China 'planning large investment in Greece'

15 June 2010

China is looking into potential investments worth billions of euros in a variety of industries in Greece, it has been reported.

The financially-stricken European country has been anxious to attract countries with big sovereign wealth funds to make investments as it attempts to tackle its fiscal crisis and steady its economy.

A Greek government official told the Financial Times that a delegation led by Zhang Dejiang, a Chinese vice-premier, is ready to sign off a series of deals with local companies today (June 15th 2010).

"These concern maritime affairs, telecoms and a project to renovate a landmark tower building in Athens' port of Piraeus," it was said.

Further contracts relating to shipbuilding, joint ventures and charter agreements are also believed to be close to being signed.

Earlier this year, Wolfgang Schauble, the German finance minister, warned that Greece's access to bailout funding provided by other eurozone countries and the International Monetary Fund is dependent upon it slashing its deficit over the next three years.

By Tony Aynsley

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development