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Greece: Clashes erupt as Piraeus Port is sold to Chinese company
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08.04.2016
Clashes erupted between striking Piraeus Port Authority workers and police in Athens near the Zappeion building, Friday, as the sale of Greece's biggest port to the China COSCO Shipping Corporation was confirmed. It is the second major privatisation since the end of 2015 and comes as part of Greece's €86 billion bailout deal that was agreed in August.
Greek Prime Minister Alexis Tsipras campaigned against the sale when his government was re-elected in January 2015.
The deal is valued at €368.5 million and will see COSCO initially purchase 51 percent of Piraeus Port for a fee of €280.5 million. The Chinese shipping company will then buy an additional 16 percent for €88 million in five years’ time and will finalise the deal once it provides an additional €350 million between now and 2026.
Greek Prime Minister Alexis Tsipras campaigned against the sale when his government was re-elected in January 2015.
The deal is valued at €368.5 million and will see COSCO initially purchase 51 percent of Piraeus Port for a fee of €280.5 million. The Chinese shipping company will then buy an additional 16 percent for €88 million in five years’ time and will finalise the deal once it provides an additional €350 million between now and 2026.
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