Greek Parliament Rejects Amendment Freezing Ministry Of Finance Funds For Electric Interconnection

by THEFUTURE.TEAM

December 18, 2025

The Greek Parliament recently convened to deliberate an amendment that would have frozen approximately €54 million in funds earmarked for the country’s electric interconnection project. The proposed measure targeted disbursements intended for 2025 and 2026, allocated as two installments of €25 million each to the implementation body, ADME.

Amendment Details And Fiscal Implications

The amendment specifically aimed to suspend the disbursement of funds from the Ministry of Finance. By freezing these funds, the government would have effectively delayed financial commitments related to vital energy infrastructure. However, the motion was narrowly rejected, with a vote tally of 27 in favor and 28 against, highlighting the contentious nature of the decision.

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Voting Dynamics And Political Rift

The split in the parliamentary vote underscored political divisions. Members of AKEL, EDEK, DIKA, and the Green Party emerged as staunch supporters of the fund commitment. Additionally, notable votes in favor came from DISY MP Kyriakos Chatziyanis, DIKO MPs Zacharias Koulias and Christos Orfanidis, as well as independent MP Alexandra Attalidou. In contrast, members from DISY, DIKO, and independents such as Andreas Apostolou and Michalis Giakoumi opposed the amendment.

Looking Ahead: Financial Flexibility For Infrastructure Projects

With the rejection of the amendment, the Ministry of Finance retains the authority to release the designated funds at its discretion—free from further parliamentary oversight. This development places the onus on the Ministry to manage the financial aspects of the electric interconnection project, ensuring that strategic decisions regarding fiscal resources can be made swiftly in response to evolving market or infrastructural conditions.

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Societe Generale Bank Cyprus Introduces Four-Day Workweek Under New Labour Agreement

by THEFUTURE.TEAM

March 9, 2026

The Societe Generale Bank – Cyprus has introduced a four-day workweek for employees during July and August under a renewed collective agreement with the banking union ETYK.

Setting A New Standard For Banking Institutions

Societe Generale Bank Cyprus employs around 100 staff members. The new agreement introduces a reduced working schedule during the summer months as part of the collective contract for 2023–2027.

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ETYK supported the introduction of the four-day schedule during negotiations for the agreement. Other financial institutions, including Bank of Cyprus, Eurobank Ltd, Alpha Bank, National Bank of Greece (Cyprus), the Housing Finance Organization, the Bankers Association representing personnel, KEIDIPES and several insurance subsidiaries, signed separate agreements with ETYK that do not include a four-day workweek.

Key Provisions And Broader Implications

The collective agreement introduces a four-day workweek during July and August. Employees will work their regular daily hours across four days on a rotational basis while banking services continue throughout the week.

Additional provisions in the agreement include several benefits for employees. Staff will receive a one-time bonus of €1,500 upon signing the contract, a three-day increase in annual leave, adjustments to salary scales and higher contractual loan limits.

Comparative Analysis With Industry Peers

The agreement differs from arrangements negotiated between ETYK and the Banking Employers Association. Under those agreements, employees received an additional six days of annual leave. The Societe Generale Bank Cyprus agreement provides a three-day increase, bringing total annual leave to 36 days, excluding public holidays.

The bonus structure also differs. Agreements with the Banking Employers Association include a total bonus of €4,500 paid in three installments in 2025, 2026 and 2027. Societe Generale employees receive a single payment of €1,500.

Looking Forward

ETYK said the introduction of a four-day workweek during the summer months reflects discussions about working conditions in the banking sector. The arrangement may contribute to broader discussions about work schedules and employee benefits within the financial industry in Cyprus.

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