General Motors asks europe for money.

[Nobi]

General Motors asks European governments for financial aid (http://www.talkingmotors.com/industry-news/carmaker-news/28381-general-motors-asks-european-governments-for-financial-aid.html)

Thursday, 27 November 2008 http://www.talkingmotors.com/images/stories/industry_news/carmaker_news/2008/gm_large.jpg
General Motors has asked the governments of the European countries in which it operates for financial assistance.
The American manufacturer's European subsidiaries want to secure what support they can, fearing their cashflow may be cut off as GM's American supply runs dry. (http://www.talkingmotors.com/industry-news/carmaker-news/28360-general-motors-ford-and-chrysler-fail-to-secure-25bn-bail-out.html)
GM's German division Opel has asked Berlin for €1bn (£843m) in the case that GM files for bankruptcy.
GM Europe has also sought cash security from governments in Britain, Sweden, Spain, Belgium and Poland.
The manufacturer's requests have come before the European Commission is due to announce aid for the automotive industry as part of its economic recovery plan.
The European Investment Bank is to make soft loans available to carmakers in the EU to put towards the improvement of ecological design and technology.
The EU has to specify the intended purposes of any money provided, as it holds strict rules regarding state aid.


http://www.talkingmotors.com/industry-news/carmaker-news/28381-general-motors-asks-european-governments-for-financial-aid.html

[Nobi]

WTF, first guantanamo prisoners, missile shild, then more troops for A-stan, now our money. :roll:
And then we self do begging for money from european union? I don't understand polish politics.

[phasio]

i doubt sweden will give GM any money.

[Sarig]

i doubt sweden will give GM any money.

I heard 2/3 swedes were against giving Saab money, or something like that?

Would be a shame to see the company go, of course.

[Macs.]

I doubt Germany will be giving money to Opel without getting something back...

The majority of Germans wants to buy Opel back from GM.

[helomech]

Fvck Detroit,they dug their own hole,let them dig themsleves out

[B_706K]

If GM gives me $1,000,000, i'll give them $500,000 back. I'm in europe

[Kitsune]

GM's German division Opel has asked Berlin for €1bn (£843m) in the case that GM files for bankruptcy.
I see no problem with that. Let GM have two or three billion, by all means. After all, we Germans have nothing whatsoever to do with this present global financial crisis, haven't we? Instead we are desperately wrecking our brains what to do with all these piles of money we earn all the time.

I myself was called just yesterday by my bank, and they told me:
"Mr. Kitsune, we are very sorry but there is a small problem....your bank account is full."
"What?!? Again?!", I said.
Ah, what can I tell you. Wherever one looks these days: problems, problems, problems.

[orange]

I heard 2/3 swedes were against giving Saab money, or something like that?

Would be a shame to see the company go, of course.
I really don't think that alot of people would object to give Saab the money but since it's going to GM, the owner of Saab, then no, they're not getting any.

[Nobi]

If Saab is lost, what happend then with Gripen?

[Kilgor]

I think its only the motoring arm.

IF saab defence was in trouble, the government would step in for sure.

[Rumcajs]

I doubt Germany will be giving money to Opel without getting something back...

The majority of Germans wants to buy Opel back from GM.

even do you want? why? :)

---------------------------------------------------

http://www.talkingmotors.com/images/stories/industry_news/carmaker_news/2008/gm_large.jpg asks Europe for money.



http://test1618.files.wordpress.com/2006/12/podrobny-navod-jak-vydelat-penize-na-netu.gif

[McNasty]

If Saab is lost, what happend then with Gripen?Not the same company. Saab AB is the defense company and is largely owned by BAE Systems and Investor AB. GM owns Saab Automobiles AB that makes the cars.

[c62]

Is there anyone or any government that GM hasn't asked for money?

Memo to GM: I'm broke, so don't bother asking me.

[Rumcajs]

ok GM, I am sending something to you

http://img9.imageshack.us/img9/9079/halbothaluzeskhttphalbo.jpg (http://imageshack.us)

http://img13.imageshack.us/img13/9079/halbothaluzeskhttphalbo.jpg (http://imageshack.us)

[0rphie]

I heard 2/3 swedes were against giving Saab money, or something like that?

