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In recent days, Premier Jason Kenney has floated the idea of a credit facility for the industry similar to the U.S. Troubled Asset Relief Program (TARP) that bailed out banks and automobile companies during the 2008-09 financial crisis. A TARP-style program would see Ottawa purchase shares in distressed oil and gas companies – similar to what Canada did for the auto industry in 2008.
As federal-provincial negotiations continued, Alberta CEOs released a letter to Prime Minister Justin Trudeau – signed by 65 executives – asking for the creation of a TARP to purchase distressed assets, suspension of the federal carbon tax and all income tax at every level and urged the banks to provide no-interest loans and loan guarantees.
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