AGP Executive Report

EU Sanctions Deadlock: Greece blocked the 27th EU sanctions package on Russia, with diplomats pointing to Athens’ objections—especially around LNG transport rules that could hit Greek shipping interests. Middle East Shipping Shock: Iran-linked attacks in the Strait of Hormuz are disrupting tanker traffic; reports say a Greek magnate’s vessel was seized after being hit, while other ships reportedly U-turn to avoid risk. Greek Security & Shipping Policy: Prime Minister Mitsotakis warned against any transit fees in Hormuz and said Greece is backing security efforts via Operation “Aspides.” Greek-Bulgarian Asset Scrutiny: Bulgaria’s interior minister requested an investigation into Bulgarian oligarch assets in Greece after parliamentary accusations and property-value claims. Air Connectivity: Air France and Cyprus Airways launched a codeshare between Paris and Larnaca, with interline links via Athens. Corporate Calendar: Safe Bulkers set its Q2 2026 results date and conference call webcast.

EU Sanctions Deadlock: EU envoys met to push a 21st Russia sanctions package, but Greece is again blocking parts tied to Russian LNG, arguing a transfer ban would just shift market share—an issue that matters for shipping and energy flows. Aviation Safety & Passenger Trauma: A Ryanair passenger from Thessaloniki to Germany, Ljubiša Karović, described the “noise before the chaos” after engine debris shattered a window and he was partly sucked out; he says he now suffers panic and avoids flying. Healthcare Gender Gap: A new study says Greece’s cancer care still treats cancer as an “episode” rather than a life event for women, with gaps beyond treatment affecting daily life. Social Media Age Limits: France passed a law restricting social media for under-15s, joining a wider trend after the UAE’s similar move—raising questions for platforms operating in Europe. Tourism & Travel Policy: Lebanon published visa rules showing Greece among visa-free destinations for eligible travelers, while other countries face stricter requirements. Business Regulation Watch: EU insurance regulators urged private equity buyers to prove long-term support for policyholders, warning against short-term exits.

Greek Tax Crackdown: Greek tax authorities uncovered an alleged €17.9 million tax evasion network, adding to pressure on compliance and enforcement. EU Sanctions Standoff: Greece is again pushing back on the EU’s 21st Russia sanctions package, citing LNG shipping concerns and warning that exemptions are needed to protect Greek shipping interests. Housing & Short-Term Rentals: An Athens court has banned Airbnb rentals in an apartment building where rules limit use to residential-only, a fresh signal for the short-term rental crackdown. Tourism & Water Stress: Greece opened a new €65m funding call aimed at tackling water scarcity, as drought pressures intensify across islands and peak summer demand. Shipping & Security: Greece and South Korea expanded cooperation in shipbuilding and the Indo-Pacific, while regional maritime risks around the Strait of Hormuz continue to rattle shipping and energy routes. Business & Finance: United’s Greek unit Nova sold a 50% stake in Nova ICT to Ireon Technologies for €60m, as Greek telecom and 5G strategy reshuffles accelerate.

Tourism Security: Two Greek-American tourists were stabbed near the Acropolis Museum in Athens, with one victim reported more seriously hurt, underlining fresh risks at Greece’s busiest attraction. Maritime Risk: Attacks and threats around the Strait of Hormuz kept shipping cautious, with crossings dropping and another tanker reported hit; Greek-linked operators were among those affected in recent days. Greece Shipping & Energy Costs: The wider Gulf disruption is feeding into higher oil prices and route changes, while Cyprus shipping officials warn the civilian sector is increasingly forced into “crisis coordination.” Consumer Pressure: Greek shoppers are entering summer sales more focused on saving, shifting toward private labels and discounts as households cut back on non-essentials. Digital Payments: India’s UPI keeps expanding, with Greece listed among countries where UPI is live for P2P via Eurobank—another sign of cross-border payments momentum. EU Policy Watch: France is set to approve a ban on social media access for under-15s, a move that could ripple across how platforms handle youth protection.

