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Cypriot Folk Horror “Motherwitch” By Minos Papas Selected For Frontières Platform At Cannes

A major achievement for Cyprus’ growing film industry: Motherwitch, the upcoming feature by acclaimed Cypriot director Minos Papas, has been selected for the prestigious Frontières Platform at the Marché du Film in Cannes. Filmed entirely in Cyprus, this Gothic folk-horror tale is one of only six international works-in-progress chosen for the Buyers Showcase at the 2025 edition of the event.

A Gothic Fairytale Rooted In Cypriot Folklore

Motherwitch is set in the haunting ruins of Parsada, a deserted 15th-century village in the Cypriot mountains. The story unfolds in 1888, following Eleni, a painter stricken by the grief of losing her three children. In a desperate attempt to bring them back to life, she unwittingly releases a horde of Kalikantzari – mischievous and terrifying creatures from Cypriot Christmas folklore. As her village falls into chaos, Eleni must embrace a new form of motherhood by protecting a talented but abused boy, Michalakis, to restore balance to the world.

Shot in spring 2024, the film features an impressive cast including Margarita Zachariou, Miltos Yerolemou (Game of Thrones, The Crown), Jason Hughes (Midsomer Murders), and newcomer Sifis Katsoulakis, whose performance as Michalakis is already being hailed as a breakout role. The project was supported by the Cyprus Audiovisual Incentive Scheme, marking another significant investment in Cyprus’ creative industries.

A Heartfelt Tribute To Cyprus

Director Minos Papas sees the film as a heartfelt tribute to Cyprus — its folklore, language, and history. It’s a story of grief, parenthood, and creativity, told through the lens of magical realism and inspired by age-old traditions rarely explored on screen.

The legend at the heart of Motherwitch imagines that during the Twelve Days of Christmas, the souls of deceased children return to haunt their parents — a chilling metaphor for unresolved grief. In Papas’ hands, this myth transforms into a dark fairytale, blending horror with emotional depth.

Who Is Minos Papas?

Minos Papas is an award-winning independent filmmaker from Cyprus, currently based in New York City. His work has been screened and recognized at film festivals around the world. Papas is the founder of Cyprian Films, New York, and a member of the Directors Guild of Cyprus.

He made his directorial debut at the age of 16 and went on to earn a BFA in Film from the School of Visual Arts, where he received the school’s top honor for cinematography. His first feature, Shutterbug (2009), was released theatrically in New York, Los Angeles, and Nicosia, earning praise for its atmospheric visual style. His later works include the psychological thriller Behind the Mirror (2015), which won Best Thriller at the Manhattan and Mexico International Film Festivals, and the acclaimed short Tango on the Balcony (2016), which addresses PTSD in war veterans.

Papas has collaborated with industry icons such as Martin Scorsese, Matthew McConaughey, Scarlett Johansson, and Andrea Bocelli. He continues to explore bold themes through a distinct cinematic voice rooted in both European and American traditions.

What Is The Frontières Platform?

Organized by the Fantasia International Film Festival in partnership with the Marché du Film in Cannes, the Frontières Platform is the world’s leading co-production and networking forum for genre cinema, with a focus on fostering collaboration between Europe and North America.

The platform is split into two key showcases:

  • Proof of Concept (17 May): spotlighting genre films at advanced financing stages.
  • Buyers Showcase (18 May): featuring works-in-progress and recently completed films looking for distribution, festival selection, or sales agents.

Motherwitch is part of the Buyers Showcase, placing it among the most promising genre titles on the verge of international release.

Cyprus On The Global Stage

The selection of Motherwitch for Frontières in Cannes not only highlights the creative potential of Cypriot filmmakers but also reinforces Cyprus’ position as a desirable filming destination. With increased support from national schemes and a growing pool of talent, Cyprus is stepping confidently onto the international stage — one story, one myth, one vision at a time.

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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