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.
Internet censorship in South Korea practically all large search engine companies in South Korea, including foreign-owned companies (e.g. Yahoo! Korea), have complied with this legislation. In April 2009 when the Communication Commission ordered user verification be put on the system at YouTube, Google Korea blocked video uploading from users whose country setting is Korean. In September 2012, Google reenabled YouTube uploads in Korea following a three-year block. On December 21, 2010, the Korea Communications Commission announced that it is planning to create a guideline about monitoring the Internet content in case of a tense political situation; automatically deleting any online anti-governmental message that could lead