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Page added on July 31, 2006

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Personal bankruptcies hit record high (South Korea)

The nation’s personal bankruptcy filings hit a record high in the first half of the year due to the ongoing economic slowdown and softened bankruptcy rules.

As the central bank has made borrowing costs more expensive in a move to fend off rising inflation, debtors find it increasingly hard to repay their loans.

This is largely in line with global central banks’ pre-emptive moves to curb inflationary pressures arising from soaring oil prices and excess liquidity.
Korea Herald



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