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To: Paul Fiondella who wrote (42107)	12/12/1997 8:46:00 PM
From: williet	Read Replies (1) \| Respond to of 186894

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 Korea's shudders continue - Dec. 8, 1997 IMF cuts growth forecast - Dec. 5, 1997 Korea to slow growth rate - Dec. 4, 1997 Bailout shames Koreans - Dec. 4, 1997 IMF More related sites... 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