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 in South Korea A multicultural family in South Korea is a family that made up of people without a background in Korean culture. As the number of multicultural families increased in Korean society, the number of children in multicultural families also increased. New policies have been created to respond to the problems faced by children of multicultural families. Policies designed ot support multicultural families in South Korea are aimed at families with people who have acquired South Korean nationality. It can be defined as a family type where two cultures coexist in one family through international marriage, but