China’s Takeover of the Port of Piraeus in Greece: Blowback for Europe

‘In mid-2016 the Chinese ocean shipping company COSCO succeeded in acquiring a controlling stake in the Greek port of Piraeus. This was the culmination of more than a decade of preparation and prior part ownership, and it represents an important piece in the complex jigsaw of China’s One Belt One Road internationalization strategy linking Europe with Eurasia.
Along the way there were major setbacks, and in particular a narrowly avoided ejection of COSCO from Piraeus by the newly elected Syriza government, the far left government elected in Jan 2015 by a Greek people exhausted by the austerity imposed by European creditors. This threatened ejection was narrowly avoided by a more comprehensive set of negotiations, which would have seen China funding the Greek government through purchase of its Treasury bills – thereby enabling the Greeks to get around sanctions being imposed by the European Central Bank.’
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