Germans cling on to Opel

US citizens take a relaxed view of potential bankruptcy at General Motors (GM), but not so the Germans, the daily Die Presse writes: "So now a bankrupt GM is no longer a taboo either. The flagship of the US economy filing for bankruptcy? Why not. There's no time for nostalgia. 76 percent oppose further state aid for the company. … However the Germans, as poets and profound thinkers, take a different, almost metaphysical view of the matter: they see Opel - which for 80 years has been a GM brand - as somehow independent of its moribund mother. And somewhat poetically they hope an oil sheikh will come and save the company from disaster. One dyed black, red and gold: Opel is so proud and systemic that the state has no option but to save it - even if it distorts the market in doing so and destroys more jobs than it saves in the long term. The pressure on Angela Merkel is mounting, and as the elections draw closer folly gains the upper hand."

» full article (external link, German)
More from the press review on the subject » Economic Policy, » Germany, » U.S., » Global
All available articles from » Karl Gaulhofer

» To the complete press review of Tuesday, April 14, 2009