Tuesday 27 November 2012

South Korea Debt Crisis-meltdown and austerity next ?

         South Korea's  external debt reached US$419.4 billion as of the end of September, up $3.6 billion from three months earlier, according to the Ministry of Strategy and Finance of south Korea.  This is roughly $8551 dollars per capita (per head of population).  The internal debts of south Korea are far worse. South Korea's household debts are 937 Trillion South Korean won or a staggering $8439,2665,2571 dollars. Even the official south Korean news agency Yonhap  was mournful about it  "south Korea's total debt has ballooned to more than double the value of its gross domestic product (GDP), the financial regulator said Tuesday, calling for all-out efforts to rein in corporate and household debt.

   The country's aggregate debt owed by the government, companies and households stood at 234 percent of its GDP as of the end of June, according to data by the Financial Supervisory Service (FSS)."

Voice of America bluntly said "










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