On Friday 27 February 2015, Greek Finance Minister Yanis Varoufakis paid a visit to COSCO’s subsidiary Piraeus Container Terminal (PCT) premises at Piraeus port. On this occasion he was briefed on the history of the investment, the progress achieved in recent years, current operations and the potential for further development. Varoufakis said his country encourages the kind of long term investment Chinese shipping giant COSCO has made in Piraeus port in recent years. ‘One cannot fail to be impressed by what COSCO has achieved in the port of Piraeus,’ Greek Finance Minister told Xinhua news agency. ‘It is a remarkable achievement and this country that is so thirsty and hungry for investment can only express its gratitude for the capacity that our two ancient civilizations have to cooperate in a mutually beneficial way,’ he added
Asked about the issue of the privatization of Piraeus Port Authority (PPA), Varoufakis said that the new Left-led government wants to ‘move quickly in creating the circumstances for the improvement of the collaboration between the Greek state and COSCO.’ ‘We shall within the next few weeks establish the framework that can move us forward,’ he explained.