ASSPUK and JISGE and UK KFA | 27.11.2012 19:53 | Globalisation
South Korea's external debt reached US$419.4 billion as of the end of September, up $3.6 billion from three months earlier, according to the Ministry of Strategy and Finance of south Korea. This is roughly $8551 dollars per capita (per head of population). The internal debts of south Korea are far worse. South Korea's household debts are 937 Trillion South Korean won or a staggering $8439,2665,2571 dollars. Even the official south Korean news agency Yonhap was mournful about it "south Korea's total debt has ballooned to more than double the value of its gross domestic product (GDP), the financial regulator said Tuesday, calling for all-out efforts to rein in corporate and household debt.
The country's aggregate debt owed by the government, companies and households stood at 234 percent of its GDP as of the end of June, according to data by the Financial Supervisory Service (FSS)."
Voice of America bluntly said " South Korean economic analysts say rising household debt indicates a U.S. or European-style debt crisis is looming.
Baek Seong-jin, who runs a financial advocacy group just across the street from the South Korean National Assembly building, says he sees the signs that times are getting tough for many families.
Baek says he has seen two to three times as many people going broke and declaring bankruptcy than a year ago. He says inflation, stagnant wages and high interest loans are reasons why his clients cannot afford to pay their bills"
Basically south Korea is in the same league as Greece, Spain and Ireland. It faces the prospect of economic meltdown and a severe austerity programme. This will trigger off revolts and uprisings by south Korean workers bringing down the puppet regime and leading to reunification with the DPRK.
Imperialist propagandaists for years have painted a false picture of south Korea as fast growing economy . Now this is proved wrong the reality is that south Korea is a debt ridden bankrupt economy. It is pursued a path of dependence and has been enslaved by mega corporations of US and Japanese monopoly capitalism. The crisis has been further deepened by the anti-people policies of the ultra-rightist Lee Myung Bak regime.
The Democratic Peoples' Republic of Korea which has a Juche-based self-reliant independent economy is growing at a fast pace and has no internal debts .
ASSPUK and JISGE and UK KFA