Europe sees the original Club Med bleeding their retirement funds, China sees vessel capacity

Greek and Chinese companies on Tuesday signed 11 agreements worth hundreds of millions of euros in shipbuilding, telecoms and construction at a ceremony attended by the Chinese vice-premier.

Five Greek shipowners signed deals to build up to 15 bulk carriers at COSCO Shipyards, the construction arm of the Chinese state shipping company, which operates a container terminal at Athens port of Piraeus under a concession arrangement.

Three Greek olive oil traders also signed agreements with Chinese importers aimed at boosting sales of the country’s signature product in an almost untapped market.

The Chinese delegation was due to hold talks with Greek officials on several possible infrastructure investments, a Greek official said.

Projects under consideration include the construction of a €150m logistics centre near Athens and a railhead close to the COSCO terminal at Piraeus, as well as possible Chinese participation in an international airport to be built on the island of Crete.

It really depends on the end of the earth you are looking at Greece from.  Europe sees burdensome economic and political liabilities when it casts its glance south.  The Chinese sees a good place to put its money down.

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