Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Fleming who wrote (6339)	12/12/1997 8:21:00 PM
From: kech	Read Replies (1) \| Respond to of 152472

Some reason to hope worst is behind us: IMF backs S.Korea deal, says Japan won't need help Reuters, Friday, December 12, 1997 at 19:21 WASHINGTON, Dec 12 (Reuters) - International Monetary Fund head Michel Camdessus defended the international community's record-breaking $57 billion rescue package for South Korea on Friday and said Japan would not need help. "Let me tell you that Japan will not be next," IMF Managing Director Michel 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 was over, provided all sides fulfilled their promises. "The worst is behind us, provided the Korean people and their friends persevere in the program," he said. He said the rescue package was large enough and the authorities were meeting their promises to the IMF. "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 an 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. But Camdessus said it was unrealistic to expect the rescue deal to solve South Korea's problems overnight. "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." Copyright 1997, Reuters News Service