Korea could need $100bn rescue as currency dives
Article Abstract:
It is possible that South Korea will require as much as $100 billion from the International Monetary Fund (IMF) to overcome the crisis in its financial markets. The South Korean government is still insisting that it does not require IMF assistance, and is expected to seek direct bilateral aid from Japan and the US or from a group of neighbouring countries. The country officially has $30.5 billion in foreign reserves, but many experts believe that a large part of this has been spent on seeking to protect the value of the Korean won.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
World Bank makes $3bn loan as South Korean won hits low
Article Abstract:
There is widespread concern about the very fragile state of financial markets in South Korea, which now has total foreign debt of around $280 billion. The financial crisis there has prompted the World Bank to disburse a $3 billion loan, part of an International Monetary Fund rescue package. The International Monetary Fund believes that this loan will be sufficient to stave off a worsening of the crisis, and the Bank of Korea has issued a reassurance that there is no possibility of sovereign default.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
South Korea close to rescue deal with bankers as Asian currencies tumble further
Article Abstract:
It seems increasingly likely that the international financial community will be able to agree a rescue plan for South Korea. International banks are currently negotiating with South Korean officials in the US to try to reach an agreement to reschedule the $100 billion of short-term loans which South Korea is believed to have outstanding to its banks and industrial companies. A loan of $8 billion promised by the G-7 leading industrial companies will not be made if an agreement is not reached.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Fraud suspected as court moves to freeze Morgan fund manager's assets. Morgan facing claims avalanche from investors
- Abstracts: Stock markets take a bath after Intel profit warning. World markets spooked by fresh S Korean crisis
- Abstracts: Sounds of blackness. The voice of the Sixties. We are Talkin' Verve. The original blues brothers
- Abstracts: Danger up ahead for trackers? A fund manager with nine lives. For investors of a nervous disposition