Piraeus Deal Paves way for Chinese Investment in Greece


Greek Prime Minister Alexis Tsipras has heralded a deal to sell a large stake in the country's largest port to a Chinese firm. 

The deal will see the sale of a 67 percent of Pireaus port to Cosco, with Tsipras suggesting that it could open the door for further Chinese investment in Greece, and closer co-operation between the two countries.

The Wall Street Journal reports that Cosco aims to develop the port's importance as a gateway for trade between China and Europe.

Cosco will pay $419 million for the stake in the port, and will invest a further $400 million in the facility.

It is now expected that direct shipping routes between Pireaus and China will open-up.



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