Spain to offer subsidised loans to boost its green car industry
There was some speculation that the European Union would put a stop to the practice of offering financial assistance to automakers by individual member countries, but in the end, the desire to support the development of environmentally friendly automobiles won out and both sets of loans were approved.
Last month, new car sales fell by over 38 percent in Spain compared to March of 2008. Although that's still bad, it's an improvement over the February's drop of nearly 50 percent, year-to-year. The improvement has been attributed to the adoption of car scrapping incentives in Spain.
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