Turin, Italy-based high-end automobile manufacturer, Fiat S.p.A. says significant job losses are due unless the government comprises a suitable bailout package for the company.

“Without a government intervention, the risk that 60,000 workers in the auto sector will have to stay at home is real,” said Sergio Marchionne, CEO of Fiat, in the Italian newspaper “La Reppublica,” on Tuesday, according to Al Jazeera’s translation. Italy’s car industry employs 375,000 workers - the majority of which are employed directly under Fiat.

Fiat recently struck a deal with Chrysler ensuring Fiat 35 per cent stake in the company in the new partnership, a move which many question whether is handing the Italian manufacturer any good cards.

A crucial meeting is being held tomorrow with Mr. Marchionne, and Vice-Chairman John Elkann will be meeting with a number of other car industry executives and Italy’s relevant ministers to discuss the possibility of recovery and bailout packages.

The company is meeting with a number of banks in effort to strike a 3.3 billion Euro credit deal to cover debt which matures this year.

Fiat lost a small amount in trading on the Milan Stock Exchange, Tuesday.

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