Nov 24th, 2009 by Ross Edwards
General Motors has repaid the 1.5 billion euros bridge loan extended to it by the German government. The loan was intended to keep the German carmaker Opel alive long enough to be sold, most likely to Canadian auto parts company Magna International. GM angered German Chancellor Angela Merkel, along with many other German politicians, when it decided to keep Opel instead of selling.
“I would have preferred that the bridge ended differently, that’s no secret,” Chancellor Merkel said.
GM’s ability to repay its bridge loan in Germany is a good sign for America, where some wondered if the loans extended to GM and Chrysler were nothing but handouts that would never be repaid. GM has said that it will repay the loan from the United States government on schedule.
Merkel also said that the German government will create a “credit mediator” to work with companies and banks to promote lending and take some of the burden of economic growth off of the government, according to the Wall Street Journal.
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