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South Korea $100bn Bank Guarantee

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posted on Oct, 18 2008 @ 09:09 PM
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South Korea $100bn Bank Guarantee


news.sky.com

The South Korean government has announced a package of foreign currency payment guarantees for banks worth 100 billion dollars to try and stabilise financial markets.
(visit the link for the full news article)




posted on Oct, 18 2008 @ 09:09 PM
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I wonder if the U.S. banks will see any of this 100 billion. Would be nice to see other countries helping out in this crisis as the tax payers cannot afford to keep their own heads above water and pay for ill managed investments/banks too. I am quite surprised at the amount here as well, 100 billion dollars is a lot of money, especially for a country South Korea's size. I haven't looked up the GDP of South Korea, so maybe this isn't that much for them.

The other thing I wonder is if this is going to be just a flood of newly printed money put into circulation as America is doing, or if they have that kind of money immediately available in capital to use.

news.sky.com
(visit the link for the full news article)



posted on Oct, 18 2008 @ 09:54 PM
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After more of the story was posted at the link, it appears that this is just guarentees for money it owes other governments due to loans. It also said 1 trillion won ($750 million) would be injected or printed into the banks to try and help the economy. Seems like countries all over the world are following the US precedents toward handling this situation.



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