Canada Min Declines To Say Government Will Take Stake In GM
May 27 2009 - 5:14PM
Dow Jones News
Canadian Industry Minister Tony Clement declined to say
Wednesday if the government would take a stake in General Motors
Corp. (GM).
He said it would be "premature" to comment before the auto-maker
provides its restructuring plan to the U.S. and Canadian
governments.
"At this point, we are continuing to negotiate, we are
continuing to nail down certain aspects of the deal in anticipation
of General Motors coming forward with their go-forward plan,"
Clement told reporters after Question Period in Parliament.
He said he isn't happy with the situation - "None of this makes
me happy, quite frankly" - and it was a "terrible situation" for
workers, retirees and taxpayers.
He said the government has to make the "least bad decision" that
provides the most relief to taxpayers and the auto industry.
Letting the industry collapse would be "cataclysmic" for the
economy, Clement said.
-Nirmala Menon, Dow Jones Newswires; 613-237-0668;
nirmala.menon@dowjones.com