http://www.usatoday.com/money/autos/2008-11-20-europe-automakers-bailout_N.htm By Caroline Jacobs and Gernot Heller, Reuters
A fresh round of job cuts at Peugeot Citroen underscored the European auto sector's woes as French President Nicolas Sarkozy vowed to help the struggling industry.
The European Investment Bank (EIB) is to pledge 2 billion euros ($2.5 billion) to help the struggling industry, according to a German government paper obtained by Reuters, but in the meantime auto sales are falling and manufacturers are retrenching
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Sarkozy said France would not leave large parts of the economy vulnerable to the economic crisis, picking out the car sector for special mention.
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Meanwhile, the German government document said the European Union is proposing an aid plan that would include a public-private partnership for the auto sector to boost green technologies, along with supply-side measures such as lower taxes on environmentally friendly cars.(MORE)
Looks like the Germans aren't going to leave anything to chance - they want to kick American butt in terms of greener tech cars, once we get through the world-wide depression the Credit Catastrophe put us in. __JW
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