Astroboy
先輩
- 5 Dec 2007
- 1,264
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Because of the growing concerns about Korea-Selling crisis, Korean President Lee Myung-bak said he would propose a financial summit with the leaders of China and Japan during the Asia Europe Meeting (ASEM) in Beijing later this month. But both Japan and China have not been responding or neglecting with smile.
http://english.chosun.com/w21data/h...om/w21data/html/news/200810/200810100014.html
Credit crunch triggered by US subprime mess has been affecting almost all countries of the world, but one of the most affected in Asia is likely South Korea.
In addition to the falling stock market, Korean won has conitnued to fall significantly as foreign investors are pulling out of South Korea. Korean won exchange rate was KW780-800 /USD in the summer of 2007, but it is now KW1,300/USD at the end of last week.
It is likely that South Korea will give up soon again, the same as their economy collapsed in 1997. And in order to avoid the second financial collapse, Korea seeks helps from Japan and China.......
WHY don't they ask IMF for help again? instead of asking their enemy - Japan.
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