PSALTIS: This year’s annual general meetings of the banks provided bankers with an opportunity to articulate more clearly the challenges facing the economy and, by extension, domestic businesses and the banks.
Given that these were the last general meetings before the national elections, points that in other years were expressed only in passing were voiced loudly this year.
Alpha Bank’s general meeting was the last one, and, according to Chameleon, it was the one that summarized the issues in the most comprehensive and coherent manner. The bank’s CEO, Vasilis Psaltis, outlined the challenges: the growth model, based on tourism and consumption, is insufficient; the economy needs a productive base, exportable products and services, and companies that think in terms of a decade-long horizon.
Although the investment rate rose to 17% in 2025, it still falls short of the European average (21%), while the country continues to lag dramatically behind Europe in terms of labor productivity (note: it stands at 60% to 65% of the European average).
PSALTIS II: Regarding the role of the banking system in the transition to a more productive model, Vasilis Psaltis placed particular emphasis on the need to create an institutional framework, as well as (banking/insurance) products that would boost institutional savings through the second and third pillars, as the country has one of the lowest investment penetration rates in Europe, which is limited to bank deposits.
At the same time, he reiterated that a priority—which is currently being implemented— for Alpha to transition to a more advisory role, covering every aspect of the client’s financial life on a personalized basis, as well as the adoption of a different philosophy in corporate lending, now based on what level of risk the bank should be willing to take.
In this context, Alpha identifies energy, infrastructure, logistics, manufacturing, and shipping—in addition to tourism—as key sectors for corporate lending.
SYRIZA: Following Alexis Tsipras’s resounding and… emphatic “no” to coordinated cooperation—that is, at the party level—between the Hellenic Police (ELAS) and SYRIZA, the leadership at Koumoundourou “came to their senses,” as the saying goes.
So, whereas in recent weeks they had been calling on dissenters (Polakis, Pappas, Dourou, Rigas, and others) to respect the Central Committee’s decision, they are now backtracking.
What did that decision, bearing the seal of Socrates Famellos, say? That SYRIZA would not run in the elections in opposition to ELAS and that if that were to happen, it would be a “strategic mistake.”
The same people, through Secretary Anastasia Sapouna (who is President Socrates’ “right-hand woman”), stated that we had misunderstood, because SYRIZA never said it would not run in the elections independently, nor that it would (effectively) suspend its activities.
Why the backtracking? On the one hand, this decision sparked outrage among those remaining in the party, since President Socrates failed to explain (even in basic terms, let alone adequately) how SYRIZA would continue to function without members of parliament.
On the other hand, the (former?) minority gathered 73 signatures—three more than the 70 required to reconvene the Central Committee—with the obvious aim of overturning the previous decision.
President Socrates is therefore obliged to schedule a new meeting within 15 days, which is set to be… “hell,” as evidenced by the fierce attitudes of the officials who want to run independently in the elections.
If the Central Committee overturns the previous decision—which was the president’s proposal—it is certain that Mr. Famellos will find it very difficult (if not impossible…) to remain party president.
We may see an emergency convention and an election by the rank-and-file (editor’s note: this is mandatory) for a new president during the two-month lull in July and August—and… we’ll have seen it all in this party.
SYRIZA II: In this scenario, Pavlos Polakis is considered the frontrunner for the presidency, since all signals from the (remaining) rank-and-file indicate that only he, due to his combativeness and distinctive presence, can “resurrect” SYRIZA. Not for anything spectacular, but “at least to get into Parliament,” as his non-fanatical supporters say.
And here’s where it gets interesting: Nikos Pappas has already built party-level (not personal) bridges toward Harilaou Trikoupi Street, describing SYRIZA’s failure to form a coalition government with PASOK as “the biggest mistake we made in 2015”!
This overturns an eleven-year-old line of argument, according to which the lack of cooperation was deliberate, because the PASOK of that time “would have ousted us from the government at the first turn to carry out the ‘leftist interlude’ scenario.”
What is the point of Pappas’s …awkward overture? “Obviously to leave the door open for cooperation with PASOK after the elections,” is the interpretation of a “Green” insider familiar with the inner workings.
In short, with this “opening,” Pappas is appealing to voters who are not drawn to ELAS and would prefer a coalition government with PASOK (or PASOK’s support in Parliament, if it does not involve participation in the cabinet) in order to oust the Mitsotakis government.
This scenario, of course, presupposes that PASOK achieves its electoral goal of becoming “the leading party at the polls.” Something that, for the time being, does not seem likely…
KASSELAKIS: Yesterday’s departure of Theodora Tzakri from the “Democrats” was not exactly… a bolt from the blue. The trigger was Kasselakis’s invitation to Adonis Georgiadis for a television interview on his online channel.
The real reason, of course, is something else:
On the one hand, Theodora—formerly “green,” then “pink,” and subsequently “purple”—is reportedly in talks with Harilaou Trikoupis regarding her inclusion on a PASOK electoral ticket. As an independent candidate, presumably, so as to avoid being subject to the term-limit rule that applies to party members (editor’s note: she has served more than 20 years in the Parliament).
On the other hand, Stefanos Kasselakis wants a complete break from anything reminiscent of the former SYRIZA, as he is veering sharply toward the liberal center. (Regarding the… title, however, he clarified that he himself asked Ms. Tzachri to step down as vice chair of the “Democrats”).
