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View Full Version : Feds, Ontario to give $2.8B in aid to CDN automakers



DebraW
12-12-2008, 04:42 PM
Feds, Ontario to give $2.8B in aid to automakers
--Package will be 20 per cent of what the U.S. gives: Global News

By David Akin, Edmonton Journal
December 12, 2008 4:33 PM

OTTAWA - The governments of Canada and Ontario said Friday they’re ready to put billions into the Canadian auto industry as soon as the Americans sign off on their own bailout package.

Industry Minister Tony Clement, speaking to reporters in Toronto, said Ottawa and Queen’s Park will provide 20 per cent of whatever aid package the Americans authorize.

The U.S. is considering a bailout for the Big Three - General Motors, Chrysler and Ford - of about $14 billion US. That means Ottawa and Ontario could be ready to assist with another $2.8 billion US “if and when the Americans approve a support package,” Clement said.

Clement would not specify a dollar figure but said the two levels of government would work to protect Canada’s share of automotive assembly capacity in North America.

Link:
http://www.edmontonjournal.com/Feds+Ontario+give+automakers/1069446/story.html

DTrobotnik
12-12-2008, 04:51 PM
better than pouring 6 billion into a black pit i guess

PickLeZ
12-12-2008, 07:02 PM
So...$0 dollars being injected into the Canadian automotive industry then?

Although it begs the question...how would Clement have proposed to get the money out, what with our government on extended leave and all?

moahunter
12-12-2008, 07:05 PM
So...$0 dollars being injected into the Canadian automotive industry then?
Nope - they are going to provide aid to the smaller companies that supply the big three and Japanese automakerse. That fits with this government - they are a small mainstreet party not a big business party.

PickLeZ
12-12-2008, 07:12 PM
source?

moahunter
12-12-2008, 07:47 PM
source?
I remember reading it - I guess I will spot it again at some point. Even if the big-3 aren't bailed out, there will be support for the smaller companies, of which there are many. But, all of this could change now I guess, as the Liberal party will also want a say, per the upcoming budget.

PickLeZ
12-12-2008, 08:15 PM
That and the big 3 (apparently) aren't getting bailed out. Ch.11 first.