 |
Canada, Ontario to Give GM, Chrysler C$4 Billion Aid
Hugo Miller and Reg Curren
Bloomberg
Sunday, Dec 21, 2008
General Motors Corp. and Chrysler LLC will get C$4 billion ($3.3 billion) in government loans from Canada and the province of Ontario, a day after the U.S. agreed to aid to keep the two automakers operating.
General Motors’ Canadian unit will receive C$3 billion while Chrysler is set to get C$1 billion, the two governments said today. Borrowers must accept limits on executive compensation and also report “material transactions in excess of C$125 million or more,” the two governments said in a joint statement.
“This is a huge problem that faces the Ontario community and the Canadian economy by extension,” Prime Minister Stephen Harper said at a press conference in downtown Toronto today.
(ARTICLE CONTINUES BELOW)
Canada’s aid builds on the $13.4 billion in U.S. emergency loans announced by President George W. Bush. Canadian Industry Minister Tony Clement on Dec. 12 pledged to offer GM, Chrysler and Ford Motor Co.’s Canadian units federal and provincial aid “proportional” to the their contribution to North American production, which is about 20 percent.
“We will not allow catastrophic collapse” of the industry, Harper said. “But the auto companies have to change the way they do their business in a very serious way.”
The aid package is “not a blank check” and Canadian taxpayers expect the money to be used to renew the industry and involve all stakeholders in that process, Harper said.
Prison
Planet.tv Members Can Watch
Fall Of The Republic
Right Now Online -
Don't Miss Out! Get
Your Subscription Today!
CANCER CONSPIRACY? Are
"they" suppressing the cure? Will YOU
be the next victim? Learn
the Secret Truth! - READ FULL STORY
-
- Social bookmarks
- Email this article
-
- Print this page
December 22nd, 2008 at 10:36 am
anyone wondering why FORD is not asking any longer ???
December 22nd, 2008 at 10:51 am
What a JOKE. Its like saying Gee, I RAN UP MY CREDIT CARD, THERFORE I SUPPORT THE ECONOMY, YOU SHOULD PAY IT OFF FOR ME TOO!
And the local who blew all his money in a VLT gambling machine should get bailed out as well because – well you know, the guy does support the government, and the government supports the people, so lets bail them out as well.
And the guy who buys a house 10X what he can afford to pay you should bail him out as well because, well, he is a consumer as well..
December 22nd, 2008 at 12:46 pm
You know, if they can’t pay their electric bill and the electric company isn’t allowed to turn them off then it will go on and on and on, running up debt and making the problem worse.
Why not just allow them to fail and get taken over by their creditors? Keeping a zombie going in this economy is the worse thing you can do because it makes the problem much worse in the end, or, just prolongs the inevitable. Let the creditors sort it out, not the taxpayers and not our children, YOU CROOKS!