11.08.2010 - Korea: Empty apartments and bad loans
From Joongang Daily: A malady is spreading through Korea’s banking system: bad financing loans for construction projects. Last month alone, the government injected 2.8 trillion won ($2.4 billion) in public funds into savings banks troubled by project financing loans. At 61 savings banks where insolvent bonds related to project financing were cleared up by the state-run Korea Asset Management Corporation, a memorandum of understanding was recently concluded to require them to improve their fiscal structures. These institutions may have escaped serious harm, but alarms are already ringing in other parts of the financial sector..............................................Full Article: Source
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