Korea to set up system to declare bankruptcy for local governments
Автор: Arirang News
Загружено: 2014-02-13
Просмотров: 169
Описание:
The government will implement a new system that would allow local governments to declare themselves bankrupt.
The Public Administration Ministry reported about the plan to President Park on Friday, which aims to restore financial soundness of local governments.
It will also hold local government heads responsible for their poor fiscal management, rather than putting the burden on the people.
Once a bankruptcy is declared, the central government or a higher-level office will intervene to revive the local government's financial status.
The ministry will also set up a task force to seek alternative means for personal identification, rather than relying on resident registration numbers, which are most widely used in Korea.
This follows the largest-ever personal data leak from credit card companies last month.
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