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...Indeed, even before GM, Ford and Chrysler officials submit recovery proposals Tuesday in hopes of persuading Congress to steer aid their way, Europe has started to react. French President Nicolas Sarkozy proposed a four-year, 400 million-euro package to help French automakers build more environmentally friendly cars. Sarkozy also called last week for the loosening of E.U. restrictions on direct state aid to companies, restrictions established to encourage more-competitive markets in Europe. "We can't have the Americans unlocking $25 billion in loans for their three manufacturers while we would be caught up in a state-assistance regime...
...expected to present a plan Tuesday to cut 2,700 jobs. In Germany, Chancellor Angela Merkel has been more cautious in response to the crisis, and warned against precipitate state intervention. Still, Berlin is expected to approve up to $1.26 billion in loan guarantees for Opel if parent company GM goes under...
...Read "As GM and Ford Report Big Losses, Pressure for a New Bailout Grows...
...survey of executives for industry suppliers said their companies would have to downsize if General Motors declared bankruptcy, while 12% said their businesses would likely close or would definitely do so. In the Midwest alone, some 275,000 jobs would be lost as a result of a GM bankruptcy. "If they go into bankruptcy, it's going to have a catastrophic effect on businesses across the board," says John W. Henke Jr., president of PPI, based in Birmingham, Mich. (See the Top 10 Bailout Measures...
Amid the economic downturn, Americans are buying fewer new cars and light- trucks, or even used cars. In recent weeks, GM announced a third- quarter loss of $2.5 billion. And the major automakers have stirred a vigorous debate over how much, if at all, the federal government should be involved in rescuing yet another ailing industry...