TORONTO — The federal and Ontario governments plan to announce a bailout package for the Canadian operations of the Detroit Three shortly after the United States inks a deal with the auto makers' parent companies.
“Both the federal and provincial governments are prepared to act quickly to help move towards a broader North American plan to help the industry,” said a senior Ontario government official. “We're prepared to move quickly, in lockstep with the United States.”
The official said Canada would kick in about 15 to 20 per cent of the $14-billion (U.S.) aid package being proposed in the United States, a figure that is roughly equal to this country's share of the Detroit Three's auto production in North America. That translates to between $2.1-billion and $2.8-billion.
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General Motors of Canada Ltd. and Chrysler Canada Inc. have asked Ottawa and Ontario for $2.4-billion in emergency loans by the end of this month to help them stave off a looming cash crisis.
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Where's the money coming from, during a prorogued Parliament? Shouldn't the elected representatives have some say in this?