Tax Enforcement: Greece’s AADE/DEOS dismantled a VAT and income tax evasion network using fake invoices and fast company dissolutions, uncovering nearly €17m in losses and seizing 32,000 counterfeit items; authorities moved to freeze linked accounts. Aviation & Consumer Safety: Ryanair reassured passengers after a mid-flight incident where a man was nearly sucked out of a broken window on a Thessaloniki–Germany flight; meanwhile, EU authorities issued a Greece-included recall for Chinese “squeezy dumplings” toys due to benzene levels above legal limits. Shipping & Geopolitics: Greek-owned tankers were hit in the Strait of Hormuz amid escalating US-Iran tensions, raising fresh concerns for energy and trade routes. Real Estate: Greece Sotheby’s reports record demand for luxury homes in H1 2026 at €6.11bn (+35%); the Athens Riviera led growth. Competition Policy: Greece’s Competition Commission extended its Booking.com consultation deadline. Tourism & Markets: Greek luxury home demand and tourism remain key themes as the economy faces ongoing cost pressures.

Greek Economy & Debt Relief: Greece is widening its out-of-court debt settlement scheme from July 27 by cutting the minimum eligible debt from €10,000 to €5,000, letting roughly one million more smaller debtors restructure via the General Secretariat’s digital platform and avoid enforcement actions. Aegean & Aviation Business: Aegean Airlines CEO Dimitris Gerogiannis was named Airline Business Award winner at the Airline Strategy Awards in London, alongside leadership and digital/air-cargo/ESG honours for other major carriers. Airline Earnings Watch: Ryanair reported after-tax profit of €538m for Q1 (to June 30), down 34% year-on-year, blaming higher unhedged fuel costs and weaker fares amid geopolitical uncertainty. Shipping & Geopolitics: A Greek-managed products tanker appears to have halted in the Strait of Hormuz after Iranian claims of attacks on vessels, raising disruption risks for energy trade. EU Sanctions Politics: EU support for a new Russia sanctions package is weakening as member states—including Greece—seek exemptions or block parts tied to national business interests, with unanimity making the process harder. Tourism & Retail: Michelin Guide Great Britain & Ireland added a “chic” Greek spot, while travel retail opinion argues airports can boost conversion by shifting from price to storytelling and exclusivity. Human Impact: Doctors in Thessaloniki are preparing to wake a seven-year-old Halkidiki crash survivor; her aunt is set to take guardianship and bodies are being repatriated to Moldova.

Box Office Boom: Christopher Nolan’s “The Odyssey” has smashed expectations, taking about $264.1m worldwide in its opening weekend ($124.5m North America; $139.6m international) and setting the director’s biggest global launch, with strong premium-format demand. Culture & Heritage: Greece is pushing for UNESCO World Heritage status for Mount Olympus, pitching its mix of mythology, history, biodiversity and landscape—while the new film keeps the mountain in the spotlight. EU Macro Watch: The ECB is likely to pause a second rate hike as eurozone inflation eases to 2.8% in June, though officials are watching geopolitical risks and shipping uncertainty. Greece Economy/Environment: Greece is offering a €1.5m bounty to curb the spread of the invasive puffer fish in the Aegean, after warming seas cut catches by 30–40% for local fishermen. Tourism Demand Signal: A report says southern Europe is regaining momentum, with Portugal, Spain and Greece forecast to grow faster than parts of northern Europe.

Greek Policy Watch: Prime Minister Kyriakos Mitsotakis used his weekly address to push infrastructure delivery (including the Skaramagas junction and the Rovies–Ilias road in Evia), healthcare upgrades (a new hemodialysis unit at Istiaia Health Center), and pension and environmental reforms. EU–Russia Sanctions & Shipping: Greece is again at the center of EU sanctions friction, with objections tied to exemptions affecting Greek shipping firms. Cyprus Tourism: Cyprus reported a 1.7% June dip in tourist arrivals to 489,965, while the first half of 2026 fell 10.1% to 1.66m. Digital Finance: The ECB selected 36 payment service providers for the digital euro pilot, signaling the next phase of Europe’s payments overhaul. Maritime Security & Energy Costs: The Iran–U.S. conflict’s second phase is increasingly focused on Strait of Hormuz transit rules, with shipping firms weighing the cost and precedent of new tolling arrangements.

