EU to prevent general bankruptcy legacy Europe

Brussels, May 28 (Xinhua) Economic and financial observation: the EU to prevent the general bankruptcy legacy European auto industry giant General Motors Company is on the verge of bankruptcy, Europe on the other side of the Atlantic also secretly pinch a sweat.　　To avoid a general bankruptcy legacy Europe, EU Member States are seeking to strengthen internal coordination and establish a "joint defence". The European Commission announced 28th that the 27-member economic or industry ministers of the European Union would convene an emergency meeting in Brussels on 29th to discuss how to co-ordinate efforts to deal with GM's bankruptcy and to work together to save GM's subsidiaries in Europe, such as Opel Motor Corp.　　Vanlierop, deputy chairman of the European Commission and Verheugen, spokesman for the business and industry affairs, said the meeting was aimed at informing each other and seeking greater coordination. GM's impending bankruptcy makes the fortunes of the company's European companies increasingly worrisome, especially for the already beleaguered Opel auto company.　　At present, GM has three major brands in Europe, namely Opel Motor Company with factories in Germany, Belgium, Poland and Spain, Vauxhall Motor Company in Britain and Saab Motor Company in Sweden, the total number of employees is estimated at about 55,000.　　The EU Member States are worried that if GM goes bust, it could spill over to its own companies and cause large numbers of people to lose their jobs, so members are trying to keep their factories safe from the impact of GM's bankruptcy. As part of GM's global restructuring plan, GM's European Board of Supervisors 27th agreed with Germany to separate Opel from GM's parent company to prepare for sale.　　German government spokesman Thomas Steig said Opel was stripped of GM to win time for talks between Opel and investors, and to avoid damage to Opel after GM's bankruptcy. It would be a good choice to make Opel easy for the owners to regain their new life. Later in the day, the German government negotiated with GM and US government representatives and investors over the sale of Opel, but the parties failed to reach an agreement that the German government would provide Opel with emergency funds to maintain its operation once it went bankrupt.　　At the moment, the Italian Fiat Motor Company and the Canadian auto parts maker Macquarie are among several companies involved in the takeover of Opel, which are expected to win the most.　　But Germany's efforts to save Opel have alarmed other EU members such as Belgium, fearing that the German government could come to a private agreement with Opel's buyers not to close factories in Germany in order to maintain employment, which would at the expense of other countries. There is indeed a precedent for such a practice.　　The French government was opposed by the European Commission when it announced that it would not close its factories in the country shortly after announcing a € 6 billion bailout for its carmakers. To this end, Belgian Prime Minister Rompuy recently wrote to German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso, called on the fate of Opel should let other EU countries also have the say, not the German family to decide. Van Rompuy said GM's European carmakers, such as Opel, areA European country has a factory, and the decision-making process should also be participatory, with one country deciding that the problem of a European enterprise is not in line with EU requirements.　　Jonathan Tode, a spokesman for the European Commission for Competition, said 28th that the European Commission is keeping in touch with the governments of the countries concerned to ensure that countries are complying with EU government subsidies when providing bailouts for companies such as Opel, and will not jeopardize competition in the EU's single market, causing factories in other countries to close. The 29th emergency meeting was convened to strengthen intra-EU coordination, the second time this year that the EU has held a meeting to save Opel. It remains to be seen how Europe could escape the brink of bankruptcy.