FROM BIGGEST DEBTOR TO THE PRESIDENCY

The same country that was once Europe's biggest headache is now sitting at the head of the table. Last month, its stock market was the 3rd best-performing in the entire world. Corporate profits are soaring. And the world's largest financial institutions are once again placing it among their favorite markets.

FROM BIGGEST DEBTOR TO THE PRESIDENCY

Let's start with something highly symbolic.

Kyriakos Pierrakakis chaired the Board of Governors of the European Stability Mechanism (ESM) for the first time. As President of the Eurogroup, he automatically serves as Chairman of the ESM Board of Governors.

And why is this such a big deal?

To understand that, let's go back a bit. The ESM is Greece's largest official creditor. During the third bailout program between 2015 and 2018, it provided Greece with €61.9 billion in loans. Together with the EFSF, these two mechanisms now hold more than half of Greece's public debt.

In other words, the country that once raised its hand asking for help is now presiding over the very institution that helped rescue it.

Pierrakakis himself put it clearly: Greece is a vivid example of what can be achieved when European support meets national determination to overcome a crisis.

Those favorable interest rates and long repayment periods did their job. They made Greece's debt sustainable and allowed the country to return to the financial markets. That is the foundation. The groundwork.

THE NUMBERS DON'T LIE

Now let's move to the second part. Because symbolism alone isn't enough. We need numbers. And the numbers are explosive.

In the first quarter of 2026, listed companies continued their historic performance for a fourth consecutive year. Revenue increased by 8%. Operating profitability surged by nearly 54%. And net profits? They reached €2.74 billion, up from €2.03 billion a year earlier. That's an increase of almost 35%.

Yes, you read that correctly. PLUS 35%.

"So who's pulling the wagon?" you might ask.

Two sectors.

First, the banks, which alone generate almost half of the total profits of all listed companies. They are the stable foundation.

Second, the real star of the year: energy.

Major energy groups, refineries, PPC, and others more than doubled their EBITDA, reaching €1.71 billion compared to €767 million a year ago. Their net profits skyrocketed by 412% to €862 million.

For PPC, the improvement came from its energy mix, reduced reliance on lignite, and new renewable energy facilities. The refineries, meanwhile, benefited from strong diesel and aviation fuel margins and are expected to exceed €1 billion in operating profit for a third consecutive year.

But it's not just the giants. Cenergy increased profits by 81%. ElvalHalcor by 48%. GEK TERNA by 33%. And TITAN maintained EBITDA growth of 12% and net profit growth of 42%.

In short, profitability is not limited to two or three companies. It is widespread across the market.

THE WORLD IS WATCHING US AGAIN

And this is where things get even more interesting. Because all of this translates into something very tangible: returns and international recognition.

You know the famous saying, "Sell in May"? This year it was completely disproven.

May ended with an 8.4% jump in the General Index and an 11.4% rally in banking stocks. Greece became the third best-performing stock market in the world among major exchanges.

And pay attention to who is talking about Greece.

Goldman Sachs continues to rank Greece among its preferred emerging markets, with a target of 2,500 points for the index. Wood named Greece the top-performing emerging market in Europe during May. And Bank of America, despite its generally cautious stance, ranks Greece among its top three markets in the region thanks to improved valuations.

Meanwhile, activity continues at full speed. We saw the first shipping company listing on Euronext Athens, with Safe Bulkers and its 101,826,580 shares. ADMIE's capital increase is coming, with the book-building process opening on June 16 and closing on June 18. And next comes the IPO of Attica Stores, scheduled between June 24 and June 26.

From a technical perspective, the first target for the General Index is February's high of 2,407 points, a 16-year high. And if that level is surpassed, the next major target is 2,650 points.

Of course, there is a significant caveat, because not everything is rosy internationally. Geopolitical tensions around the Strait of Hormuz remain elevated, with Bank of America expecting Brent crude to rise above $90 per barrel by early 2027, even under a relatively quick resolution scenario.