Swedish government approves $3.4 billion auto bailout

The Swedish government today presented a $3.4 billion support package to its struggling auto industry. The plan offers credit guarantees, emergency loans and research funds to companies such as Volvo and Saab who have been appealing to the government for support.

The news of the Swedish government approving the $3.4 billion came just hours after the House approved a bill for $14 billion for the U.S. auto industry. 20 billion kronor will be given in credit guarantees to auto makers, 5 billion kronor will be given in rescue loans to bail out companies in crisis and another 3 billion kronor is expected to go into research and development in the automotive industry.

The $3.4 billion auto bailout for Volvo and Saab come as their owners Ford and GM look to sell both brands.

Source: CNNMoney