Emeritus professor Park Dong-woon at Dankook University, professor Choi Kwang at Hankuk University of Foreign Studies, and Kim Jeong-ho, director of the Center for Free Enterprise, said this in a news conference Monday at the Korea Press Center in Seoul.

They said in a statement, "The ruling and opposition parties are racing to make election pledges to offer overly generous welfare policies ahead of the April 11 general elections and Dec. 19 presidential election," adding, "We urge politicians to stop making pork-barrel election pledges and to be reborn as sound political leaders with righteous pledges to ensure sound government finances and the future of the country."

"The (ruling) Saenuri Party is scrambling to follow populist election pledges made by opposition parties in a bid to recover from its policy failures and regain lost popularity, while the main opposition Democratic United Party, only mindful of regaining power, is making a flurry of election pledges to offer highly generous welfare packages," the statement said, adding, "None of the policies presented specific ways to mobilize resources for implementing policies."

On a disputed law on savings banks that passed the parliamentary committee for national policy Thursday, the group of experts said, "The measure was devised from a shallow plot that completely disregards the economic principles of capitalism, and cares nothing about the ensuing confusion and chaotic order in the financial market."

"If government spending is increased unconditionally and without introducing measures to mobilize the necessary funds, it will inevitably end up increasing taxes to be paid by future generations," they said, warning that Korea could be pushed to national bankruptcy similar to Greece.

Oh Jeong-geun, a Korea University professor who served as a speaker at the conference, said, "In Europe, measures to cut fiscal deficits are being reviewed at the European Union level," adding, "Korea also needs a strong regulatory measure designed to prevent a fiscal deficit, which cannot be amended whichever politician or political party takes power, and thus prevent government debt from growing further."

The declaration was signed by 100 experts with a conservative economic ideology, including professors Jwa Sung-hee at Seoul National University, Hyun Jin-kwon at Ajou University, Kwak Tae-won at Sogang University, Oh Jeong-geun at Korea University, Jeong In-kyo at Inha University, Moon Hyung-nam at Sookmyung Women`s University, Min Kyung-kook at Kangwon National University, and novelist Bok Geo-il. "We chose to take part in the declaration to prevent the Korean economy from collapse due to populist policies."