Opel set to receive €300 million from Spain

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General Motors really wants to hold on to the Opel brand, but the company needs extra funds for the European car company.

Now, the Spanish central government, along with the regional government of Aragon, have offered €300 million, or $358.2 million, in aid to help keep Opel alive in the country. The money will likely go to help Opel’s Figuruelas plant.

At the same time, the Spanish public is conducting protests on the government’s austerity package that includes a 5 percent pay cut for public sector workers.

Opel has been asking many different countries for money, but so far, only Spain has stepped up to help. The automaker plans to cut costs by reducing its capacity in Europe by 20 percent.

Germany is still up in the air on whether or not to help Opel. The amount that Opel is asking for is around $1.2 billion from the German government.

While they are handing out money and all...any of them want to throw us a bone?


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6 comments:

Is an Opel a good car or not?I really don’t know but I would like to.

They are not good. Its just a GM now. When it was truly German they were not too bad. But it is now just american quality.

Well, that’s a big amount of money and it can probably help the Opel company. I guess Opel should hired some good in designing so that they can produce impressive car.

true i just hope they dont pull a page out of AIG books and burn threw it like fire. lets hope they find away to use the money waisely

Well it’s really hard to let go but for sure that €300 million can help both Opel and European Car Company.

well this we should have seen coming down the road Bailouts in over seas now man this econ is starting to really go to hell in a hand basket. what need to happen is RE FORM with then car company Mangament and CEOS that part of there problum as well there business ways. the answer is front of them. but its all about is makeing the fat cats richer and we pay for there screw ups and over the hill salerys

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