Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Driving license in South Korea Driving license in South Korea Driving licenses in the Republic of Korea may be attained at age 16 for cars and motorcycles. South Korea is one of the few nations that issue International Driving Permits (IDP) to sixteen-year-olds. This was made possible by a South Korean law in 2009, which gave Military cadets the requirement of driving a motor-vehicle. Classified in a separate category that is not licensed, but the body can be operated in accordance with state and driving aptitude to limit the conditions under which the vehicle can be fitted. From July 1, 1995, based on a driver's