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Canada's Contribution
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Much has been made of national boundaries when it comes to solving the economic crisis, as the stimulus's "buy American" provision sparked criticism and discussion of trade philosophy. Not so for bailing out the auto industry, as 25 percent of GM and Chrysler production happens in Canada.
As mentioned by President Obama in his auto industry remarks today, Canada will contribute to the interim financing of GM and Chrysler, in keeping with its share of that production. Canada will loan $3 billion to GM and $1 billion to Chrysler. Chrysler will receive $250 million by Wednesday and will be eligible for $500 million in early April and $250 million on May 1; timing for the GM loan has yet to be worked out.
As mentioned by President Obama in his auto industry remarks today, Canada will contribute to the interim financing of GM and Chrysler, in keeping with its share of that production. Canada will loan $3 billion to GM and $1 billion to Chrysler. Chrysler will receive $250 million by Wednesday and will be eligible for $500 million in early April and $250 million on May 1; timing for the GM loan has yet to be worked out.
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