German economy minister Rainer Bruederle has rejected a request for government aid
9 June 2010

German economy minister Rainer Bruederle has rejected a request for government aid by General Motors for Opel-Vauxhall.

Opel had been seeking loan guarantees totaling 1.1 billion euros (£830m) from Germany, where it has four plants.

Bruederle said he felt GM can afford to cover the costs itself because it has about 10bn euros (£8.2bn) in free liquidity after fully paying back credits from the US and Canadian governments.

The decision undermines loss-making Opel-Vauxhall's 3.6 billion euro (£3bn) restructuring plan.

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9 June 2010

[quote Autocar]The decision undermines loss-making Opel-Vauxhall's 3.6 billion euro (£3bn) restructuring plan.[/quote]

Mr Nick Reilly was seen retiring to the boardroom with a glass of whisky and a revolver.

Too bad Reilly, you bluffed the Germans and they called you. Your move GM.

9 June 2010

[quote Autocar]German economy minister Rainer Bruederle has rejected a request for government aid by General Motors for Opel-Vauxhall.

[/quote]

How could a government that just two days ago told its people it would be cutting spending by €80bn, with benefits to some of the poorest cut, turn around and give, albeit guarantees nominally, over a billion euros to a foreign-owned company, that just recently boasted and bragged at how it had paid back US and Canadian taxpayers loans ahead of schedule and whose cashflow was apparently in ruddy health due to buoyant US and Chinese sales?

Plus news in last 24 hrs that GM is awarding its top US execs multi-million dollar share options before its expected public floatation. Any German politician that doled out the cash to GM would be a short walk from near lynching. Too bad for Opel workers, but this is where the real impact of the 2007-8 financial collapse begins to bite, now that the European governments seem agreed on no more Keynesian-type spending back to recovery.

9 June 2010

Oh dear, the Yanks just don't get it, do they. Here, piggy piggy:

Top GM Execs Awarded Millions in Stock

It's not just Wall Street that can't stop putting its snout in the trough. And the Europeans, Germans, Brits, Spaniards... should pay for this? As good President Barry of Kenya America might say: If they worked for me( they do Barry) I'd fire the s.o.b.s' asses!

9 June 2010

[quote nicksheele]As good President Barry of Kenya America might say: If they worked for me( they do Barry) I'd fire the s.o.b.s' asses![/quote]

Lol. Is it just me that's finding Obama more and more irritating by the day?

21st Century Tony Blair anyone?

9 June 2010

This is interesting.

Goodbye Bochum.

9 June 2010

[quote nicksheele]Oh dear, the Yanks just don't get it, do they. Here, piggy piggy:[/quote]

Speaking of PIGS, by the time Germany bails them all out its economy will look like Kenya’s.

You don’t need a weatherman
To know which way the wind blows
—Robert Allen Zimmerman

9 June 2010

[quote roadtester]Goodbye Bochum.[/quote]

Indeed; Hello Gliwice.

You don’t need a weatherman
To know which way the wind blows
—Robert Allen Zimmerman

9 June 2010

[quote Autocar]German economy minister Rainer Bruederle has rejected a request for government aid by General Motors for Opel-Vauxhall.[/quote]

Well , what a shock !

Seriously , German aid for GM was never going to happen. Ditto UK aid for Vauxhall. EU does not approve of this kind of thing.

9 June 2010

[quote Lee23404]Lol. Is it just me that's finding Obama more and more irritating by the day? [/quote]

Think it's just you. You're probably too young to remember the days when Reagan was running the US. Frightening.....

9 June 2010

[quote Uncle Mellow]Ditto UK aid for Vauxhall. EU does not approve of this kind of thing.
[/quote]

Something change since May?

Vauxhall and Opel get £270m UK loans guarantee

You don’t need a weatherman
To know which way the wind blows
—Robert Allen Zimmerman

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