Sounds as though the White House has in-effect forced a reorganization upon the automakers in exchange for $17.4 bln. Wages and work rules must be competitive with foreign makers by the end of next year and the government gets warrants in return for the loans. Not a huge surprise. It will be interesting to see how the unions respond. The details must be worked out bu March 31.
Stocks are rallying and EUR/JPY is rising as the risk-assumption trade seems to be back in vogue.