Word: seoul
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Washington was slow to grasp the problem. Clinton had allowed his embassy in Seoul (as well as in Tokyo) to go without an ambassador for a year. Not that the Koreans were helping. For months, they had refused to admit their problems or even provide credible accounting of their assets and liabilities. By November the embattled government of Kim Young Sam was refusing to explain to U.S. officials just how much money was left in its foreign-currency reserve. Along with negotiators from the IMF, Deputy Treasury Secretary Lawrence Summers pushed Seoul to clarify its reserve positions...
Within a few hours, IMF president Michel Camdessus in a letter asked the U.S. to be ready to pony up additional funds. By evening, as the latest news from Seoul and Tokyo hit the Jefferson dining room in a blizzard of cell-phone calls, there was a growing sense around the table that the U.S. must, as one put it later, "intensify the effort." That meant sending to Seoul $2 billion in direct American loans that had been offered just a few weeks earlier as "a second line of defense...
Soros Spreads Cheer in Seoul Troubled economies shrink in terror at the very mention of financier George Soros. But reports that he was bargain-hunting in Seoul sent markets rising...
...Seoul Gets a Breather U.S. and Japanese banks are formulating plans to extend South Korea?s loans, giving that country?s investors much-needed cause for confidence...
...Seoul-vent! South Korea's IMF cash injection cheers investors. But another round of bills loom for Seoul...