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New Greek government calls off divestment of Piraeus port

The Greek plans to divest 67 percent of the Port of Piraeus to major players such as Cosco Group have been shelved, says the new Greek government according to Reuters.

Photo: APM Terminals

The new Greek government, headed by leftist party Syriza, is now directly targeting the large-scale project in the major Port of Piraeus - a project in which major players such as Chinese Cosco have invested a lot resources. In fact, the government plans to completely shelve the previous government's plans to divest two thirds of Piraeus in the form of shares in company Piraeus Port Authority (PPA).

"We will not sell a majority stake in Piraeus port. The Cosco deal will be reviewed to the benefit of the Greek people," Thodoris Dritsas, deputy minister in charge of shipping, according to Reuters.

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