Thursday, May 7, 2015
China’s new silk road might save Greece By Yannis Palaiologos
''ATHENS — A key factor driving Greece’s devastating recession since 2010 has been the collapse of international investment. Multinational companies with holdings in the country put new projects on hold, and foreign direct investment — already low before the crisis — slowed to a trickle.
Among the few positive developments was a major investment from China Ocean Shipping Company, COSCO Pacific, in Piraeus, Greece’s largest port. In China’s quest to improve the efficiency of its supply chains into Europe and expand its presence in the global economy, it has spent the past few years rolling out its “One Belt, One Road” initiative. Piraeus has recently emerged as a focal point of this strategy — and in particular of China’s planned “21st Century Maritime Silk Road,” which aspires to link the country with Europe via the Indian Ocean and the Suez Canal..''