Green Monday 2025: Cyprus Embraces Tradition And Renewal

by THEFUTURE.TEAM

February 28, 2025

Green Monday marks a turning point in Cyprus as the island gears up for the beginning of Lent on March 3, 2025. This cherished day—akin to Greece’s Clean Monday—ushers in a season of fasting, reflection, and cultural celebration, where locals renew their spirits and connect with centuries-old traditions.

A Time-Honored Ritual Reinvented

Historically, Green Monday signaled the end of Carnival and the start of Lent, a period steeped in spiritual purification. Today, Cypriots observe this day by abstaining from food, drink, and other indulgences from dawn until sunset. It’s a call for inner cleansing, prompting believers to enter Lent with a pure heart and clear intentions. Traditional practices, such as the preparation of ‘lagana’—a special type of unleavened bread with ancient biblical roots—underscore the day’s significance.

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Traditions That Define A Culture

On Green Monday, the atmosphere transforms as communities gather for picnics and prayer, and children take to the skies with kites—a time-honored symbol of letting go and starting afresh. Families often venture into the countryside to savor the fresh air and partake in outdoor activities, while the creation of ‘Lady Lent’ (Kyra Sarakosti) by children adds a playful touch to the solemnity of the day.

Traditional culinary delights also take center stage. Signature dishes such as octopus prepared in white sauce (‘Xtapodi Krasato’), tarama salad, semolina pudding, and ‘Mydopilafo’ reflect the region’s rich gastronomic heritage, reserved exclusively for this special occasion.

A Brief Historical Snapshot

Green Monday’s roots run deep. As early as the 4th century, Christians embraced fasting, and by the 5th to 12th centuries, evolving religious practices allowed for a midday break in the fast. Despite the passage of time—and even amidst modern challenges such as recent violent events—the spirit of Green Monday remains unbroken, serving as a reminder of both renewal and resilience.

Observing Green Monday In Cyprus

For those wishing to immerse themselves in this unique celebration, consider joining the locals in simple yet profound traditions:

Fly Kites: Ascend to a high vantage point or head to open fields with friends and family to watch colorful kites dance across the sky.
Embrace Nature: Take a leisurely trip to the countryside, pack a picnic, and let the fresh air rejuvenate your senses.
Craft ‘Lady Lent’: Engage with local customs by creating Kyra Sarakosti, a unique doll fashioned from dough or cardboard. Notably, Kyra is designed without a mouth or ears and features seven legs. Each week until Easter, children ceremoniously trim one of her legs, symbolizing the passage of time and the spirit of renewal.

A Day of Renewal And Joy

Green Monday in Cyprus is more than a day of fasting—it’s a celebration of renewal, community, and the enduring power of tradition. As families gather to share meals, exchange stories, and participate in communal activities, the day reinforces a collective commitment to spiritual and cultural well-being.

For visitors, embracing these customs offers a window into the heart of Cypriot life—a vibrant blend of solemnity and celebration that marks the beginning of an auspicious season. Happy Green Monday, and may it bring a fresh start filled with peace and purpose.

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Greek And Cypriot Banks Propel Economic Growth With Aggressive Credit Expansion

by THEFUTURE.TEAM

May 25, 2026

Robust Q1 Growth Sets The Stage

Banks in Greece and Cyprus are accelerating lending activity, with total credit expansion projected to approach or exceed €15 billion in 2026. The increase is reinforcing the banking sector’s role in supporting profitability and broader economic growth across the region.

Targeted Lending Initiatives And Sector Performance

According to reports by Greek business outlet Newmoney, banks are increasingly relying on credit expansion to sustain earnings growth as interest rate dynamics shift across Europe. First-quarter results already point to strong momentum in lending activity.

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Eurobank has set a target of €3.8 billion in credit expansion this year. National Bank of Greece and Piraeus Bank are each targeting €3 billion, while Alpha Bank aims for €3.5 billion. Smaller lenders are also expanding aggressively, with CrediaBank targeting €1.2 billion and Optima Bank aiming for €1.1 billion.

Notable Banking Results Across Markets

First-quarter results underline the scale of the lending rebound. Banks that have reported Q1 figures recorded cumulative credit expansion of €4.7 billion. Piraeus Bank increased its loan portfolio to €38.6 billion, while net credit expansion reached €1.3 billion across major business segments. At National Bank of Greece, new loan disbursements rose 50%, contributing to net credit expansion of €500 million.

Meanwhile, Eurobank reported a 9.8% increase in net credit expansion to €1.1 billion. In Cyprus, Bank of Cyprus recorded Q1 lending of €829 million, up 9% compared with the end of 2025, while Optima Bank posted a 27% year-on-year increase in loan disbursements to €1 billion.

Sectoral Dynamics And Asset Quality Improvements

A recent report from UBS showed that business lending remained the strongest growth driver in March, increasing 10.9% year-on-year. Consumer lending rose 7.7%, while housing loans increased 1.1%. Asset quality also continued to improve. Non-performing loans declined to 3.3% in Q4 2025, down 30 basis points from the previous quarter, reflecting the sector’s ongoing balance-sheet clean-up.

Despite the strong lending momentum, profitability remained broadly stable in the first quarter. Combined net profits at major banks, including National Bank of Greece, Piraeus Bank, Eurobank, Optima Bank and Bank of Cyprus, totaled €1.12 billion, representing a marginal year-on-year decline of 0.27%.

Profitability And Revenue Breakdown

Profit trends varied across institutions during the quarter. Net profit at National Bank of Greece declined 9.9%, while Piraeus Bank reported a 1.42% decrease. By contrast, Eurobank increased profitability by 5.3%. In Cyprus, Bank of Cyprus reported a 3% increase in profit, while Optima Bank posted a 22% rise. Across the sector, net interest income increased 1.4% to €1.93 billion, although performance differed among individual banks. Fee income recorded stronger growth, rising 20% year-on-year to €590 million.

Long-Term Trends And Strategic Impact

Over the past year, listed banks in Greece and Cyprus generated combined post-tax profits of €5.458 billion, up 15.4% from the previous year. During the same period, net interest income declined 4.2% to €9.307 billion, reflecting pressure from changing rate conditions.

Balance-sheet quality continued to strengthen as non-performing loans fell to €5.7 billion, down 5.2% compared with December 2024. Since March 2016, banks in the two markets have reduced non-performing exposures by an estimated €101.5 billion, equivalent to a cumulative decline of 94.7%.

The sustained improvement in asset quality, combined with expanding loan portfolios, is reinforcing the sector’s role in financing business activity and economic recovery across Greece and Cyprus.

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