{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='South Korean finance minister on global financial crisis, markets' data-url='/boclips/videos/5c54c57bd8eafeecae1707f0' data-video-url='/boclips/videos/5c54c57bd8eafeecae1707f0' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nSouth Korean finance minister on global financial crisis, markets\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Close-up of South Korean Finance Minister Yoon Jeung-hyun greeting reporters2. Medium of Finance Minister Yoon in front3. Close-up of photographers4. Wide pan of news conference5. SOUNDBITE (English) Yoon Jeung-hyun, South Korean...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Close-up of South Korean Finance Minister Yoon Jeung-hyun greeting reporters\u003cbr/\u003e2. Medium of Finance Minister Yoon in front\u003cbr/\u003e3. Close-up of photographers\u003cbr/\u003e4. Wide pan of news conference\u003cbr/\u003e5. SOUNDBITE (English) Yoon Jeung-hyun, South Korean Minister of Strategy and Finance:\u003cbr/\u003e\"Recently, financial and foreign exchange markets have again shown signs of instability. As Eastern European economies are exposed to a possible financial crisis, worries over additional global financial turmoil increase, causing foreign exchange rates, interest rates, and stock prices to fluctuate.\"\u003cbr/\u003e6. Wide pan of presser\u003cbr/\u003e7. Close-up of computer screen\u003cbr/\u003e8. SOUNDBITE (English) Yoon Jeung-hyun, South Korean Minister of Strategy and Finance:\u003cbr/\u003e\"(My) Priority is to prepare Korea's economy with future growth engines and make sure the economy is ready for the high growth potentials that will follow the crisis. This policy of preparation for the future will be pursued in parallel with the policies of stimulating the economy.\"\u003cbr/\u003e9. Close-up of computer screen of Korea Exchange\u003cbr/\u003e10. Medium of stock board with Kospi\u003cbr/\u003e11. Close-up of stock board\u003cbr/\u003e12. Wide of stock board\u003cbr/\u003eConcerns over a potential meltdown in Eastern Europe are causing instability in global markets, South Korea's finance minister said on Thursday.\u003cbr/\u003e\"As Eastern European economies are exposed to a possible financial crisis, worries over additional global financial turmoil increase, causing foreign exchange rates, interest rates, and stock prices to fluctuate,\" Minister of Strategy and Finance Yoon Jeung-hyun said.\u003cbr/\u003eLast month, credit ratings agency Standard \u0026amp; Poor's said \"all the ingredients for a crisis are in place\" in Eastern Europe because of rising government debt and a heavy reliance on foreign lending.\u003cbr/\u003eThe central banks of the Czech Republic, Bulgaria, Poland, Romania and Slovakia issued a statement on Wednesday, saying reports the region's banks were in danger were \"misleading\" speculation and only increased the risk to stability.\u003cbr/\u003eFears over turmoil in Eastern Europe have sparked concerns that South Korea, where markets and economic growth have been hit hard by the global credit crunch and slowdown, could find itself caught up in further investor wariness of emerging economies.\u003cbr/\u003eSouth Korea has suffered as overseas demand for the country's cars and electronics products wilts.\u003cbr/\u003eExports and industrial output have plummeted.\u003cbr/\u003eThe economy shrank 3.4 percent in the fourth quarter, the first such decline in a decade.\u003cbr/\u003eGovernment and private forecasts see gross domestic product contracting in 2009 for the first time since 1998, when the country was slammed by the Asian financial crisis.\u003cbr/\u003eSouth Korea's benchmark stock index has fallen sharply since last year and the country's currency, the won, has plummeted against the dollar, stoking fears the country's banks may not be able to pay off foreign loans.\u003cbr/\u003eThe government has scoffed at speculation of an impending crisis, citing South Korea's trove of foreign currency reserves, the world's sixth-largest, as well as swap deals with the US Federal Reserve and other central banks.\u003cbr/\u003eSouth Korea's currency has been trading at its lowest levels in 11 years, though stabilised after approaching 1,600 to the dollar earlier this week.\u003cbr/\u003eThe won, which declined about 26 percent against the greenback last year, has fallen another 18 percent so far in 2009.\u003cbr/\u003eDespite South Korea's difficulties, Yoon said the country would recover through government efforts to gain market confidence and policies, such as supplementary budgets and expanded credit guarantees, to stimulate the economy.\u003cbr/\u003eHe said South Korea must be ready for the \"high growth potentials that will follow the crisis.\"\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' 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