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This article investigates the curious non-emergence of populism in contemporary Cyprus despite the deep financial crisis and profound political disillusionment – conditions that are treated as necessary and sufficient. Putting emphasis on Cyprus’ key historical particularities, the article inquires into the ways Cyprus’ political past, and the subsequent salient ‘national question’, produce ambiguous notions of ‘the people’ on the one hand, and impede the potentials for a ‘populist moment’ on the other hand. By assessing the performative dynamics of oppositional parties in Cyprus, the empirical analysis suggests that the absence of populism is rooted in the following factors: First, nationalist discourse prevails over, and significantly weakens, populist discourse. Second, self-proclaimed challenger parties served ‘old wine in new bottles’ further undermining their position and claims. The failure of populism to take root in Cyprus, brings to the fore important theoretical insights relevant to the non-emergence of populism even under favourable conditions.