Korean Financial Crisis (2)

Frankly speaking, we are already heading for financial crisis from top of 1990s. But we could not feel serious/critical problem from these. First of all, biggest problems for financial crisis was from people's extravagance. Mainly 1997, financial crisis started with reality. One of company Hanbo Steel tried to construct 5 trillion won (Type of Korean currency, it was similar wealth with 3 billion US Dollar )wealth's iron-mill with 4 trillion won of debt. and they were bankrupted as an example.

Therefore, we have no other options except exports and restructure. Korea was in almost closed to national bankruptcy. That is origin from we called the Age of International Monetary Fund. A lot of people lost their job from companies' restructure because each companies had to reduce number of employment to prevent more deficits for companies. We could see many unemployment, not vagabond. In other words, they have a home, and families but they have no confidence to live with their families. So it was really easy to see road sleeper (not homeless) on the railway stations or subways. That was our biggest sorrow stories at bottom of 1990s.