KAS declares part of Elliniko site of archaeological interest

Greece's top advisory body on the protection of antiquities, the Central Archaeological Council (KAS), has ruled that more than 30 hectares of Elliniko, the site of a planned real estate investment in southern Athens, is of archaeological interest.

It was not clear to what extent the decision of the council, which met Tuesday for a fourth time in just over a month, will impact on plans to develop the site, the capital's former international airport.

Tuesday's ruling requires government ratification.

Greek developer Lamda signed a 99-year lease with the state in 2014 for the 620-hectare plot. Backed by Chinese and Gulf investors, Lamda submitted an 8 billion euro plan in July to turn the site into one of Europe's biggest coastal resorts.

"It is certainly a bad decision; we just have to wait and see how bad it is," a source close to the investors...