President Obama announced this afternoon that Chrysler will seekbankruptcy and enter an alliance with Fiat.
The American government will support Chrysler through thebankruptcy process and afterwards in a total of up to $8 billion.It is also expected that the Canadian government will provide $1for every $3 in American support.
In the Fiat agreement, Fiat will provide technical operationsand build at least one vehicle model in a Chrysler plant.
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