TURIN, Italy Nov 19 Possible government aid for
Europe's ailing car industry should be broad based and not
selective, Fiat SpA FIA.MI Chief Executive Officer Sergio
Marchionne said on Wednesday.
The European Union is studying support for its carmakers,
and Industry Commissioner Guenter Verheugen has signalled
support for a German offer to help the Opel unit of General
Motors Corp (GM.N). [ID:nLI591060]
"Either it (aid) is for everyone or for no one," Marchionne
said on the sidelines of a conference between Italian and
Brazilian business leaders.
Marchionne said it was necessary to monitor developments in
the United States "because it could affect the equilibrium in
U.S. auto executives told Congress on Tuesday
that their industry was teetering on the brink of disaster as
they pleaded for a $25 billion aid package despite political
opposition to another multi-billion-dollar government bailout.
Treasury Secretary Henry Paulson said that while it would
not be a good thing to let an automaker fail, the $700 billion
Troubled Asset Relief Program (TARP) fund should not be used to
prevent such a failure. [ID:nWBT010150]
German Chancellor Angela Merkel said on Tuesday any measures
the United States may take should not harm European carmakers.
Marchionne said if support was given to Opel in Europe it
would be impossible to exclude other producers.
The Fiat chief said he had not asked Italy for support since
it would not be right at this time.
"Whether Fiat needs (support) or not is another question. If
support were forthcoming it would be appreciated," he said.
(Reporting by Gianni Montani; Writing by Stephen Jewkes;
Editing by Greg Mahlich)