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Due to the rapid rate hike and the default of Legoland, the domestic money market contracted and it became very difficult for companies to borrow money.
After a while as the sense of crisis grows, the heads of economy and finance gather for an emergency meeting.
Reporter Im Tae-woo reports.
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Deputy Prime Minister Choo Kyung-ho, Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Joo-hyeon, and President Choi Sang-mok Senior Economic Officer will attend the emergency macroeconomic and financial meeting held from 12:30 p.m.
The purpose is to check the short-term money market, which has recently froze rapidly, and seek stability measures.
Last month, Gangwon-do declared that it would not be able to guarantee 200 billion won of Legoland debt.
The interest rate on commercial paper, a means of short-term financing, has surpassed 4% for the first time in 13 years, and yields on high-quality corporate bonds have also doubled from the beginning of this year.
Procurement costs are skyrocketing for companies that need to raise cash in a hurry to prepare for the upcoming economic downturn.
However, it is not easy to find someone to lend money to companies.
The expected demand for corporate bonds in the third quarter of this year was KRW 5.5 trillion, down about 40% from last year.
Even Korea Electric Power Corporation and Korea Expressway Corporation, which have the highest credit ratings, have recently failed to recruit investors for corporate bonds.
Recently, the Financial Services Commission announced that it would inject 1.6 trillion won in the bond market stabilization fund to put out a sudden fire in the corporate bond market.
However, the market believes that it is difficult to calm the short-term fund market anxiety to this extent, so today's authorities are paying great attention to the results of the emergency meeting.