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Gold/Mining/Energy : Gold Price Monitor

GDXJ 93.43

-4.5%

Nov 20 4:00 PM EST

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To: Alex who wrote (34348)	5/21/1999 8:52:00 PM
From: lorne	Read Replies (1) of 116764

Union Leader Urges IMF to Stop Intervention in Korean Policy 05/21(±Ý) 17:04 A union leader of one of the nation's two largest labor groups called on the chief of the International Monetary Fund (IMF) to stop intervening in Korea's economic policy. In a meeting with IMF managing director Michel Camdessus, Lee Kap-yong, president of the Korean Confederation of Trade Unions (KCTU), said that the IMF's current rescue package is too painful. The IMF head is here in Seoul to attend a meeting of central bankers of Asian nations. Lee said that the restructuring program has brought about mass layoffs of workers and caused the disintegration of the nation's middle class. The union activists noted that the IMF forced Korea to take up an unnecessary policy of higher interest rates and austerity measures right after the nation was given the $5.8-billion bailout packages. He also pointed out that the international financial agency, led by the United States, has meddled in the nation's economic policy. Lee said that the IMF demanded "bargain sales" of government-run corporations to foreign investors. The KCTU president said that the 1997 financial turmoil in Korea could be partly blamed on the influx of speculative hedge funds into the nation. Lee demanded that Western creditors should write off some of Korea's external debt and assume some responsibility for Asia's current financial turbulence and economic woes. In response to Lee's remarks, Camdessus allegedly said that he could understand the pain of workers in Korea. But the IMF head was quoted as saying mass layoffs and the polarization of the rich and poor were structural problems that had existed long before the nation received the rescue packages from the international agency. Camdessus was also reported as saying that the IMF has not imposed a restructuring program, which would have centered on large-scale job cuts. Instead, he was quoted as saying the IMF urged the Korean government to implement effective restructuring measures. He reportedly said that the government has since taken succesful initiatives on the current economic reform. koreatimes.co.kr Hi Alex. The whole world just can't help but love the Break em Buy em squad ( IMF ) some day there are just liable to start a war. :>) Lorne

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