1
00:00:46,625 --> 00:00:48,616
"This film is based on actual events.

2
00:00:48,625 --> 00:00:50,616
However, all characters and incidents depicted

3
00:00:50,625 --> 00:00:52,616
are fictitious and not exact re-enactment.”

4
00:00:55,125 --> 00:00:58,083
As of December 22, 1977,

5
00:00:58,083 --> 00:00:59,414
Korea reaches $10 billion in exports...

6
00:00:59,417 --> 00:01:01,579
"Produced by LEE Eugene"

7
00:01:03,708 --> 00:01:08,453
City of Seoul will build a

8
00:01:08,458 --> 00:01:11,496
new mega apartment complex for 20,990 families...

9
00:01:11,500 --> 00:01:16,415
I announce the opening of Seoul Olympic Games.

10
00:01:16,417 --> 00:01:18,328
Sampoong Department Store!

11
00:01:18,333 --> 00:01:26,333
Automobiles, semiconductors,
and shipyards are the top exporters...

12
00:01:27,708 --> 00:01:32,202
Korea's per capita income
has surpassed USD 10,000.

13
00:01:32,292 --> 00:01:33,953
Credit card approval in just one day.

14
00:01:33,958 --> 00:01:36,575
Generation X is leading the fashion trend.

15
00:01:40,000 --> 00:01:44,324
"Written by EUM Sung-min”
...formally applied for OECD membership.

16
00:01:44,500 --> 00:01:48,448
"Directed by CHOI Kook-Hee"
Korea becomes a member of the OECD.

17
00:01:48,458 --> 00:01:55,330
I wish to share my joy with the nation.

18
00:01:58,750 --> 00:02:03,074
"5 Nov 1997 East Asia Division
Morgan Stanley Headquarters, Wall Street"

19
00:02:29,667 --> 00:02:34,582


20
00:02:35,417 --> 00:02:39,331
LG advances to the Korean Series

21
00:02:41,000 --> 00:02:43,833
Finance Reform Bill likely to pass

22
00:02:44,042 --> 00:02:45,248
"15 Nov 1997"

23
00:02:45,250 --> 00:02:47,116
"KOSPI 583.8"
Ms. Han...

24
00:02:47,125 --> 00:02:48,957
"Won-Dollar exchange rate 792 won"
Ms. Han!

25
00:02:48,958 --> 00:02:51,620
"Foreign exchange reserves $15.8 billion"
Oh. Let's go.

26
00:03:04,875 --> 00:03:07,663
The Bank of Korea raised its growth forecast to 7%,

27
00:03:07,667 --> 00:03:11,456
despite the economic crises occurring in East Asia.

28
00:03:11,458 --> 00:03:12,823
Damn hangover...

29
00:03:12,833 --> 00:03:14,449
Due to admittance to the OECD

30
00:03:14,458 --> 00:03:16,790
and stability in exchange rates and exports,

31
00:03:17,000 --> 00:03:21,619
national per capita income remains above $10,000.

32
00:03:22,375 --> 00:03:25,743
The government has submitted the
budget proposal for next year.

33
00:03:26,000 --> 00:03:28,742
- Sorry, I'm late.
- Morning, Mr. Kim!

34
00:03:29,000 --> 00:03:29,910
Did you have breakfast?

35
00:03:29,917 --> 00:03:31,828
- Yes, sir.
- How about you?

36
00:03:33,208 --> 00:03:36,997
According to a Gallup Korea poll,

37
00:03:37,000 --> 00:03:42,325
85% of Koreans consider themselves middle class.

38
00:03:42,792 --> 00:03:46,911
The President has announced that
with the accession to the OECD,

39
00:03:46,917 --> 00:03:50,831
the public consciousness
should be raised accordingly.

40
00:03:51,208 --> 00:03:54,371
The government dismissed any rumors
about economic crisis,

41
00:03:54,375 --> 00:03:57,117
saying that the foundation
of Korean economy is solid.

42
00:03:57,125 --> 00:03:59,742
What are we listening to?

43
00:04:02,542 --> 00:04:03,407
That's better.

44
00:04:05,792 --> 00:04:08,079
It's nice. I like that.

45
00:04:13,583 --> 00:04:19,909
Welcome aboard. Here's to our bright future!

46
00:04:26,667 --> 00:04:28,783
Can you turn the volume up?

47
00:04:29,250 --> 00:04:31,708
"Korea Merchant Bank Corp. New Employee Training"

48
00:04:32,875 --> 00:04:33,831
Attention!

49
00:04:37,875 --> 00:04:43,700
Thank you, new employees,
for choosing Korea Merchant Bank Corp.

50
00:04:47,208 --> 00:04:53,124
To prevent you valuable people
from getting kidnapped by other companies,

51
00:04:53,417 --> 00:04:56,125
I will temporarily lock you in here.

52
00:04:58,625 --> 00:05:01,083
I heard some companies give money

53
00:05:01,083 --> 00:05:03,700
so we won't go to other job interviews.

54
00:05:04,583 --> 00:05:06,290
Do you offer something like that?

55
00:05:20,458 --> 00:05:25,032
If you take this money and still go elsewhere,
it's foul play.

56
00:05:26,875 --> 00:05:29,947
"Governor, Bank of Korea"

57
00:05:40,792 --> 00:05:44,114
Tell Ms. Han to immediately come to my office!

58
00:05:50,333 --> 00:05:55,533
Mr Johnson? This is Jeong-Hak
from Korea Merchant Bank Corporation

59
00:05:55,708 --> 00:06:03,286
I heard that your fund
decided to cancel a big amount...

60
00:06:04,292 --> 00:06:05,202
Hey, driver!

61
00:06:05,375 --> 00:06:07,958
- Yes?
- Turn off the music!

62
00:06:09,625 --> 00:06:12,913
I'm so sorry. Your fund cancelled in Korea...

63
00:06:12,958 --> 00:06:13,914
I'm sorry, I'm in the middle of a meeting

64
00:06:13,958 --> 00:06:14,413
Johnson?

65
00:06:14,458 --> 00:06:15,163
Bye.

66
00:06:17,500 --> 00:06:19,832
Freaking impatient bastard...

67
00:06:27,375 --> 00:06:28,365
This makes no sense.

68
00:06:28,375 --> 00:06:31,822
Many listeners wrote in again.

69
00:06:32,250 --> 00:06:35,993
'The mother's had no customers for days,

70
00:06:36,208 --> 00:06:39,906
and the brother hasn't been getting his salary.'

71
00:06:40,208 --> 00:06:43,997
It seems the economy is really tough these days,

72
00:06:44,125 --> 00:06:46,742
and many are going through a hard time.

73
00:06:47,583 --> 00:06:51,076
This story caught my eye.

74
00:06:51,458 --> 00:06:56,077
She wrote about her father's business.

75
00:06:57,500 --> 00:07:01,744
'My father's business went under,
so we were forced to move.'

76
00:07:01,792 --> 00:07:03,328
'We were never rich, but

77
00:07:03,375 --> 00:07:06,493
- Hello? Mr. Yoon?
- at least, I had my own bedroom.'

78
00:07:07,083 --> 00:07:08,915
What show is this?

79
00:07:08,958 --> 00:07:11,199
Son Sook's Women's Era.

80
00:07:13,583 --> 00:07:15,824
'How can we escape this situation?'

