The Telegraph UK updated its story on the Greek ports China now controls in China's new Silk Road into Europe.
China leased Pier Two, the bigger of the two existing piers in Piraeus, for the next 35 years. China is also building a new Pier Three. Piers Two and Three will allow China to almost triple the volume of cargo it can currently import into Greece. China aims to create a hub to rival Rotterdam, Europe's largest port.
Theodoros Pangalos, deputy prime minister said "They are not like these Wall St ****s, pushing financial investments on paper. The Chinese deal in real things, in merchandise." Make that real low-quality things. He understated Wall Street's role in this, however. Without Wall Street's raping and pillaging of the world economy, Greece would not be forced to sell its ports.
George Nouhoutides, president of the Union of Dockworkers, said "China wants a 'Made in Europe' label with tax exemptions, favourable terms and to hell with Greek interests." I think he meant to say, to hell with any interests other than Chinese ones.
Cosco, the arm of the Chinese government responsible for shipping Chinese product worldwide, is also negotiating to create a logistics hub at the port and to buy a good portion of the state-owned railway. That would allow China to transport its goods throughout the European Union.
Katinka Barysch, deputy director of the Centre for European Reform, said "The danger that Cosco will behave like some of the Chinese mining and oil companies in Africa is pretty remote." Sure, China will act differently than it did yesterday. Whatever.
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