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Asian Economy / South Korea / Fischer Interview #420618

CNN Evening News for Thursday, Jan 08, 1998
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(Studio: Hilary Bowker) The anxiety over the Asian economy reported; details given of the fall of Indonesia's currency and stock market.

(Studio: Bernard Shaw) Report introduced.

(Seoul: Mike Chinoy) The requirements from the International Monetary Fund for money to bail out the South Korean economy featured; details given of the political and economic question of unemployment in South Korea. [Nara Merchant Bank LEE Jae-Woo - worries about the economy.] [Adviser to President-elect Kim Dae Jung YOU Jong-Keun - says the system must change, even if difficult.] The opposition of organized labor to prior efforts to change the nation's employment laws and the prospects of layoffs noted. [Korean Federation of Trade Unions YOON Young-Mo - says there will be labor resistance.]

(Studio: Judy Woodruff) The IMF said likely to release billions more for South Korea. [In live interview, IMF managing director Stanley FISCHER - talks about the status of the IMF program in Indonesia and the need for the government to support the program to cut a variety of projects that are not economically feasible; says both Indonesia and South Korea are big problems; explains that unemployment is inevitable because of the state of the economic crisis; asserts that the IMF has just agreed to billions more for South Korea.]

Bowker, Hilary;
Chinoy, Mike;
Shaw, Bernard;
Woodruff, Judy

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