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President Park Geun-hye has gone into "crisis management" mode in the wake of fallout caused by Britain opting to leave the European Union (EU) and continuing provocation from North Korea, her office said Sunday.
The chief executive will focus all her attention on stabilizing the economy and beefing up the country's security posture, Cheong Wa Dae said.
"Starting this week, Park is expected to take a hands-on approach to issues confronting the country at present," an aide, who declined to be identified, told Yonhap news Agency.
The unexpected Brexit vote by Britons last week has rocked the local market and is posing more challenges to growth. Pyongyang's launching of ballistic missiles and concerns it may carry out a fifth nuclear test have further risen in the country.
Other sources at the presidential office said Park will likely mention Brexit at a meeting of senior aides on Monday and try to alleviate the jittery market by stressing that there is no real reason for South Korea to be overly concerned about Britain leaving the EU.
On the North Korean threat, the president who has stood resolute on the matter in the past, is likely to emphasize the need for the country's military to be ready to deal with all eventualities.
In particular, the Cheong Wa Dae said policymakers are carefully assessing the meaning of the mass rally held in North Korean on Saturday to mark the 66th outbreak of the Korean War (1950-53).
Participants called for a broad anti-U.S. front and continuation of the "byeongjin" directive, which calls for simultaneously pushing forward economic construction while building up the North's nuclear forces.
On the other hand, some presidential advisers said that while Park will take steps to alleviate concerns, there is a need to tread carefully, so as not to send the wrong message to the market or general public.
"If the presidential office takes too much interest in Brexit, it may actually fuel unwanted uncertainties, so it may be better to allow economic actors and related ministries to take the leading role, with the president providing backup," an insider said.
He pointed out that while Cheong Wa Dae is ordering close monitoring of developments, actual actions by the government are going to be led by the finance ministry. (Yonhap)
