Word: koreanness
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Dates: during 1990-1999
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That's where Treasury Secretary Robert Rubin met on Dec. 18 with Federal Reserve Chairman Alan Greenspan and their top aides to craft a new approach to the Korean credit crisis, which they had long underestimated, at least in public. The three-hour dinner was a turning point in a months-long U.S. journey from backroom player to more visible leader in a global effort to solve the financial crunch. For months, Rubin & Co. had played down the crisis and balked at committing U.S. taxpayer dollars to a bailout that would help South Korea and the big financial institutions around...
...turmoil, fears that the IMF's largest-ever handout would not salvage matters dragged down every Asian market and currency, especially Seoul's. That situation could reverberate ruinously in Japan. Not only is Korea in hock to Japan for at least $24 billion, but a further deterioration of the Korean won--which has lost a staggering 50% of its value against the U.S. dollar this year--would make it harder for Japanese products to compete with Korean exports, from cars to steel to electronics. That in turn would plunge Japan deeper into the recession that now looms as a strong...
...huge foreign-currency reserves and is the principal source of investment capital in the region. Seoul is looking desperately to Tokyo to roll over its credit. But Japanese banks, burdened with a quarter-trillion dollars of bad domestic debt, cannot easily risk more money in the South Korean sinkhole. Japan is also the origin of the very economic model that is causing the crisis. No one really knows, but many moneymen fear that Japan's own financial system could be as dangerously debt-ridden as South Korea's. The global economic network should be able to withstand even a wholesale...
SEOUL: Investors continued to flee the South Korean ship Monday, which hardly bodes well for the country's new captain, president-elect Kim Dae Jung. But Kim, who likened his nation to "a man heaving his last breath" while meeting with visiting U.S. Treasury official David Lipton, is not letting the financial crisis scuttle his hopes for a kinder, gentler ? and unified ? Korea...
...Hwan and Roh Tae Woo, who had both previously ordered Kim's execution. And Kim still has hopes for South Korea's reunification with the North, though it's still unclear whether those across the DMZ in Pyongyang share his desire. Long before that can happen, however, the South Korean economy must submit itself to the IMF knife. Financial players still doubt Kim has the discipline to go with his dreams...