Athens - Greek dockworkers said they will launch a new 48- hour strike Monday as China's Cosco Pacific began managing two piers in Greece's largest port of Pireaus.

The deal between the Greek government and the Chinese port operating company was expected to go into effect on October 1, but a strike by dock workers, who said they feared Cosco would cut jobs, stopped the company from taking over as planned.

The strike, which shut down the port for nearly three weeks and cost the country an estimated 3 million euros (4.4 million dollars) a day, caused hundreds of containers to pile up and leaving hospitals dangerously understocked as ships carrying basic medical supplies remained stranded at various ports around the Mediterranean.

Workers suspended their strike on October 17 after days of negotiations with the newly elected Socialist government, which said it would renegotiate the deal.

Initially, the Economy, Competitiveness and Merchant Marine Ministry said the dispute with port workers had been resolved. However, union leaders announced a new 48-hour strike, starting midnight Monday.

The protesters are insisting that the government's contract with the Chinese should protect their job security and not curb lucrative overtime hours.

Greece and China signed the 4.3-million-euro agreement for the new management of the port at the beginning of the year. The deal is for Cosco to run and upgrade the two piers for up to 35 years.

Piraeus is one of the most important ports in the eastern Mediterranean. The Chinese company, the world's seventh largest port operator, plans to make Piraeus the hub of its Chinese export operation for south-eastern Europe.

With 2.9 billion euros in trade per year, China is Greece's seventh-biggest trading partner. (dpa)