Economy

No Swedish State Loans to Save Saab

The Swedish government has reconfirmed its refusal to provide any loan to the troubled American-owned Swedish company, Saab - arguing that the government is not in the automobile business.

The company was hoping to get this back-up before next week's crucial discussions with the mother company General Motors, which is determined to sell Saab.

New breakdowns in the complicated sales negotiations have sparked new concern over the fate of Saab and the thousands of jobs both in the company and in the many Swedish firms providing parts and services. Saab has been in the red every year since General Motors bought the company some 20 years ago.

Meanwhile, news reports say that the Chinese auto company Geely has come up with enough financing to buy Sweden's other troubled car company, Volvo – on sale by its American Ford owners.

Geely says it is fully occupied by the Volvo deal and has no intention of buying Saab.

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