Would be a shame to see the company go, of course.
90% of Americans were against 700B TART aka TRAP and over 50% were against 790B Obama stimulus package. guess what they both passed. the politicians do not care anymore what people think.

[shocker1]

So far local government has paid out millions and counting to ensure VW builds a plant here. From basically handing over public land, tax free period, site development costs all paid for by the tax payer. All of which is good, jobs are coming.

Not sure why the pompous hostility from Europeans, we do better when we work together. Besides it is the European management of Gm holdings wanting the cash to protect them in case of GM going under. Not sure why you guys want to lose jobs for spite.

[CG51]

Nice post shocker.

Land here in the south had been given away in order to create some jobs, corporate welfare.

[Macs.]

So far local government has paid out millions and counting to ensure VW builds a plant here. From basically handing over public land, tax free period, site development costs all paid for by the tax payer. All of which is good, jobs are coming.

Not sure why the pompous hostility from Europeans, we do better when we work together. Besides it is the European management of Gm holdings wanting the cash to protect them in case of GM going under. Not sure why you guys want to lose jobs for spite.

Same things are happening here for Opel factories for example.

But this seems to be another case here when they are asking for cash/security, and we can't really control it. People don't like the idea of handing money over to a big company, without really knowing where it really is going and if it will save jobs here.

Now GM/Opel has to present a good plan on how they are trying to save the jobs, and then our state will very likely pay.

The big option that is up, is that GM let's Opel go, then states would be ready to take a stake in Opel.

[shocker1]

Same things are happening here for Opel factories for example.

But this seems to be another case here when they are asking for cash/security, and we can't really control it. People don't like the idea of handing money over to a big company, without really knowing where it really is going and if it will save jobs here.

Now GM/Opel has to present a good plan on how they are trying to save the jobs, and then our state will very likely pay.

The big option that is up, is that GM let's Opel go, then states would be ready to take a stake in Opel.
I'm not one who supports government involving themselves in these matters. The danger here stems from automakers having too many eggs in the basket. Gm is a good example of a company owning too much because failure will breed the perfect storm of job loses right down to the little repair shop like mine.

I think it would be a good thing if the European makes in question here be European owned. Certain industries have a long supply and aftermarket chain. These to my disdain must be propped up or else we are in huge trouble. As a point of opinion these industries are more important than the investment banks. These same industries like auto, aerospace and agriculture for better or worse must have a safety net in the economy we have today.

[Eye]

Who is exactly the owner of GM? I mean personally.

[perdurabo]

I doubt Germany will be giving money to Opel without getting something back...

The majority of Germans wants to buy Opel back from GM.
Let it fall and buy it when it reaches the bottom at bargin price p-) (maybe then they will do better cars, Vectra was horrid to ride)
Seriously if company can't earn money it should die imediatly. This 1b Euro they want from you hast to come from somwhere
A. borowing from banks witch will mean that banks will have 1b less in their pocket to give credits for healthy companies
B. take it as taxes from population - well i supose Germans are ritch enough to pay few hundrets euro from their pockets
C. print more witch will root curency and make it worth less (also under ECB isn't possible -you should be happy with that cancels one option of screwing you)

[Nobi]

C. print more witch will root curency and make it worth less (also under ECB isn't possible -you should be happy with that cancels one option of screwing you)


They can't simple print more money (quantitativ easing), according to Maastricht-agreement.

[Eye]

They should also to obey maximal budget deficit level. As far as I know, not all countries in euro zone obey that.
The same could be with printing euro.

[smalandian]

Regarding SAAB: I have heard some comments on news from experts that states that SAAB Automobile AB don't seems to have a good chance to survive in the future. Volvo is a different thing according these experts.

[perdurabo]

They can't simple print more money (quantitativ easing), according to Maastricht-agreement.
witch i wrote in "()" p-)


They should also to obey maximal budget deficit level. As far as I know, not all countries in euro zone obey that.
The same could be with printing euro.

Nope, sorry this: http://www.ecb.int/home/html/index.en.html institution controlls production of money.

[firemedic]

Who is exactly the owner of GM? I mean personally....The shareholders i think? publicly traded company.

[Walter Sobchak]

Who is exactly the owner of GM? I mean personally.


