Mr Ghosn said the crisis was above all financial and the sector depended a lot on credit.

Mr Ghosn said the crisis was above all financial and the sector depended a lot on credit.

'If the financial markets remain what they are we will all be having problems,' he said, adding the carmakers needed financing at 'reasonable' interest rates of 4 to 5 percent for two to three year terms in 2009.

French President Nicolas Sarkozy has summoned Ghosn and Christian Streiff of PSA Peugeot Citroen for a meeting on Monday after he had promised to help the sector if makers promised not to transfer any jobs abroad. Renault, PSA and carparts group Faurecia are shedding several thousands of job in France to face the sales and output drop.

Mr Ghosn said the authorities understood the seriousness of the situation and he expected concrete action in the coming weeks.