South Korean cabinet endorses IMF agreement
Tuesday 02 December 1997
At the same time, the South Korean Finance Ministry suspended the business activities of eight merchant banks, according to the Korea Stock Exchange. The exchange said it had immediately suspended trading of the eight banks.
The IMF loan package had required Seoul to close or merge troubled banks and lower economic growth, Korean state media reported. State Korea Broadcasting System (KBS) said the Finance Minister Lim Chang-yuel agreed to liquidate the troubled merchant banks and allow third-party takeovers of commercial banks at a pre-dawn negotiating session with the IMF team in Seoul.
It also said Seoul had agreed to open its financial markets further.
But Mr Lim, who announced an initial agreement at midnight on Sunday only to see it come undone after reviewing it with IMF Managing Director Michel Camdessus later, stressed this was still a tentative agreement. The central Bank of Korea Governor Lee Kyung-shick was involved in the morning discussions to settle how the merchant banks would be liquidated and commercial banks merged or taken over by a third party.
Diving in at the deep end is no excuse for shirking the style stakes
- 2 Loom bands: Bids for dress made from colourful rubber reach almost £154,000 on eBay
- 3 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 4 Why I'm on the brink of burning my Israeli passport
- 5 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber reach almost £154,000 on eBay
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£50000 - £70000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£300 - £350 per day + competitive: Orgtel: My client, a leading bank, is curre...
£28000 - £32000 per annum + pension, 25 days holiday: Ashdown Group: A highly ...
Negotiable: Randstad Education Birmingham: Randstad Education are seeking a Fi...