GM Canada Turns Down $3 in Gov't Loans
In a relatively ironic turn of events, GM Canada has rejected a $3 billion dollar bailout offer from the Canadian Government; an offer made by much-maligned Prime Minister Stephen Harper. Lambasted earlier in the year for his stalwart budgeting and relative lack of fund infusions into the suffering economy, Harper’s response to the rejected offer was succinct; "For reasons that are their own, General Motors has decided not to call upon our short-term aid,” said Harper on a Global TV interview, “That's actually good news, but we're talking to them about longer-term restructuring.” In response, GM has advised critics that they’ve turned down the loan to continue with internal efforts being made to cut costs and conserve capital. These short-term efforts are to allow GM enough time to work out their long term situation with stakeholders so as to guarantee a future in the long run.
