Canadian government will match with 20% any amount the US loans automakers

[NNN0LHI]

http://www.google.com/hostednews/canadianpress/article/ALeqM5g29siSdwQsNfdvV7HjVNfv2lsreA

16 hours ago

TORONTO — The federal and Ontario governments have agreed to provide up to $3.3 billion for the Canadian auto industry, but the bailout comes with the potential for thousands of job cuts.

Federal Industry Minister Tony Clement said late Friday the two Canadian governments have agreed to provide the equivalent of 20 per cent of the US$14 billion that the Bush administration is considering in emergency aid for General Motors, Ford and Chrysler.

Clement said the main restructuring will be done in the United States, but Canada is also prepared to provide help to save the troubled industry, which employs hundreds of thousands of people in direct and spinoff jobs in Ontario.

"What we are signalling here tonight, both the governments of Ontario and Canada, is that we want to be part of the solution as well and it will be commensurate with the production that takes place here in Canada . . . about 20 per cent." Clement told reporters.

That works out to about US$2.8 billion or C$3.3 billion at current exchange rates, of the proposed US$14 billion American bailout package.

[Swede]

1. The death of Detroit will not stand!

Damn it!

[Deja Q]

2. Canada, our sincerest thanks go out to you.

And my next car will be a Chevrolet. The Volt.

[jwirr]

3. Thank you Canada.

[gizmo1979]

4. Someone has some common sense.

Take that Corker and Shelby.

[Jack_DeLeon]

5. So whats 20% of 0?

Cause things dont look good.