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S Korean president orders measures against impact of U.S. financial crisis
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10:55, September 21, 2008

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South Korean President Lee Myung-bak on Saturday asked his government to take measures against impacts from U.S. financial crisis and act to protect small firms.

Financial situations at home and abroad are stabilizing, but South Korea should be prepared to deal with contingency situations in a swift and active way as they can have negative impacts on the real economy, the president said at a breakfast meeting with economic ministers and aides.

Lee asked financial authorities to pay more attentions to small firms as they are more vulnerable to external financial turmoil.

"Large companies may manage their capital flows, but for small and mid-size firms, a temporary cash problem can drive them into bankruptcy," the president was quoted as saying by his spokesman Lee Dong-kwan.

"To prevent this, financial authorities and agencies need to check regularly the circumstances at each company and be prepared with thorough measures," the president said.

The president also called on the ruling Grand National Party to extend support for the passage of deregulation bills pending in the assembly, such as a revision bill aimed at easing bank ownership rules for conglomerates and other non-financial firms, local media said.

Source: Xinhua

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