European car companies request €40bn loan from EU bank, they already get 2€ Billion a year from the government teat over there, now they need money big time!

By Joshua Chaffin and Nikki Tait in Brussels

Published: November 19 2008 01:45 | Last updated: November 19 2008 01:45

The next two weeks will be decisive for Europe’s beleaguered carmakers as they appeal to Brussels for support in the face of tumbling demand and scarce credit.

The carmakers have requested a €40bn ($51bn, £34bn) soft-loan package from the European Investment Bank, the EU’s long-term lending institution. The issue was discussed by the EIB’s board of directors on Tuesday, according to people close to the institution.


The EIB, which already lends about €2bn a year to carmakers, plans to produce a proposal before a December 2 meeting of European finance ministers.

Ivan Hodac, head of ACEA, the European Automobile Manufacturers Association, said: “It is not a bail-out. It is a soft loan to invest in more fuel-efficient technologies.”

Carmakers also hope that the European commission may encourage member states to adopt “scrapping” incentives, in which car owners would be offered tax breaks for turning in older vehicles to buy new ones.

The hope is that such a programme will stir demand after car sales in western Europe fell 15.5 per cent last month. Mr Hodac argued that it would also help to put more fuel-efficient cars on the road at a time when Europe is trying to curb carbon emissions.

Separately, senior EU officials made clear their concern over possible US state aid to the car industry, asserting that one option might be to complain to the World Trade Organisation if this was felt to be unfair. A key consideration could be the extent to which non-US carmakers were entitled to participate in the plan.

José Manuel Barroso, president of the European Commission, said on Friday the package was being analysed.

In terms of the EU’s own assistance to the car industry, this would have to comply with the bloc’s state aid guidelines, EU officials responsible for competition policy said. These started from the principle that governments should not be allowed to distort competition. They also acknowledged that there were certain circumstances in which state aid might be necessary, officials said.

“Neelie Kroes, EU competition commissioner, said: R&D aid, innovation aid, environmental aid ... this is the type of government support that looks to see where our entrepreneurs need help and what government can do to help them.

www.ft.com . . .

So where's the cowardly little moron-shite hiding?

GM, Ford and Chrylser were only talking $25 Billion before the Senate yesterday.

The Euro types are asking for $51 Billion -- twice as much?

Must be in deep doo doo over there.

First on the list: Ford-Europe and GM-Europe...

jagerdr wrote:

GM, Ford and Chrylser were only talking $25 Billion before the Senate yesterday.

The Euro types are asking for $51 Billion -- twice as much?

Must be in deep doo doo over there.

There are no European manufacturing success stories, only national ones and most of them since WWII have been British. "European" means "well and truly fucked up, across several borders".

Little wonder we Brits disdain the European "ideal" to the extent that we have even kept our own currency while sheep like the fucking French have abandoned theirs (like their airline) in favour of the piece of nothing called the "euro".

ROFLMKSAO. The moron is OWNED again.

If USA distords automotive market fairness by giving money to its automakers, we have to provide them the same money to resestablish a fair competition.
But USA should pay!

CroixDeLorraine wrote:

If USA distords automotive market fairness by giving money to its automakers, we have to provide them the same money to resestablish a fair competition.
But USA should pay!

Translation from frogglish -- No matter what happens it's the USA's fault, and our guys need twice as much money.


Resolution -- kick this turkey, wait for rational replies.

Ok, let see an other option which could help Obama.

We let you do the bailout and we even finance a part for that!

We just buy some second hand useless items for USA since Obama is elected:
3 aircraft carriers: initial value: 4,5 B$ each , sell second hand to France : 0,5 B$ per unit
20 B2 bombers: initial value: 2 B$ each, sell second hand to France : 0,3 B$ per unit
3 Sea wolf nuclear attack submarine: initial value: 2 B$ each, sell second hand to France : 0,4 B$ per unit
40 C17 transport aicrafts: initial value: 0,2 B$ each, sell second hand to France : 0,02 B$ per unit
180 F22 fighter: initial value: 0,3 B$ each, sell second hand to France : 0,03 B$ per unit

Seems fair no?
US taxpayer would save 15 billions $ and sell to us useless items.Moreover, money spare for maintenance and crews should fund a similar numbers of social workers to help niggers.

hey jager. i needed time to understand you were a parody.But i have understood.

Nobody beg something.auto demand in spain -30% ,auto demand in uk -25%. Explain me how french car makers sell their car ?

It remains our own market ans several others but if nobody want to spend..

Nothing to do with GM and co.

simplefrench wrote:

hey jager. i needed time to understand you were a parody.But i have understood.

Nobody beg something.auto demand in spain -30% ,auto demand in uk -25%. Explain me how french car makers sell their car ?

It remains our own market ans several others but if nobody want to spend..

Nothing to do with GM and co.

100k to the first person to translate this into human...

TheCaledonian wrote:

There are no European manufacturing success stories, only national ones and most of them since WWII have been British.

Rofl. Like what ?

