LEGOLAND CASE TURNS INTO POLITICAL ISSUE

[Anchor Lead]

Caused by the troubled Legoland in Chuncheon, bond market jitters have become a political issue as well. Gangwon-do Governor Kim Jin-tae belatedly expressed regrets over the crisis. The Democratic Party criticized the governor for sacrificing the economy irresponsibly in pursuit of political interest. The People Power Party called for a cautious approach in addressing the liquidity crisis.

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Gangwon-do Province Governor Kim Jin-tae said he would postpone the payment for Legoland's defaulted asset-backed company paper worth 205 billion won, which the provincial government had guaranteed. This has led to a bond market crisis, prompting the government to inject an emergency liquidity of over 50 trillion won into the market. Ultimately, the governor expressed regret over the situation.

[Soundbite] Kim Jin-tae(Governor of Gangwon-do Prov.) : "It’s deeply regrettable that I unintentionally caused confusion and misunderstanding in the troubled capital market."

Despite Kim's remarks, disputes over who is to blame for the crisis are growing. The Democratic Party criticized the governor for sacrificing the economy for his own political interest and accelerating an economic crisis with irresponsible remarks.

[Soundbite] Lee Jae-myung(Chair, Democratic Party) : "Whether he lacks understanding in economy or decided to sacrifice the economy for political strife, it is incomprehensible."

The People Power Party, to which Kim belongs, said he should have been more prudent.

[Soundbite] Joo Ho-young(Floor Leader, People Power Party) : "The Gangwon-do prov. gov’t should look back upon its refusal to pay the debts, which fueled distrust in the market."

In a State Affairs Committee inspection in parliament, the committee blasted financial authorities for belated action and for deepening market confusion.

[Soundbite] Park Yong-jin(Democratic Party) : "Everyone knew the current crisis was coming. But there were no gov’t measures."

[Soundbite] Song Seog-jun(People Power Party) : "Bear in mind that there are assessments that you made proper moves, but there are also opinions that you were a little late."

[Soundbite] Kim Joo-hyun(Chair, Financial Services Commission) : "I will take the advice humbly."

President Yoon promised to soon carry out massive market stabilization measures, which he expects will help smaller companies deal with the financial crunch.