General Motors is asking European governments to contribute to their 'restructuring plan'. The American government has printed lots of dollars for this recent bankrupt and now expects a return of real euros for its facesaver. General Motors Europe Chief Executive Nick Reilly said:
"It is not surprising that the US would expect Europe and European governments to help a European entity and not have the US taxpayer pay for all of the restructuring and growth of Opel."
Germany would be responsible for coming up with some €1.5 billion of this ransom for jobs, with half coming from Berlin and the rest from the German states where GM has rundown plant producing outdated cars.
Germany can buy Greece for that sort of money, never mind some ghastly American car company that thinks it's living in the last century and can push Europe around.
As FIAT's Dr Marchionne noted when he walked away from Opel, the idea is to put together an industrial plan for a big enough car-producing sector, not engage in politics.
A bit of interesting intellectual property doth not an industry make. If Germany decides not to buy Greece it can set up modern, innovative industries with the money GM is pretending too - and support the Opel workers through retraining and redeployment - for less now and a decent return later.
General Motors can take its Opel and go home (unless creepy mandelsonian money printing to keep a few Vauxhall assembly jobs attracts them).
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1 comment:
It rather looks as if buying Greece is exactly what the Germans are about to do.
With a little help from us, of course, thanks to the Lisbon treaty.
So we have to borrow more in order that the Greeks can continue to live beyond their means.
Oh frabjous day!
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