Not surprisingly, officials from the Canadian and Ontario governments have followed the U.S. government's lead
by officially rejecting the restructuring plans of General Motors
. The Canadian officials said the automakers' current plans do not go far enough and will not be certified as they are. In fact, they're basically copying and pasting the new deal for automakers announced by the U.S. government today, saying that GM
has 60 days to redo its plan while receiving a portion of the C$3 billion it requested and Chrysler has 30 days to finalize its partnership with Fiat
while receiving C$250 million of the C$1 billion it requested.
According to The Detroit News, Canada's
auto industry accounts for 14 percent of its manufacturing output and 23 percent of its manufacturing export, but the survival of GM and Chrysler in Canada is entirely dependent on their survival in the U.S. With that in mind, it would have been pointless had the Canadian government responded to the automakers' restructuring plans in any other way than exactly the same as the U.S. government.
[Source: The Detroit News
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