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Sweden plans $3.4B auto bailout; won't buy Saab, Volvo
The Swedish government on Thursday unveiled a 28 billion kronor ($3.4 billion) support package for the nation's ailing auto industry but insisted it won't buy Volvo or Saab from their U.S. owners.

The plan offers credit guarantees, emergency loans and research funds to boost companies in what's called the "Swedish automotive cluster," the center-right government said.

It was announced just hours after the U.S. House of Representatives approved a bill to get $15 billion in emergency loans to the struggling U.S. auto industry.

Democrats and the White House hoped the bill could be enacted by week's end, but it is jeopardized by opposition from Republicans in the Senate.

Carmakers Volvo and Saab have appealed to the Swedish government for support because of the financial woes of their U.S. owners, Ford Motor (F) and General Motors (GM), which are focusing on saving their American brands.
http://www.usatoday.com/money/autos/2008-12-11-sweden-auto-bailout_N.htm?csp=34