Sign in to follow this  
NINETY EIGHT REGENCY

MARCHIONNE CRITICIZES EUROPEAN GOVERNMENTS’ INACTION

1 post in this topic

MARCHIONNE CRITICIZES EUROPEAN GOVERNMENTS’ INACTION

By Mark Kleis

While speaking at an event sponsored by the Detroit Regional Chamber of Commerce in Mackinac Island, Michigan, Chrysler’s CEO discussed the recent bailout of Greece, as well as the ongoing troubles of the auto industry in Europe.

Marchionne believes that the recent 110 billion euro bailout of Greece helped avoid a “catastrophic” problem, but he also pointed out that the process involved in order to secure the bailout was met with many obstacles.

“Failure to throw a lifeline to Athens could have set off a catastrophic chain of events,” said Marchionne, according to Reuters. “And yet the process of agreeing a bailout package was subject to foot dragging, uncertainty and nationalism.”

Marchionne also suggested that the European Union could benefit from making similar moves to prop up the European auto industry as were made by the Obama administration in the U.S. The Chrysler and Fiat CEO believes that the American bailout of its auto industry “forced a major structural reorganization and facilitated a courageous shift.”

Marchionne also reiterated that he believes Chrysler is on pace to hit its 2010 targets, pointing to its $143 million operating profit during the first quarter of the year.

link:

http://www.leftlanenews.com/marchionne-criticizes-european-governments-inaction.html

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this