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Berlin gives Opel sixty days to survive

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Berlin gives Opel sixty days to survive

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Some workers at German carmaker, Opel, have welcomed the sacking of the head of its US owners General Motors.

“I think he should’ve been fired a lot earlier,” said one worker. With no sign of a private investor coming forward with a rescue plan, the immediate future of Opel and its UK based Vauxhall unit remains uncertain. But Germany’s Economy Minister Karl-Theodore zu Guttenberg says Rick Waggoner’s departure will buy the government more time to find a solution. “This decision will give us an extra 60 days,” he said. GM Europe says it needs about 3 billion euros to keep running. Berlin is refusing to directly bail out the struggling carmaker but it could provide loan guarantees in order to attract investors.