Piraeus Port shareholders approve COSCO concession deal (updated)

Thessaloniki Port Authority SA

10/06/2016 13:26

(Releads and updates throughout with shareholders approving 
concession agreement) 
    ATHENS, June 10 (Reuters) - Piraeus Port  OLPr.AT  
shareholders approved a new concession agreement with Chinese 
shipping giant COSCO  601919.SS  on Friday, bringing Greece a 
step closer to concluding the sale of a majority stake in the 
port. 
    Greece agreed in April to sell a 67 percent stake in the 
port to COSCO for 368.5 million euros. With the concession 
agreement approved, the deal now needs the green light from 
parliament and the competition watchdog to go through. 
    Privatisations have been significant elements in Greece's 
succession of bailouts since 2010 but have reaped poor revenues 
due to political resistance, union protests and bureaucracy. 
    Under its third international bailout, Athens also plans to 
sell a majority stake in its second largest port in the northern 
Greek city of Thessaloniki  OLTr.AT  later this year. 
    Last week, Piraeus Port shareholders met at an Athens hotel 
to clear the concession agreement, which specifies how COSCO 
will operate the port, and the removal of workers 
representatives from the board, but the meeting was interrupted 
due to protests by striking port workers. 
    They have been on 48-hour rolling strikes since late May, 
opposing the sales of the ports and demanding their labour 
status be protected under the privatisation deals, including the 
concession agreement with COSCO. 
    On Friday, they gathered again outside the Athens stock 
exchange where Piraeus shareholders met under the presence of 
about 300 police officers. 
    The port workers have refused to return to work until they 
get written assurances from the government that their rights 
will be secure. 
    "We don't have any basic assurances for the future of the 
workers both at Piraeus and Thessaloniki ports," the head of 
port workers union George Georgakopoulos told Reuters. "We will 
continue our fight and we will scale it up until the end."  
    Dozens of state workers blocked the entrance to offices of 
Greece's privatisation agency in Athens earlier on Friday to 
protest against the port sell-offs. 
    The port strike has disrupted cargo operations and services 
provided to cruise ships. Cruise operators have warned they will 
shun Piraeus in favour of other ports if the action continues. 
 
 (Reporting by Angeliki Koutantou; editing by David Clarke) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: EUROZONE GREECE/PRIVATISATION PROTESTS (UPDATE 1