S Korea retrieves $80 bln in bailout funds
S Korea retrieves $80 bln in bailout funds
16:44, November 02, 2009 
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South Korea has retrieved 56.1 percent of the public funds spent for financial companies that went bankrupt during the 1997-98 Asian financial crisis, the financial watchdog said Monday.
According to the Financial Services Commission (FSC), the country has recovered 94.5 trillion won (80 billion U.S. dollars) out of the total 168.6 trillion-won (142.6 billion-U.S. dollar) public funds as of the end of August.
The recovery rate came in at 56.1 percent as of end-August, climbing from 56 percent seen at the end of the previous month, the FSC said.
On the other hand, South Korea plans to spend 20 trillion won (17 billion U.S. dollars) from the fund in a bid to brace for its corporate revamp drive, the FSC added.
The South Korean government formed the so-called "bailout funds," to save the local financial market falling into a disorder from corporate bankruptcies amid the Asian financial crisis.
Source:Xinhua
According to the Financial Services Commission (FSC), the country has recovered 94.5 trillion won (80 billion U.S. dollars) out of the total 168.6 trillion-won (142.6 billion-U.S. dollar) public funds as of the end of August.
The recovery rate came in at 56.1 percent as of end-August, climbing from 56 percent seen at the end of the previous month, the FSC said.
On the other hand, South Korea plans to spend 20 trillion won (17 billion U.S. dollars) from the fund in a bid to brace for its corporate revamp drive, the FSC added.
The South Korean government formed the so-called "bailout funds," to save the local financial market falling into a disorder from corporate bankruptcies amid the Asian financial crisis.
Source:Xinhua
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