First Rover - now Fiat

[ZitMeister]

Car sales across Europe fell for the fifth straight month in May, led by grim results from Fiat, Mercedes, Jaguar, and Saab.

The Fiat Group plunged 25.5pc as Italy's worst economic crisis since the Second World War scared consumers away from showrooms, while a strike by lorry-drivers delayed car deliveries.

Carlo de Benedetti, the ex-head of Olivetti and a former top Fiat executive, said yesterday nothing could save the cost-laden company from a calamitous downwards spiral.

"I am sorry to say that Fiat no longer has any hope. It is in trouble because it has been protected, and those who have been over-protected always succumb to the first infection that comes along," he said, adding that Italy's economic crisis was far worse than generally understood.

The good news is with the African debt relief package going through, Mercedes and BMW sales should pick up and this could be the final nail in the coffin of the Euro

In 1865, France, Belgium, Italy, and Switzerland (joined in 1868 by Greece) agreed to form the Latin Monetary Union which had Italy as the weakest member

Deja Vu all over again methinks

[BlasterBates]

I'm a bit confused ZitMeister.

First Rover and now Fiat huh?

I wasn't aware that Rover produced in the Euro zone.

...and what about BMW, is doing well, is that because of the Euro?

What you seem to be doing is taking bad news and then add the word "Euro".

All a bit weird really, but each to his own.

[ZitMeister]

Just making the point that most car companies are in a bad way - GM , Ford etc and it looks like Fiat could go the same way as Rover.
Italy being in the Euro cant do anything about its economy - it would normally devalue the lira and the carry on to the next crisis.
History shows that monetary union in Europe is a tale of failed experiments.

[BlasterBates]

...yeah but what I don't understand is how Rover could go bankrupt because of the "Euro".

You say first Rover, which isn't in the Euro, now Fiat. But if Rover isn't in the Euro and goes under, why should not being in the Euro help Fiat,

...and

The dollar has devalued by an enormous amount but GM is still going under...

...or am I missing something :\

[ZitMeister]

yeah but what I don't understand is how Rover could go bankrupt because of the "Euro".

I didnt say that Rover went bust because of the Euro.
I am saying that Fiat could go bust as Rover is now - bust.

Then I went on to say that Fiat's and Italys problem is because of the Euro.
The article from the Telegraph is an example of the Italians complaining about the straitjacket of the Euro. There has been plenty of examples lately of some of them wanting a return to the lira. In the past thats how they kept their economy competitive against the germans - they just devalued

The gist is - thank god we are outside the euro zone

[MisterGoof]

Fiat have been in trouble for years, they have only been saved by investment fro the Italian government.

does that mean Schume... is gonna get his P45?

[SupremeSpod]

Looks like Europe is turning to rattulip!

Kinnock and his missus best start looking for new jobs!

<toot><toot>!!!

[BlasterBates]

The gist is - thank god we are outside the euro zone

Well this statement makes sense...

but has nothing to do with the disconnected statements about Rover GM etc being in trouble that aren't in the Euro.


...strange

[ZitMeister]

statements about Rover GM etc being in trouble that aren't in the Euro.

.... even stranger if you read it that way

[sasguru]

Yes you acne-ridden master, you.

Learn to make your arguments more coherent or else you will be doing the anti euro faction forum more of a disservice than otherwise. A little like Chico is not a good advertisement for God.