Cash-strapped Greece sells stake in Thessaloniki port

The Greek government said Thursday that it had signed a deal to sell a majority stake in the port at Thessaloniki, part of the asset sales it agreed to as part of a huge international bailout. The state privatisation agency said the 67 percent stake was sold for 232 million euros ($275 million) to a consortium of Greek, French, German and Chinese investors. Officials said the total deal was worth 1.1 billion euros, including 180 million euros of investments at the port over the next seven years, and revenues from a concession agreement that runs until 2051. The deal will have to be passed by Greece's commission and parliament by early next year. This month Greece said it had reached a preliminary deal with international creditors that it was meeting its commitments to unblock the latest tranche of a third bailout programme. Along with state asset sales, Athens has pledged to pare the civil service and social benefits while reforming the economy, including measures to free up the energy market. By the end of September, Greece had received over 221 billion euros from European institutions and a further 11.5 billion from the IMF, according to the finance ministry. Greece has already sold a majority stake in the port at Piraeus to a Chinese shipping group, as well as the rights to operate several regional airports across the country.