TSIPRAS: Introducing a new style of public speaking—with a lapel microphone that allows him to move around the stage and a teleprompter so he isn’t tied to a script— Alexis Tsipras unveiled his long-awaited party last night at Thiseio.
The name “ELAS” (Greek Left Alliance) is sure to spark much debate, since as an acronym it refers to the Greek Liberation Army of the EAM and, phonetically, in Greece, it emphasizes the patriotic element present in all of Mr. Tsipras’s recent statements. (The fact that opponents will attempt to equate the new party’s name …with EL.AS. — the Hellenic Police — did not seem to deter his staff.)
In fact, the “A” in ELAS was shaped to resemble a compass, as this word has “featured prominently” in his speeches over the past few months during the presentations of “Ithaca.”
Many spoke of a presentation of a founding declaration “à la Andreas Papandreou.”
It is considered certain that the conclusion of his speech will be particularly “attacked” by PASOK and the KKE: “We carry the legacy of the great currents of the progressive movement: the EAM of the National Resistance, the EDA of the struggles for Democracy and Peace, the PASOK of the early years of Change, the SYRIZA of the First Time Left”…
The two well-known actors who introduced him set the tone for the presentation: “History has answered for the past; we will now learn what lies ahead, ” said Aimilios Cheilakis, suggesting that references to the past ended with the book.
Meanwhile, his co-presenter, fellow actress Marianna Toumasatou, added: “Mr. President, you promised us a championship-caliber team—come on, announce it.”
The audience was large and had filled Thiseio Square and the surrounding streets early on.
As expected, no current MPs from SYRIZA or the New Left showed up, as it had long been pointed out that “a party MP cannot participate in the presentation of another party’s founding.”
However, independent MPs were present, such as Yiannis Sarakiotis and Athina Linou (from SYRIZA), Ferhat Özgür (from NEAR), former SYRIZA executive and current member of the Alexis Tsipras Institute, Zacharoula Tsirigoti, former press spokesperson (under Kasselaki) Dora Avgeri, PASOK members Antonis Saoulidis, Anna Papadopoulou, and Giorgos Pappas, and former members of parliament.
The floor now passes to the pollsters, with the first polls (starting next week) offering a glimpse of the leading position in the left-progressive camp.
That is why PASOK’s initial comments on “ELAS”are particularly harsh…
PASOK: And so it has come to this: the official opposition is asking Alexis Tsipras ’s new party if it plans to form a coalition government… with New Democracy. In other words, it is posing the question it has been receiving for months and continues to receive despite the recent conference “no, ” since Anna Diamantopoulou brought it up again a few days ago so that PASOK could answer it once more.
Charilaou Trikoupi, therefore, poses this question to Mr. Tsipras, prompted by a statement from the head of the working group at the eponymous Institute of the former prime minister, Giorgos Siakantaris. When asked whether ideologies or solutions now play a decisive role in our daily lives, he replied:
“Solutions. But solutions have two sides. On the one hand, there are solutions that favor the wealthy, and thus are solutions more closely associated with the agenda of the Right, and solutions that, on the same issues, have a Leftist character.”
How did the PASOK leadership, based on this response, arrive at the question posed to “Tsipras’s new private party, ” as it calls it, that “it leaves open the possibility of forming a coalition government with New Democracy”? There is only one interpretation: embarrassment and a defensive reaction to the possibility that PASOK might see the new party overtake it in the next polls.
P.S. If he calls it “private” because it lacks organizational structures, hang on—its founding was announced yesterday. Those will come too...
DOUROU: Whereas she used to give TV interviews sparingly, Rena Dourou is now rarely absent from the airwaves. Where, above all, she is now calling (following Polakis and Pappas) for an immediate meeting of SYRIZA’s governing bodies to determine the party’s course of action following the establishment of Tsipras’s party, and to urge (in a timely manner) the SYRIZA MPs who will follow him to hand over their seats rather than choose the path of independence, and to leave the door wide open for Pavlis’s return following his recent expulsion by Socrates Famellos.
Her momentum is so intense and unprecedented that many are wondering if she will be the one to take over the presidency of the remaining SYRIZA in the event that Socrates is ousted by both Alexis and those who remain in SYRIZA.
As is well known, Rena never had any prospects of joining Tsipras’s new party, so no one can rule anything out.
Notanymore.
MARKETS: The question on the minds of nearly all investors worldwide is whether U.S. stocks are overpriced. It concerns them even if they haven’t invested a single penny on Wall Street, because they know that when the U.S. market sneezes, the rest catch a cold.
At first glance, using the classic investment metrics, the numbers don’t seem to favor stocks.
If one takes the S&P 500’s P/E ratio, based on earnings over the last twelve months, the index ’ s so-called “earnings yield” of the index has compressed to 3.5–4%, i.e., to levels lower than the yield on the 10-year U.S. Treasury bond, which hovers around 4.5%. This is also reflected in the chart below.
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Historically, when this yield spread narrows or shifts in favor of stocks—instead of maintaining a safety margin of around 3%–5%, the so-called equity risk premium—it signals a risk warning for the stock markets.
We saw a similar picture in the late 1990s, with the so-called “dot-com bubble,” and in the mid-2000s, when the markets had convinced themselves that financial risk had all but disappeared.
In both cases, the “fairy tale” ended very badly.
