South Korea says it spent one hundred-37 trillion won or one hundred-10 billion dollars in public funds to restructure banks and corporations in the wake of the 1997-1998 Asian financial crisis.
The Finance and Economy Ministry said that so far, the government has recovered 34 trillion won and about one fourth of the total is unlikely to be recouped
Korea was a top pupil among Asian nations bailed out by the International Monetary Fund, with its economy growing 10.9 percent in 1999 after a record contraction in 1998.
But the economy is experiencing its second-worst performance in 21 years and the government recently agreed to inject 500 billion won of public funds into Hyundai Group's faltering trust units to sweeten their sale to American International Group and partners.
Other reform plans have also stalled. A three-year effort to sell bankrupt Daewoo Motor has been delayed, though talks with General Motors have been under way.