Greece willing to sell all major ports


His country is ready to "roll out the red carpet" for investors interested in 13 major ports, says Greece Minister for Shipping Miltiadis Varvitsiotis, speaking to the WSJ. Greece is also willing to accept private money for its smaller harbors, he says.

"I think privately managed companies can be more efficient and more aggressive in the market ... The goal, however, is not just to raise money, it is to attract more business investment." Example: Since 2008, China Ocean Shipping Group has been using the port of Athens as its container transshipment hub for southeast Europe, more than tripling its throughput, and the company is ready to spend $300M over the next six years to boost the port's capacity.

Hoping to match that success, Greece has begun the bidding process for the rest of the port, and the bidding has attracted some of the largest port operators in the world. "We are talking about more than €1B being invested in Piraeus over the next five years," says Varvitsiotis. "It's a big deal and it's a long term deal."

ETFs: GREK

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Comments (6)
  • bbro
    , contributor
    Comments (11159) | Send Message
     
    I am sure Xerxes would like to buy a port....
    6 Jun 2014, 12:56 PM Reply Like
  • Petrarch
    , contributor
    Comments (1099) | Send Message
     
    This is...Sparta
    7 Jun 2014, 04:13 AM Reply Like
  • leopardtrader
    , contributor
    Comments (3520) | Send Message
     
    How about disposing some Islands at fire ? I am interested in one lol

     

    Actually it is a good thing to sell off assets to clean up the mess instead of wallowing forever in debts. Long Greece !
    6 Jun 2014, 01:00 PM Reply Like
  • blackcatGR
    , contributor
    Comments (2) | Send Message
     
    Do you know Greece is still paying 450 000 EUR every year for a 4 000 000 dollar loan taken in 1951? Greece has paid its debts plenty of times! So, get informed before speaking insanities about selling island and othe bullshit!
    12 Jul 2014, 09:47 AM Reply Like
  • blackcatGR
    , contributor
    Comments (2) | Send Message
     
    Do you know Greece is still paying 450 000 per year for a 4 000 000 dollar loan obtained in 1951?! Greece has paid its debts many times up to now...
    12 Jul 2014, 09:47 AM Reply Like
  • chazsf
    , contributor
    Comments (1363) | Send Message
     
    It seems like that loan should have been paid off in 10 years or so. How does the math work out?
    13 Jul 2014, 01:00 AM Reply Like
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