S Korea plays down crisis as won hits 7-year low
Wednesday, 8 October 2008
SEOUL, Oct 7 (Reuters): South Korea's president played down talk of a currency crisis similar to one that nearly broke the economy 10 years ago, seeking to assure investors even as the won slumped to a 7-1/2-year low on fears global financial turmoil might drag down the country's banks.
But in a sign of mounting concern, top economic ministers and head of the central bank plan to meet later in the day to discuss the financial upheaval that began with the US housing market and now threatens lenders around the world, including those in South Korea.
The president, Lee Myung-bak, has already called for a summit with China and Japan on how to deal with the crisis and the finance minister has urged South Korea's banks to sell foreign assets to raise the dollars that other banks were unwilling to lend them.
But in a sign of mounting concern, top economic ministers and head of the central bank plan to meet later in the day to discuss the financial upheaval that began with the US housing market and now threatens lenders around the world, including those in South Korea.
The president, Lee Myung-bak, has already called for a summit with China and Japan on how to deal with the crisis and the finance minister has urged South Korea's banks to sell foreign assets to raise the dollars that other banks were unwilling to lend them.