Like Great Britain, Sweden never switched over to the Euro – they still deal in kroners. Therefor, In order to keep Saab afloat after being jettisoned by General Motors, new owner Koenigsegg Group has determined that it needs a loan of about 415 billion kroners to keep the flood waters back. That's about €400 million Euros, or $599 million good old US Ameripesos. A little while back we reported that the country of Sweden had agreed to guarantee any such loan to sinking Saab, should a bank offer to do so. Well guess what?
The European Investment Bank (EIB) has agreed to lend the €400 million to Koenigsegg Group vis-a-vis Saab. The money is supposedly earmarked for "research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars." At least that's according to EIB. However, there's a very good chance that the loan will be used to finish closing Koenigsegg's deal with GM. Either way, looks like Saab might now have a fighting chance at not sinking into the North Atlantic.