Soros says South Korea needs drastic reforms

The international financier, George Soros, has said South Korea needs painful and drastic reforms to recover from its economic crisis.

Speaking after talks in Seoul with the President-elect, Kim Dae-Jung, Mr Soros praised the new economic team in South Korea, and said he would send experts to look at investment opportunities there.

The BBC Seoul correspondent says that in sharp contrast with other countries which have blamed Mr Soros for destabilising East Asian currencies, South Korea has been eager to win his support.

Earlier, Mr Kim warned his party in a New Year's message that there would be economic pain ahead, and called for the reform of major companies or chaebol, which he said bore responsibility for the economic crisis.

From the newsroom of the BBC World Service