After the U.S. market meltdown, which resulted in General Motors and Chrysler receiving a bailout, the two automakers along with Ford recovered quickly and are now posting near-record profits.

However, it seems that Detroit's Big Three have to face the fact that, even though their sales are blooming in most parts of the world, the European debt crisis will put their local operations in the red.

According to a report from the Detroit News, GM’s Opel/Vauxhall and its French partner PSA Peugeot Citroen, Ford of Europe and Fiat will lose a combined US$4 billion this year because sales in the Old Continent are slumping to their lowest levels since the mid-1990s.

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