President Obama announced this afternoon that Chrysler will seek bankruptcy and enter an alliance with Fiat.
The American government will support Chrysler through the bankruptcy process and afterwards in a total of up to $8 billion. It is also expected that the Canadian government will provide $1 for every $3 in American support.
In the Fiat agreement, Fiat will provide technical operations and build at least one vehicle model in a Chrysler plant.
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