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To: Clarksterh who wrote (6490)	12/15/1997 1:17:00 PM
From: dougjn	Respond to of 152472

From what I have been able to tell, US banks have fairly small loans outstanding to S.Korea. Japan has supposedly about $25 bil. Big but not huge for the Japanese. So who has the rest? I think its mostly in Hong Kong and London, the London eurodollar market. Which is gonna involve some US banks. But more UK, other European. Anyway, fairly spead out. The main domino effect if this is right would be Hong Kong. However, it appears that over the weekend the candidates, including Mr. Dieing Young, the populist, are behaving a lot more responsibly re: need for austerity, biting the bullet. I must say there is one aspect of the IMF bailout I cannot understand and suspect is misguided. (I take courage in this judgment from hearing some few economists say the same.) Requirements that Korea cut growth next year to some level. (From 6% expected to 3% is last I heard.) Now maybe I misunderstand this. So too might the korean public. When one is paying down debt levels, liquidating divisions, shuttering some loosing operations, employment dislocations (at best), one is gonna get lower growth while the medicine is being taken. Fine, but it should be an effect, not a goal seems to me. Maybe its just being poorly packaged, but its a mighty ugly selling seems to me. Doug