S. Korea recoups 94.4 tln won in bailout funds

SEOUL, Sept. 30 (Yonhap) -- South Korea has so far recovered 56 percent of the
public funds spent to bail out financial companies during the 1997-98 Asian
financial crisis, the financial watchdog said Wednesday.

The country retrieved 94.4 trillion won (US$79.4 billion) out of a total of 168.6
trillion won in public funds as of the end of July, according to the Financial
Services Commission.
The recovery rate stood at 56 percent at the end of July, inching up from 55.7
percent the previous month, the watchdog said.
The South Korean government poured massive amounts of public funds into the local
financial system to rescue it from corporate bankruptcies when the financial
crisis erupted in 1997.
pbr@yna.co.kr
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