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Carmakers May Need EU Bailout Of $19 Billion

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The European Union should be prepared to quadruple loans for the car industry this year to 15 billion euros ($19 billion) because of the economic slump, said Carlos Ghosn, chief executive officer of Renault SA, France's second- biggest automaker.

The European Investment Bank, the EU's lending arm, has a 2009 lending target for green-transport projects including cleaner cars of 4 billion euros. New EU rules meant to fight climate change will cap carbon dioxide from cars starting in 2012, forcing the industry to reduce emissions.

Read the whole story at Bloomberg.com