81
00:07:16,875 --> 00:07:18,991
Hello, Mr. Lee. It's been a long time!

82
00:07:20,750 --> 00:07:21,956
Really?

83
00:07:22,458 --> 00:07:24,449
Wow, that's...

84
00:07:25,000 --> 00:07:26,490
Alright, thank you!

85
00:07:33,250 --> 00:07:33,990
Gap-Su.

86
00:07:35,125 --> 00:07:38,117
Our bowls...
they want us to supply them at Midopa.

87
00:07:40,125 --> 00:07:41,411
The department store?

88
00:07:42,250 --> 00:07:43,115
Yeah!

89
00:07:46,875 --> 00:07:47,956
Are you serious?

90
00:07:47,958 --> 00:07:49,289
Don't I look serious?!

91
00:07:52,667 --> 00:07:53,953
It's a hit!

92
00:08:02,417 --> 00:08:03,657
Ms. Han, let me call you in first...

93
00:08:03,708 --> 00:08:05,415
I was asked to come.

94
00:08:13,333 --> 00:08:14,368
Is this true?

95
00:08:20,000 --> 00:08:21,582
Why didn't you tell me right away?

96
00:08:21,583 --> 00:08:24,701
You've been too busy with the Financial Reform Bill.

97
00:08:24,792 --> 00:08:26,783
It's been 10 days since I submitted the first report.

98
00:08:26,875 --> 00:08:30,072
More precisely, 253 hours and 25 minutes.

99
00:08:30,167 --> 00:08:32,579
I have reported six updates since.

100
00:08:32,583 --> 00:08:36,656
Fine, fine! But that's not what's important.

101
00:08:38,833 --> 00:08:40,574
We need to think.

102
00:08:44,083 --> 00:08:48,202
That's what we need to do. Think.

103
00:08:49,000 --> 00:08:50,115
So, now we...

104
00:08:50,500 --> 00:08:52,161
Hold on. Let's think this through.

105
00:08:53,042 --> 00:08:54,077
Okay, now...

106
00:08:54,125 --> 00:08:55,957
First, you have to call a meeting with

107
00:08:56,875 --> 00:08:58,661
the Senior Presidential Secretary for Economic Affairs.

108
00:08:58,917 --> 00:09:01,625
That's right! You mean, right now?

109
00:09:03,083 --> 00:09:04,790
Okay.

110
00:09:07,542 --> 00:09:11,786
Find out where the Presidential Secretary
for Economic Affairs is.

111
00:09:14,083 --> 00:09:14,993
Let's go.

112
00:09:17,708 --> 00:09:18,994
Aren't you coming?

113
00:09:27,083 --> 00:09:28,118
"Monetary Policy Team"

114
00:09:28,583 --> 00:09:29,539
We are a go.

115
00:09:31,792 --> 00:09:34,204
You're keeping up
with the currency crisis in Southeast Asia?

116
00:09:34,250 --> 00:09:34,990
Yes.

117
00:09:36,833 --> 00:09:39,074
Get me a summary on the hot money roll-over.

118
00:09:39,125 --> 00:09:39,990
Okay.

119
00:09:40,500 --> 00:09:41,456
The dollars injected

120
00:09:41,500 --> 00:09:43,241
to defend our currency,

121
00:09:43,292 --> 00:09:45,124
organize a report by days.

122
00:09:45,167 --> 00:09:46,373
- Ma'am.
- Huh?

123
00:09:48,375 --> 00:09:51,493
We've been through this more than 100 times.

124
00:09:52,500 --> 00:09:53,786
We're prepared.

125
00:10:04,792 --> 00:10:05,953
"Foreign Currency Crisis and the Korean Economy"

126
00:10:11,125 --> 00:10:13,457
What about supervising loan status
of commercial banks?

127
00:10:13,500 --> 00:10:16,618
Put it on hold for now.
After today, things will change.

128
00:10:16,667 --> 00:10:18,578
Our report is finally getting accepted?

129
00:10:18,625 --> 00:10:21,333
The country is about to go bankrupt.

130
00:10:21,917 --> 00:10:23,999
They'd be crazy not to take action.

131
00:10:25,083 --> 00:10:26,665
- Be on standby, everyone.
- Yes, ma'am.

132
00:10:27,750 --> 00:10:29,707
- See you later.
- Break a leg.

133
00:10:33,667 --> 00:10:35,374
Don't think about going home.

134
00:10:36,833 --> 00:10:39,040
"Bank of Korea"

135
00:10:41,417 --> 00:10:44,990
Yes. I'm on my way there right now.

136
00:10:45,583 --> 00:10:48,416
The situation is quite urgent.

137
00:10:48,917 --> 00:10:50,078
Okay.

138
00:10:50,958 --> 00:10:51,948
Yes sir.

139
00:10:52,000 --> 00:10:55,288
"Accession to the OECD,
first step as a developed nation!"

140
00:10:57,542 --> 00:11:00,375
No more delays in real-name financial transactions!

141
00:11:00,417 --> 00:11:04,035
Secure independence for Bank of Korea!

142
00:11:04,083 --> 00:11:05,994
Independence for Bank of Korea!

143
00:11:06,167 --> 00:11:08,033
Withdraw the Financial Reform Bill!

144
00:11:08,083 --> 00:11:09,949
Withdraw! Withdraw!

145
00:11:10,167 --> 00:11:13,831
Down with institutional dictatorship!

146
00:11:13,875 --> 00:11:15,912
Down with institutional dictatorship!

147
00:11:15,958 --> 00:11:19,531
Secure independence for Bank of Korea!

148
00:11:19,583 --> 00:11:21,540
Independence for Bank of Korea!

149
00:11:21,792 --> 00:11:23,533
"Presidential Secretary for Economic Affairs”
Is it true?

150
00:11:24,000 --> 00:11:24,740
Yes...

151
00:11:24,792 --> 00:11:27,784
We're in big trouble. Big trouble.

152
00:11:33,792 --> 00:11:36,250
Why didn't you tell me about this sooner?

153
00:11:37,667 --> 00:11:38,998
I'm sorry, sir.

154
00:11:44,125 --> 00:11:46,116
What do we need to do first?

155
00:11:46,708 --> 00:11:47,368
Well...

156
00:11:47,417 --> 00:11:49,624
Please call a meeting
with the Ministry's key officials.

157
00:11:50,083 --> 00:11:50,993
Yes.

158
00:11:53,667 --> 00:11:57,490
Yeah, it's me. Tell these people
to come to my office right now.

159
00:11:57,958 --> 00:11:59,323
First, the...

160
00:11:59,667 --> 00:12:00,657
The Deputy Minister of Finance.

161
00:12:00,833 --> 00:12:03,416
The Deputy Minister of Finance and...

162
00:12:03,500 --> 00:12:04,240
The Bureau Chief of Fiscal Policy.

163
00:12:04,292 --> 00:12:07,785
The Bureau Chief of Fiscal Policy and... Who else?

164
00:12:08,167 --> 00:12:09,453
That's enough for now.

165
00:12:09,750 --> 00:12:11,115
That's enough for now.

166
00:12:12,042 --> 00:12:13,203
Let's go.

167
00:12:15,042 --> 00:12:16,749
The Hong Kong market crashed today,

168
00:12:16,792 --> 00:12:20,410
giving rise to concerns
about the economic crisis in East Asia.

