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.
Filipinos in South Korea not directly reflect higher satisfaction with life, nor improved gender norms in South Korea. Most immigrants were working out of necessity, mostly for financial reasons, while their quality of work did not improve their quality of life. Among the population of marriage migrants and naturalized citizens, 71.4% knew or heard of multi-cultural family support centers and 46.2% got practical help, such as education or support from the centers. As the percentage of people using immigrant support centers has increased, the government has assumed that the roles of these centers and government supports were significant in bringing about positive changes. Whereas