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Greece Is Tapping China's Deep Pockets To Help Rebuild Its Economy

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By Anthony Faiola

Wednesday, June 9, 2010

http://www.washingtonpost.com/wp-dyn/content/article/2010/06/08/AR2010060805312.html?hpid=topnews

This week, the Chinese shipping giant Cosco assumed full control of the major container dock in Piraeus, just southwest of Athens. In return, the Chinese have pledged to spend $700 million to construct a new pier and upgrade existing docks. ..

The Greek government is also courting China for a bevy of other projects, including a sprawling new distribution center in the industrial wastelands west of Athens, a monorail line, five-star hotels and a new maritime theme park. Greek hotels, eager to fill rooms as crisis-weary Europeans cut back on travel, are also wooing Chinese tour operators as never before.

"We have a saying in China, 'Construct the eagle's nest, and the eagle himself will come,' " Wei Jiafu, Cosco's charismatic chief executive, said in a televised interview in Athens this week. A high-ranking member of China's Communist Party, he is now so well-known in Greece that many here refer to him by his nickname, "Captain Wei."...

"The Chinese want a gateway into Europe," Theodoros Pangalos, Greece's deputy prime minister, said in an interview. "They are not like these Wall Street [expletive] pushing financial investments on paper. The Chinese deal in real things, in merchandise. And they will help the real economy in Greece."

My comments: Great story with several home run quotes. More debt and financial products will not help Greece out of its troubles. Only real production, real economic activity.

Ports are big time economic activity. Not just the physical port, but also the warehouses/distribution centers based inland. Greece would be a great shipment point for the Chinese industry to move products into at least Southeast Europe.

China is lifting so many developing nations up around the world right now.

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  • 149 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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