169
00:12:20,458 --> 00:12:21,698
"Bureau Chief of Fiscal Policy”

170
00:12:21,792 --> 00:12:25,911
Countries including
Malaysia, Thailand, and Singapore,

171
00:12:25,958 --> 00:12:28,620
which have shown economic growth in recent years...

172
00:12:28,708 --> 00:12:31,325
Hey, the Minister wants to...

173
00:12:31,375 --> 00:12:33,787
"Deputy Minister of Finance"
...play golf this weekend.

174
00:12:36,000 --> 00:12:40,824
As the man in charge of monetary policy,

175
00:12:40,875 --> 00:12:44,789
I'm sorry to report this situation.

176
00:12:44,833 --> 00:12:51,705
A detailed account of the matter
will be briefed by Ms. Han Si-Hyun.

177
00:12:52,375 --> 00:12:57,666
I'm sure you're aware of foreigners pulling out
their money, starting in Southeast Asia.

178
00:12:58,542 --> 00:13:01,455
Wait, she's not a secretary?

179
00:13:01,625 --> 00:13:06,995
Due to our inadequate handling of the Hanbo crisis

180
00:13:07,500 --> 00:13:11,118
and the bankruptcy of Kia Motors,

181
00:13:11,500 --> 00:13:15,368
foreigners began to doubt
our crisis management ability.

182
00:13:15,958 --> 00:13:22,409
Foreign capital started pulling out since August.

183
00:13:22,875 --> 00:13:26,539
The value of Korean won continues to fall,
but the government is defending it

184
00:13:27,875 --> 00:13:29,786
by injecting $2 billion from the reserves every week.

185
00:13:30,208 --> 00:13:31,448
$2 billion is used per week to defend

186
00:13:31,500 --> 00:13:33,286
<i>the currency rate of %300 to $1.</i>

187
00:13:33,667 --> 00:13:38,662
Everyone here knows that,
but we can't stop defending the currency.

188
00:13:41,292 --> 00:13:44,159
My team has reviewed

189
00:13:44,208 --> 00:13:48,497
the rate of extension granted for
money borrowed from overseas.

190
00:13:48,792 --> 00:13:53,707
Until late October, the rollover rate was 86.5%

191
00:13:53,833 --> 00:13:58,282
meaning foreign investors
were willing to roll over their loans.

192
00:13:58,333 --> 00:13:59,823
However, on November 3,

193
00:14:00,667 --> 00:14:03,864
investors simultaneously
refused to grant rollovers

194
00:14:03,917 --> 00:14:08,707
and started demanding payoffs
by the end of December.

195
00:14:10,500 --> 00:14:11,786
Give me the figures.

196
00:14:11,833 --> 00:14:12,698
As of today,

197
00:14:12,750 --> 00:14:15,708
the Ministry announced $15.8 billion in foreign reserves.

198
00:14:15,958 --> 00:14:18,575
But these aren't accurate figures.

199
00:14:19,208 --> 00:14:21,745
Considering the rejected rollovers

200
00:14:21,792 --> 00:14:25,490
and dollars owed on forward exchange,

201
00:14:27,792 --> 00:14:30,204
the actual amount calculates to below $9 billion.

202
00:14:31,000 --> 00:14:35,244
The fact that the foreign reserves
is below $9 billion means

203
00:14:35,583 --> 00:14:40,783
the government cannot guarantee
Korea's export and import activities

204
00:14:41,000 --> 00:14:42,832
as you know so well.

205
00:14:42,875 --> 00:14:46,573
If the government cannot guarantee
export and import activities...

206
00:14:48,167 --> 00:14:49,749
It means national bankruptcy.

207
00:14:52,417 --> 00:14:53,999
If my calculations are correct,

208
00:14:55,000 --> 00:14:57,583
the time remaining before Korea goes bankrupt

209
00:14:57,875 --> 00:14:59,206
IS one week.

210
00:15:14,542 --> 00:15:17,250
"Chief Presidential Secretary"”

211
00:15:17,667 --> 00:15:18,828
Is it true?

212
00:15:21,917 --> 00:15:26,332
Mr. President has a lot on his mind.

213
00:15:26,917 --> 00:15:30,865
If you speak in difficult terms... he'll get angry.

214
00:15:30,917 --> 00:15:31,952
We understand.

215
00:15:34,917 --> 00:15:37,375
Explain to him in easy terms.

216
00:15:37,792 --> 00:15:38,748
In easy terms?

217
00:15:40,083 --> 00:15:42,450
But... how? Should I take out the figures?

218
00:15:42,708 --> 00:15:44,995
We spent borrowed money like water

219
00:15:45,000 --> 00:15:46,331
hoping to get an extension.

220
00:15:46,333 --> 00:15:48,495
And here we are, Mr. President.

221
00:15:51,333 --> 00:15:53,290
I'll explain it to him in difficult terms.

222
00:16:03,417 --> 00:16:07,911
The President's son was granted bail today...

223
00:16:07,958 --> 00:16:11,906
If there aren't enough dollars,
can't you just buy more?

224
00:16:12,083 --> 00:16:15,075
The dollars are going out much
faster than the purchase rate, sir.

225
00:16:15,500 --> 00:16:16,581
Senior Secretary?

226
00:16:16,708 --> 00:16:17,948
Yes, Mr. President.

227
00:16:18,833 --> 00:16:20,323
Didn't you say it would be fine

228
00:16:20,375 --> 00:16:23,037
because Korea's economy has a solid foundation?

229
00:16:24,167 --> 00:16:25,623
I'm sorry, sir.

230
00:16:26,292 --> 00:16:30,160
The party's over... is that it?

231
00:16:36,500 --> 00:16:38,366
"Letter of Resignation”

232
00:16:44,000 --> 00:16:45,161
You sure about this?

233
00:16:47,917 --> 00:16:50,033
On a sinking ship,

234
00:16:51,375 --> 00:16:56,290
the first to get out has the best chance of survival.

235
00:16:57,167 --> 00:17:01,616
In movies, the first to leave dies first.

236
00:17:06,917 --> 00:17:09,625
"Installment savings reached $200 million!"

237
00:17:15,208 --> 00:17:18,405
I'll go my own path. Please accept this.

238
00:17:19,958 --> 00:17:22,916
Let's hear it. That path you'll go on.

239
00:17:23,125 --> 00:17:24,911
I'm going to invest in the crisis.

240
00:17:25,208 --> 00:17:29,406
I believe the Korean economy...

241
00:17:31,833 --> 00:17:33,915
will go bankrupt soon.

242
00:17:36,125 --> 00:17:38,492
Hey, do you think

243
00:17:39,000 --> 00:17:43,494
there haven't been others just like you?

244
00:17:44,792 --> 00:17:50,208
During the oil crisis and debt crisis in 1980,

245
00:17:50,333 --> 00:17:54,372
there were many who quit their good jobs,

246
00:17:54,667 --> 00:17:56,453
but no matter what happens,

247
00:17:56,500 --> 00:17:58,537
a nation's economy is bound to withstand.

248
00:17:59,042 --> 00:18:00,373
Don't you read the papers?

249
00:18:01,750 --> 00:18:03,206
The four dragons of Asia!

250
00:18:03,250 --> 00:18:05,161
Powerful, rising countries!

251
00:18:07,083 --> 00:18:10,280
You should think about investing diligently...

252
00:18:10,333 --> 00:18:15,328
No lectures, please. Just pay my severance.

