The car manufacturers of Europe will ask for $55 billion in loan guarantees to upgrade their factories to build more fuel-efficient cars. The proposed arrangement looks a lot like the one just put together by the U.S. government and the Big Three American automakers.

According to The Wall Street Journal (subscription required), "Fiat suggested the request to European auto executives at a board meeting of ACEA, the European Auto Makers Association on Friday."

Perhaps Japanese, Chinese, and Korean car companies can call for similar help, and the value of auto loan guarantees around the world can approach $200 billion.

While governments try to bear the burden of a worldwide financial meltdown, more and more struggling industries will ask for assistance. The airline industry may be next; it's being badly hurt by high fuel prices. Food companies may want aid because of rising commodities costs. Refiners are being hurt by high oil prices and may need a hand as well.

So, the question becomes, will governments decide which industries make it?

Douglas A. McIntyre is an editor at 247wallst.com.