Greeks give in - Port of Pireaus goes to the Chinese

(Photo: Aleksandar Parezanović)

The Government led by Prime Minister Alexis Cipras made a promise when assuming their duties in January that they would put an end to the painful austerity measures and mass privatization, including the sale of a 67 percent stake in the Port of Piraeus, Reuters reports.

China's COSCO group is one of the five shortlisted bidders for the privatization deal that was agreed upon by the previous Greek government.

COSCO and other bidders can make a "very competitive offer," Mr. Dragasakis told Xinhua during the visit of Greek ministers to China.

He said that the agreement would be reached in the next few weeks, adding that there might be a short delay due to the change of government and that COSCO was a favorite among bidders.

COSCO is already running two docks in the Port of Piraeus and, as Dragasakis explained, Greece has launched a three-year program of cooperation with China, under which many large projects will be implemented.