253
00:18:16,250 --> 00:18:18,287
Do you know what people call your kind?

254
00:18:19,500 --> 00:18:21,787
A conspirator! You son of a bitch!

255
00:18:22,125 --> 00:18:24,116
Go on. Go your way.

256
00:18:25,375 --> 00:18:28,288
It's conspiracist, actually.

257
00:18:28,333 --> 00:18:29,949
Isn't that what I said?!

258
00:18:32,167 --> 00:18:38,118
Hello, sir.
This is Yoon from Korea Merchant Bank Corp.

259
00:18:40,542 --> 00:18:42,453
The beacon of success!

260
00:18:42,500 --> 00:18:45,663
If you just give me an hour,
I'll present you with the greatest...

261
00:18:45,750 --> 00:18:48,583
Yes, ma'am. Darling? My friend!

262
00:18:49,750 --> 00:18:53,197
"List of Top Companies”
I don't know what to label it

263
00:18:53,250 --> 00:18:56,538
"Task force office"
but this will be the control tower...

264
00:18:56,583 --> 00:18:58,870
"Task force office"
...for preventing national bankruptcy.

265
00:19:00,833 --> 00:19:03,370
Gently! You're stirring up dust.

266
00:19:03,625 --> 00:19:04,740
I'm sorry, sir.

267
00:19:07,333 --> 00:19:09,825
I wouldn't have called if this wasn't important.

268
00:19:10,750 --> 00:19:13,242
In fact, it's huge.

269
00:19:15,208 --> 00:19:17,996
Only for a few chosen clients...

270
00:19:18,042 --> 00:19:19,908
All you need to do is follow my lead.

271
00:19:22,125 --> 00:19:23,490
Thank you.

272
00:19:26,792 --> 00:19:33,949
While I was working as a personal assets manager,

273
00:19:34,000 --> 00:19:37,789
I secured all of you good
returns on your investments.

274
00:19:39,000 --> 00:19:41,207
Isn't that right, ma'am?

275
00:19:41,917 --> 00:19:45,285
Of course.

276
00:19:45,333 --> 00:19:48,325
You helped me get a new building in Gangnam.

277
00:19:48,833 --> 00:19:49,948
Sir, am I right?

278
00:19:50,500 --> 00:19:54,164
I don't think any of us here doubt your skills.

279
00:19:56,500 --> 00:20:01,791
I believe that Korea

280
00:20:03,417 --> 00:20:05,784
will go broke in a week.

281
00:20:06,917 --> 00:20:10,114
- The country will go broke?
- Is that even possible?

282
00:20:12,417 --> 00:20:16,365
And this is the reason why.

283
00:20:22,750 --> 00:20:28,996
'Yeo' means 'to give', and 'shin' means 'to trust'.

284
00:20:29,958 --> 00:20:34,373
Or 'loan' in plain language.

285
00:20:34,417 --> 00:20:36,374
When a financial institution loans money.

286
00:20:38,000 --> 00:20:40,162
This word, trust!

287
00:20:41,000 --> 00:20:45,915
What is exchanged is the trust that
the money will be returned, but...

288
00:20:46,208 --> 00:20:50,156
this trust was a weak, unfounded one!

289
00:20:50,625 --> 00:20:57,122
From the beginning of this year,
I sensed that it was slowly breaking apart.

290
00:20:58,417 --> 00:21:04,413
I'll give you an example. There's a businessman.

291
00:21:05,583 --> 00:21:07,915
Check the document.

292
00:21:07,958 --> 00:21:12,327
"Intent of Purchase”
He wants to run a business but has no money.

293
00:21:12,375 --> 00:21:13,991
What can he do?

294
00:21:14,708 --> 00:21:18,372
Expand your factory,
change your car, get a driver.

295
00:21:18,417 --> 00:21:20,408
You should live a better life now.

296
00:21:21,375 --> 00:21:24,333
- No more carrying sheets of steel!
- Thank you.

297
00:21:26,042 --> 00:21:30,036
But... This many?

298
00:21:30,458 --> 00:21:31,243
Is that a problem?

299
00:21:31,333 --> 00:21:35,156
Of course not. We'll try and match the order.

300
00:21:36,042 --> 00:21:39,489
The payment will be made in promissory note.

301
00:21:41,500 --> 00:21:42,240
Sorry?

302
00:21:42,542 --> 00:21:44,249
Here's a question.

303
00:21:45,792 --> 00:21:49,956
What kind of a promissory note is this?

304
00:21:51,583 --> 00:21:53,574
This place is not a bank.

305
00:21:54,417 --> 00:21:55,532
Do you have the paperwork?

306
00:21:55,583 --> 00:21:58,166
It is a nonmonetary institution
called a merchant bank.

307
00:21:58,875 --> 00:22:03,324
A promissory note
is issued to the company at a bank

308
00:22:03,375 --> 00:22:06,697
which is then submitted to
the nonmonetary institution.

309
00:22:07,625 --> 00:22:13,416
And what happens next? I'll count to three.

310
00:22:14,292 --> 00:22:15,077
One,

311
00:22:18,167 --> 00:22:18,998
two...

312
00:22:21,500 --> 00:22:22,285
Three!

313
00:22:23,500 --> 00:22:24,661
Here.

314
00:22:25,125 --> 00:22:26,286
Your loan's approved.

315
00:22:26,708 --> 00:22:29,120
Thank you.

316
00:22:29,208 --> 00:22:31,370
Surprisingly and instantly!

317
00:22:31,708 --> 00:22:34,291
You can borrow

318
00:22:34,333 --> 00:22:37,746
the amount on the bank-issued promissory note.
"Loan Contract”

319
00:22:37,792 --> 00:22:40,830
Whether or not the note is effective as collateral

320
00:22:40,875 --> 00:22:43,583
is nobody's concern.

321
00:22:44,042 --> 00:22:45,203
They just give out the loan.

322
00:22:47,417 --> 00:22:53,868
Such promissory notes
are passed on to small businesses.

323
00:22:55,833 --> 00:22:59,246
Sorry, but we've always received payment in cash.

324
00:22:59,333 --> 00:23:01,916
Who does business in cash these days?

325
00:23:02,500 --> 00:23:03,911
It's all in promissory notes.

326
00:23:05,167 --> 00:23:08,239
- What?
- Who does business in cash anymore?

327
00:23:08,750 --> 00:23:10,036
I have to go.

328
00:23:10,083 --> 00:23:11,869
Call me. I have tons of orders to handle.

329
00:23:11,917 --> 00:23:13,908
- See you later.
- Drive safe.

330
00:23:14,125 --> 00:23:18,574
If this is the situation for small businesses,
what about conglomerates?

331
00:23:19,208 --> 00:23:26,456
They take loans through foreign banks,

332
00:23:26,500 --> 00:23:29,333
secure them against other loans.

333
00:23:29,917 --> 00:23:35,868
And that debt goes down to subcontractors.

334
00:23:35,917 --> 00:23:39,114
Down and down.

335
00:23:39,292 --> 00:23:45,789
If the business is successful
and the debt is collected, everyone's happy.

336
00:23:47,625 --> 00:23:49,662
But if any one party falters?

337
00:23:49,708 --> 00:23:52,325
It's a matter of time
before everything comes tumbling down.

338
00:23:53,417 --> 00:23:56,830
Why? But I've never heard of this.

