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Lee says S Korea can ride out global turmoil

SEOUL - South Korea can ride out the global financial crisis through tax cuts, deregulation, spending increases and sufficient supplies of foreign and local currency, President Lee Myung-Bak said Monday.

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By (AFP)

Published: Mon 27 Oct 2008, 5:42 PM

Last updated: Sun 5 Apr 2015, 2:26 PM

Lee said in a speech to parliament that his government would provide unlimited liquidity in a ‘preemptive, sufficient, decisive’ manner to calm the financial markets.

He said Asia's fourth largest economy, with about 240 billion dollars in foreign reserves, can overcome the foreign currency liquidity problem.

‘Many people compare the current crisis to the foreign exchange crisis of a decade ago. But I can confidently say that there will never be the outbreak of another foreign currency crisis in South Korea,’ the president said.

Earlier Monday the central bank announced its largest-ever cut in the key interest rate to shore up the economy.

(AFP)

Published: Mon 27 Oct 2008, 5:42 PM

Last updated: Sun 5 Apr 2015, 2:26 PM

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