This time, however, the situation seems more complex. Because while blue-chip stocks on Wall Street appear expensive to... exorbitantly expensive, government bonds are no longer considered “risk-free.” We learned that lesson all too well in Greece.
MARKETS II: Of course, the U.S. is not… Argentina or Greece. However, the only risk is not default. There is inflation and the devaluation of money, as well as the massive need to refinance government debt, combined with the inability of governments to reduce deficits.
For example, the U.S. deficit is expected to reach 5.8% in 2026, while debt is estimated to (unless things change significantly) skyrocket to over 120% of GDP within the next 10 years.
On the other hand, if one uses the “expected” P/E ratio for S&P 500 stocks, the outlook for equities improves, thanks to large technology companies. The market expects a sharp increase in earnings, driven by artificial intelligence and their oligopolistic global position.
In reality, in both markets—stocks and bonds—there is a problem of confidence. In stocks, confidence concerns future earnings. In bonds, it concerns the fiscal soundness of governments.
For many years, governments, central banks, and investors had “settled” into a simple model. When stocks are scary, you buy bonds. When growth slows, yields fall and bonds protect you. When a crisis hits, the government borrows cheaply and saves the day.
But now that governments themselves have become part of the problem, you have no choice but to take a risk and forge ahead.
MARINAKIS: Capital Tankers has secured $235 million in new capital as Vangelis Marinakis’s newly listed company accelerates the delivery of newly built tankers.
The company, which was listed on the Oslo Stock Exchange in March, announced that it has agreed to $100 million in financing for two LR2-class tankers, one of which was delivered last week, while the second is expected in August.
At the same time, an additional $135.1 million loan was secured for two Suezmaxes scheduled for delivery in June and August.
Today, Capital Tankers has 12 vessels at sea, with another 18 newbuilds on order , as well as options to acquire an additional 13 vessels from the company’s main shareholder.
Meanwhile, Capital Tankers reported net profits of $23.1 million for the period from its founding on January 9 through March 31, with revenues of $35 million.
During the first quarter, the company took delivery of six vessels, including a VLCC, while the fleet’s daily revenue stood at $97,309 per day.
Fearnley Securities also viewed the results positively, with analyst Fredrik Dybwad noting that first-quarter EBITDA came in at $25 million, exceeding market estimates.
The company will distribute a dividend of 0.50 Norwegian kroner per share, corresponding to an annual dividend yield of approximately 2%.
Meanwhile, Fearnley estimates that second-quarter EBITDA could exceed $100 million, as 73% of the fleet’s available days have already been “locked in” at an average daily rate of $146,000.
REORGANIZATION: A crucial restructuring step has been completed for Amuse Event Management, as the Athens Multi-Member Court of First Instance gave the green light to its reorganization plan. With its decision No. 145/2026, the court accepted the company’s application and ratified the restructuring agreement signed on January 30, 2026, between the company and the majority of creditors required by law. At the same time, it dismissed the main objections that had been raised against the proceedings.
KRI KRI: Eurobank Equities expects a significant acceleration in growth and profitability for the listed company, which is announcing its first-quarter 2026 results today after the market closes.
The brokerage estimates that sales will increase by 31.5% year-over-year, reaching approximately €87.3 million, driven primarily by the continued strong growth in yogurt volumes in international markets, as well as the price increases implemented in recent months.
At the same time, the easing of raw material costs is expected to further boost profitability, with the gross margin widening by 2.8 percentage points to 30.2%.
Based on these assumptions, Eurobank Equities forecasts EBIT of €14.4 million, up 60%, and net profit of €11.9 million, up 63.9% compared to last year.
CENERGY: Eurobank Equities forecasts a strong increase in operating profitability and net profits for the listed company in the first quarter, ahead of the earnings announcement this afternoon.
According to the brokerage’s estimates, the group’s adjusted EBITDA is expected to reach €102.8 million, marking a 36% increase year-over-year, with the EBITDA margin strengthening to 18%, an increase of 2.5 percentage points compared to the same period last year.
This performance is primarily attributed to the improved mix of high- and extra-high-voltage projects in the cable sector, the maintenance of stable margins on cable products, and the continued high profitability of the steel pipe segment.
In terms of net profitability, Eurobank Equities estimates that net profits will reach €59.4 million, compared to €41 million in the first quarter of 2025, despite a slight increase in depreciation due to the group’s ongoing investment phase. At the same time, financial expenses are expected to decline as a result of further deleveraging.
METLEN: The market seems to have taken the 2026 guidance very seriously. Because since management put forward estimates last week of EBITDA ranging from €1 billion to €1.15 billion this year and reiterated the medium-term target of €2 billion, the stock has already risen by approximately 8.1%.
Energy, Metals, Infrastructure, and even Defense and Circular Metals now form a compelling narrative that breaks away from the traditional image. The mention of “record-high turnover” by 2026 also provided a boost.
In Athens, the stock marginally surpassed €41 for the first time since February 5. The stock closed even higher on the London Stock Exchange. It finished the session at €41.50, up 6.46%, with trading volume of €6.7 million. In Athens, trading volume was €11.9 million.
P.S.: This column recently notedthat many short positions in the stock were opened at levels of €32–35. With the stock now trading above €40, things may start to get tight for some of those short sellers...