As members of the U.S. Congress debate whether or not to provide a bailout to the U.S. domestic automakers, France has decided to do just that for its auto manufacturers.French President Nicolas Sarkozy said that the French government would announce a “rather massive” plan within the next week to two weeks.
We are not aware of the problems with the French auto industry because of our focus on our own. But French companies have had to reduce production and has shut down factories for the holidays to save money.
Up to 10 percent of the French working force is involved in its automobile industry.
Our two cents. It is expected that some European countries would get involved in bailing out a troubled industry, especially France. Such socialists moves are in their history. But such actions taken by countries in Europe and other regions of the world are sure to influence the U.S. and its decision whether or not to bail out our own auto industry. The pressure just may be too great.