Greece–EU Sanctions Tension: Greece is again at the center of EU Russia-sanctions talks, with reports saying Brussels hit deadlock over a Greek shipping exemption demand, keeping uncertainty high for maritime operators. Energy & Cost Pressure: Greece is moving to cut household energy strain, with coverage pointing to fuel price cuts taking effect and new deadlines for home energy upgrade schemes, while the wider eurozone picture shows real wages and purchasing power still under pressure. Finance & Compliance: Germany’s crackdown on money laundering and tax fraud signals tighter enforcement across Europe—relevant for Greek businesses with cross-border exposure. Digital Euro Rollout: The ECB has selected 36 payment service providers for the digital euro pilot, a step that could reshape payments infrastructure in the region. Property & Tourism Demand: Greek hotel and holiday-home markets remain hot, with reports of strong turnover and rising holiday home prices, alongside ongoing regulatory friction in Athens rentals. Business Expansion: TERAMOK is unifying its Athens and Chicago operations to push a growing US–Greece property corridor. Regional Security Watch: Egypt’s foreign minister discussed de-escalation with US, Omani and Cypriot counterparts, underlining how regional tensions can spill into trade and navigation.

Agri-Exports Boost: Greece’s feta and olive oil exports hit a combined €2.1bn milestone in 2025, with feta alone shipping about 105,000 tons (€835m) and Germany leading demand. EU Sanctions Gridlock: EU talks on the 21st Russia sanctions package are deadlocked as Greece presses for exemptions to keep its shipping fleet transporting Russian LNG for non-EU buyers. Cost-of-Living Pressure: Greece is moving on price cuts for essentials and is also targeting a €950 minimum wage for 2027 amid affordability concerns. Digital Economy: The ECB has selected 36 payment service providers for the digital euro pilot, a step toward wider rollout next year. Tourism Signals: Greece’s apparel imports rose 9.4% in Q1, while Cyprus reported a softer tourism run in June (arrivals down 1.7%). Business Disruption Watch: Reports say Saudi banks have delayed payments to UAE accounts since mid-May, raising alarm that Gulf political tensions are spilling into commerce.

Greek Shipping Watch: Greece’s merchant fleet rose 1.8% in May 2026 year-on-year, but gross tonnage fell 1.1%, a mixed signal for capacity and trade momentum. EU Sanctions & Energy: Greece is again blocking new EU sanctions tied to Russian gas/LNG to protect shipping interests, keeping pressure on Brussels’ unity. CAP Fraud Probe: The EPPO has indicted 22 people in Athens over alleged agricultural subsidy fraud, including four current Greek MPs, spotlighting EU oversight failures in CAP controls. Middle East Risk for Trade: Strait of Hormuz traffic is effectively grinding to a halt as Iran-US tensions escalate, while the Red Sea risk is rising too—both developments that can quickly hit freight costs and supply chains. Defense Cooperation: Germany will join a French nuclear exercise, underscoring deeper Franco-German deterrence cooperation while stressing NATO’s nuclear role remains intact. Tourism & Film Economy: “The Odyssey” set-jetting is already boosting interest in Greece, with Peloponnese locations marketed as accessible travel stops tied to the blockbuster. Corporate Finance: Cosmos Health expanded its share buyback, repurchasing 274,000 shares in the open market.

Minimum Wage Push: Greece targets a €950 gross minimum wage by April 2027 (from €920), with seniority pay steps from January 2027 and a bid to lift average private-sector wages toward €1,500, as real pay growth remains weak. Housing Crunch: A new study points to supply-demand imbalance behind rent pressure; Greece is among the fastest-rising EU markets, with Athens rents up and Cyclades still the priciest. EU Sanctions Clash: Greece blocks the 21st EU Russia sanctions package tied to LNG shipping, aiming to protect Dynagas and its Arctic-capable tanker fleet. Fraud Crackdown: Dutch police disrupted a cross-border investment fraud network allegedly taking €100m a month, with arrests across several countries including Greece. Aviation Safety: The US NTSB is taking over the probe into a Ryanair flight incident in Greek airspace after a window detached and a passenger was partially sucked out. Defense Deal: The US approved a potential $80.1m Switchblade drone sale to Greece under FMS. Business & Trade: Reports say Saudi banks have delayed or blocked payments to UAE accounts amid Gulf political tensions, raising concerns for cross-border commerce. Labor Market Snapshot: Romania ranks last in expected working-life duration in the EU, highlighting uneven participation patterns across member states.

