Always good for a surprise, Fiat CEO Sergio Marchionne made an unusual announcement. Not only did he tell everybody that Fiat will receive government financing and tax breaks from Brazil, he also said when he received similar help from Italy: A ver long time ago.
“The last time this sort of transaction took place (involving public financing) involving Fiat in Italy was at the start of the 1990s in Melfi,” the statement, quoted by Reuters, said. Hint, hint: Similar government largesse is verboten under EU rules.
Fiat’s decision to delay investments in Italy came under sharp criticism lately. This is Fiat’s answer.