Gov't to buy up 1.2 tln won worth of outstanding Treasuries

SEOUL, Dec. 15 (Yonhap) -- The government said Monday that it will use money generated by the recovery of public funds to buy up 1.2 trillion won (US$898 million) worth of outstanding treasury bonds.

The Ministry of Strategy and Finance said 1.0 trillion won will be used to
repurchase bonds that were originally due in March and June of 2009, and 200
billion won will be spent on the repayment of inflation-linked bonds that mature
in March 2017.
The repayment will take place on Friday, with details to be released by the Bank
of Korea on Tuesday.
The country's top economic policymaking ministry said the passage of more
flexible regulations governing the repayment of bonds will help the early
repayment of Treasuries starting in 2009, reducing unnecessary expenditures and
easing the country's interest payment burden.