The Union of Greek Shipowners (UGS) has reacted angrily to suggestions made by German Finance Minister Wolfgang Schaeuble that the Greek government had failed to keep promises to abolish a series of tax breaks for Greek Shipping.

Greek shipowners on Thursday rebuffed a European Commission request to Greek authorities last month to review -in the next two months- which ships would be opted for inclusion under a Greek favorable tax system and exclude fishing vessels, tow vessels and yachts from this system.

Greek shipowners are earmarking 8 billion euros worth of investments for the first half of the year, in order to wind down in the second half.