United States Foreign Aid South Korea

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.

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.