S Korean Bail-out Speeds Up
The Age
Friday December 26, 1997
Australia has joined an international bid to speed up South Korea's financial bail-out, bringing forward a $A500 million package to help South Korea meet its end-of-year debts.
Australia has already pledged $US1 billion ($A1.5 billion) to a $US57 billion international refinancing effort, but the money was not expected to be needed before late January next year.
But the Treasurer, Mr Peter Costello, yesterday announced Australia would release one-third of its loan early.
His announcement followed a decision by the International Monetary Fund to accelerate
$US10 billion in new loans to South Korea.
PAGE 1, Business: Full report.
© 1997 The Age