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Profile: Banco Delta Asia

Banco Delta Asia was a participant or observer in the following events:

The US abruptly reverses course on its North Korean policy (see Mid-January 2003 and October 9, 2006) and reopens negotiations with the North Koreans. It offers to release $25 million in North Korean funds impounded by Banco Delta Asia and to allow chief negotiator Christopher Hill to finalize a deal on the North’s denuclearization. The US will provide heavy fuel oil as North Korea shuts down its Yongbyon nuclear reactor and allows international inspectors into the country. The deal is quite similar to the 1994 Agreed Framework negotiated by the Clinton administration (see October 21, 1994). The long-term goal is full disclosure of North Korea’s nuclear program, and normalized relations with the US. In 2008, author J. Peter Scoblic will write, “The North Korean regime seems no weaker for the years of antagonistic treatment by Bush conservatives” (see May 4, 2003). (BBC 12/2007; Scoblic 2008, pp. 261)


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