Cosco finally seals Piraeus deal

It was agreed in April but was said to have run into problems when Cosco raised concerns over the Greek government changing terms and conditions of the deal. Athens resolved the issues and the agreement was signed in Beijing on July 4, 2015.

Cosco is expected to pay €368.5m for the government’s 67% stake in Piraeus. It will acquire 51% and will then take over its remaining 16% after five years once conditions of expansion and modernisations have been met.

The Greek president, Alexis Tsipras, on a five-day visit to China and met with Chinese president Xi Jinping. Both vowed to implement the Piraeus port project and cooperate on the Belt and Rad initiative.