41. In the debt crisis that followed, hundreds of savings and loan associations failed and banks had to write off billions in unpaid debt. 42. In their local currencies, all four markets are above or near where they were before the Russian debt crisis in August. 43. Investors were prompted to shift funds from fixed-income securities into equities after lending by international agencies allowed Korea avert a foreign debt repayment crisis. 44. It has suffered losses on that portfolio since the Mexican debt crisis sent the peso and related currencies into a tailspin. 45. It may also embolden banks to push ahead with foreclosing on property, a crucial step in helping solve the current debt crisis. 46. Korea needs such loans to help overcome a short-term debt crisis. 47. Last October, it formed a committee of ministry officials to come up with a plan to resolve the debt crisis. 48. Meanwhile, the debt crisis continues to roil Korean financial markets. 49. Morgan Stanley and Merrill Lynch say they are holding talks with the government about steps that might ease the debt crisis. 50. Rubin suggested in his letter to Gingrich that he is looking for an end to the debt crisis. |