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 their identity. They experience confusion because of the difference of language, culture, and values. The difference in thinking among countries, difficulties of communication with parents is example of that. Student who looks like Korean also tend to shame their parent’s nationality. supporting policy : In Korea, each local government manages their own support programs to establish identity of children of multicultural family. Multicultural family support center of Cheongju-si provides various services for children of multicultural family. Through ‘bilingual environment project’, one of support services, center tries to recover identity of children of multicultural family. Multicultural family support center of Hamyang-gun