Car makers ? Try Daimler, Volkswagen, Peugeot, Fiat, BMW, Renault, Volvo,
Parts ? Bosch, Michelin, Continental ...

Electronics ? Siemens, Philips, Schneider.
Communications ? Nokia, Ericsson, Alcatel
Semi conductors ? STMicroelectronics, NXP, Infineon ...

Construction ? Vinci, Bouyges, ACS, Hochtief, Skanska, Grupo Ferrovial, Fomento de Construcciones, Eiffage.
Building material ? Saint-Gobain, CRH, Lafarge, Holcim ...

Industrial equipment ? ABB, Alstom ...

Aerospace ? EADS, BAE, Finmeccanica, Thales

Hurray! We found *one* major company in Britain that does some manufacturing ...

Thank you Lilian for proving my point by citing NATIONAL not EUROPEAN companies. "European" is not the same as "located in Europe". Prick.

Arsehole. Quite honestly, how did you get to be so thick? Were you born that way or have you been on an "I'm-Just-A-Stupid-French-Cunt" course since you got thrown out of CM2?

What a total Gallic knob.

french car makers are european car makers. German too. I think it is like that you have to understand "european car makers"

Be nice,make an effort and participate to a debat honestly

Car makers ? Try Daimler, Volkswagen, Peugeot, Fiat, BMW, Renault, Volvo,

Rooonoh and Pooojot sold...eh...where? LOL

Fucking eurofags were giving subsidies to their cars manufacturers for ages. But those inept cunts just ask for more. and German cars meanwhile turned to shit. Where FLinch already where.

European automakers desparately plead and beg for BAILOUT! Need €40billion quickly!

Do you really know what a bailout is ?

1) I fail to see any major EU automaker in bankrupcy or near bankrupcy.

On the other hand, your 3 major automakers are in this situation.


2) As EU automakers are usually profitable, a loan will be almost riskless, as they can pay it back.

On the other hand, your major automakers lose money since a long time, suffer of a lack of profitability, of unreasonable unions, of a great lack of creativity. The actual crisis only reinforced this state of things and made the situation a bit more dramatic than before. And I wonder how they will be fucking able to pay back any loan.

As the Germans said a few days ago, their shares worth ZERO.

TheCaledonian wrote:

Thank you Lilian for proving my point by citing NATIONAL not EUROPEAN companies. "European" is not the same as "located in Europe". Prick.

Arsehole. Quite honestly, how did you get to be so thick? Were you born that way or have you been on an "I'm-Just-A-Stupid-French-Cunt" course since you got thrown out of CM2?

What a total Gallic knob.

There are no European manufacturing success stories, only national ones and most of them since WWII have been British.

TheCaledonian wrote:

There are no European manufacturing success stories, only national ones and most of them since WWII have been British. "European" means "well and truly fucked up, across several borders".

10K to the one who can cite a british car manufacturer still producing cars.

Europe is now a bigger (and more advanced in most fields) manufacturer than USA.
Better position in steel, cars, trucks, machine tooling, electrical engineering, trains etc...

TheCaledonian wrote:

100k to the first person to translate this into human...

SimpleFrench said:
"Ne te rase pas la chatte, le bledard va t'enculer."

Michelin and Bic: the only two frog brands worth buying

(although if I were in the market for high-performance tires, I'd go with yokohama or goodyear eagles)

10K to the one who can cite a british car manufacturer still producing cars.

Matchbox?

With_Attitude wrote:

10K to the one who can cite a british car manufacturer still producing cars.

Caterham!.

“It is not a bail-out. It is a soft loan to invest in more fuel-efficient technologies.”

Don't forget to insist on no bonuses, no golden parachutes, and no dividends paid to stock holders until ALL the money is paid back.

They will screw you over in a heartbeat.

Michelin and Bic: the only two frog brands worth buying

If you don't like Hermes, Channel, L'Oreal, Romanée Conti, Yquem, Moet et Chandon, Dassault, Eurocopter, Alstom, ST micrelectronic, Thomson Multimédia (ex RCA) etc...some other Americans think otherwise including US armed forces.

letarsier59 wrote:



Do you really know what a bailout is ?

1) I fail to see any major EU automaker in bankrupcy or near bankrupcy.

On the other hand, your 3 major automakers are in this situation.


2) As EU automakers are usually profitable, a loan will be almost riskless, as they can pay it back.

Bailout = when french banks get a lot of capital injection from their government and frogs pretend it never happened.

1. If some government put in 2 billion a year - as is stated in the article - it's not difficult to appear to be profitable.

2. Riskless. Ha ha ha ha. What a maroon. Highly leveraged companies in a cyclical business are the epitome of risk. Try reading a book sometime.

CroixDeLorraine wrote:

Europe is now a bigger (and more advanced in most fields) manufacturer than USA.
Better position in steel, cars, trucks, machine tooling, electrical engineering, trains etc...

The article says the Euro makers are requesting TWICE AS MUCH MONEY as US makers. You sure do lead in the arena of sucking up government money. As you present no facts to substantial your other assertions, we can surmise that you are also leaders in the realm of fantasy.