Under the deal signed, Siemens is to waive claims of €80 million for projects and equipment delivered to Greece and pay €90 million to fund academic research programmes in the country.

In addition, the company will invest €100 million through Siemens Hellas, and consider the construction of a local manufacturing plant to generate jobs. The agreement- ratified with a majority of 164 votes from PASOK and New Democracy - does not exempt Siemens from criminal charges.