07 July 2012, 17:20
Europe's debt crisis to be prolonged: S. Korean finance minister
SEOUL. July 7. KAZINFORM Europe's debt crisis has the nature of protracting and consistently existing due to the failure to tackle the region's fundamental structural problems, South Korea's finance minister said Friday.
"If we can call the 2008 global financial crisis a one-time thunderstorm, then the current crisis is like a seemingly incessant rainy season we are being encountered now," Strategy and Finance Minister Bahk Jae-wan told foreign correspondents in Seoul, Xinhua reports.
European leaders agreed on short-term measures to help ease the region's crisis, but the market has judged these measures lack detailed action plans and a time table to address the euro zone's structural problems, Bahk said.
The minister urged the leaders to suggest specific measures and schedules to cure the euro zone's fundamental structural faults, saying that without the suggestion, market anxiety will persist and the global recovery will be delayed.
To tackle the prolonged crisis, South Korea planned to increase public funds and investment by 4 trillion won (3.51 billion U.S. dollars) in the second half of this year, while maximizing fiscal expenditure within limits, Bahk said.
The minister promised to prepare the South Korean economy for any possible risks by working with the private sector, saying the ministry will make efforts to help ease household debt problems and secure the stability of the foreign exchange market.
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