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.
Tourism in South Korea place in catering to the globalization of the South Korea society. Since then, South Koreans have been able to travel freely abroad. The busy lifestyle of modern South Koreans, leading to difficulties in mediating vacations with family or friends, and the increase in one-person households, have contributed to the growing number of South Koreans traveling alone. Therefore, the popularity of destinations close to South Korea, where South Koreans can go for short vacations alone, are increasing. According to the results of a plane ticket analysis in 2016, the top foreign destination for South Koreans is Osaka, followed by Bangkok and