Seoul's latest default

Behind the sale of Daewoo Motor to General Motors lies a controversial government default on Daewoo debt held by investment trust companies.

Since the Asian crisis of 1997-98, foreign media and research analysts have spilt a great deal of ink on the subject of whether South Korea has shed its bad habits and how genuineĀ its utterances of reform.

Unfortunately, some now believe the government deserves a new check mark beneath the just lip service column. However, since few foreign players are directly involved andĀ since the government entity in question is not internationally rated, this particular fracas has...

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