EU Farm Fraud Fallout: Greece’s CAP subsidy scandal keeps widening at EU level, with the EPPO indicting four acting Greek MPs (plus charges tied to OPEKEPE) over alleged false attestations and misuse of EU funds—after earlier resignations and parliamentary probes. EU Oversight Pressure: The case is now a direct test of how EU money is monitored and how quickly political accountability follows alleged abuse. Crypto & Payments Shockwaves: In parallel, reports say Saudi banks have blocked or delayed transfers to UAE accounts amid Gulf tensions, while in Europe MiCA is reshaping crypto flows as licensed platforms like Coinbase and Ripple expand and Binance retreats. Tourism Safety Alert: A dangerous invasive pufferfish is spreading across the Mediterranean, prompting Greece to install barriers at popular beaches. Corporate Capital Moves: Cosmos Health announced a further share buyback, topping $1m in repurchases this program year.

EU Climate Policy: Ten EU countries, including Greece, are pushing to delay or soften the planned carbon price on transport and heating fuels under ETS2, warning of added costs for households ahead of the 2028 reform. Russia Sanctions & Shipping: Greece blocked the 21st EU sanctions package over LNG shipping concerns tied to Dynagas, forcing a one-week extension of the Russian oil price cap while unanimity talks continue. Greek Economy: ELSTAT data shows Greek business turnover rose 6.9% in May year-on-year to €36.06bn, with education up strongly while mining fell. Tourism Under Pressure: Seven Aegean islands declared drought emergencies as erratic rainfall threatens water supplies during peak tourist demand. Payments & Tech: Uber’s €41.50-per-share offer for Delivery Hero expands its delivery footprint to 99 markets, while Greece is set to accept India’s UPI payments for tourists via QR codes. Business & Consumer: Nationwide and Barclays raised mortgage rates, adding pressure to an already strained housing market.

Electric Mobility Boost: Greece adds €10m to its electric mobility subsidy, with €48m total split between individuals (€48m) and businesses (€28m) for EVs, light electric vehicles and e-bikes, and a deadline pushed to Dec 31, 2026. Shipping Risk Watch: Reuters reports shipping firms are avoiding a US-guided transit scheme through the Strait of Hormuz as Iranian attacks raise safety concerns, with rerouting pressures on energy flows. EU Climate Showdown: Ten EU countries, including Greece, urge the Commission to rethink ETS2 carbon fuel pricing ahead of 2028 implementation, warning against a new climate tax burden. Digital Euro Push: The ECB has selected 36 payment service providers for the digital euro pilot across 19 central banks, with Greece’s Bank of Cyprus and JCC among the participants. Greece in EU Enforcement: EU prosecutors seized over $53m in Greece in suspected VAT carousel fraud, highlighting continued crackdown on tax evasion. Corporate Capital Return: Cosmos Health expanded its share buyback, repurchasing another 100,000 shares and topping 4.5m shares under its program. Regional Security: At the Ukraine–South-East Europe Summit in Kyiv, leaders backed stronger pressure on Russia and prioritized air defense and reconstruction support. Maritime Finance: Record VLCC orders in H1 2026 are raising fears of a tanker squeeze in 2028 as many deliveries are scheduled for 2028-2029.

Digital Euro Push: The ECB has selected 36 payment service providers for the digital euro pilot, with Cyprus’ Bank of Cyprus and JCC joining the wider eurozone group; testing is set to begin in late 2027. Energy Costs Clarity: Greece’s Great Sea Interconnector (GSI) won’t automatically raise power bills, a former Cyprus energy regulator says, pointing to EU-regulated cost recovery. Aviation & Tourism Boost: Athens International Airport was named Europe’s most efficient airport for its passenger size category, underlining aviation’s role in Greece’s tourism and business growth. EU Enforcement on VAT: EU prosecutors seized more than $53m in Greece in a suspected VAT carousel fraud case, signaling tougher tax enforcement. Shipping Risk Watch: Container ship safety data show fire frequency rising for a third year, with industry urged to refocus on core prevention and crew readiness. Geopolitics Hits Trade Routes: After the US revived its Hormuz blockade, only a handful of vessels transited, including a Greek-owned tanker, highlighting how quickly shipping risk can reshape costs and compliance. Retail Pressure: Greece’s summer sales are underway, with expectations for up to €7.4bn in turnover as consumers look for discounts.