German Minister: A New Financial Crisis Poses a Threat to the World Economy
The world economy is facing the risk of a new financial crisis, warned German Finance Minister Wolfgang Schauble, quoted by the electronic edition Politico.
European Carmakers Seek EU Loan
Business | October 7, 2008, Tuesday // 00:00
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European car manufacturers have agreed to ask the European Commission for a EUR 40 billion loan to maintain a "level playing field" with the US and develop more environmentally friendly vehicles.
The move comes days after the Congress approved a USD 25-billion program to help major US carmakers produce green engines and vehicles.
"It would be absolutely necessary that the European Commission do exactly the same thing. It was $25 billion for the US, in our case it's EUR40 billion because we have twice the capacity. We need a level playing field," Fiat CEO Sergio Marchionne told Bloomberg.
European Union plans to mandate reduced emissions of carbon dioxide from cars are a main source of concern for the continent's auto industry, particularly amid the current economic uncertainty.
The move comes days after the Congress approved a USD 25-billion program to help major US carmakers produce green engines and vehicles.
"It would be absolutely necessary that the European Commission do exactly the same thing. It was $25 billion for the US, in our case it's EUR40 billion because we have twice the capacity. We need a level playing field," Fiat CEO Sergio Marchionne told Bloomberg.
European Union plans to mandate reduced emissions of carbon dioxide from cars are a main source of concern for the continent's auto industry, particularly amid the current economic uncertainty.
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