Word: seoul
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...troopships. In the past two weeks they arrived by commercial airliners--a bunch of innocuous number crunchers from the International Monetary Fund. This particular force had been invited in by the South Koreans, though not without a good deal of misgiving. Just a few weeks before they arrived, Seoul had been calling the idea of an IMF rescue unthinkable. Now the unthinkable is fully under way, and the fund's inspectors have become supervisors of the world's 11th largest economy...
South Korea?s Bailout Balloons The size of the IMF bailout package for South Korea?s fiscal crisis keeps growing and growing. So does Seoul?s resentment of the strict preconditions...
...accepting the money, South Korea agreed to stringent IMF conditions. The 1998 growth rate must be cut to 3 percent; inflation must be kept below 5 percent; and the current-account deficit must be slashed to within 1 percent of GDP. There's precious little sugar with this medicine ? Seoul must maintain flexible monetary policies and allow temporary hikes in interest rates, says the IMF. A final bitter blow is that foreign investors will be allowed to increase their shareholdings in Korean companies to 50 percent this year ? up from the 26 percent limit currently allowed by the government...
Still Yakking in Seoul The South Koreans say they have a deal; the IMF says not quite. The interminable negotiations over a financial bailout continue...
...Again, Off-Again Bailout South Korea announced Monday that it had reached agreement with the IMF on a bailout package of more than $50 billion for Seoul?s crisis-ridden economy. Not so fast, said...