The Greek government seems determined to proceed with the privatization of the Piraeus Port Authority. In so doing, various proposals are put on the table, which propose the creation of a joined venture for the acquisition of the 67.7% stake. One of the most interesting ones has been made by the Piraeus Chamber of Commerce and Industry which considers feasible the creation of a consortium consisted of local communities, chambers, institutions and other actors relevant to the Piraeus Port Authority. According to this proposal, the Greek state should purchase a 18.7% stake reducing that of the private investor to 49%. The Piraeus Chamber of Commerce and Industry proposes a legal entity of public law to co-operate with the private investor, refers to the model employed in other ports – for example in Barcelona and Marseille – and seeks to immediately participate with its sovereign bond worth of 3.784.810,24 EUR after the haircut imposed in 2012.
Commenting on developments and the afore-mentioned proposal, President of Piraeus Chamber of Commerce and Industry Vasilis Korkidis asserts on chinaandgreece.com:
Vasilis Korkidis
‘We believe that – following the European example – we can create a dynamic trilateral co-operation scheme in Piraeus, where the Greek government and two global players: worldwide dominant Greek shipping and a Chinese giant sea company will participate. The forthcoming privatization of the Piraeus Port Authority should be fully exploited by all the parties involved. Our proposal is the creation of a joint venture by chambers, institutions and actors relevant to the Piraeus Port Authority to buy shares and develop the local economy and society as well as the Greek economy. The Piraeus Chamber of Commerce and Industry seeks to encourage and expand the presence of COSCO and its modern facilities in Piraeus. This will give us the advantage of developing a high speed rail link, greatly reducing the cost of transportation. A new collaboration, achieved with such an economic superpower, improves competitiveness and openness of our country and can guarantee a promising perspective for the future.’
