Greece just posturing over China's interest in Piraeus port: analysts
The shipping containers emblazoned with the Cosco logo on the quayside at Greece's biggest port Piraeus are a sign that China has invested heavily here.
The shipping containers emblazoned with the Cosco logo on the quayside at Greece's biggest port Piraeus are a sign that China has invested heavily here.
Even though Greece's new left-wing government set alarm bells ringing in Beijing when it halted the privatisation of the port this week, analysts say Athens is merely posturing.
China will still be a "privileged partner for Greece", they say.
Cosco, through its Piraeus Container Terminal (PCT) arm, manages the two main container terminals at the port - one of Europe's busiest - under a 35-year concession signed in 2008.
In a logical move to extend its control, the Chinese shipping giant was one of the bidders for the 67 per cent share in the port authority held by the Greek state.
The tender deal was one of the key requirements of the €240 billion (HK$2.09 trillion) EU-IMF bailout for Greece.
Winning the bid would have given Cosco complete control of the port, including its passenger ferry functions used by millions of tourists every year heading for the picturesque Greek islands.