Debts Guaranteed by Gov"t to Reach 100 Trillion Won
The total debts guaranteed by the government are expected to reach 100 trillion won or 83.3 billion dollars by the end of the year.The government's debt guarantee as of the end of 1997 was only 13 trillion won.
The Ministry of Finance and Economy forecasted
the liability co-signed by the government will increase by 20 trillion won in this year to approach 100 trillion won.
Last year debt guarantee surged dramatically by 59 trillion won as the government co-signed the foreign debts borrowed by financial firms. The firms required assistance when they had to extend due dates.
The government also had to guarantee the enormous bonds issued by state-owned corporations last year.
Shang-bok Shim : simsb@joongang.co.kr
with the Korea JoongAng Daily
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