Angie Craig: “I rise to introduce a concurrent resolution expressing the sense of the Senate regarding the Republic of Korea's…”

“I rise to introduce a concurrent resolution expressing the sense of the Senate regarding the Republic of Korea's unlawful bailout of Hyundai Electronics, an issue of great concern to me and, I believe, should be of concern to the Senate. In 1997, the International Monetary Fund, in cooperation with the United States and a group of financial institutions, put together an unprecedented $58 billion financial package to prevent the Korean economy from bankruptcy. As a part of that rescue package, the Korean government agreed to implement specific reforms aimed at addressing the problems that had led to the economic crisis in the first place. In recent weeks, the Korean government has decided to break completely with the policies that it has adopted over the past three years and is promising to provide a $2.1 billion bailout of Hyundai Electronics. This action not only runs contrary to the stated policy of the Korean government but also flies in the face of the government's clear assurances that this sort of wholesale bailout would not happen.”