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Article: KOREA SET FOR FINANCIAL RESTRUCTURING, CHAEBOL REFORM IN 2003.
- Article from:
- AsiaPulse News
- Article date:
- December 24, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEOUL, Dec 24 Asia Pulse - In the wake of the 1997-1998 economic crisis, South Korea has gone full throttle to restructure debt-ridden financial institutions and reform family-controlled conglomerates or chaebol.
The government channeled an astronomical amount of public funds to revamp financial institutions only to become their owners, still waiting for buyers.
Chaebol reform also hit a snag because of business leaders' strong resistance to the introduction of reform measures like securities-related class action suits.
With the advent of 2003, the two issues are again likely to be high on the agenda of the new government's economic policy, ...