Canucks Kick in $3.3 Billion to Help Detroit Subsidiaries

TORONTO - December 20, 2008: Canadian Prime Minister Stephen Harper announced that the Canadian federal and Ottowa government will provide $4 billion (Canadian dollars) in emergency loans to their subsidiaries of General Motors and Chrysler. As in the U.S., Ford didn't request any specific financial assistance just a line of credit should it be needed.

"We cannot afford, in the United States or Canada, the catastrophic short-term collapse of the Big Three automakers. The U.S. has signaled that they are not going to allow these companies to fail, and we will do our share of the North American package to see that this doesn't happen either," Harper said, while adding that he hopes will help keep the plants afloat while the automakers restructure their businesses to retain one the country's most important economic sectors.

Harper an Ottowa Premier Dalton McGuinty Harper and McGuinty stressed that the government will not be handing over blank checks, saying that all stakeholders will be expected to make adjustments to reduce structural costs.

Canadian taxpayers expect their money will be used to restructure and renew the automotive industry in this country," said Harper. "They expect all stakeholders to come to the table and work together towards sustainable long-term solutions to maintain our current production share of the North American market."