Volkswagen CEO criticises French bail out plan
February 17, 2009 by Matt Brogan
Volkswagen CEO Martin Winterkorn has joined mounting criticism from EU partners labelling the French government’s announcement of a 6 billion euro ($11.7 billion AUD) loan to domestic car manufacturers as protectionist.
The loan was granted to Renault and PSA/Peugeot-Citroen in return for a pledge not to close French sites.
“No one would be helped (from this decision),” Winterkorn said. “Not workers, companies or customers if the protectionism of France’s agriculture policies is now transferred to the car sector. Europe has benefited tremendously thanks to the free trade of goods and services. Anything less than that would be a giant step backwards with fatal consequences.”
German Finance Minister Peer Steinbrueck warned on Friday of a rising threat to free trade and said major powers needed to ensure they did not descend into the same destructive protectionist spiral seen in the 1930s.
As the world’s top exporter of goods, Germany is particularly vulnerable to any rise in protectionism.
Print it: 
“of a 6 billion euro ($7.8 billion AUD)”
I wish I could get that exchange rate :p
Sorry about that – fixed now.
sacre bleu
The french government are just afraid of their unionist work force going strike crazy again
Too right Huge. Is this VW crying wolf, they according to my knowledge have not critcised the UK Gov for assisting UK based manufacturers.
He obviously missed the CA story about the German government to further assist the car industry. People have stopped buying large items like cars.
Car industries are struggling to sell within their own country let alone exports.