25 Maret 2015

[250315.EN.SEA] EU 'Orders' Greece To Renege On Cosco Piraeus Port Deal To Raise New Cash

THE European Commission has "ordered" Greece to collect "illegal fiscal benefits" granted to Cosco's Piraeus Container Terminal (PCT), Reuters reports.

The commission, the governing body of the European Union trading bloc, said the measures breached EU rules and included tax exemptions and preferential accounting treatment.

"The companies now need to pay back the advantage received from the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on," the commission said.

This order comes against a background of cash-strapped Greece threatening dire consequences if Germany does not release funds to solve what Athens calls a "short term cash flow problem" - yet again.

Source : HKSG.

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