Piraeus form the greater Piraeus area, with a total population of 448,997. Piraeus has a long recorded history, dating to ancient Greece. The city was largely developed in the early 5th century BC, when it was selected to serve as the port city of classical Athens and was transformed into a prototype harbour, concentrating all the import and transit trade of Athens. During the Golden Age of Athens the Long Walls were constructed to fortify Athens and its port (Piraeus). Consequently, it became the chief harbour of ancient Greece, but declined gradually after the 4th century AD, growing once more in
Port of Piraeus the Greek government-debt crisis started in late 2009 the Greek government planned to privatize several state-owned assets. These assets are believed to be worth around 50 billion euros. One of these assets is the port of Piraeus. In October 2009 Greece leased docks 2 and 3 from PPA to the China Ocean Shipping (Group) Company (in short: COSCO) for a 35-year-period. For its presence at the port COSCO is paying 100 million euros every year. Terminal 1 is operated by PPA S.A. and has a capacity of nearly 1 million TEUs. Terminal 2's capacity is 3 million TEUs and is