If you think bailing out automakers is a strictly American concern, it is not. Many countries are pouring billions into their respective automotive companies. France has already pledged a billion euros — $1.4 billion U.S. — to French automakers Renault and PSA. The European Union also plans $36 billion in aid to auto and construction companies throughout the continent.
Now, French president Nicolas Sarkozy is advocating even more aid through some sort of deal to ease credit for buyers. He hasn’t specified how he plans to do this.
France’s auto industry has been hit extremely hard by the global economic crisis, but the industry remains vitally important to the country’s economy. The French auto industry employs or supports nearly 10% of the country’s workforce.
Sarkozy mulls help for French carmakers (FinancialTimes)