US commercial banks met last night to continue talks on how to help South Korea emerge from its financial crisis, according to reports from New York. The meeting, which followed Monday's gathering of US bankers at the Federal Reserve Bank, reportedly dealt with ways to roll over Korean debt. Bankers agree on the pressing urgency to address Korea's problem of maturing short-term obligations, but the talks will revolve around methods of restructuring the country's public and private debt.
On Monday JP Morgan proposed a mammoth debt offering and swap arrangement. Meanwhile, South Korea reported a record balance of trade surplus in December, as a weaker won made exports cheaper in global markets and led to a steep decline in imports.