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Gold/Mining/Energy : Gold Price Monitor
GDXJ 108.88+4.2%4:00 PM EST
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To: lorne who wrote (4956)12/31/1997 9:18:00 PM
From: lorne  Read Replies (1) of 116801
 
EUROPEAN BANKS TO HELP OUT SOUTH KOREA
(31-Dec-1997)

SOUTH KOREA'S GETTING A HELPING HAND FROM TOP EUROPEAN BANKS. SWISS AND FRENCH BANKS HAVE AGREED TO ROLL-OVER SOME OF SEOUL'S SHORT-TERM DEBT FOR ONE MONTH. THIS COMES HOT ON THE HEELS OF ANNOUNCEMENTS BY TOP DUTCH BANKS, SUCH AS I-N-G AND A-B-N-AMRO. THEY SAY THEY'D ROLL OVER ANY OF SOUTH KOREA'S DEBT THAT COMES DUE TODAY.... *IF OTHER G-7 NATIONS FOLLOW SUIT. MANY EXPECT BANKS IN THE U-S AND JAPAN TO JOIN IN EXTENDING A LIFELINE TO SEOUL. ABOUT 15 BILLION DOLLARS IN SHORT-TERM DEBT IS DUE TODAY.... ALTHOUGH HOW MUCH OF THAT IS DUE TO THE EUROPEAN BANKS HAS NOT BEEN REVEALED. HOWEVER, ACCORDING TO THE BANK OF INTERNATIONAL SETTLEMENTS, EUROPEAN LENDERS ARE THE MOST HEAVILY EXPOSED... WITH LOANS TOTALLING SOME 39 BILLION DOLLARS AT THE END OF 1996.
Wonder if US & Canadian banks have any exposer ? Na can't be were just nice guys trying to help out.
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