Money Review
North Korea and South Korea, along with the United States and China, have reached an agreement in principle to formally end hostilities on the Korean Peninsula, which began in 1950 and led to the creation of two separate states.
The Korean War, which began shortly after the end of World War II, lasted three years (until 1953) and resulted in the division of the peninsula.
However, it was never officially ended, as the countries involved refused to declare its end. Therefore it is technically the longest war in modern history, with a lifespan of at least 71 years.
The president of South Korea was the one who personally took over the case, believing that the official cessation of hostilities would help improve relations with the North Koreans.
However, despite significant progress and an agreement in principle, much work remained, according to the country's political analysts, who point to Pyongyang's demands.
North Korean president Kim Jong-un's sister, who has a major influence in determining Kim Jong-un's policy, has repeatedly called for an end to hostilities, provided the United States withdraws its "hostile stance" against North Korea.
And with this, she meant:
Withdrawal of US troops from South Korea (amounting to approximately 28,500)
Cessation of joint military exercises
Lifting all sanctions
For its part, the US - while agreeing to the first two - objected to North Korea's third condition, explaining that it will not be accepted unless Pyongyang first halts its nuclear weapons program.
"Because of this, we cannot yet sit at the negotiating table or negotiate a declaration of an end to the war," South Korean President Moon Jae-in said on Monday.
It is worth noting that the war of 1950 began when 75,000 Communist soldiers from the North crossed the 38th parallel (defined as the border between the two regions) and entered South Korean territory.
US troops rushed to the aid of the South Koreans, while the North Koreans were supported by China and the Soviet Union.
The bloodshed stopped informally in July 1953, following an agreement between the United States and North Korea. A total of 5 million people lost their lives during the conflict.
[moneyreview.gr with information from BBC]
