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GM Refutes Brazilian Bailout Bucks
(posted Feb 9)
Detroit General Motors is refuting a Latin American Herald Tribune article that says funding coming from the US government stimulus package will be used to renovate GM's Brazilian operations. The article quoted Jamie Ardila, president of GM Brazil-Mercosur.
Detroit GM Spokesperson Geri Lama wants to set the record straight.
"GM is not using US Government loans to invest in Brazil.
The claims that General Motors is planning to invest $1 billion of US federal
aid money in its Brazilian operations is unequivocally wrong and without
any basis in fact. No monies from a U.S. government loan would be allocated
to investments in Brazil.
In the case of Brazil, GM has $1 billion in investments that have been announced over the last two years.
These investments are fully financed by GM's Brazilian operations through local sources. GM's operations in Brazil are fully self-funded." |
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