EU warns France about auto rescue plan
Wednesday, February 11, 2009 On Monday, France announced a rescue plan for its struggling automotive industry. The plan totals €6.5 billion (US$8.5 billion). The European Commission, which enforces European Union legislation, said the conditions may break EU rules. The plan calls for PSA Peugeot Citroën and Renault, the two largest French automakers, to receive a five-year loan of €3 billion at 6% interest, each. Meanwhile, Renault Trucks, which is owned by Volvo Group of Sweden, will receive a €500 million loan. French President Nicolas Sarkozy said that the funds should