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Kim Urges Restructuring Again at Recent Press Conference

Apr 14,1999
During a recent press conference the President talked about some very familiar themes.President Kim Dae Jung on April 14 reiterated his tired old restructuring plan, grown stale as recovering chaebols demonstrate their indifference to the process.
In the monthly round-table conference held at the Blue House, Kim stressed the 5 chaebol's complacent position, 'As agreed upon between the government and business groups, there should be rigid financial penalties imposed by banks if the restructuring does not go well.'
'Talking about restructuring, my will is still firm. The reforms are taking far too long. The five major groups can even be subjected to forced restructuring according to the plan.'
He added, 'International credibility will decline if we exceed the promised deadline which will eventually lead to economic peril again. I will definitely finish the big 5 groups restructuring as mentioned before.'
The president went on saying, 'political reform should also be complete this year and there will be no merger between the ruling National Congress for New Politics and United Liberal Democrats.'
He also predicted the economic growth rate this year to reach at least the 2 percent level.
On the status of the U.S. army, Kim said, 'The mutual defense pact between the two countries is resolute, there will be no separation between the U.S. army residing here and R.O.K.forces.'
Hwashik Bong : trojans@joongang.co.kr






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