Piraeus Port Privatization to Progress

Photo source: OLP

Plans to move ahead with the privatization of Piraeus port are expected to top the agenda in Brussels today, when Greek Finance Minister Yanis Varoufakis meets his eurozone counterparts, Wall Street Journal reported.

“The Piraeus sale is on. It will proceed as planned,” a senior finance-ministry official told the Wall Street Journal.

The newly-elected Greek government created havoc among financial circles following its decision to halt the privatization of the country’s biggest port, which it said must return to state control as part of plans to reconstruct the country’s productive forces

Last week, Chinese shipping giant Cosco, who manages the port’s two central container terminals since 2008, when it inked a 35-year deal with the Greek government, expressed concerns over the said decision.

China will still be a “privileged partner for Greece”, analysts told AFP last week.

The Chinese shipping conglomerate, which is one of the bidders for a 67 percent share in the Piraeus port authority, was aiming to get complete control of the port, including its passenger ferry operations serving millions of travellers annually.

Part of an ongoing privatization plan overseen by Greece’s lenders, the sale is said to be worth approximately 800 million euros. The deadline for offers is set at the end of March.