Personal bankruptcies hit record high (South Korea) Date: Monday, July 31 @ 07:32:00 PDT Topic: Consumption; Demand; Prices
The nation's personal bankruptcy filings hit a record high in the first half of the year due to the ongoing economic slowdown and softened bankruptcy rules.
As the central bank has made borrowing costs more expensive in a move to fend off rising inflation, debtors find it increasingly hard to repay their loans.
This is largely in line with global central banks' pre-emptive moves to curb inflationary pressures arising from soaring oil prices and excess liquidity.
