I've been criticising China for pouring so much money into its shipyards even though very few new ships will be needed over the next few years.
Turns out that Germany is doing the same thing, albeit on a much smaller scale:
The Wadan shipyards in East Germany are Germany's third biggest yard. After receiving 167 m € in aid from state and federal government a few months ago, the Russian and Korean owners refused to inject more money, and the company went into insolvency proceedings. Now, the government is apparently in the process of approving an insolvency credit line ("Massekredit") of 190 m €, so that the shipyards can finish their ongoing projects.
Inconvenient detail: Apparently, the buyers of the ships have no financing, so it's highly doubtful that they'll pay. And when they're done building those ships, there are no new orders waiting. But hey, the 190 m € will help maintain the 2,500 jobs for a few more months. What's a mere 80,000 € per job, if it means that those 2,500 people will be able postpone their unemployment by a few more months...
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Shaun Rein on the TSM
vor 10 Monaten
You might find that expensive, but think again: A few month is long enough to postpone the unemployment to a date after the general election. Would be bad to admit that the government sunk 167 Million before the election.
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