GM bailout

He may well be right but gosh it's a bitter pill.

Harper says US$9.5B bailout of GM regrettable but necessary in current economy (GM-Harper)
Source: The Canadian Press
Jun 1, 2009 14:13

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TORONTO_ Prime Minister Stephen Harper says the US$9.5 billion that Canadian taxpayers are funding to bailout General Motors is a regrettable but necessary step to keep the auto industry in Canada.

Harper says Canada risked losing its auto industry if it didn't take a role in Washington's decision to use public money to restructure the sector.

The Ontario government says it's worried the province would lose 85,000 jobs if GM, which has filed for bankruptcy protection in the U.S., is allowed to fail.

Under the deal with Ottawa and Ontario, GM will not file for bankruptcy protection in Canada.

Canadian taxpayers will own 12 per cent of a restructured General Motors in return for providing the troubled automaker with $9.5 billion in financing.

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