File photo: Piraeus port in Greece

Greece has inked an agreement to sell 67 percent of stake in Piraeus, the country’s largest port, to Chinese shipping company China Cosco Holding Co. at 368.5 million euros (419.7 million USD) on April 8, 2016.

According to the agreement, Cosco currently has acquired 51 percent of Piraeus’ stake and will acquire the remaining 16 percent after five years, on condition that it concludes mandatory investments of 88 million euros (100.34 million USD) within the period.

The signing of the deal has actually come along way of twists and turns, due to the change Greek political landscape, dockworkers’ job settlement, and complicated relationship among international creditors. Now that the port has been acquired by Cosco, it is expected that it will serve as a critical juncture where China exports goods to Europe.