Caught between the US and China

US President John F. Kennedy once observed that "When written in Chinese, the word 'crisis' is composed of two characters. One represents danger and the other represents opportunity."

The Greek economic crisis certainly presented "opportunity" - the opportunity to reshape the economy to become more competitive globally and to become more open to foreign investment. China availed itself of the opportunity.

When the financial crisis forced Greece to pursue privatizing Piraeus, the port of Athens since ancient times, China stepped forward. Despite early resistance from the government of Alexis Tsipras to sell to China Ocean Shipping Company (Cosco), the requirements for a third bailout and $5 billion in investment sealed the deal.

The success of this deal is apparent: Container volumes have grown by more than 700 percent; Piraeus is poised to become the...