The Greek government on May 24, 2011, said it was not in a position to salvage the wreck of the "Sea Diamond" which sank of the coast of Santorini after it hit a rocky outcrop close to the island’s shore in April 2007.
The wreckage of the ship has remained on the sea bed ever since, much to the annoyance of the island’s residents. Responding to a question in Parliament, Marine Affairs Minister Yiannis Diamantidis said that the government could not afford to remove the ship’s hulk.
Raising the wreck would cost more than 150 million Euro, this being an issue that the shipowner and insurance company have to deal with. Louis Cruise Lines, which owned the ship, has firmly rejected any responsibility for the sinking.