Source:
APTORONTO (AP) - The federal and Ontario governments have announced a 4 billion Canadian dollars ($3.29 billion) bailout package for the Canadian subsidiaries of the Detroit Three automakers.
The announcement follows a pledge Friday by President George W. Bush to offer $17.4 billion in emergency loans to General Motors Corp. (GM) (GM) and Chrysler LLC.
Ontario Premier Dalton McGuinty says his province will provide 1.3 billion Canadian dollars ($1.07 billion), with the rest provided by Ottawa for a total of 4 billion Canadian dollars in renewable loans payable to the Canadian subsidiaries.
Harper, however, says that today's announcement "is not a blank check" for the industry, suggesting both the companies and their employers will have to make concessions.
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