Canada Considers Financial Help for Big Three
By Michelle Krebs December 5, 2008The Canadian government will begin reviewing financial-aid requests this weekend for General Motors, Ford Motor Co. and Chrysler LLC. The automakers had a Friday deadline to submit detailed proposals for their Canadian businesses.
"We want to see long-term plans, and management has to be overseen if taxpayer money is involved," Industry Minister Tony Clement told Bloomberg News Thursday. The government will look at "various options" for help from this year's budget, Clement said.
Meantime, Canadian Prime Minister Stephen Harper suspended Parliament Thursday for more than seven weeks in a bid to fend off opposition parties trying to topple his government. Aid for Canada's auto industry in 2009's budget can't be approved until lawmakers return on Jan. 26.
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