[DGthe3]

canadian_autoaid

Prime Minister Stephen Harper and Ontario Premier Dalton McGuinty have announced a $4-billion aid package for Canada's struggling auto industry.

They said Canada's bailout, which they called a "short term loan," is proportionate to the Detroit Three's Canadian operations, which are estimated to be about 20 per cent of North American production.
The two leaders announced the package on Saturday morning at a joint press conference in Toronto.

Ontario will contribute about $1.3 billion to the package and Ottawa will provide $2.7 billion.

Harper told reporters the aid package "is not a blank cheque" and that he wants to see the car companies and their unions work together to restructure their operations.

"All stakeholders are going have to be part of the solution," Harper said.
The aid package will also:

• give loan access to auto-parts manufacturers and other businesses that are part of the auto supply industry
• give additional credit to consumers

GM and Chrysler had said they need credit and loans as they restructure their companies.

Meanwhile, Ford has said it does not need immediate help, but had asked for a line of credit.

Harper said the aid package was part of a "holistic approach" to save an industry that helps provide hundreds of thousands of jobs to Canadians.

full article here: www.ctv.ca: canadian_autoaid