Millions of stockholders who have seen one of the best American stocks go to hell. There used to be an old saying, "As GM goes, so goes the country!" Sadly, that's kind of appropriate right now.

[Eye]

Millions of stockholders who have seen one of the best American stocks go to hell. There used to be an old saying, "As GM goes, so goes the country!" Sadly, that's kind of appropriate right now.
So it is like it was during socialism. Factories belong to people, that's mean to nobody. So nobody cares about development of those factories.

[RSone]

They should also to obey maximal budget deficit level. As far as I know, not all countries in euro zone obey that.
The same could be with printing euro.

Germany was one of the biggest perpetrators. Ironically, The Netherlands, pretty much the biggest proponent of the stability pact, may now face a deficit itself..........:-(

[Nobi]

Opel Moves to Break Away From General Motors



http://www.dw-world.de/image/0,,4061831_1,00.jpg (http://www.dw-world.de/popups/popup_lupe/0,,4060621,00.html)Großansicht des Bildes mit der Bildunterschrift: It will be the end of an 80-year partnership if the two carmakers opt to go seperate ways (http://www.dw-world.de/popups/popup_lupe/0,,4060621,00.html)

The head of General Motors Europe, Carl-Peter Forster, said on Friday that Opel would become a semi-independent company, adding that the stricken German carmaker needed 3.3 billion euros ($4.2 billion) to survive.





Forster, said on Friday that the US company envisioned Opel becoming an "at least partly an independent business unit."
He also confirmed that Opel needed 3.3 billion euros to to help it through the current downturn in the car market. He made the comments at a press conference at Opel's headquarters in the western city of Ruesselsheim after presenting its board with a plan to save the German car maker.
Forster said GM Europe would present the plan to German authorities on Monday.
Earlier on Friday, German Economics Minister Karl-Theodor zu Guttenberg warned that the degree of integration between Opel and the Detroit-based GM would make Opel 's push to part company with its troubled US parent very difficult.
Instead, the economics minister called on GM to produce a viable business plan for Opel.

Berlin said Friday that the battle for Opel and its European operations would be raised at a European Union (EU) leaders' summit set down for Sunday.

Thousands of Opel workers took to the streets across Europe Thursday to demonstrate to save their jobs after parent company GM announced moves for a major shakeout in its international operations amid a deepening crisis in the global car industry.

In addition to Germany, GM has operations in Britain, Spain and Sweden. However, GM's Swedish SAAB company has already filed for bankruptcy protection.

Rumors

Citing sources close to the German government, Financial Times Deutschland reported Friday, Feb. 27 that Opel's plant in the city of Eisenach might go to Mercedes-parent Daimler.
According to the report, the fate of another Opel factory in the western city of Bochum is still uncertain, while two more plants in Ruesselsheim and Kaiserslautern would remain part of Opel after it is spun off from its floundering US parent, General Motors.
However, speaking on German public broadcaster ZDF on Friday morning, the state premier of North Rhine Westphalia, Juergen Ruettgers, denied the rumors and ruled out a sale to the luxury car maker.
"I cannot imagine any scenario based on the closure of any plants," he insisted. State guarantees could be an option to help Opel implement a new business plan, he stressed.
"The state can make sure that Opel has a chance to implement this concept. Guarantees are one option, which we're not only using in the car industry," he said.
The options
http://www.dw-world.de/image/0,,4060638_1,00.jpg (http://www.dw-world.de/popups/popup_lupe/0,,4060621_ind_1,00.html)Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Is GM's Eisenach plant "zu verkaufen" -- for sale? (http://www.dw-world.de/popups/popup_lupe/0,,4060621_ind_1,00.html)
Ruettgers was likely referring to a restructuring plan to be presented in a meeting in Ruesselsheim of the Opel supervisory board later on Friday.
The plan is believed to be based on the company's separation from parent GM, which faces massive financial problems. This condition has been set by German federal and state governments for extending public aid to Opel, fearing that funding could otherwise end up in US coffers.
Demonstrations
On Thursday, thousands of Opel workers demonstrated at the company's headquarters in Ruesselsheim, demanding that GM scrap plans for plant closures in Europe and calling for Opel's independence from its Detroit parent.
The global financial crisis has brought GM's European brands to their knees. Opel, 152 years old, with 25,000 workers and once briefly Germany's biggest carmaker, has been badly hit by dwindling demand and troubles in Detroit.
GM said Thursday that its European division had pretax losses of $2.8 billion in 2008. It has said $1.2 billion of costs need to be cut in Europe, where it operates Opel, Saab and Vauxhall in Britain.
Government split
http://www.dw-world.de/image/0,,4058619_1,00.jpg (http://www.dw-world.de/popups/popup_lupe/0,,4060621_ind_2,00.html)Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Steinmeier: European plants could not be "thrown away like a squeezed lemon" (http://www.dw-world.de/popups/popup_lupe/0,,4060621_ind_2,00.html)
German Vice Chancellor Frank-Walter Steinmeier pledged his support at the rally but stopped short of offering any guarantees.
"This is about more than just Opel. It's about the future of the car industry in Germany. The car sector isn't just any ordinary industry here. It's the backbone of our economy," he said, but added that he opposed every form of protectionism.
"Do not listen to the sweet poison of the separatists, they are the gravediggers of employment ," he warned. "Opel needs open markets, too."
German leaders are split on how far the government should go to rescue Opel, with some politicians arguing the carmaker should be left to fend for itself.
Chancellor Angela Merkel told a news conference in Berlin this week that she had not yet seen the required restructuring plan to decide on any state help for Opel but that if it needed it, the priority would be financing guarantees rather than more direct state aid.


