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South Korea Foreign Debt

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BUSINESS
January 9, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
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BUSINESS
January 29, 1998 | From Bloomberg News
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.
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BUSINESS
January 6, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
January 9, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
January 29, 1998 | From Bloomberg News
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.
CALIFORNIA | LOCAL
November 21, 1997
South Korea took a fiscally responsible move today in deciding to seek help from the International Monetary Fund. Seoul's reluctance to tap the institution that the world looks to for the rescue of economically ailing nations had been further eroding confidence in the battered economy. Eventually the government set aside politics and fear of humiliation to do the right thing. South Korea reportedly has decided to seek a bailout package of about $60 billion, the biggest of its kind ever.
BUSINESS
September 9, 1985 | SAM JAMESON, Times Staff Writer
With their export-reliant economy already in trouble, South Koreans breathed a sigh of relief recently when President Reagan decided against imposing restrictions on imports of shoes into the United States. But their gratitude is tempered by worries about even more serious American threats to their economy. Topping the list is a proposed textile and apparel trade enforcement act, which U.S. congressmen have predicted will be enacted this fall.
BUSINESS
December 29, 1988 | From Reuters
South Korea, once one of the world's biggest borrowers, is expected to turn the tables next year and become a net creditor nation. From being the world's fourth-largest debtor in mid-1986 with a debt of $47.4 billion, South Korea's outstanding foreign debt should drop well below $30 billion in 1989, by which time its foreign assets should be worth nearly $32 billion, officials of the Economic Planning Board said.
BUSINESS
July 3, 1989 | SAM JAMESON, Times Staff Writer
In a move heralding an emerging South Korean role in overseas investment, Sammi Special Steel Corp. is about to become the first Korean firm to buy American factories. Moreover, $180 million of the $220-million deal will be financed by an international syndicate of banks led by a South Korean bank, a sign of South Korea's growing financial strength. South Korea, once deeply in debt, will enter the ranks of net creditors this year, Kim Kun, a Bank of Korea governor, said in a recent interview.
NEWS
December 30, 1997 | THOMAS S. MULLIGAN and DAVID HOLLEY, TIMES STAFF WRITERS
Major international banks, scrambling to contain South Korea's spreading economic crisis, agreed Monday to give Seoul some financial breathing room by pushing back the due dates on billions of dollars' worth of loans coming due in the next few weeks. The agreement within the high-powered banking fraternity came on the heels of the enactment of major, if belated, financial reforms by South Korea's parliament as the world's 11th-largest economy bowed to pressure from abroad.
BUSINESS
January 6, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
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.
BUSINESS
February 27, 1988 | SAM JAMESON, Times Staff Writer
Treasury Secretary James A. Baker III called Friday for South Korea to cut its growing trade surplus with the United States by lowering its "high tariffs" and letting its currency rise in value to "reflect fully the underlying strength of the Korean economy."
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