Canada unveils $3.3bn auto rescue plan

MONTREAL(Canada): Canadian Prime Minister Stephen Harper announced on Saturday $3.3-billion rescue package for US automakers based in Ontario, saying it was "regrettable but necessary."

The bailout loans $2.5 billion to General Motors (GM) and $824.4 million to Chrysler, Harper said in Toronto at a joint press conference with Ontario Premier Dalton McGuinty. "This is a regrettable but necessary step to protect the Canadian economy," Harper said. "Today's announcement is not a blank check." The Canadian federal government will loan $2.2 billion and $1.1 billion will come from Ontario province, the heart of Canada's auto industry, McGuinty said...
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