Nobody talks about this but the Greeks were made a big promise by the Chinese and they went and ordered the vessels from the Chinese. This big fund was originally set up in 2010 and made even bigger in 2011. Then the Chinese pulled all the banking support right out from under the Greeks. Seems there was a reason for GE ordering all those ships from Chinese Yards he was going to get rates cheaper than any other place in the world and had a built in customer. Chinese Punked the Greeks.......
ATHENS, March 5 | Sat Mar 5, 2011 3:07pm EST
(Reuters) - China will double to about $10 billion the size of a fund offering cheap loans to Greek shipowners, Greece's Maritime Affairs minister said on Saturday.
China agreed in October to set up a 5 billion dollar fund to help Greek shipowners buy Chinese-made vessels. [ID:nLDE6930AK].
Greeks control a big part of the world's commercial fleet and many of their vessels are built in shipyards in the Far East.
"It is extremely positive that we have doubled this amount to about 10 billion dollars," Diamantidis was quoted as saying in an interview to newspaper To Thema. Diamantidis visited China earlier this week.
"China has pledged that the financing terms for Greek companies will be better than those offered by any other bank in the world," Diamantidis said.
Chinese shipping conglomerate Cosco (1919.HK) (601919.SS) has pledged to charter Greek-owned ships built in China, he added.
Article in TW today Saying Greek PM went to china to discuss lending to Greek companies. China says will work on this with Greeks. Bet Greeks owners have complained about broken promises from the Chinese.