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.
Etiquette in South Korea the holidays, South Koreans give gifts to their parents and superiors, such as ribs, fruit, wine, and/or gift cards. Neighbors often receive cooking oil, a can of tuna, or laver. In South Korea, going to a funeral involves praying for the deceased person to rest in heaven, and is related to filial piety. Funerals and rituals are ceremonies organized by family and it is considered their responsibility to oversee them. Recently, funeral customs have significantly changed. For example, many people now prefer to have small funerals and be cremated rather than buried. In South Korea, the phrase “condolence call” means