Canada providing financial help to automakers

Canada providing financial help to automakers

Canada has announced that similar to US they are also providing financial aid to automakers in the country.

The Canadian government is providing C$4 billion in loans to Canadian arms of American automakers to help them during these tough times.

The US government itself has just announced a $17.4 billion package to help the US automobile industry.

GM and Chrysler are the top beneficiaries of these emergency funds as they try to restructure their business to stay afloat.

Canada Prime Minister Stephen Harper said in a statement: “There are literally across the country hundreds of thousands if not millions of potentially affected families by the distress of this industry. And we are obviously making sure at this Christmas time that, within the confines of our responsibility for taxpayer money, that we are also going to look after their interest.”