Consequently, we can also expect the departure of the penultimate (SYRIZA) MP remaining from those who followed him—Giota Poulou—who is not at all comfortable with the new political profile.
As for the last MP, Rallia Christidou, the odds suggest she will remain by Stefanos’s side, since she, too, does not come from the “inner circle” of SYRIZA, the party on whose ticket she was elected.
SECURITIZATIONS: Future cash flows from intermediate-rated securitization bonds are being eroded by the government’s regulation on loans under the Katseli Law.
With the introduction of interest calculations based on monthly installments, calculated separately, as well as the retroactive effect of the provision, securitization proceeds over a 15-year period will decrease.
Bank executives estimate that the impact will affect senior notes only in terms of repayment timing (i.e., they will be repaid at a slower rate).
Mezzanine notes will bear the brunt of the impact, as they will generate lower returns over a 15-year period. Whatever the borrower gains, the mezzanine note holder loses—in terms of expected cash flows.
The example cited by Kyriakos Pierrakakis to illustrate the benefit to the borrower works in reverse for the mezzanine note holder. A borrower with an outstanding balance of 144,500 euros in January 2024 would, prior to the restructuring, have paid a monthly installment of 731 euros for 300 months. Total: 219,300 euros.
Under the new method, the monthly payment drops to 483 euros (note: of the 483 euros, only 1 euro is interest), and the total amount to be paid until the loan is repaid comes to 144,900.
The arrangement applies to more than 100,000 loans.
BANK OF KARDITSA: The Bank of Karditsa’s pre-provision loans totaled 170.2 million euros as of December 31, 2025, an increase of 4.9%.
However, interest income from loans rose by 10.7% last year as a result of the loan mix (ed. note: mainly small and micro-enterprises) and the reduction in the cost of attracting deposits. As of December 31, 2025, deposits totaled 280.2 million euros, an increase of 18.6%.
This year, the credit union—which obtained a nationwide license—is rumored to have expanded into the large-business sector by acquiring a small portion of a listed company’s debt.
ENTERSOFTONE: The extraordinary general meeting of Entersoftone, held on June 18, approved a capital return of 53.99 million euros, through the capitalization of an amount from the share premium account, followed by a capital reduction involving the cancellation of 53,456,346 shares.
This capital return move fuels, if not intensifies, speculation about a possible sale of the company.
Chameleon has referred to a specific proposal, which Panos Germanos has accepted from a fund regarding Entersoftone.
MOTOR OIL: Anemos Res (consolidated through MORE), a “granddaughter” company of Motor Oil that operates in the production and sale of electricity from renewable sources, posted a significant decline in financial figures last year.
Its revenue fell to 85.5 million euros from 95 million euros in 2024, as a result of less favorable wind conditions; gross profit fell to 14.95 million euros from 26.6 million euros, and pre-tax profit to 1.37 million euros from 16.24 million euros.
Its net debt stood at 351.3 million euros at the end of 2025 but will decrease drastically this year as a result of the sale of operational wind farms, with a capacity of 107 MW, to the Public Power Corporation (PPC), under the PPC-Motor Oil agreement.
It should be noted that Anemos’s entire workforce was transferred last year to its parent company, Motor Oil Renewables (MORE), a possible indication of a broader corporate restructuring.
LAMDA DEVELOPMENT: For many visitors, their first encounter with The Ellinikon Sports Park was eye-opening.
The paths they walked, the quality of the sports facilities, the lighting, the organization, and the overall functionality of the space created the impression of a comprehensive, high-quality destination, where nothing suggested that it was part of a large-scale project still in progress.
In the many small groups that formed, many commented that they are now beginning to realize that Elliniko is not just the Tower or housing for the few, but a project that will connect with the surrounding neighborhoods, offering upgraded infrastructure and new options for a higher quality of life in the city.
The “super special” stage held as part of the Acropolis Rally was also exceptional; it took place on a high-spec closed circuit, specially designed for this event at The Ellinikon Sports Park.
AKTOR: The market is expecting new announcements from the group’s management this week (some even expect them as early as today) regarding significant business moves.
Last week, Alexandros Exarchou announced a €3 billion investment plan, to be financed by the group’s cash flows, the upcoming €650 million rights offering, and the €300 million bond issue currently in the works.
The goal is to achieve earnings before interest, taxes, depreciation, and amortization (EBITDA) in the range of €600–€700 million starting in 2031, through the parallel business development of new sectors, such as renewable energy, LNG, and PPP - Concession projects.
The stock is surging on the market. From €9.9 on June 15, it closed at €13.38 on Friday, with a 35% return.
ADMIE: Blue-chip performance from ADMIE during Friday’s trading session, with the stock appearing poised to break out following the completion of its capital increase.
The stock hit a new all-time high of 4.9 euros, jumping 6.29% and recording a “mammoth” trading volume of 24 million euros.
Earnings per share over the past quarter total an impressive 75%.
COCA COLA: The Greek market’s “heaviest-weighted stock” also hit a new all-time high, climbing to 56.2 euros on Friday with a further gain of 1.08%.
The stock wrapped up a week of gains, with a cumulative rise of approximately 7.8%, as the market prices in the consolidation of Coca-Cola Africa.
Coca-Cola HBC’s market capitalization has now surpassed the 20 billion euro mark, climbing to 20.97 billion euros.