339
00:23:57,375 --> 00:23:58,911
This was a deal made on the unfounded trust that

340
00:23:58,958 --> 00:24:01,575
'everything will be fine'.

341
00:24:01,625 --> 00:24:07,041
This is the screwed up process Korea's

342
00:24:07,083 --> 00:24:10,201
been running businesses in till 1997.

343
00:24:10,875 --> 00:24:12,616
- Pardon my French.
- Nonsense.

344
00:24:13,875 --> 00:24:19,700
And I reached the conclusion that

345
00:24:20,958 --> 00:24:24,952
this ticking time bomb will go off this year.

346
00:24:31,042 --> 00:24:36,242
You're overlooking something.
What if the government gets involved?

347
00:24:36,542 --> 00:24:42,823
What if they present a solution
before the bomb explodes?

348
00:24:44,625 --> 00:24:47,617
What kind of solution do we have

349
00:24:47,667 --> 00:24:49,578
in a free market economy?

350
00:24:49,750 --> 00:24:52,913
Send out a warning that
the country's economy is in danger.

351
00:24:55,792 --> 00:24:57,874
Isn't that the first step
to deal with any disaster?

352
00:24:57,917 --> 00:25:00,989
Now why would we do that?

353
00:25:01,708 --> 00:25:03,949
'Dear people of Korea, we're screwed.

354
00:25:04,000 --> 00:25:05,911
We're about to go bankrupt.'

355
00:25:05,958 --> 00:25:07,448
You want to advertise it?

356
00:25:07,708 --> 00:25:12,202
People have a right to be informed
of the government's decision.

357
00:25:12,250 --> 00:25:16,164
What right? Where does it say that?

358
00:25:17,625 --> 00:25:20,367
If the market economy collapses,
we won't be able to do anything.

359
00:25:20,417 --> 00:25:23,580
All this talk of imminent danger
will cause more confusion.

360
00:25:23,958 --> 00:25:25,323
We have to prevent that

361
00:25:25,375 --> 00:25:26,957
and find a way to buy more time.

362
00:25:27,000 --> 00:25:31,369
Who will take responsibility
for the damage incurred in that time?

363
00:25:31,667 --> 00:25:36,116
People have the right
to know about the current situation!

364
00:25:36,167 --> 00:25:37,282
Han!

365
00:25:40,958 --> 00:25:42,414
Ms. Han...

366
00:25:43,708 --> 00:25:46,496
the people's right to know
isn't what matters right now.

367
00:25:46,750 --> 00:25:49,993
What's stopping you? This is a huge opportunity!

368
00:25:50,042 --> 00:25:52,704
If we get paid with a promissory note,

369
00:25:52,750 --> 00:25:54,491
how do we pay our vendors?

370
00:25:55,375 --> 00:25:57,332
We can ask them to wait for now

371
00:25:57,417 --> 00:26:01,911
and pay once the note matures.

372
00:26:02,917 --> 00:26:04,248
Let's sign the deal.

373
00:26:04,250 --> 00:26:05,365
At least a warning to people

374
00:26:05,375 --> 00:26:09,243
"Intent of Purchase"
making countless decisions...

375
00:26:10,042 --> 00:26:11,123
that's confusing to you?

376
00:26:11,167 --> 00:26:15,035
What if everyone clears out their account
and cancels their deals?

377
00:26:15,083 --> 00:26:17,700
How can you worry about that?

378
00:26:19,000 --> 00:26:20,456
That's making a soft landing.

379
00:26:22,583 --> 00:26:24,494
The government will not notify the public.

380
00:26:24,708 --> 00:26:26,324
How can you be so sure?

381
00:26:26,375 --> 00:26:30,915
There have been clear signs
showing how Korea is failing,

382
00:26:31,417 --> 00:26:34,250
and they've been ignoring them!

383
00:26:39,792 --> 00:26:43,740
Sir, we must notify the public as soon as possible.

384
00:26:44,125 --> 00:26:47,618
No, it'll only cause unnecessary confusion.

385
00:26:49,625 --> 00:26:51,491
'In difficulty, because the factory

386
00:26:51,542 --> 00:26:54,705
isn't paying my husband's salary!'

387
00:26:55,167 --> 00:26:59,491
'Putting the house up for sale
after the business failed.'

388
00:26:59,708 --> 00:27:02,245
What show is this?

389
00:27:03,000 --> 00:27:04,616
Son Sook's Women's Era.

390
00:27:08,292 --> 00:27:10,624
If we tell the people now,

391
00:27:10,667 --> 00:27:12,783
then the damage can be reduced.

392
00:27:13,917 --> 00:27:15,703
"Intent of Purchase"

393
00:27:16,875 --> 00:27:17,615
Sign it.

394
00:27:19,833 --> 00:27:22,040
National bankruptcy has already begun,

395
00:27:22,083 --> 00:27:25,701
but the government isn't doing anything at all.

396
00:27:26,208 --> 00:27:29,746
They are either incompetent or ignorant!

397
00:27:31,417 --> 00:27:34,489
Saying that we're facing an economic crisis

398
00:27:34,542 --> 00:27:38,911
will only serve the opposition
right before elections.

399
00:27:40,208 --> 00:27:42,074
This is no time to talk politics!

400
00:27:42,125 --> 00:27:47,746
I plan to invest in that incompetence and ignorance.

401
00:27:48,125 --> 00:27:52,369
What's there to think about? Come on.

402
00:28:04,083 --> 00:28:05,073
Mr. Senior Secretary...

403
00:28:20,792 --> 00:28:22,578
The possibility of national bankruptcy...

404
00:28:30,875 --> 00:28:33,116
will be dealt with entirely behind closed doors.

405
00:28:34,417 --> 00:28:37,489
From this point on,

406
00:28:37,542 --> 00:28:40,034
this team will keep silent about the situation

407
00:28:40,458 --> 00:28:44,372
to the press and those in the financial sector.

408
00:28:52,375 --> 00:28:53,410
Everything will be fine.

409
00:28:54,667 --> 00:28:55,657
Mr. Senior Secretary!

410
00:28:57,875 --> 00:28:59,741
Sir, please!

411
00:29:00,500 --> 00:29:01,160
Sir!

412
00:29:02,083 --> 00:29:06,407
Sir, If we hide it, people will suffer helplessly

413
00:29:06,708 --> 00:29:08,619
when the big blow comes.

414
00:29:08,917 --> 00:29:11,500
We have to salvage at least the healthy SMEs...

415
00:29:12,875 --> 00:29:15,663
Healthy SMEs?

416
00:29:18,292 --> 00:29:20,408
And who's doing the health checkups?

417
00:29:53,750 --> 00:29:55,206
Where's everybody else?

418
00:29:55,875 --> 00:29:58,412
Obviously, they weren't impressed
by my presentation.

419
00:29:59,583 --> 00:30:00,914
No one believes me.

420
00:30:03,125 --> 00:30:08,871
I'll invest in your words
about government's incompetence in crisis.

421
00:30:17,792 --> 00:30:22,832
Man! I was totally blown away!

422
00:30:23,292 --> 00:30:27,115
'They are either incompetent or ignorant!'

423
00:30:27,958 --> 00:30:29,869
Especially that part.

424
00:30:30,708 --> 00:30:32,039
Hey, how old are you?

425
00:30:32,333 --> 00:30:33,073
Twenty four.

426
00:30:33,125 --> 00:30:34,832
Scram, kid.

