South Korean banks are throwing a 2.9 trillion won ($2.2bn, �1.5bn) lifeline to the troubled construction firm Hyundai.

The aid package will effectively nationalize the firm, putting it firmly under the control of the government.

But the main opposition party has criticised the move, accusing the government of "unjust favours".

The decision to bail out Hyundai comes after an emergency meeting between top economic leaders to stop the liquidity crisis weighing on the South Korean economy.

Political opposition

Three state-controlled banks will become Hyundai's main shareholders, a move which is likely to lead to a change of management.

But some smaller banks, and the opposition party, are still urging the government to liquidate the firm.

There is concern that the government's rescue of Hyundai may lead the nation into further economic difficulties.

"Hyundai must be liquidated. The government's involvement in Hyundai will aggravate its problems, giving more trouble to the economy," said the opposition party.

The construction firm ran up net losses of almost 3 trillion won ($2.3bn) last year, and has estimated debts of 4.5 trillion won.