General Motors bankruptcy and saving Opel from insolvency

Germany seem a lot happier now since the events that unfolded on Saturday, a new deal with Magna, General Motors and the U.S. government have helped to save Opel from the bankruptcy of GM, which they have since filed for today.

The accord to save Opel still needs final approval, but it looks as though 50,000 workers will be saved. Reuters reports that U.S. President Barack Obama will visit Germany sometime this week, and that a phone call that he made helped to swing the deal to save Opel.

The phone call certainly helped to clear a few hurdles over the financing, which was about to affect the deal. Opel workers who arrived at work on the Saturday morning hugged each other, after learning that their jobs were now safe.