European Automakers Where's OUR Goddamn Bailout (Pt. 2)?
October 6th, 2008 6:03 AM Share
Fiat and the European Auto Makers Association want an American-style multi-billion handout, STAT! Marketwatch reports that FIAT is leading the charge, demanding $55.22b in European Commission loans to “help Europe’s car makers make better environment-friendly vehicles.” Did I say demanding? Yes, I did. “All European car makers agree on the [€40 billion] demand,” a spokesman for Fiat said Saturday, confirming earlier remarks by Fiat CEO Sergio Marchionne. The final details of an agreement remain unclear, another person familiar with Fiat’s proposal said.The clock’s ticking on European Union’s 2012 mandate to reduce CO2 emissions; very little progress has been made… Which explains why the EU’s auto companies are also looking to move the new regs’ deadline forward to 2015. Meanwhile, E.U. member states have agreed to relax the rules governing the amount of money individual states can borrow, so they can address their own credit crisis (i.e. bad paper), hampering new car sales. Over to you, Japan.
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Published October 5th, 2008 11:55 AM