S. Korea to be faced with “national dishonor crisis”

Pyongyang, January 15 (KCNA) — The Emergency Economic Measure Committee of South Korea said that there is possibility for South Korea to be faced with national dishonor crisis” in the first quarter of this year, according to a radio report from Seoul.

In a report on the “view of foreign investors regarding the economic crisis of South Korea” the committee said that the authorities announced they should return short-term foreign debts of 21.6 billion dollars in the first quarter of this year, but it is estimated at 40 billion dollars.
It stressed that in case the authorities’ plan to introduce foreign loans on a large scale to pay foreign debts fails, south korea will be faced with more serious “national financial crisis” than the catastrophic crisis of foreign exchange in mid-December last year.
The authorities totally opened financial market but the funds invested by foreigners are not coming in and South Korea’s downgrading credit abroad makes it difficult for the authorities to borrow short-term 35 billion dollars on short terms, it said.

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