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Top German official speaks out against Opel aid

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Top German official speaks out against Opel aid

By Drew Johnson - Posted May 20th 2010

While General Motors’ four remaining North American brands have shown significant signs of improvement over the last several months, the Detroit automaker’s German Opel division continues to struggle. GM has been attempting to secure government financing to keep Opel alive, but a top German official has spoken out against aid to the automaker.

The debate about government aid to help Opel with its restructuring efforts has been raging in Germany for months, with Michael Fuchs, the head of Germany’s Christian Democrat party, speaking out against the measure earlier this week.

“The discussion … about financial aid for Opel must be ended once and for all,” Fuchs said. Fuchs argues that GM’s first quarter profit of $900 million is proof that the company doesn’t need government aid to save its ailing Opel division.

This isn’t the first time Fuchs has spoken out against federal aid to Opel. Fuchs previously opposed German aid to Opel as he believed at least part of the funds would be used to support GM’s North American operations.

GM is seeking about $3 billion in aid for Opel.



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