Opel: Will They Get Their Money Today?

Bertel Schmitt
by Bertel Schmitt
opel will they get their money today

Today could be a big day for Opel. Probably, it won’t. The Loan Guarantee Committee is meeting in the Economics Ministry in Berlin. On the agenda: Opel’s request for €1.5b in state aid. The timing is not coincidental: Last weekend, elections were held in the Opel state of North Rhine Westphalia, which ended in a mess. Coalition discussions are on-going with unsure results. So let’s move quickly while Berlin can make decisions? Not exactly …

Economy Minister Rainer Bruederle poured cold water over high hopes. Before the meeting went in to session, Bruederle refused calls for a speedy decision. In any case, there would be two additional committees that have to decide. And if all else fails, then there would still be Brussels to shoot down state aid.

According to the Muenchner Merkur, Bruederle said that the government „can’t run around with a fire extinguisher all the times. The state of emergency can’t be the new steady-state.” In other words: “Nein.”

We’ll keep you posted.

Join the conversation
  • Mr Carpenter Mr Carpenter on May 12, 2010

    This, from www.urbansurvival.com today: Deutsche Marks Vs. Euros Long Term A 'news tip' which we take with a grain of salt from a news tipster says... I'm working at the Deutsche Bank in Germany. Today we delivered 1 container with new Deutsche Mark notes and new coins. I will present a photo from the new banknotes tomorrow morning. The curency change will be the night from Saturday to Sunday 5/16/2010. On Friday, 19.00 GMT Angela Merkel the germany chancelor, will speach to the german nation.This Blog reports that France was close to collapse last week. I will go out on a limb and say that if the Germans go with the Deutsche Mark and dump the Euro, they'll also tell Generous Messup and Opel to go take a flying leap (how DOES one say that in German?)

    • See 2 previous
    • OldandSlow OldandSlow on May 12, 2010

      With regards to Opel - the chance are slim to none that any future government finance will be coming their way either in Germany or the UK. GM needs to take a serious look at Ford. Ford has been pushing the bar upward. Ford will have two updated Astra competitors available by the end of the year, i.e. the new Fiesta and Focus. Should Ford manage to pull off a trifecta and build a Passat-sized platform that can be rationalized as a future Fusion, then Mulally will have pulled off a big coupe.

  • Rob Finfrock Rob Finfrock on May 12, 2010

    Let's hope there's one government in the world that will stand up, refuse assistance and allow a bloated company to rightfully fail. That would sure make things interesting for our own Gov't Motors...

  • Robert Schwartz Robert Schwartz on May 12, 2010

    All those anti-bailout back-up systems failed on the Greek bailout. Why will they succeed on Opel? Is Germany just a girl who can't say no?