소장기록
제목SOUTH KOREA: CURRENT FINANCIAL CRISIS BLAMED ON CORRUPT DEALINGS
설명Possible bank failures following South Korea's bailout deal with the I-M-F have prompted speculation there could be even further job losses. South Korea's current financial crisis has been largely blamed on corrupt business dealings between conglomerates and commercial banks. The government announced early this week that it would consider selling off one of its commercial banks to a foreigner. Two weeks ago I-M-F officials revealed the terms of the record-breaking 57 billion (b) (US) dollar bailout package from the International Monetary Fund (IMF). Since then, South Koreans have been worried about massive redundancies. The I-M-F and South Korea have agreed to target growth at 2.5 per cent next year as a sacrifice for corporate and financial sector restructuring. That target is less than half the projected six per cent rate of growth this year. Furthermore, the financial sector will have to undergo serious restructuring. Under the terms of the I-M-F bailout package, the two commercial banks in most trouble would be allowed six months to clean up their acts. The government funnelled money into Korea First Bank and Seoul Bank last week. However, that failed to restore confidence in the market. Earlier this week, the government announced it would sell one of the two troubled banks to a foreigner. SOUNDBITE: (Korean) "If we can induce a third party or foreign investor in taking interest in the banks and facilitate M and A's (mergers and acquisitions) between the third party, foreign investor and the bank, that's the least costly way of managing the banking system." SUPER CAPTION: Inhyung Lee, Research Director, LG Economic Research Institute The day before the agreement was reached between South Korea and the I-M-F, the government ordered nine merchant banks to suspend their business until the end of this year. Sam Sam Merchant Bank was one of them. Illustrating how sensitive and abrupt the decision was, reporters and investors fought with workers of Sam Sam. The bank couldn't tell investors what would happen next. This investor was told to wait. He had invested his life savings and was living on interest payments. SOUNDBITE: (Korean) "I have about 500 (m) million won (50,000 dollars U-S) in the bank. To me, its all I have." SUPER CAPTION: Kim In-Gi, investor Five more merchant banks were ordered to suspend business. Then Coryo Securities declared bankruptcy, and a week later, Dong Suh Securities followed suit. Analysts blame the lack of consistency in government policy for the continuing market turmoil. They believe the debt-ridden commercial banks should be subject to closure and mergers - rather than being kept afloat by the government. Foreigners wonder if they can trust South Korea's ability to deal with its problems and if the country will play by the rules. SOUNDBITE: (Korean) "The finance ministry and the government should not come with policies based on vague speculation. What they have come with so far does not help in boosting international confidence in the Korean economy." SUPER CAPTION: Professor Shin Sung Ho, Business Administration, Hong Ik University With the election just one day away, the economy and prospects of lost jobs dominate discussions. SOUNDBITE: (Korean) "We must all vote and through the one person that we chose, even if he makes mistakes along the way, we must unite behind him. We can overcome the way." SUPER CAPTION: Choi Kyu Yul, Office Worker South Korean voters go to the polls on Thursday to elect the nation's 15th president. It is expected to be a difficult office to fill in a very difficult time. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1997-12-17
기록유형동영상
기록형태영상클립
주제IMF협상
연관링크https://youtu.be/nBOxFs8eHTY
식별번호KC-R-05364
제목SOUTH KOREA: CURRENT FINANCIAL CRISIS BLAMED ON CORRUPT DEALINGS
설명Possible bank failures following South Korea's bailout deal with the I-M-F have prompted speculation there could be even further job losses. South Korea's current financial crisis has been largely blamed on corrupt business dealings between conglomerates and commercial banks. The government announced early this week that it would consider selling off one of its commercial banks to a foreigner. Two weeks ago I-M-F officials revealed the terms of the record-breaking 57 billion (b) (US) dollar bailout package from the International Monetary Fund (IMF). Since then, South Koreans have been worried about massive redundancies. The I-M-F and South Korea have agreed to target growth at 2.5 per cent next year as a sacrifice for corporate and financial sector restructuring. That target is less than half the projected six per cent rate of growth this year. Furthermore, the financial sector will have to undergo serious restructuring. Under the terms of the I-M-F bailout package, the two commercial banks in most trouble would be allowed six months to clean up their acts. The government funnelled money into Korea First Bank and Seoul Bank last week. However, that failed to restore confidence in the market. Earlier this week, the government announced it would sell one of the two troubled banks to a foreigner. SOUNDBITE: (Korean) "If we can induce a third party or foreign investor in taking interest in the banks and facilitate M and A's (mergers and acquisitions) between the third party, foreign investor and the bank, that's the least costly way of managing the banking system." SUPER CAPTION: Inhyung Lee, Research Director, LG Economic Research Institute The day before the agreement was reached between South Korea and the I-M-F, the government ordered nine merchant banks to suspend their business until the end of this year. Sam Sam Merchant Bank was one of them. Illustrating how sensitive and abrupt the decision was, reporters and investors fought with workers of Sam Sam. The bank couldn't tell investors what would happen next. This investor was told to wait. He had invested his life savings and was living on interest payments. SOUNDBITE: (Korean) "I have about 500 (m) million won (50,000 dollars U-S) in the bank. To me, its all I have." SUPER CAPTION: Kim In-Gi, investor Five more merchant banks were ordered to suspend business. Then Coryo Securities declared bankruptcy, and a week later, Dong Suh Securities followed suit. Analysts blame the lack of consistency in government policy for the continuing market turmoil. They believe the debt-ridden commercial banks should be subject to closure and mergers - rather than being kept afloat by the government. Foreigners wonder if they can trust South Korea's ability to deal with its problems and if the country will play by the rules. SOUNDBITE: (Korean) "The finance ministry and the government should not come with policies based on vague speculation. What they have come with so far does not help in boosting international confidence in the Korean economy." SUPER CAPTION: Professor Shin Sung Ho, Business Administration, Hong Ik University With the election just one day away, the economy and prospects of lost jobs dominate discussions. SOUNDBITE: (Korean) "We must all vote and through the one person that we chose, even if he makes mistakes along the way, we must unite behind him. We can overcome the way." SUPER CAPTION: Choi Kyu Yul, Office Worker South Korean voters go to the polls on Thursday to elect the nation's 15th president. It is expected to be a difficult office to fill in a very difficult time. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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날짜1997-12-17
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연관링크https://youtu.be/nBOxFs8eHTY
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