Greece Could Look to China for Help

The Greek Prime Minister, Antonis Samaras, led a huge trade delegation to Beijing in May, and China has shown interest in ports, airports and possibly the national railway.

Athens has even launched a new programme to give Greek residency to those who invest at least 250,000 euros in real estate here. A Chinese man has become the first to benefit.

Under Cosco’s management, the cargo terminal has doubled the containers it processes but its policies, such as banning the unionisation of staff, are strict.

A second terminal at Piraeus is still state-owned and the general secretary of the dockworkers’ union, Giorgos Gogos, wants it to stay that way.

He says China’s strategy is self-seeking, preying on a “vulnerable Greek economy” to reap the benefit.

“Nobody gives money for nothing, especially Chinese companies and the Chinese government,” he says.

“It’s interested in helping itself. The investment in Piraeus is positive for Chinese companies but not for the public interest,” he adds. “Cosco didn’t create the jobs it said it would.”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza