Financial turmoil to last 2-3 years: poll

SEOUL, Oct. 19 (Yonhap) -- Most South Korean financial companies expect it will take at least two or three years to resolve the ongoing global financial crisis, a survey showed Sunday.

A majority of them also believe the domestic economy's slowdown will be
protracted due to financial woes, according to the poll of 180 firms here
conducted by the Korea Chamber of Commerce & Industry.
Among the respondents, 83.9 percent said about two or three years will be needed
to weather the crisis in the world's economy, while 11.7 percent cited one year
and 4.4 percent more than five years.
In particular, 88.9 percent said the U.S. economy will suffer a long-term
recession like that of Japan in the 1990s, citing budget constraints and a
reduction in new investment.
On the domestic front, 51.7 percent said the troubles will likely be protracted,
with 66.7 percent demanding the government's timely policy of stabilizing
interest rates and foreign exchange rates.
The survey results came as the South Korean government and the ruling party
unveiled a set of emergency measures worth US$100 billion to stabilize the
financial market revolving around foreign exchange payment guarantees for local
banks, and an injection of an extra $30 billion for financially strapped banks
and firms.
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