Thursday, October 23, 2008

Financial Crisis Spreads to Emerging Nations

“International banks, because of their own problems, won’t lend to us,” said Jung Hyun-jin, an official at a South Korean bank. “We don't face a solvency problem. We face a liquidity problem.”

“We are collateral damage in a crisis that is not our doing,” said Park Yung-chul, a professor at Korea University. “We live in an unfair world.”

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