44.3%, which means that after deducting fees, the return of this particular mutual fund exceeded the General Index’s performance by +9.3%.

The management of Medical Center prepares moves
Sudden investment interest has appeared in recent days in the stock of Medical Center. This is likely due to the fact that the Apostolopoulos family holds a stake of around 45% and, together with the German group Asklepios International (36.30%), the shares in free float do not exceed 19%. Under the requirements of the new Stock Exchange Regulation, companies with a market capitalization below €200 million must have a free float of at least 25%. With yesterday’s rise in the share price, market capitalization approached €180 million. Management has two options: either sell a block of around 6% to institutional and retail investors to improve liquidity, or help increase market capitalization above €200 million so that only a 15% free float is required. Since there are not many days left until the first assessment by the Stock Exchange administration, the market believes that moves by the main shareholders are imminent…

The Greek of the City who retrieved the cross in Chalcedon
In the icy waters of Chalcedon (today’s Kadıköy), on the Asian side of Istanbul, Epiphany was celebrated the day before yesterday according to the traditions of the Greek community of the City. At the ceremony of the Blessing of the Waters and the Immersion of the Holy Cross, despite the intense cold, several swimmers entered the sea to seek the blessing. The Holy Cross was ultimately retrieved by businessman Byron Nikolaidis, born in the City, founder and CEO of PeopleCert.

The great Friday of tariffs
The Trump administration appears to be fully controlling the game. In any case, the decisions to be announced tomorrow by the U.S. Supreme Court will have significant global repercussions. One initial issue concerns the legality of the tariff policy imposed by President Donald Trump’s administration. The tariff case involves Trump’s executive order imposing tariffs on national-security grounds on imports from dozens of countries, triggering a diplomatic crisis and fears of a trade war. Legal experts argue that the decision will define the limits of presidential power in trade and will have broader implications for the international trading system. The tariffs have hit European exports, especially in steel, aluminum and automobiles. Analyses are already circulating warning that a ruling in favor of the tariffs could lead to an escalation of retaliatory measures, worsening inflationary pressures worldwide. At the same time, the Supreme Court is expected to rule on other significant cases, including issues of immigration and social policy that have divided American society.

A global prediction casino
The “Polymarket” platform has evolved into an obsessive hangout for gamblers of every kind. Polymarket has turned everything into an object of betting—from tomorrow’s weather to the timing of Maduro’s arrest. Bets exceeding $3 billion every week. Now, however, prediction markets are turning into a trap. They have become a tool that aggregates collective (?) knowledge and turns expectations into prices. Want to know who will win the elections? See where the money goes. Wondering about the course of inflation? There’s a bet for that. There are bets on… Maduro’s re-election and even on the Second Coming of Jesus to the world. Score and spectacle. Clicks and publicity. It is obvious that a large player can manipulate the market, creating the illusion of a shared belief. In 2024, there were suspicions that coordinated bets attempted to influence perceptions of the U.S. presidential elections. Of course, there is a regulatory gap. Traditional markets have rules, oversight, transparency mechanisms. Polymarket operates autonomously in gray zones, with minimal control. Wall Street has embraced Polymarket because it provides yet another tool to “read” the economy. But what it reads is not necessarily the truth—it is what those with enough money to place big bets believe. The game has no end.