Koreans Lose A Pal: AnonymityLaxmi Nakarmi
On Friday the 13th, panic hit South Korea. Bank computers failed as customers rushed to withdraw money. The stock market dropped 4.75%, its biggest loss ever. Bond trading halted. The chaos came the day after President Kim Young-Sam announced measures to eliminate Korea's vast underground financial market. Kim's decree requires that all financial transactions be conducted under real names, not the fictitious names commonly used. The move was intended, said Kim in a nationwide address, to "bring economic justice to Korea" by eliminating a key source of corruption.
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