jp/sp/afp/*******




Opel Moves to Break Away From General Motors, but only a little bit. :roll:

http://www.dw-world.de/dw/article/0,,4060621,00.html

[Nobi]

As long as Opel isn't 100% owned by a european country, it's a waste of money. Short: a parasite system for GM.

[shocker1]

As long as Opel isn't 100% owned by a european country, it's a waste of money. Short: a parasite system for GM. There was a time when GM was saving companies, building plants in other countries, creating jobs. Just like Volkswagen, Toyota and others are doing for a weak American owned manufacturing base. They even get taxpayer funded incentives to operate here. This is no waste of money. I agree it is time that GM shed some of the baggage.

In the end this environment could lead new ideas to the front. In that an incentive to compete would be drawn from a bit of nationalism which you displayed. This energy well placed in trying to do better than the other guy could bring the world something better.

Late 60's early 70's Opel GT makes a damn fine dragster.

[timetraveller]

General Motors asks European governments for financial aid (http://www.talkingmotors.com/industry-news/carmaker-news/28381-general-motors-asks-european-governments-for-financial-aid.html)

Thursday, 27 November 2008 http://www.talkingmotors.com/images/stories/industry_news/carmaker_news/2008/gm_large.jpg
General Motors has asked the governments of the European countries in which it operates for financial assistance.
The American manufacturer's European subsidiaries want to secure what support they can, fearing their cashflow may be cut off as GM's American supply runs dry. (http://www.talkingmotors.com/industry-news/carmaker-news/28360-general-motors-ford-and-chrysler-fail-to-secure-25bn-bail-out.html)
GM's German division Opel has asked Berlin for €1bn (£843m) in the case that GM files for bankruptcy.
GM Europe has also sought cash security from governments in Britain, Sweden, Spain, Belgium and Poland.
The manufacturer's requests have come before the European Commission is due to announce aid for the automotive industry as part of its economic recovery plan.
The European Investment Bank is to make soft loans available to carmakers in the EU to put towards the improvement of ecological design and technology.
The EU has to specify the intended purposes of any money provided, as it holds strict rules regarding state aid.


http://www.talkingmotors.com/industry-news/carmaker-news/28381-general-motors-asks-european-governments-for-financial-aid.html


Now if this does happen ,, and if you find out your taxes is being used ,,

What would happend if people decided to ask for returns on thier Investment ,ie you the person payin the cash to keep GM in the game ?

Do we as a person have the right to ask for a return for our investment thro taxes ,, Does the Company belong to the Vast citizens of A or A number of Countries that do provide money to GM .

That is what people should be asking , Consider if my taxes money is being used to bail out banks i myself least expect something in return ..