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New Leadership Unveils Strategic Agenda for the Next Four Years at PEO Conference

by THEFUTURE.TEAM

Event Overview and New Governance

On December 5, the 29th Pancyprian Conference of the PEO concluded with the emergence of a refreshed leadership team poised to guide the organization for the next four years. The newly elected General Council, comprised of 127 members drawn alphabetically from all sectors and bolstered by off‐site representation from General Secretaries of various branch organizations and Local Councils across the island, underscored the federation’s pan-Cypriot organizational structure.

Renewal of Mandate and International Solidarity

During the inaugural session of the new council, General Secretary Sotiroula Charalambous was reaffirmed, setting the tone for what she described as a “dynamic, creative process” of evaluation, critique, and strategic renewal. Rather than a superficial formalism, the conference was perceived as a pivotal milestone in PEO’s collective journey. The leader highlighted the federation’s dual commitment to a class-based ethos and international solidarity, aligning its mission with the global trade union movement through participation in the World Federation of Trade Unions.

Defining Strategic Objectives

The conference crystallized a set of clear, outcome-driven objectives for the upcoming term. Central to these is an assertive drive to improve the living standards of workers, bolster collective labor contracts, and counteract detrimental labor market deregulation and widening social inequalities. Specific priorities outlined include:

  • Substantial Wage Increases: Focused on boosting the earnings of low-paid workers and ensuring that minimum wages under collective agreements significantly exceed the legal baseline. Enhancements to provident funds and integration of equal treatment policies for women are also prioritized.
  • Resistance to Labor Market Deregulation: Reaffirming collective agreements as the cornerstone for wage-setting and employment standards, while vigorously opposing practices that undermine these frameworks.
  • Support for Migrant Workers: Collaborating with associated organizations to introduce model collective agreements for sectors employing workers from third countries, thus terminating the practice of granting licenses to employers who flout collective labor standards.
  • Health, Safety, and Dignified Work: Enhancing measures to protect worker well-being and empower individuals to demand their rights in safe and healthy working environments.
  • Addressing Social Inequalities: Through robust social policies in education, healthcare, and housing, complemented by a fair fiscal reform aimed at correcting entrenched economic disparities.
  • Pension Reform: Focusing on elevating pension levels, abolishing the penal 12% measure, and safeguarding the public character of social security while resolving outstanding debts to social funds.

Promoting Organizational Cohesion and Grassroots Engagement

General Secretary Charalambous further stressed the importance of reinforcing the bond between PEO and the workforce. Key initiatives will target the reduction of unorganized sectors through intensified grassroots engagement, regular election of local committees at workplaces, and the formation of strategic branch councils. Additionally, the enhancement of welfare funds remains a core mechanism to connect members with the federation, addressing issues as diverse as child care, after-school supervision, leisure, and cultural involvement for working families.

Charting a Course for National Unity

In addition to internal reforms, the conference reaffirmed the struggle for a comprehensive solution and reunification of Cyprus as an essential precondition for prosperity across communities—including Greek Cypriots, Turkish Cypriots, Armenians, Maronites, and Latins. PEO now calls for a deepening of collaborative actions with Turkish Cypriot trade unions to express a unified demand for resolution, explicitly rejecting any compromise with the status quo.

A Visionary Roadmap for Change

As the conference concluded, Charalambous encapsulated the moment by emphasizing that PEO departs with “clear-cut goals” that bridge its storied past and aspirational future. The federation remains committed to enhancing workers quality of life through dignified employment, securing fundamental rights, and fueling the broader fight for a just social order.

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

by THEFUTURE.TEAM

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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