South Korea yesterday announced a comprehensive rescue package worth about $130bn for its banks and companies suffering from a foreign currency liquidity crunch.
It joined some European countries, Hong Kong and Australia in providing state guarantees to bank debts as dollar shortages have caused the local currency to lose one-third of its value this year and prompted Standard & Poor’s, the credit rating agency, to put seven Korean banks on the negative watch list.
“We are taking similar measures to avoid placing domestic banks at a competitive disadvantage in terms of overseas funding and to allay fears in the financial market,” said finance minister Kang Man-soo at a press briefing.
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