The Auto Bailout Is Official — in Sweden – Regulatory Issues – CFO.com
The deal includes credit guarantees, emergency loans and money for research and development to boost companies in the “Swedish automotive cluster,” the government said, according to the Associated Press.
The Swedish government said that its aid package was needed to safeguard “the continued success of the Swedish automotive industry,” even if the industrys crisis deepens. The AP noted that the European government also urged the development of green technology.
The Swedes announced their package a few hours after the U.S. House of Representatives approved a bill to provide $14 billion in emergency loans to the U.S. auto industry — a measure with an unsure future in the Senate.