EU AUTO INDUSTRY MAY RECEIVE EURO 40 BILLION IN SOFT LOANS
October 1st, 2008
BY KEITH NUTHALL
THE SHAPE of the European Commission's rescue package for the European Union (EU) automobile industry has become much clearer: a Euro 40 billion soft loan pushed through the European Investment Bank (EIB).
This was revealed by EU industry Commissioner Günter Verheugen after a meeting with European auto sector executives, including France's Peugeot-Citroën and Germany's Daimler, under the umbrella of the EU's CARS 21 reform initiative.
Verheugen said the money would be tied to retooling required to reduce the carbon emissions of EU auto models. ...
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