TORONTO (AP) - The federal and Ontario governments have announced a 4 billion Canadian dollars ($3.29 billion) bailout package for the Canadian subsidiaries of the Detroit Three automakers.
The announcement follows a pledge Friday by President George W. Bush to offer $17.4 billion in emergency loans to General Motors Corp. (GM) (GM) and Chrysler LLC.
Ontario Premier Dalton McGuinty says his province will provide 1.3 billion Canadian dollars ($1.07 billion), with the rest provided by Ottawa for a total of 4 billion Canadian dollars in renewable loans payable to the Canadian subsidiaries.
Harper, however, says that today's announcement "is not a blank check" for the industry, suggesting both the companies and their employers will have to make concessions.
The carmakers are suffering from their slowest sales in 26 years and dwindling operating cash.
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1 comment:
How sad other countrys are coming to our aid. Are we headed towards third world status that other countries feel sorry for the citizens and will come to their aid?
Are we still getting the UNICEF worst country for Children's Award?
Wow we were a country that at one time was able to help third world countries out, countries that by definition of third world had only two classes and imported more than they exported.
The Obama administration has sooooooo much work ahead of them.
The Bush Administration has taken us to a new low. We are not the big powerful nation anymore.
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