So North Korea may or may not have executed its Finance Minister – “at a firing range in Pyongyang” - as the fall guy for the currency reform fiasco. If so, the regime can count on at least some support. According to this ICG report, meanwhile, the revaluation is only one of a series of cascading crises which might finally lead to collapse. The report notes the effect of sanctions in severely restricting Pyongyang’s ability to get the hard currency it needs, which makes me wonder whether anyone has a plan beyond immediate emergency aid in the event of regime collapse, and, if not, whether they should. Beijing's actions seem predicated on a slow integration of the North Korean economy with the regime kept intact during the process.
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