Economic Crisis Prompts GNP's Return to House

Korea Times (Seoul, Korea), November 25, 2000 | Go to article overview

Economic Crisis Prompts GNP's Return to House


Prompted by a variety of factors affecting the social stability, the opposition Grand National Party (GNP) decided yesterday to return to the National Assembly, ending a week-long standoff sparked by a feud over a motion to impeach the prosecutor-general.

Lee Hoi-chang, president of the GNP, made the decision swiftly, in response to increasing signs that the economy is entering dangerous territory, such as the plummeting won, stock market instability, the recent farmers' strike and upcoming all-out strikes by labor unions.

In making the decision, Lee reportedly took the urgent need to pass a motion to make additional public funds available for corporate restructuring into account.

GNP spokesman Kwon Chul-hyun said, ``GNP President Lee judged that the nation is in the midst of a serious crisis and considered it undesirable to allow the people's worries to increase while the Assembly remained crippled.''

GNP secretary general Kim Ki-bae reported that Lee conferred with confidants before making the decision. …

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