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To: sea_biscuit who wrote (8264)	12/10/1997 6:59:00 PM
From: getgo234	Read Replies (2) of 25814

Korean FX losses IAW the Korean Herald (12/11/97) net foreign debt of listed manufacturing companies (in Korea) as of 12/31/96 totaled $42.1 billion. Given that the Won has depreciated (relative to $) from 844 on 12/31/96 to 1566 on 12/10/97 the liability in Won terms has nearly doubled. Interest rates both overnight out to 3 years are currently 25% if money can be found at all. Manufacturers in many cases cannot obtain materials from overseas suppliers (banks will not assume the risk of issuing letters of credit whereby the banks guarantee that Korean companies will pay for the materials). In summary, Korean companies(including semi companies)IMHO will be forced to sell off assets overseas and capital spending will come to an abrupt halt. FOOD FOR THOUGHT

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