427
00:30:36,125 --> 00:30:39,823
Wasn't this a presentation
about an investment opportunity?

428
00:30:42,208 --> 00:30:43,869
I have money. Shitload of it.

429
00:31:02,000 --> 00:31:03,115
"1 million dollars'

430
00:31:04,250 --> 00:31:09,199
Why don't you take a seat, sir?

431
00:31:09,250 --> 00:31:10,615
Yes, Mr. Yoon.

432
00:31:20,083 --> 00:31:22,074
- Mom!
- Mom's home!

433
00:31:22,125 --> 00:31:23,035
Hey!

434
00:31:23,083 --> 00:31:24,790
Why'd you come home so late?

435
00:31:24,833 --> 00:31:28,531
Did you miss mommy?

436
00:31:29,667 --> 00:31:35,208
<i>Honey, our bowls...
they'll be in department stores soon.</i>

437
00:31:37,083 --> 00:31:38,073
Really?

438
00:31:39,500 --> 00:31:43,824
It's a huge deal. Worth $500,000.

439
00:31:44,667 --> 00:31:48,490
- Really? That's great!
- Right?

440
00:31:50,042 --> 00:31:54,411
I was worried about tuition fees
when Hyun-ah goes to middle school.

441
00:31:56,042 --> 00:31:56,952
Once we close the deal,

442
00:31:57,000 --> 00:31:57,831
you can quit working.

443
00:31:57,875 --> 00:32:00,458
Let's talk about that when you close the deal.

444
00:32:01,917 --> 00:32:03,282
You did good!

445
00:32:09,458 --> 00:32:13,372
In response to the claim that
the Korean economy is facing a crisis,

446
00:32:13,417 --> 00:32:16,580
the Deputy Prime Minister
dismissed it as an unfounded rumor.

447
00:32:16,625 --> 00:32:20,198
The economy is entering a recovery phase...

448
00:32:20,250 --> 00:32:24,995
Based on its solid foundation
as the world's 11th largest economy...

449
00:32:25,042 --> 00:32:28,000
...appears to have passed the low point.

450
00:32:28,042 --> 00:32:30,830
Korea beat UAE

451
00:32:30,875 --> 00:32:32,365
in the World Cup qualifying round...

452
00:32:32,417 --> 00:32:34,203
...has asked the national team to play well

453
00:32:34,250 --> 00:32:37,788
in the quarter too.

454
00:32:37,833 --> 00:32:39,415
No, it's not official yet.

455
00:32:39,417 --> 00:32:40,327
"Nov 18, 1997"

456
00:32:40,333 --> 00:32:41,698
"KOSPI 542 .4"

457
00:32:41,708 --> 00:32:43,039
"Won-Dollar Exchange Rate 843"

458
00:32:43,042 --> 00:32:44,874
"won Foreign Reserves $10.3 billion"

459
00:32:45,292 --> 00:32:46,953
The Bank of Korea is unable to provide surety.

460
00:32:48,125 --> 00:32:50,708
No, we cannot confirm that.

461
00:32:51,083 --> 00:32:52,414
The Washington Post wrote that

462
00:32:52,458 --> 00:32:55,905
foreign banks refused to provide export bonds
for Korean companies.

463
00:32:56,042 --> 00:33:00,866
Soros is refusing to roll over
matured investments in Korea.

464
00:33:01,000 --> 00:33:03,583
I don't think it helps to keep silent.

465
00:33:03,792 --> 00:33:06,124
There'll be more vicious rumors.

466
00:33:06,917 --> 00:33:07,748
Let's go out.

467
00:33:07,792 --> 00:33:08,452
Sorry?

468
00:33:08,500 --> 00:33:10,491
We need proof to convince

469
00:33:10,542 --> 00:33:14,115
the ignorant and indolent in high positions.

470
00:33:14,375 --> 00:33:16,992
We have to gather evidence they can't refute.

471
00:33:17,542 --> 00:33:20,864
We can look into poor bonds
in nonmonetary institutions

472
00:33:21,125 --> 00:33:23,207
and use them to persuade people in charge

473
00:33:24,333 --> 00:33:28,076
at the Ministry of Finance, the BOK,
and commercial banks.

474
00:33:28,375 --> 00:33:31,993
Whatever it takes for now.

475
00:33:32,208 --> 00:33:33,573
From now on, we're the system.

476
00:33:33,625 --> 00:33:34,490
Yes, ma'am.

477
00:33:36,083 --> 00:33:38,074
Who is this person we have to meet?

478
00:33:38,750 --> 00:33:39,490
An alumnus.

479
00:33:40,083 --> 00:33:40,993
Alumnus?

480
00:33:53,500 --> 00:33:57,243
This is the bureau chief of fiscal policy.

481
00:33:57,750 --> 00:33:58,410
Nice to meet you.

482
00:33:58,458 --> 00:33:59,539
Good evening, sir.

483
00:34:00,958 --> 00:34:02,448
He's my alumnus from Harvard.

484
00:34:02,500 --> 00:34:03,990
He'll take a seat in the next cabinet.

485
00:34:04,208 --> 00:34:05,198
It's an honor.

486
00:34:06,000 --> 00:34:07,832
Show respect. Bow deeper.

487
00:34:09,208 --> 00:34:10,414
Thank you for coming.

488
00:34:10,458 --> 00:34:12,449
Stay close.

489
00:34:13,583 --> 00:34:14,573
Hello.

490
00:34:18,667 --> 00:34:19,623
Good to see you.

491
00:34:20,333 --> 00:34:24,406
This is the youngest son of the
Llsung Group's Chairman.

492
00:34:24,458 --> 00:34:27,166
I'm sorry I didn't recognize you.

493
00:34:29,625 --> 00:34:32,333
I came because my father told me to.

494
00:34:33,208 --> 00:34:34,994
What do we talk about?

495
00:34:35,333 --> 00:34:40,908
We give advice and share
information among the alumni.

496
00:34:42,625 --> 00:34:43,911
I see...

497
00:34:44,208 --> 00:34:45,824
Mr. Chairman is in good health?

498
00:34:45,958 --> 00:34:47,198
Yeah, he's well.

499
00:34:49,375 --> 00:34:50,285
So...

500
00:34:53,500 --> 00:34:58,825
Mr. Chairman is no longer in his youth.
You should start training to take over.

501
00:35:00,583 --> 00:35:03,291
Well, I don't know much.

502
00:35:03,917 --> 00:35:06,033
Now, you will have something you know.

503
00:35:08,458 --> 00:35:12,907
What we're about to tell you
will please Mr. Chairman.

504
00:35:14,125 --> 00:35:15,331
How do you mean?

505
00:35:19,167 --> 00:35:22,364
Pretty soon... there will be national bankruptcy.

506
00:35:22,833 --> 00:35:30,160
Many things will change.
In whatever way, you should be prepared.

507
00:35:32,292 --> 00:35:34,784
Why are you telling me this?

508
00:35:36,958 --> 00:35:38,824
Because we're alumni.

509
00:35:52,042 --> 00:35:55,660
As per the Bank of Korea's supervision authority,

510
00:35:55,708 --> 00:35:58,370
we'll conduct an emergency inspection of this bank.

511
00:36:03,875 --> 00:36:06,287
How much did Cheil Bank lend to Hanbo Steel?

512
00:36:07,167 --> 00:36:09,329
Around $1.08 billion.

