S. Korean economic bailout cost $118b

S. Korean economic bailout cost $118b

South Korea has spent US$118 billion in public funds to bail out
troubled financial organizations since the outbreak of the Asian
economic crisis in late 1997, officials said Sunday.

The total amount of funds injected into the shaky financial
sector in the last four years stood at 150.6 trillion won ($118
billion) at the end of October, the Ministry of Finance and
Economy said.

So far, the government has retrieved 37.7 trillion won of its
funds, it said.

South Korea has carried out a sweeping restructuring of ailing
banks and corporations since it received a $58 billion rescue
package from the International Monetary Fund in December 1997. --
AFP