Seoul officials meet to cope with Dubai debt crisis

SEOUL, Nov. 29 (Yonhap) -- South Korea's financial authorities were to convene a
meeting later on Sunday to gauge the fallout from the Dubai debt crisis and
discuss countermeasures to stave off any possible impact on the nation's
financial markets, officials said.
The meeting, slated for 2 p.m. in Seoul, was to draw high-ranking officials from
the Financial Services Commission and the Financial Supervisory Service, the
nation's two financial watchdog bodies, said the officials.
The meeting comes after a Dubai government investment fund called for a six-month
repayment moratorium on billions of dollars in debt Wednesday, raising fears it
could trigger yet another global financial crisis after the collapse of Lehman
Brothers last year.
The shocking news rattled the Korean financial markets, with its stock index
plunging and the local currency losing marked ground against the U.S. dollar last
week as investors sought safer assets amid increased uncertainty.
Government officials, however, said that the impact would be marginal as the
exposure of local companies and financial firms to the Dubai crisis is limited.
kokobj@yna.co.kr
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