513
00:36:09,375 --> 00:36:11,992
How much paid-in capital do you have?

514
00:36:12,042 --> 00:36:13,703
$870 million.

515
00:36:13,750 --> 00:36:17,414
Why did you lend more than
the capital held by the bank?

516
00:36:18,333 --> 00:36:19,323
I'm sorry.

517
00:36:19,958 --> 00:36:22,666
Who reviewed and approved the loan?

518
00:36:22,875 --> 00:36:25,162
There has never been a review

519
00:36:25,208 --> 00:36:27,415
of the business plan.

520
00:36:29,667 --> 00:36:31,999
There should've been restraints imposed
by Bank Inspection Board?

521
00:36:32,042 --> 00:36:32,873
No.

522
00:36:33,250 --> 00:36:35,833
Who's in charge of this bank
at the Bank Inspection Board?

523
00:36:36,292 --> 00:36:37,498
Well...

524
00:36:38,458 --> 00:36:39,198
That's me.

525
00:36:39,500 --> 00:36:40,160
What?

526
00:36:40,208 --> 00:36:43,576
I used to be on the Bank Inspection Board,

527
00:36:44,167 --> 00:36:47,205
then I transferred here right
before the Hanbo scandal.

528
00:36:47,250 --> 00:36:51,039
If I knew Hanbo would go under,
I wouldn't have come here.

529
00:36:52,542 --> 00:36:53,703
I'm sorry.

530
00:36:54,292 --> 00:36:57,159
Why is Hanbo Headquarters in an apartment arcade?

531
00:36:57,667 --> 00:37:01,365
It was on advice from
the Chairman's fortune teller.

532
00:37:01,583 --> 00:37:05,281
A fortune teller? That's crazy.

533
00:37:05,708 --> 00:37:09,155
My wife and kids are in Canada.

534
00:37:09,208 --> 00:37:11,700
Do you know how much the exchange rate will go up?

535
00:37:11,750 --> 00:37:15,038
Who made the decision to invest in steel at Hanbo?
"Sales, Hanbo Steel"

536
00:37:15,083 --> 00:37:16,289
Was it the fortune teller again?

537
00:37:16,333 --> 00:37:19,576
Whoever it was, I know nothing of it.

538
00:37:19,625 --> 00:37:21,241
Did the board of directors approve?

539
00:37:21,708 --> 00:37:22,448
What board of directors?

540
00:37:22,500 --> 00:37:25,913
There are no directors.

541
00:37:26,333 --> 00:37:31,874
The arrangement for the loan
was made by the President's son.

542
00:37:31,917 --> 00:37:34,784
How much is the total loan Hanbo obtained?

543
00:37:35,833 --> 00:37:39,246
What year did this bitch enter Bank of Korea?

544
00:37:39,542 --> 00:37:41,158
You can't talk like that.

545
00:37:41,208 --> 00:37:44,121
How much is the total loan
that's not in the record?

546
00:37:44,167 --> 00:37:47,740
How dare you talk like that to me!

547
00:37:47,917 --> 00:37:48,577
Sir!

548
00:37:48,625 --> 00:37:49,786
What!

549
00:37:57,750 --> 00:37:58,740
Hey,

550
00:38:00,417 --> 00:38:02,374
freaking clueless, aren't you?

551
00:38:06,417 --> 00:38:08,624
Because of the billions

552
00:38:08,667 --> 00:38:11,250
you recklessly obtained by lobbying politicians,

553
00:38:14,000 --> 00:38:17,618
you set off a ticking time bomb.

554
00:38:21,250 --> 00:38:22,832
So, where are we going?

555
00:38:24,125 --> 00:38:25,536
We'll start purchasing dollars.

556
00:38:27,208 --> 00:38:31,873
When Korea's credit level falls,
the first thing to change is the currency rate.

557
00:38:32,125 --> 00:38:38,997
The exchange rate is at 800 won.
Do you think it'll get higher?

558
00:38:39,250 --> 00:38:43,244
Of course. My prediction is...

559
00:38:44,500 --> 00:38:45,365
up to 2,000 won.

560
00:38:46,083 --> 00:38:47,699
2,000 won?!

561
00:38:48,375 --> 00:38:50,491
That's almost triple!

562
00:38:52,250 --> 00:38:54,332
That much won't do for me.

563
00:38:54,625 --> 00:38:55,865
I want a put option that makes money

564
00:38:55,917 --> 00:39:00,707
when the stocks crash and the currency flares up.

565
00:39:02,208 --> 00:39:03,198
Here.

566
00:39:03,583 --> 00:39:06,075
"Stock Options”

567
00:39:07,292 --> 00:39:11,035
The currency rate is as high
and the stocks as low as they can get.

568
00:39:11,083 --> 00:39:15,998
You're totally going the opposite way.

569
00:39:16,125 --> 00:39:21,791
If you want to make money with this,
then this country has to go under.

570
00:39:22,292 --> 00:39:25,284
I just do as requested but...

571
00:39:25,333 --> 00:39:27,199
Then do it.

572
00:39:43,083 --> 00:39:45,745
Companies take on businesses
without considering profitability.

573
00:39:45,792 --> 00:39:49,831
Banks lend blindly,
politicians lobby to accommodate.

574
00:39:49,833 --> 00:39:51,699
The inspection board doesn't work.

575
00:39:51,708 --> 00:39:53,745
They all fit perfectly.

576
00:39:53,750 --> 00:39:57,914
The bad loans from Hanbo alone are worth $5 billion.

577
00:39:57,917 --> 00:40:01,490
No need to criticize others. Bank of Korea is also responsible.

578
00:40:01,667 --> 00:40:02,623
How come?

579
00:40:02,792 --> 00:40:05,329
How is the monetary policy team responsible?

580
00:40:05,625 --> 00:40:09,914
When Hanbo went bankrupt, when Kia went bankrupt...

581
00:40:10,000 --> 00:40:12,241
we submitted tons of analysis reports.

582
00:40:12,625 --> 00:40:14,241
They never listened.

583
00:40:16,167 --> 00:40:20,912
Foreign investors are selling fast,
causing the stock price to plummet.

584
00:40:20,958 --> 00:40:23,825
...dropped by 20 points within 10 minutes.

585
00:40:23,875 --> 00:40:26,287
Only 5 minutes into trading, foreign dumping began...

586
00:40:26,333 --> 00:40:27,619
"Nov 19, 1997"
Since selling over $300 million last month,

587
00:40:27,625 --> 00:40:29,081
"KOSPI 509.4 Won-Dollar"
Since selling over $300 million last month,

588
00:40:29,083 --> 00:40:30,039
"Exchange Rate 909 won"
Since selling over $300 million last month,

589
00:40:30,042 --> 00:40:30,782
"Foreign Reserves $8 billion"

590
00:40:30,792 --> 00:40:34,831
foreigners have sold $580 million this month,

591
00:40:34,833 --> 00:40:38,326
as of today.

592
00:40:39,292 --> 00:40:42,080
With foreign investors dumping stocks,

593
00:40:42,083 --> 00:40:44,324
the exchange rate is flaring up.

594
00:40:44,833 --> 00:40:48,952
The foreign exchange market
ceased all transactions after 5 minutes.

595
00:40:49,375 --> 00:40:50,365
The currency rate flared up,

596
00:40:50,375 --> 00:40:55,996
causing the market to close after just 5 minutes.

