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Politics : Formerly About Applied Materials

AMAT 256.40

+1.1%

Dec 19 3:59 PM EST

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To: Kumar Nathan who wrote (13047)	12/11/1997 10:42:00 PM
From: Big Bucks	Read Replies (1) of 70976

Kumar, If Korea defaults on its'loan obligations (assuming a new political party came to power) It would mean that all investment banks/entities that loaned Korean companies money would be at risk. It could forshadow the closure of numerous Korean companies due to lack of funding or foreign investment. If large Korean companies do go "belly up" foreign banks are at risk in Japan, Taiwan and potentially in the US since they won't get back the money lost! That is the logic behind my prior post. I briefly overheard some dialog on Korea's debt load and the numbers are estimated to be about $125 Billion dollars, with about $2 billion a month due as payback starting soon. Apparently the economic minister quit today and there was an apology from the president of Korea concerning the "misrepresentation" of its real debt load to the IMF. I'm not positive of the entire situation but it doesn't sound good, and what country/bank will loan additional money in the face of such a huge existing debt load, without some guarantees and some control in managing the situation? BB

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