Greece reverses privatisation block

The new left-wing government had publically thrown out plans to privatise both ports just weeks before, leaving tenders that had been submitted under the previous ruling party in limbo.

Putting the privatisations back on that table is part of a list of pledged reforms made in return for a four-month loan extension from Greece’s international creditors – the European Central Bank, the European Union and the International Monetary Fund.

Up for grabs is two-thirds of the Port of Piraeus Authority, responsible for the country’s top container port. Cosco Pacific had previously been shortlisted and is still seen as a clear favourite to win the contract given its strong existing presence in the port through its operation of two piers at its wholly-owned Piraeus Container Terminal.