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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Greece picks up Chinese support as Wen visits AFP - Sunday, October 3 Send IM Story Print ATHENS (AFP) - – China's Premier Wen Jiabao pledged Saturday badly needed investment and support to cash-strapped Greece, boosting Chinese influence in the country battling to emerge from an unprecedented debt crisis. After signing bilateral agreements on investment and tourism with his Greek counterpart George Papandreou, Wen announced the creation of a five-billion-dollar (3.6-billion-euro) fund to help finance the purchase of Chinese ships by Greek shipping companies. China also pledged to back Greece, which nearly defaulted earlier this year when investors sniffed at Greek debt, in future issues of long-term bonds. "China will make a big effort to support the eurozone economy and Greece... China will participate in the purchase of new Greek bond issues," Wen said at a joint press conference with Papandreou. Crippled by debts of nearly 300 billion euros (414 billion dollars), Greece was driven to the brink of bankruptcy in May, becoming the first eurozone member to be bailed out with the EU and IMF putting together a 110-billion-euro rescue package. Since then Athens has only issued short-term bonds to refinance its debt, but hopes that it can sufficiently restore confidence among investors by next year to be able to issue long-term bonds at affordable rates. Wen also said that China and the European Union should work together to reform and regulate the world's financial system. "I think we can, in a joint effort with the EU, reform the financial system and reinforce controls on this system," said the Chinese premier. "Hand in hand, the EU and China can reinforce their cooperation to face up to this crisis," he added. The Chinese premier arrived in the Greek capital with a delegation of ministers and businessmen in tow, including Cosco head Wei Jiafu and central bank governor Zhou Xiaochuan. Athens was Wen's first port of call on a European tour, with the Greek government eager to build on the success of existing Chinese investment in the country where shipping giant Cosco is expanding facilities at the main harbour. Wen announced China would support the further development of Greek shipping companies with a five-billion-dollar fund. "That is an offer to support the purchase of Chinese ships by Greek shipping companies," said the Chinese premier. Deals for the purchase of six ships were concluded, including two cargo vessels worth 111 and 84.5 million dollars, and a tanker worth 75 million dollars, a source told AFP. Athens is desperate for investment as the country struggles to claw its way out of a deep recession and its debt crisis. Greece has for years sought Chinese investment on the grounds that the country's location offers a strategic springboard in the Balkans for trade between Asia and southern Europe. As Athens prepares to sell off state assets to raise desperately needed cash, Greek officials have tried to capitalise on the crisis by arguing that it makes Greece a good bargain for Chinese investors. So far the major Chinese investment in Greece has been the 35-year concession Cosco won in 2008 to run the two main container terminals at Piraeus port outside Athens in a deal worth 3.4 billion euros that should see it expand capacity by 250 percent. Cosco chairman and CEO Wei has said he sees the port as the base to seize other opportunities that arise with Greece's privatisation drive. Cosco's shopping list includes a goods warehouse at Thriassio outside Athens which should be sold off at the end of November by the Greek railway and port installations in Greece's second city of Thessaloniki. The Chinese company is also eyeing plans for a new airport at Kastelli in Crete, and envisages developing a shipping repair yard at the Perama yard outside Piraeus. Wen was due to address the Greek parliament on Sunday before meeting with President Carolos Papoulias. After kicking off his October 2-9 European tour with the three-day visit to Greece, the Chinese premier was due to head to Belgium for summits with EU leaders before visiting Italy and Turkey. 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