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Strategies & Market Trends : Asia Forum
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To: Joseph Beltran who wrote (5955)8/27/1998 1:44:00 PM
From: Paul Berliner  Read Replies (2) of 9980
 
Talk about social unrest in Korea.... during the Hyundai strike a worker committed suicide by lighting himself on fire on the picket line in protest. More Korean companies are expected to announce layoffs. Unemployment is at a record high 7%. BUT, the Korean MoF is doing the right things - and Japan should follow their example. They're shutting down unviable financial companies, merging weak but viable banks with solvent ones and closing unviables while pledging 50 Trillion Won in stimulus.
They've also made public non-performing loan percentages and totals, off balance sheet losses and similar important figures on all banks, which Japan won't ever do.
Weak insurance companies have been closed.
In appreciation of this fine example of how to tackle economic problems instead of letting them rot, S&P and Fitch IBCA have both recently upgraded Korean debt.

If only the Japanese MoF had the balls.......
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