LEAD) President, ruling party leader to meet over election defeat

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(ATTN: INSERTS 3rd para on likely meeting date)
SEOUL, May 1 (Yonhap) -- President Lee Myung-bak will meet with the head of his
ruling Grand National Party (GNP) next week, a party official said Friday, for
discussions on the party's defeat in Assembly by-elections.

The ruling party lost in all five contested constituencies in the Wednesday
election, a sign of public disapproval of the Lee government and the GNP. The
party chairman Park Hee-tae had said the GNP will "humbly accept" the outcome as
a "lashing" from the people.
The breakfast meeting is likely to be scheduled for Wednesday, party sources said.
Park, 70, is under pressure from inside the party to step down as party leader to
claim responsibility for the election loss, but informed sources said the
president will likely express his support for Park's continued leadership at next
week's meeting.
The presidential official Cheong Wa Dae dismissed the election results as an
insignificant defeat, but is still troubled as it could seriously derail its
reform drive and execution of economic recovery policies.
"President Lee and Chairman Park will likely meet at the earliest date possible
next week to discuss plans for the future as the party is in serious turmoil
because of its defeat in the by-elections," a GNP official told Yonhap News
Agency, asking not to be identified.
bdk@yna.co.kr
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