January 29, 1998 |
South Korea and its international creditors agreed late Wednesday to restructure $24 billion of South Korean bank debt, a big step toward restoring stability to the nation's financial system. The bank debt will be exchanged for South Korean government-backed loans due in one to three years. "Today's agreement is a key step toward Korea's goal of returning shortly to the international capital markets," said William Rhodes, vice chairman at Citicorp, one of the banks that led the negotiations.
January 17, 1998 |
International lenders Friday officially completed a plan to roll over South Korean short-term debt through March 31, a source close to the talks told Reuters. "It gives us the time to sit down and work out an agreement with the Koreans longer term," the source said. U.S. Deputy Treasury Secretary Lawrence Summers had said South Korea needs to strike a deal with international lenders "as rapidly as practicable" to roll over its short-term debt and strengthen investor confidence.
January 9, 1998 |
A coalition of major international banks Thursday agreed to keep extending the due dates of South Korean loans until negotiators can finish devising a longer-term fix for the nation's financial crisis. The meeting, held at Citicorp's Manhattan headquarters, involved 18 commercial and investment banks, South Korean government officials and representatives of the International Monetary Fund, which has fashioned a $60-billion public-sector bailout for the cash-strapped nation.
January 6, 1998 |
South Korean government officials had their first face-to-face meeting with international lenders here Monday on what was described as a three-pronged plan for protecting the Koreans against defaulting on loans at least through March. Chung In Yong, a former ambassador advising the incoming government of President-elect Kim Dae Jung, heard a range of proposals for managing the country's crushing short-term debt and raising $10 billion or more in new capital.
December 31, 1997 |
Signaling its approval of economic reforms in South Korea, the International Monetary Fund on Tuesday disbursed an accelerated $2-billion payment to the cash-strapped nation. The money is the IMF's share of a $10-billion emergency credit package that it and 13 industrialized nations assembled last week in an effort to ease South Korea's financial crisis.
December 25, 1997 |
The world's major industrial nations, pressed to act faster to alleviate South Korea's deepening financial crisis, announced Wednesday that they will speed up about $10 billion in already promised loans to help stabilize the country's financial markets and stem the outflow of dollars. The move came as the Japanese government also announced new steps to stabilize the ailing Japanese banking system.