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 some cases, refugees escape North Korea with their family members, but policies are also designed for those who start a new family in South Korea. The final category includes ethnic-Korean families who were born and raised in China or Russia with a unique Korean culture, and settled in South Korea for the purpose of immigration, employment while their ancestors left Korea with various background. Children of multicultural families are defined as children born between spouses of Koreans and foreign residents with different cultural background. At first, children of multicultural families were called "Kosian" or mixed-blood. Later, people started to use