Imf Rules Out Fresh Korea Crisis

South Korea is not heading for another financial crisis, IMF Asia-Pacific director Hubert Neiss said yesterday. Some economists have predicted that Korea is heading for another debacle after teetering on the brink of sovereign default on its $150 billion foreign debt late last year. However, Neiss said he expects another crisis can be avoided as banks work out debt rescheduling programmes with conglomerates and smaller businesses get financing from the government, the World Bank and the ADB.