Taxpayers will lose $3.3 billion more on the auto industry bailout than the government predicted two months ago, hurt by General Motors’ falling stock price.
Taxpayers will lose $3.3 billion more on the auto industry bailout than the government predicted two months ago, hurt by General Motors’ falling stock price.
The Treasury Department expects to lose $25.05 billion on the bailout, up from a previous estimated loss of $21.7 billion. GM’s stock price fell 15 percent during that period.
The government spent about $80 billion to bail out GM, Chrysler and Ally Financial, the former finance arm of GM.
So far it’s gotten back just over $37 billion.
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The International Monetary Fund said Friday that substantial risks still loom for the Cypriot economy even after a multi-billion dollar international bailout aimed at averting a debt default.
The cost of bailing out Cyprus has swollen to 23 billion euros ($30 billion), with the crisis-hit country having to take on the lion’s share of the measures needed to avoid bankruptcy, according to a draft document by the country’s international creditors.
Banks in Cyprus are to open for the first time in more than a week today, operating for six hours from noon, but restrictions will be in place on financial transactions to prevent people from draining their accounts.
Financially struggling Greece said Wednesday it achieved a primary budget surplus of 508 million euros ($665 million) in the first quarter despite weakening revenues, beating targets agreed with rescue lenders, and managed to lower its deficit more than expected last year to 6 percent of output.
The government has sold another piece of its stake in General Motors Co.
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