The Federal Reserve Bank of New York scheduled a meeting today with officials from US and overseas banks to chart strategy on South Korea's debt crisis. Reports from world banking centers suggest that lending institutions are leaning toward rolling over most of Seoul's debt for 12 to 18 months in exchange for higher interest rates. That would allow South Korea to get out of the shadow of default and to take steps to stabilize its monetary situation.
S. Korean Crisis
The Federal Reserve Bank of New York scheduled a meeting today with officials from US and overseas banks to chart strategy on South Korea's debt crisis. Reports from world banking centers suggest that lending institutions are leaning toward rolling over most of Seoul's debt for 12 to 18 months in exchange for higher interest rates. That would allow South Korea to get out of the shadow of default and to take steps to stabilize its monetary situation.
