Article of the Day: VW Taking out Multi-Billion Dollar Loan

Volkswagen is set to take out a 20 Billion Euro ($21 Billion) loan in order to help out with the emissions scandal. The automaker will spread out the debt among several banks, and will start to pay back the banks as soon as Spring 2016. The banks may charge up to $160 million in fees as well. VW applied for these loans weeks ago in order to cushion the expected amount of fines from the scandal, but the situation has worsened since. In addition to the loans, VW continues to search internally for money, by reducing the R&D budget by the equivalent of $1.1 billion in 2016, and they might close the Phaeton's factory in Dresden, Germany. They do want to keep jobs safe though. Overall, the scandal could end up costing VW up to $82.5 Billion, according to a Credit Suisse estimate. 

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