  We study the generalized Oldroyd model with viscosity depending on the shear
stress behaving like $\mu(\mathbf{D}) \sim |\mathbf{D}|^{p-2}$ ($p>\frac 65$)
regularized by a nonlinear stress diffusion. Using the Lipschitz truncation
method we are able to prove global existence of weak solution to the
corresponding system of partial differential equations.
