The Canadian prime minister announces that the government will offer US$ 3.29b as to the US automakers subsidiaries in Canada. It will be provided in the form of emergency loans, as the prime minister says.
The offers came up after President Bush announcement in which he promised to provide $17.4b to Chrysler and General Motors.
Canadian Prime Minister says that the rescue plan will prove quite helpful for auto industry in these days of worldwide recession.
“None can afford this short-term but catastrophic collapse of GM, Chrysler and Ford whether they are in the US or in Canada. The US government has already announced to do its best to avoid the collapse of these big three companies of Detroit.”
Canada’s 14% industrial outputs come from the auto industry and nearly 23% exports of the country is consisted of autos. There are more than 1,500,000 employees in Canada relate to auto industry. It is also Canada’s largest manufacturing industry, but now it is facing serious problems related a considerable slowdown in sales.
In Ontario province of Canada there are nearly 400,000 workers relate to auto industry in a direct or indirect way.
“In Ontario, there is a large number of people and families who totally depend on the auto makers and for the sake of these people, it is quite important to support the auto industry,” says Premier Dalton McGuinty.
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Tags: auto industry, automakers, automobile industries, Autos, commercial vehicles
GM’s in a mess. America’s a mess; because of that, we’re all in a mess.
The recession is such a nightmare. I wonder what President-elect Obama can do? It seems the world expects him to save it. Meanwhile, he’s vacationing in Hawaii topless…
This recession is undoubtedly affecting everyone, even us Canadians. The United States is struggling; GM desperately needs saving. No, I’m not happy about more taxes possibly, but I think ou prime minister is onto something. We all need to work together in these hard times.