Well Paul this may help the INTEL crisis next week. What is your profound and informed opinion on this article?
IMF defends S. Korean aid
Director calls $57B rescue package
'sufficient,' denies Japan is next
December 12, 1997: 7:45 p.m. ET
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WASHINGTON (Reuters) - International Monetary
Fund Managing Director Michel Camdessus defended
the international community's record-breaking $57
billion rescue package for South Korea Friday and
said Japan would not need help.
"Let me tell you that Japan will not be next,"
Camdessus told public television's "Newshour with Jim
Lehrer." "Japan is a rescuer in this business. Japan
will not need to be rescued."
Camdessus, in his first comments since the IMF
approved the South Korean rescue deal, said the
worst is over, provided all sides fulfill their promises.
"The worst is behind us, provided the Korean
people and their friends persevere in the program," he
said.
"The government of Korea is delivering what it has
pledged," he said. He added: "We believe that the
financing is sufficient."
The $57 billion package, even bigger than a
U.S.-led international bailout for Mexico in 1995, was
the third multibillion dollar loan masterminded by the
IMF this year. Countries have been hit by tumbling
currencies and ailing stock markets, while Seoul's
problems have been compounded by a weak financial
sector and a mountain of bad debt.
Financial markets have reacted very negatively to
the rescue package and some analysts had said that
the $57 billion bailout would not be big enough to cope
with Seoul's massive financial problems.
"The package is there for restoring confidence
over time and to help the country to fix its economy.
You do not do that overnight," he said.
"We must be committed to our program, deliver
what we promised, and our friends in Korea must do
the same."
williet
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