The head of EADS, owner of Airbus, has accused European banks of refusing to extend credit to airlines committed to buying new planes even when government export agency guarantees were in place, the Guardian reported.
Louis Gallois said EADS was prepared to draw on its huge cash pile of euros US$12 billion to extend loans to struggling airlines and even component suppliers in order to keep the Airbus production lines going.
Gallois made it plain that the group could be forced to cut jobs, reduce production rates and slash spending as the financial crisis deepened and airlines delayed or cancelled orders for new planes. |
