BBC News reports that the European Commission has called for a crisis meeting among EU states hosting General Motors (GM) plants.
EU Industry Commissioner Guenter Verheugen said that the way GM was “dealing with the issue of Europe is not acceptable”. He may be of the opinion that GM will cut loose it European operations in a desperate attempt to stay afloat. Like an overcrowded lifeboat GM may see ditching it’s European interests as the only way it can survice after the troubled carmaker’s auditors said there was “substantial doubt” about the ability of General Motors to stay afloat.
Last week GM posted a $30.9bn (£21.9bn) loss for 2008 and it also warned that 2009 was set to be “challenging” (really?)
Shares in General Motors fell more than 15% in New York trading.