Friday, April 8, 2016

Greek Seaport Sold To Chinese Company

(H/T LSU Jeff for Tweeting this story)

The Greek capital city of Athens has long been served by the nearby port of Piraeus.  Due to a deal signed today, control of Piraeus will be transferred to China.  Under the terms of the deal, the Greek government will sell a 67% stake in the port for 368.5 million Euros to the shipping company COSCO, which is owned by the Chinese government.  Workers at the port have staged a protest march.  COSCO was the sole bidder.

In my own travels, I've sailed out of Piraeus twice, most recently almost ten years ago.  Back then, I could never have imagined the port being sold to a Chinese company.  But due to more recent developments, I can understand why the Greeks might want an infusion of cash.

Read more at Russia Today (which Jeff Tweeted), Reuters and AP The Big Story.

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