Sunday, October 19, 2008

South Korea moves to prop up economy

South Korea announced Sunday it will guarantee $100 billion of foreign debt and supply $30 billion to troubled banks and exporters.

The government has blamed the foreign press for stirring up fears in the country, which has been one of Asian countries hardest hit by the financial crisis. The South Korean stock market has lost 38 percent of its value and the currency, the won, has been battered harder than any other on world markets.

South Korea to Guarantee Foreign Debt
Washington Post - 4 hours ago
By Blaine Harden TOKYO, Oct. 19 -- To shore up a tumbling stock market and a troubled currency, South Korea announced Sunday it would guarantee $100 billion of foreign debt and supply $30 billion to banks and exporters in urgent need of dollars.
S. Korea Backs $100 Billion in Debt to Calm Markets (Update2) Bloomberg
S.Korea to guarantee banks' foreign currency debts The Associated Press

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