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.
Multicultural family in South Korea multicultural family is 207,693 in 2015. The number of children who under 6 years old are 110,000, and it takes 60%. The number of school age teenagers who must be educated at elementary, middle, high schools is increased about 7,000~10,000 every year, as well as infancy. The number of children of multicultural family who are born in Korea is 83%. But the number of immigrant children, that parents come to work on business and get Korean nationality and bring their children later, tended to increase as well as multicultural family that be formed with marriage. multicultural family supporting law established