WASHINGTON, Oct 19 (Reuters) - The International Monetary Fund chief, Dominique Strauss-Kahn, on Sunday welcomed steps by South Korea to join U.S. and European efforts to shore up banks and markets.
'The announced guarantee of banks' external liabilities will bring Korea's policies closer in line with advanced countries, including some in the region, and help ease pressures in the local dollar funding market,' Strauss-Kahn said in a statement.
South Korea, Asia's fourth-largest economy, pledged a package worth more than $130 billion to rescue its markets dragged down in the global financial crisis, offering a state guarantee on foreign debt and promising to recapitalize financial firms.
(Reporting by Lesley Wroughton; Editing by Maureen Bavdek) Keywords: FINANCIAL/KOREA IMF tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
'The announced guarantee of banks' external liabilities will bring Korea's policies closer in line with advanced countries, including some in the region, and help ease pressures in the local dollar funding market,' Strauss-Kahn said in a statement.
South Korea, Asia's fourth-largest economy, pledged a package worth more than $130 billion to rescue its markets dragged down in the global financial crisis, offering a state guarantee on foreign debt and promising to recapitalize financial firms.
(Reporting by Lesley Wroughton; Editing by Maureen Bavdek) Keywords: FINANCIAL/KOREA IMF tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.