In a headline address, Cho Won-dong, deputy director general for Economic Policy Co-ordination acknowledged that the coming few months will be crucial in showing the international community that Korea is serious about maintaining reform momentum.
Despite much progress to date, recent market turbulence suggests the need for our greater reform efforts, he said. As such the government has just announced specific plans to expedite financial sector restructuring with additional public funds of W40 trillion, to meet the additional demands stemming from the corporate work-out process, including that of the Daewoo Group and the banking sector clean-up process.
He commented that by the end of October, individual banks' normalization plans will be reviewed to determine...
