German lawmakers said to oppose Opel loans, argue GM is healthy enough on its own
This is the same Fuchs that a year ago didn't want to consider giving any money to GM before The General tried to sell Opel because he felt that the money might end up supporting GM's American operations. Now, his reasons against are because of the rise in GM's financial fortunes – trumpeting the paying off of loans (kind of), potential bank acquisitions and recent quarterly profits can have an adverse effect on loans. Germany has also been playing the role of Europe's financial guarantor as of late and is tired of being seen as a euro trough.
Opel CEO Nick Reilly says he's still waiting on word from Germany and a few other governments about aid for Opel. If GM doesn't get the $3 billion it seeks to restructure the company as it, we're guessing it will channel its inner David Copperfield and show a few countries how to make a factory and thousands of jobs disappear. The bell has rung on the next round in the saga.
[Source: The Wall Street Journal]
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