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U.S. markets recover from steep losses
DETROIT, Feb. 18 (UPI) -- Swedish Industry Minister Maud Olofsson said the government would not intervene to prevent automaker Saab, owned by General Motors Corp, from going bust.
GM has asked Sweden for help keeping Saab afloat, saying it could be bankrupt within 10 days, The Times of London reported Wednesday.
"Given the urgency of stemming sizable cash demands associated with Saab operations, GM is requesting Swedish Government support prior to any sale," GM said.
But Olofsson signaled help was not forthcoming.
"The Swedish state and taxpayers in Sweden will not own car factories," Olofsson said.
Olofsson said Saab had asked for $568 million, but the company "has been running at a loss for so many years it would be irresponsible for me to stand here and say, sure, we are going to use taxpayer money in this way," Olofsson said.
"I don't think I was elected to do that," she said.
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