And understandably, the Swedish are highly peed off at the U.S. right now.
The Swedish government said on Wednesday it would not intervene to take over Saab. Enterprise Minister Maud Olofsson slammed Saab’s US owner General Motors for “abandoning” the struggling Swedish car maker.
General Motors has warned that the unit would go under without official help.
Her comment came after GM late Tuesday presented a massive restructuring plan to the US Treasury and said its troubled Saab unit could file for bankruptcy protection “as early as this month” without support from the Swedish government.
The company said last year it planned to try to find a buyer for the brand.
So, they lied about that; alternately, they were too incompetent to find such a buyer. Take your pick.
The hilarious part of this is that Sweden already has Nationalized Health Care; and THEY think it’s “too much money” ??? Heh.
“I’m disappointed in General Motors, because they’re abandoning Saab and are pushing the responsibility over to Swedish tax payers, and I think that is irresponsible,” she said.
While Sweden’s centre-right government has refused to take over Saab it has nonetheless said it will act as a guarantor for a European Investment Bank (EIB) loan of five billion kronor (450 million euros, 566 million dollars) to help keep car maker afloat.
According to the unions, some 15,000 jobs in Sweden would be at risk if the unit were to disappear, since its suppliers would also be hard-hit.
And that last line is misleading. I’s not that 15,000 jobs in Sweden would be at risk; It’s that 15,000 jobs in Sweden ARE at risk, and will probably soon disappear. For Sweden’s economy that would be catastrophic.
And what do you think the EU will do if one of their economic partner’s economies is hit hard by Saab’s collapse?