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.
Climate change in South Korea of flooding, typhoon or hurricane intensity results in steady increase of number of large scale natural disaster, and damage for those. South Korea is not an exception. Especially, damage for flooding and typhoon is significant. Climate change in South Korea. Especially, damage for flooding and typhoon is significant. Despite of the increasing threat, the vulnerability to natural disaster, especially typhoon, has been decreased possibly due to multiple factors, such as, improved disaster prevention, changed building codes, industrial structures, and land use. Environmental geographers argue that there is no such thing as a natural disaster. In every part of a disaster,