Politics must regain power with the banksHe described the peoples of the region Somali Dankalis OgadinesProfitsharing is one thing it is another the Government appeared for what it is iEverything goes back to the Elysée Palace5 million euros last year or an average of 24000 euros per loanyou're talking about order of the factorsThe diversity of authors book a variety of atmospheresAnd we know what it costs to raze the history45 for hospitals Les Echos from February 17The auto issue is organized in Washington. It is known, since Sunday, that Barack Obama has chosen to implement a team dedicated to the problems of the automotive industry, whose bankruptcy still possible, threatens more than 3 million jobs directly or indirectly ("Les Echos" of yesterday). Instead appoint someone with broad powers a "czar" as they are called here in charge of the issue, the President chose Treasury Secretary Tim Geithner and Larry Summers, the President of the National Economic Council, as tandem to lead this team.
Tim Geithner is in first line, since the Treasury already lent $ 13.4 billion to General Motors (GM) and Chrysler. According to the Reuters news agency, the new "task force" will be strong forces for different departments: work, transport, trade, energy, agency of the environment, but it will also include the White House advisers specialized in energy and the environment and members of the Council of Economic Adivers, team of economic advisers of the President. This duo will in fact be a triumvirate: Ron Bloom, a former banker at Lazard advises the President of the powerful Union of workers of the steel (United Steelworkers) since 1996, cordonnera the work of the teams. According to the Wall Street Journal, it is deemed to be a fine negotiator.
If the dialogue between manufacturers and Washington is almost daily, having a team entirely dedicated to this problem should help to bring the parties to negotiate, whether trade unions, creditors or builders.
Workers health costs
They will explain now where are their restructuring plans which will be finalized on 31 March. They must prove their commercial viability for more aid from the State. Otherwise, they would be forced to repay the loans, which could lead to bankruptcy.
After having interrupted their negotiations this weekend, the representatives of the Auto Union (United Auto Workers) have resumed discussions Sunday evening. In the centre of the debate, the financing of the costs of health of the retired workers. GM needs 20 billion in cash to a fund that it would fund shares. The constructor also negotiates a reduction in its debt of 27.5 billion to 18 billion with its bondholders, by exchanging debt for securities. They must accept that the debt of the State above their own.
If he can reduce his costs and debts, GM will be 4 additional billion of the State in addition to 9.4 billion already received. Chrysler, which received $ 4 billion, seeks $ 3 billion more. According to the "Financial Times", the latter seeks to restructure its shareholders, bringing Fiat with its capital at 35 and reducing the participation of Cerberus and Daimler combined less than 10. Meanwhile, Ford is on track for a $ 9 billion credit line.
All manufacturers seek to reduce their personnel significantly. "Automotive News Europe", GM could close factories in Europe (Netherlands, Germany, Great Britain) and would like to lower its costs of 1 to 2 billion. Yesterday, GM European trade unionists have indicated yesterday that he preferred a "spin off" or a sale of the brands Opel, Vauxhall and Saab rather than suffer a restructuring that would put them ashore.
