Canadian PM says country had to bail out GM

Published: Jun. 1, 2009 at 8:35 PM CDT
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TORONTO (AP) - Canada's prime minister says the country would have lost hundreds of thousands of jobs if it hadn't joined with the U.S. government in bailing out General Motors.

Prime Minister Stephen Harper said Monday the $9.5 billion that Canadian taxpayers are providing to bail out General Motors is a regrettable but necessary step to keep GM in Canada.

The Canadian and Ontario governments will own 12 percent of a restructured GM.

Canada will appoint one independent director.

Under the deal, GM will not file for bankruptcy protection in Canada as it has in the United States.

(Copyright 2009 by The Associated Press. All Rights Reserved.)