Germany rules out car industry aid
Monday, 17 November 2008 11:08German Finance Minister Peer Steinbrueck ruled out a financial rescue package for the car sector today ahead of a top-level crisis meeting over the situation at Opel.
'An economic programme for the entire automobile industry makes no sense,' Steinbrueck told the mass-circulation daily Bild, stressing that the state is not responsible for errors committed by industrialists.
Economy Minister Michael Glos has also voiced opposition to a bail-out plan for the car industry, which has been hit by a severe sales slump owing to the international economic slowdown.
Opel asked the German government for loan guarantees to help it keep running after parent company General Motors revealed it was close to bankruptcy.
Chancellor Angela Merkel has called Opel directors and labour leaders in for a meeting on Monday. Opel employs 25,000 workers in Germany.
