US$17 billion bailout for auto industry
20-12-2008
The US government is offering up to 17.4 billion US dollars in loans to struggling American automakers, It expects General Motors and Chrysler to access the money immediately. Some $13.4 billion dollars will be made available in December and January - from the $700 billion fund that was originally designed to rescue struggling financial institutions. But the loans would be called back if the automakers cannot prove they are viable by March 31st. The deal was announced by President Bush from the White House.
