General Motors has pulled its European applications for Opel loan guarantees and says it will fund all requirements internally.

The sudden news follows last week’s controversial German government decision to refuse a EUR1.3bn loan guarantee request from Opel.

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Opel had instead turned to a combination of German Länder (regional states) and the European Investment Bank, but is now citing the potential for considerable delay as a reason for withdrawing all loan guarantee requests.

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