SWEDEN AND AUSTRIA GET EXTRA YEAR TO SPEND EU AUTO INDUSTRY FUNDING
March 1st, 2010
BY KEITH NUTHALL
THE SWEDISH and Austrian governments have been given an additional year to spend the Euro 15.6 million in earmarked European Union (EU) subsidies for the auto sector previously announced by the European Commission.
These payments - Euro 9.8 million for Sweden and Euro 5.7 million for Austria - come from the EU's Globalisation Adjustment Fund, which is designed to help industries hit by unavoidable international competition. Normally its handouts must be spent within 12 months, but yesterday announcing it had made these payments, the European ...
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