S. Korean president urges banks to make voluntary restructuring efforts
21/10/2008 17:13
South Korean President Lee Myung-bak today said domestic banks should
implement "pain-sharing" restructuring efforts in return for government's plan
to guarantee up to US$100 billion in foreign-currency loans for domestic
banks.
According to presidential spokesman Lee Dong-kwan, President Lee
stressed voluntary and pain-sharing self-rescue efforts by local banks,
including steep pay cuts for their executives and employees who have been
receiving generous paychecks.
The spokesman also conveyed the President's
demand for concerted efforts between government and private sectors to improve
the nation's employment situation.
The president said while young college
graduates are suffering from serious unemployment, small and medium-size
companies are still under chronic manpower shortages.
To solve this problem
the president asked for greater society- wide efforts to persuade young
unemployed people to accept all jobs available at small and medium-sized
business entities through short-term vocational training.
Xinhua
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