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Six-Party Talks stall, despite a U.S. policy shift involving the release of frozen North Korean funds from a bank in Macao.
Interviewee: John S. Park
Interviewer: Carin Zissis
June 5, 2007
“The $25 million is the financial equivalent of radioactive funds,” explains Park, who says the time has come “to start thinking out of the box of having governments approach third party banks.” He suggests a private sector solution to the current stalemate and that Asia’s experience with troubled banks during the 1997 financial crisis provides a model for resolving the issue. Monetary authorities in Macao could declare BDA a distressed bank and put it up for sale, explains Park. He says the BDA banking license in a recapitalized format could result in a “lucrative sale” in which the proceeds “can be used for the clean transfer of $25 million to a bank designated by North Korea.”
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