The South Korean press is reacting fearfully to perceptions that the global financial crisis has hit home. Share prices have plunged as the won recently hit a 10-year low against the US dollar.
Several papers make references to a possible return to the crisis of 1997 when the country was the recipient of an IMF bailout.
Some commentators say the government's measures to tackle the crisis have not gone far enough. The widely read daily Chosun Ilbo says better communication between those in charge of the Korean economy is necessary, and cautions against government intervention to shore up non-viable construction firms. Another daily says the government's expectations of a recovery have been dashed as the dollar remains strong.
INDEPENDENT MODERATE DAILY JOONGANG ILBO
The lenders' lax management practices and hazardous morals, which are mainly to blame for the current situation, definitely need looking into. Banks don't seem to have come to their senses even after the battering they received during the Asian currency crisis in the late 1990s.
LARGEST CIRCULATION DAILY CHOSUN ILBO
At present, there are increasing calls from lawmakers to revive the post of deputy prime minister for economic affairs, saying that there is no command post to steer the Korean economy amid a global economic crisis. What really matters is the degree of co-operation between the finance minister, head of the Financial Services Commission, governor of the Bank of Korea and the chief economic secretary to the president.
CENTRE-LEFT DAILY HANKYOREH
With the dollar gaining strength worldwide, expectations that the won will rebound have gradually shown signs of fading away. This has dealt a major blow to the South Korean government, which has been saying the won would gain value if raw materials prices fall in the global market and the country's current account goes back to being in the black.
CHOSUN ILBO
It is difficult for the government to spend more taxpayers' money to keep construction companies afloat. Construction companies must do their best to fill the holes the government is unable to fill. Builders who cannot do this will have to fold.
THE KOREA HERALD
At least one market watcher has thrown in the towel in trying to find the bottom. "People seem to have stopped trying to gauge where the bottom will be," said Bae Min-geun, a researcher at LG Economic Research Institute.
Sources: As listed
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