As expected, the Loan Guarantee Committee decided not to decide anything in their meeting at the Economics Ministry in Berlin. Opel had requested €1.3b in state aid from Germany. They are making the rounds in Europe to collect another €500m. Countries that committed money, such as the U.K., will only pay if Germany pays.
„The Loan Guarantee Committee of the Federal Government and the States has discussed Opel’s application and has gone forward in the decision making process,“ said the ministry. “As a next step, the Steering Committee for Corporate Financing will review the application, as per the rules,“ DDP reports (via OpenReport.) Should that committee decide, there still are more that must be consulted. The interesting part is the media echo: There is none. I had to look long and hard to find that quote. Germany has other things to worry about. Such as Madrid against Fulham in the Europe League.
Opel’s Nick Reilly expects a firm answer by the end of the month. Doesn’t look like he’ll get one. The German government is running down the clock until Opel runs out of air.