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 manages ‘versatile program’ targeting children of multicultural family. ‘Understanding my emotion’ lecture in ‘versatile program’ is a program that can help strengthen positive ego and identity of children through experience of sharing emotion with 15 teenagers in other age groups. An official says that "Truly, due to children of multicultural family undergo various confusion about identity in school and other situations, formation of sympathy and sharing own emotion can help forming healthy identity. 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