Author Topic: OBAMA URGES CARMAKERS TO 'REFORM'  (Read 669 times)

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OBAMA URGES CARMAKERS TO 'REFORM'
« on: December 20, 2008, 04:24:21 PM »
US President-elect Barack Obama has welcomed the multi-billion dollar aid package for US carmakers, but said the industry faced some "hard decisions".

The US government is to provide $17.4bn (?11.6bn) in loans to help General Motors and Chrysler survive.

Mr Obama said the package was a "necessary step" to "help avoid a collapse" in the industry.

But he urged carmakers not to "squander this chance to reform bad management practices".

"With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together... to make the hard choices necessary to achieve long-term viability," Mr Obama said.

'Grim-faced president'

The US government will use part of the $700bn originally pledged to rescue US banks to aid the car industry. It has set a deadline of 31 March for the firms to become viable.

General Motors will get $9.4bn and Chrysler $4bn before the end of the year. A further $4bn will be provided later.

Ford has said it hopes to get by without government help.

Announcing the package, President George W Bush said allowing the US car industry to fail would not be "a responsible course of action".

It was a candid announcement from a grim-faced president, says the BBC's Justin Webb, in Washington.

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OBAMA URGES CARMAKERS TO 'REFORM'
« on: December 20, 2008, 04:24:21 PM »

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