Word: gm
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Dates: during 2000-2009
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...German government has asked GM to come up with a restructuring plan as quickly as possible. Government sources said only then would Berlin decide whether GM would be eligible for any of the $6.7 billion in state aid that Germany had offered to Magna. Union leaders want the government to stand firm and not send any German taxpayer money across the Atlantic. But the car giant is prepared to play hardball too, reminding German workers that the insolvency of its entire European operation is still an option. "Failure to reach the restructuring that is needed would result in the operation...
...Merkel does have one option left: to take her complaints about GM straight to the top. Government sources said on Thursday that she had spoken to President Barack Obama about the situation on Wednesday night. Obama reassured Merkel that he had not been involved in GM's decision to back out of the sale. (See TIME's photo-essay "GM's Eight Great Hopes...
...Although Merkel is angry now, the timing of the news could have been worse - GM could have changed its mind before the Sept. 27 parliamentary polls. Such a move could have cost Merkel's party the election, which means she could have missed that trip to Washington to address Congress...
...Read "GM and Germany Still Wrangling Over Opel...
...milestones on the road to GM's bankruptcy...