Italy Approves Guarantee for 6.3-Billion-Euro Fiat Chrysler Loan

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Italy gave the green light Wednesday to providing a state guarantee for a 6.3-billion-euro ($7.1 billion) loan to Fiat Chrysler as the automaker struggles with the impact of the coronavirus.

The loan, which includes conditions not to relocate or cut jobs as the firm merges with French rival PSA, is "an operation that aims to preserve and reinforce the Italian auto industry," said Economy Minister Roberto Gualtieri in a statement.