The Port of Piraeus is one of the largest sea ports of the Mediterranean basin and has been the epicenter of Greece’s privatization efforts since 2008 when the government signed a 35-year concession contract with Cosco Pacific Limited for the management of the two main container terminals. This concession contract was recently extended to a third container terminal which would allow Cosco to implement a 230 million euro investment plan in the Piraeus port.

Source: http://greece.greekreporter.com/2014/11/27/piraeus-port-authority-and-cosco-sign-new-230-million-euro-agreement/#sthash.7mWw87DV.dpuf

In 2014 the previous coalition government, as part of its reform agreement with its borrowers (240-billion-euro EU-ECB-IMF bailout), issued an invitation to tender for the 67% control of the Piraeus Port Authority (also known as OLP by its Greek acronym).  SYRIZA, the radical-left lead opposition at the time, objected to this tender accusing the government that  they “were acting against the well being of the workers, small and medium enterprises and local communities” and that “SYRIZA promises that they will use all legal measures to maintain the public nature of the ports and that they will not accept any pre-made (fait accompli) decision“.

Source: http://www.avgi.gr/article/4989802/tmima-nautilias-o-suriza-den-tha-dexthei-tetelesmena-ston-o-l-p

Outcome: The new Greek coalition government led by SYRIZA is trying to negotiate an extension of funding (or “bridging agreement” depending on which side you ask) with the three borrowers in a tug of war which apparently includes the privatization of the Piraeus Port. The extent of the privatization remains to be decided but several government leaks tend to hint that there is no chance that the concession contract extension with Cosco will be cancelled and that the 67% privatization of OLP is still on the table.

Source: http://www.imerisia.gr/article.asp?catid=26516&subid=2&pubid=113453045

UPDATE: The Wall Street Journal seems to agree on this kolotoumba outcome (or “backtrack”):

Greece will proceed with the privatization of the country’s main port of Piraeus, Greek Finance Minister Yanis Varoufakis plans to tell his eurozone counterparts at a meeting in Brussels on Wednesday, backtracking on previous statements from the new leftist government that had pledged to freeze the deal, senior Greek government officials said.

Source: http://www.wsj.com/articles/greece-to-proceed-with-piraeus-port-privatization-1423573999