China’s Growing Influence on Greek Economy

The Mediterranean country of Greece is placing a serious emphasis on foreign investors–especially from China. In this video, NewHour economics correspondent, Paul Solman, reports on the intricate details of the economic bond that the two countries have forged.

For years, China’s main influence on the Greek economy has been in restaurants and small businesses. Now, in an effort to boost its slumping economy, Greece is enticing Chinese investors to take stock in its train lines and ports. And the Asian country is listening.

Two months ago, the massive Chinese shipping company, COSCO, took control of a lease for a major container dock at the Port of Pireaus. Greece has several major ports that line the Mediterranean Sea.

“The Port of Piraeus, which is a traditional port in the Mediterranean, but it was a declining one, now will become the basic hub for all Chinese produce to come to the European Union,” said Greek Prime Minister George Papandreou.