UPDATE: New Greek government halts Piraeus port sale to China’s Cosco Group

Greece’s newly elected government, a coalition formed by the left-wing Syriza and the right-wing Independent Greeks party, has begun its programme of anti-austerity measures by halting the privatisation of the country’s biggest port, Piraeus.

However, within days of the announcement, speculation abounded over whether the Greek stance would soften, with Chinese commerce ministry spokesperson, Shen Danyang saying: “We plan to ask the Greek government to protect the rights and the legal interests of Chinese companies in Greece, including Cosco.”

The sale of a 67% stake in the Piraeus Port Authority (PPA) to China’s Cosco Group and four other suitors, agreed under Greece’s international bailout deal, had been stopped according to initial reports.