It seems like Canadians are ready to chip and help out our American automakers. The federal and Ontario governments have announced a $3.29 billion bailout package for the Canadian subsidiaries for Detroit’s Big 3 automakers.
Daton McGuinty, Ontario’s Premier, said that his province will provide up to $1.3 billion ($1.07 USD) while Ottawa will provide a total of $4 billion Canadian dollars in renewable loans payable to the Big 3’s Canadian subsidiaries.
Just like the $17.4 billion in loan provided by the White House to General Motors and Chrysler, the Canadian bailout comes with limitations.
Source: Detroit News