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To: Ramsey Su who wrote (9220)	3/13/1998 10:35:00 AM
From: kech	Respond to of 152472

The truth hurts. Actually someone has to make the mistakes so that the technically annointed ones can step in and set things straight.

To: Ramsey Su who wrote (9220)	3/13/1998 1:42:00 PM
From: bananawind	Read Replies (2) \| Respond to of 152472

Ramsey... All... A small ray of light from S.Korea. This should at least help stabilize the currency and give them a little breathing room to get their house in order. -JLF Korea, Citibank Report Tenders Reach $21.3 Billion March 13, 1998 NEW YORK--(BUSINESS WIRE) via NewsEdge Corporation -- The Ministry of Finance and Economy of the Republic of Korea and Citibank, the exchange agent, announced today that the Republic has received tenders for its exchange offer reaching U.S. $21.3 billion of eligible debt. The amount tendered is more than sufficient to permit the Republic to complete the transaction, which will extend maturities of the short-term debt of Korean banks. Mr. Kyu Sung Lee, Minister of Finance and Economy, said: "We are very pleased with the overwhelmingly favorable response we have received to date to the exchange offer. Some international creditor banks are still in the process of tendering their eligible debt." William R. Rhodes, vice chairman of Citibank and senior coordinator of the bank negotiations, said: "I am gratified by the banks' response, which is a vote of confidence in Korea and the Government's economic reform program. The banks' response allows the loan agreement to be signed formally before the end of March and the first exchange to be on April 8, as scheduled." Pursuant to the exchange offer, the Republic is offering to exchange new one-, two- and three-year loans to the Korean banks, guaranteed by the Republic, for eligible short-term debt of the Korean banks.