South Korea moves to shore up fragile banking sector


South Korea has moved to bolster its flagging financial institutions by guaranteeing $100 billion of bank debt and establishing a $30 billion swap facility with the US. The move is part of a bid to address risks linked to South Korean banks' offshore borrowing.

The intervention by the domestic authorities at the end of October came at a time when "the high level of financial market stress in South Korea threatened to spark a confidence crisis", according to Sim Moh Siong, an analyst at Citi in

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