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White House Announces Chrysler Bankruptcy

President Obama announced this afternoon that Chrysler will seek bankruptcy and enter an alliance with Fiat.

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President Obama announced this afternoon that Chrysler will seek bankruptcy and enter an alliance with Fiat.

The American government will support Chrysler through the bankruptcy process and afterwards in a total of up to $8 billion. It is also expected that the Canadian government will provide $1 for every $3 in American support.

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