President Yoon: "Illegal private loans cause suffering to common people... Strict enforcement with zero tolerance"
[Asia Economy Reporter Ki-min Lee] President Yoon Seok-yeol stated on the 24th regarding the government's market stabilization measures in response to the credit crunch triggered by Legoland Gangwon, "Above all, I believe this will greatly help alleviate the financial difficulties of small and medium-sized enterprises, so we will proceed with swift implementation starting today."
In his morning door-stepping remarks at the Yongsan Presidential Office, President Yoon said, "Recently, due to the 'Legoland incident,' some credit tightening occurred in the bond market and commercial paper (CP) market, and yesterday the government announced large-scale market stabilization measures," emphasizing this point.
The government and the Bank of Korea held an emergency macroeconomic and financial meeting the previous day and announced market stabilization measures worth '50 trillion won + α' to resolve the credit crunch in the corporate bond and short-term funding markets.
President Yoon also stressed, "Currently, due to high interest rates, very predatory illegal private loans are causing suffering to ordinary people," and added, "We will strictly crack down on predatory illegal private loans with a zero-tolerance policy."
He continued, "Even if those in difficulty fall into debt default, we plan to continue providing necessary support so they can recover as healthy economic agents."
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