South Korea may back up to $100 billion in debt
In a move to calm its frazzled financial markets, South Korea said it will back as much as $100 billion of its banks' foreign-currency debt and could make $30 billion of its foreign exchange reserves available to the banking sector, reports from the region said Sunday.
South Korea said on Thursday it would spend $3.5 billion out of a planned extra budget on creating 550,000 jobs as the economy heads into its first recession in more than a decade.