Post by salvado on Dec 12, 2008 18:31:25 GMT -5
Clement says governments agree on aid package for Canadian auto industry
TORONTO — Industry Minister Tony Clement says federal and Ontario governments have agreed on a proportional auto aid plan worth close to $2.8 billion to bail out the Canadian auto industry.
Clement says the money is about 20 per cent of the US$14 that the Bush administration is considering for General Motors, Ford and Chrysler.
Canada has about 20 per cent of North American auto production.
The move comes after the U.S. Senate rejected the US$14 billion rescue bill endorsed by President George Bush and congressional Democrats.
The Bush administration says it will step in with its own bailout of the so-called Detroit Three carmakers, expected next week.
www.google.com/hostednews/canadianpress/article/ALeqM5g29siSdwQsNfdvV7HjVNfv2lsreA
TORONTO — Industry Minister Tony Clement says federal and Ontario governments have agreed on a proportional auto aid plan worth close to $2.8 billion to bail out the Canadian auto industry.
Clement says the money is about 20 per cent of the US$14 that the Bush administration is considering for General Motors, Ford and Chrysler.
Canada has about 20 per cent of North American auto production.
The move comes after the U.S. Senate rejected the US$14 billion rescue bill endorsed by President George Bush and congressional Democrats.
The Bush administration says it will step in with its own bailout of the so-called Detroit Three carmakers, expected next week.
www.google.com/hostednews/canadianpress/article/ALeqM5g29siSdwQsNfdvV7HjVNfv2lsreA