South Korea Passes Financial Reforms

Tue., Dec. 30, 1997

Compiled From Wire Services

South Korean lawmakers passed a financial reform package Monday to boost international confidence in the country’s ability to carry out its promises - but balked at adopting a separate bill making it easier for troubled banks to lay off workers.

The second, politically-sensitive measure had been one of the demands of the International Monetary Fund, which organized a record $57 billion bailout for South Korea.

About 300 bank workers rallied in front of parliament Monday to protest the layoff bill. Under current law, layoffs are virtually impossible without approval from labor unions.

Political parties said they would discuss the layoff bill again when the single-chamber National Assembly reopens after New Year’s holidays. Still, they passed the 19-point reform package Monday after weeks of bickering.

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South Korea Passes Financial Reforms

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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