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.
Healthcare in South Korea run by publicly owned universities. Payment is made on a fee-for-service basis. There is no direct government subsidy for hospitals. This encourages hospitals to expand and discourages community services. The Korea International Medical Association has been formed to encourage medical tourism. Nearly 400,000 medical tourists visited South Korea in 2013 and that number is projected to rise to 1 million by 2020. Compared to procedures done in the US, patients can save between 30 to 85% if they have the treatment in South Korea. It has been reported that some Korean hospitals charge foreign patients more than local patients due