Detroit Three seek $6.8 billion from Canada, Ontario

The Canadian Press ^ | December 05, 2008 | Romina Maurino,

[george76]

The Detroit Three automakers are seeking a total of $6.8 billion in loans and credit lines from Ottawa and Ontario, saying they need some of that money before the end of the year as they struggle with a worsening economy.

While only Ford Canada officially released its dollar figures today, The Canadian Press has learned that Chrysler Canada asked for $1.6 billion in emergency loans, while General Motors is seeking $2.4 billion in repayable loans.

GM is also seeking $800 million immediately to get through their liquidity problems, a source said. Ford Canada said it was seeking a $2-billion standby credit line — “to be used only if the current economic crisis worsens” — but isn’t asking for any money up front.

Chrysler wouldn’t comment on the amount it was asking for, saying only that the figure was proportional to the $34 billion US that the three automakers were asking of Washington.

Reid Bigland, president and CEO of Chrysler Canada, said in a statement that his company’s request was “temporary and fully repayable” ...

Premier Dalton McGuinty, who was in Windsor, Ont., today, said it was too early say how much the province would be willing to give the automakers.

[fanfan]

Thanks for the ping, George.

[mewzilla]

But force American automakers to go begging to foreign governments for a handout???

The UAW doesn't give a rat's hairy hind end whose hide the money comes outta. They just want the money.

[Dr. Marten]

[norraad]

I love my ‘86 toyota, just turned 229,000 smoothly and gracefully.

[exg]

socialism:
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a: a system of society or group living in which there is no private property b: a system or condition of society in which the means of production are owned and controlled by the state
3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done

Canada is a democracy, and a constitutional monarchy.
http://canada.gc.ca/home.html

[JudyinCanada]

Sheesh - I thought we were already bailing out the Canadian Big 3 - now we have to help with the Big 3 south of the border?

Oh well, look what we save on defence every year, thanks to our protective neighbours.

[fanfan]

Don’t let old Max get you down.

I think he left Canada when we had a Liberal government, and now we have a Conservative Prime Minister, and he has a Socialist President-elect, and he’s mad about it.
Seems like his negative comments about Canada are more reflective of him, than Canada.
Notice that he’s Canadian but felt a need to incorporate americana into his user name?

[max americana]

What’s the problem? I just said canada will fork over the money because canada’s provincial, federal and city workers are ALL unionized.

You know the saying: union brothers don’t let union brothers starve.(wink)

[Tempest]

Still plenty of banks left with the dead beats gone. I guess American cars are of no interest to commies and bankers though