Word: belgiums
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...says GM will likely do this by the end of November. But a huge question for Merkel is whether GM will now receive any of the $6.7 billion in loans the government had previously promised to Magna to seal the deal. The pledge had raised alarm bells in Britain, Belgium and Spain, where leaders feared that Germany was trying to curry favor with Magna and that their countries would bear the brunt of any job losses. When the European Commission said last month that it would launch an inquiry into whether Germany had been in breach of E.U. competition rules...
...European plants, roughly the same number of jobs that Magna had planned to cut. GM did not say where the cuts would fall. The company employs 7,000 people in Spain, 5,500 in Britain, 3,900 in Sweden, 3,600 in Poland and 2,600 in Belgium. (See the 50 worst cars of all time...
...Franz said two Opel factories in Germany and one in Belgium are now threatened with closure under GM's new restructuring plan. In the negotiations with Magna, the unions had won promises from the company that all four Opel factories in Germany would remain open, despite the fact that it planned to cut about 4,500 jobs in the country. The powerful IG Metall union, which represents about 3 million autoworkers and electrical and engineering employees, says it won't back down from that demand. But now that the Magna deal is dead, the unions don't have much leverage...
...special mix of inflationary pressures and unemployment - both of which affect decisions for monetary and fiscal policy. "We won't get the kind of coordinated response that is the rhetoric of the G-20," says Paul De Grauwe, professor of economics at the University of Leuven in Belgium. "Each country is going to look at its own interests." (See TIME's special "Out of Work in America...
...face for Europe," says Philippe Moreau Defarges, European-affairs specialist for the French Institute of International Relations. "The U.K.'s habit of participating only in those E.U. projects it wants to be involved with" is a strike against a Blair presidency, he says. The Benelux countries - the Netherlands, Belgium and Luxembourg - feel the same...