Cars and Drivers
Canadian Aid To GM (GM) And Chrysler Will Cover Two Week's Expenses
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Canada will put up $3.3 billion in government loans for troubled car companies. GM (GM) and Chrysler have large operations there, particularly plants. A shutdown of the firms would cost thousands of jobs.
The trouble with the capital from Canada is the it will only add two weeks so of wiggle room for the two American companies.
According to Reuters, "General Motors of Canada Ltd is eligible for loans of up to $C3 billion and Chrysler Canada Inc for up to C$1 billion." The amounts are less than 20% of the money the US government has put into a short-term bailout.
Without a big rescue package from the EU, GM and Chrysler can’t make it into the middle of April unless the Obama administration want to issue a stay of execution.
Douglas A. McIntyre
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