597
00:40:56,083 --> 00:40:58,825
The money exchange services
have come to a de facto halt.

598
00:40:58,958 --> 00:41:03,623
The interest rate for promissory notes
has gone up by 0.87 % overnight.

599
00:41:04,833 --> 00:41:07,495
Right now, the administration
is preparing a statement.

600
00:41:08,375 --> 00:41:09,991
The situation is only temporary

601
00:41:10,000 --> 00:41:12,287
and will not lead to a state of panic!

602
00:41:12,917 --> 00:41:14,373
This is not a serious situation.

603
00:41:14,417 --> 00:41:15,248
Hang up.

604
00:41:15,792 --> 00:41:20,662
The aftershock of the financial crisis
in Southeast Asia is hitting hard again.

605
00:41:20,667 --> 00:41:23,625
The currency crisis that began in Thailand
and spread across the Philippines,

606
00:41:23,667 --> 00:41:29,948
Indonesia, and Hong Kong
is now threatening our financial market.

607
00:41:30,083 --> 00:41:33,371
The currency rate
has reached an all-time high again.

608
00:41:33,375 --> 00:41:37,073
Mr. Yoon, it's come true. It's happening!

609
00:41:38,167 --> 00:41:40,374
I can't freaking believe this!

610
00:41:40,625 --> 00:41:43,822
Listen! Tell them it's not true.

611
00:41:45,083 --> 00:41:46,949
Don't say anything else!

612
00:41:49,125 --> 00:41:51,207
Just tell them everything is under control!

613
00:41:51,417 --> 00:41:52,248
We have breaking news.

614
00:41:52,292 --> 00:41:57,913
Midopa Department Store is facing bankruptcy.

615
00:41:58,083 --> 00:42:01,826
I repeat. Midopa is facing bankruptcy.

616
00:42:02,083 --> 00:42:05,656
Midopa is seeking emergency funding,

617
00:42:05,833 --> 00:42:12,910
as well as holding talks
with its partners to renegotiate business terms.

618
00:42:53,292 --> 00:42:53,952
Mr. Lee!

619
00:42:54,708 --> 00:42:56,870
There's Lee. Get him!

620
00:42:56,875 --> 00:42:58,741
Mr. Lee!

621
00:43:14,083 --> 00:43:17,496
Wait. Let go!

622
00:43:19,000 --> 00:43:19,740
Mr. Lee!

623
00:43:20,042 --> 00:43:20,907
Lee!

624
00:43:21,583 --> 00:43:22,698
It's not true, is it?

625
00:43:23,250 --> 00:43:24,490
It's not going bankrupt, right?

626
00:43:24,583 --> 00:43:26,039
Just give me a little more time.

627
00:43:26,042 --> 00:43:27,328
You knew about this!

628
00:43:27,333 --> 00:43:28,573
No! Honestly.

629
00:43:28,583 --> 00:43:29,914
What are you gonna do about it?

630
00:43:32,208 --> 00:43:34,324
Lives depended on that money!

631
00:43:36,375 --> 00:43:37,740
Midopa has $310 million in debt

632
00:43:37,750 --> 00:43:39,240
with commercial banks,

633
00:43:39,250 --> 00:43:42,618
as well as $215 million
with nonmonetary institutions.

634
00:43:42,625 --> 00:43:45,947
Midopa in debt Total $827.5 million

635
00:43:46,125 --> 00:43:49,038
Midopa will file for composition tomorrow,

636
00:43:49,042 --> 00:43:51,283
but if the creditors reject,

637
00:43:51,292 --> 00:43:53,784
they will be forced to go into receivership.

638
00:43:54,125 --> 00:43:56,207
Halla Group has gone bankrupt.

639
00:43:56,792 --> 00:43:57,873
"Halla"

640
00:43:58,083 --> 00:43:59,448
Taeil's filed for bankruptcy.

641
00:43:59,458 --> 00:44:00,368
"Taeil Precision"

642
00:44:00,375 --> 00:44:02,286
New Core has filed for bankruptcy!

643
00:44:03,917 --> 00:44:04,782
What?

644
00:44:06,250 --> 00:44:07,240
Sir!

645
00:44:08,750 --> 00:44:10,991
Daewoo's in danger.

646
00:44:11,667 --> 00:44:12,281
What?

647
00:44:12,708 --> 00:44:15,746
Chairman Kim Woo-joong wants a special meeting.

648
00:44:16,708 --> 00:44:18,574
"

649
00:44:19,292 --> 00:44:22,125
Han! Where did Han go?

650
00:44:33,708 --> 00:44:38,498
Please relax and come down, sir.

651
00:44:38,833 --> 00:44:41,495
Come down and talk to me.

652
00:44:41,917 --> 00:44:44,830
Many are going through a difficult time. Please.

653
00:44:45,250 --> 00:44:48,868
Think about your family.

654
00:44:49,042 --> 00:44:51,909
Please come down, sir.

655
00:44:52,625 --> 00:44:54,616
Come down please!

656
00:45:08,958 --> 00:45:14,579
Haetae Group has gone into bankruptcy.

657
00:45:14,750 --> 00:45:17,913
Kia's creditors filed for court receivership.

658
00:45:17,917 --> 00:45:20,249
...New York Times expressed
concern on Korea's capability

659
00:45:20,250 --> 00:45:22,582
to pay off its short-term loans.

660
00:45:22,667 --> 00:45:24,999
...unprecedented bankruptcy of a financial institution.

661
00:45:25,000 --> 00:45:26,331
"Korea Merchant Bank Clients Left Hopeless"

662
00:45:27,750 --> 00:45:32,074
Today alone, 20 out of the top 100
companies have gone bankrupt.

663
00:45:32,292 --> 00:45:34,784
If you include smaller companies,

664
00:45:34,792 --> 00:45:37,250
we estimate around 200 companies.

665
00:45:37,250 --> 00:45:41,448
Merchant banks' low-interest bonds
from Southeast Asia are being retrieved.

666
00:45:41,583 --> 00:45:45,781
If they go bust,
their promissory notes will become void.

667
00:45:46,333 --> 00:45:49,496
If that happens,
commercial banks may become insolvent.

668
00:45:49,500 --> 00:45:53,289
Korea's bankruptcy is reported as
an established fact in Wall Street.

669
00:45:54,000 --> 00:45:55,206
Starting with Korea Merchant Bank,

670
00:45:55,208 --> 00:45:56,994
commercial banks are also at risk.

671
00:46:07,417 --> 00:46:09,499
"Korea Merchant Bank Corp".

672
00:46:15,708 --> 00:46:16,948
Damn! We were right!

673
00:46:17,292 --> 00:46:21,365
The stocks are crashing, right?

674
00:46:21,917 --> 00:46:25,911
The Korean won is going down,
and the dollar's going up, right?

675
00:46:26,125 --> 00:46:29,243
We're making a shitload of money, right?

676
00:46:31,208 --> 00:46:33,495
Korea is screwed.

677
00:46:34,167 --> 00:46:35,749
We're rich, man.

678
00:46:37,208 --> 00:46:38,915
We're stinking rich now!

679
00:46:41,958 --> 00:46:44,495
Mr. Yoon!

680
00:46:45,167 --> 00:46:50,708
I don't think it's time to buy dollars or stocks or any of that.

681
00:46:51,083 --> 00:46:53,745
Then what should we do?

682
00:46:55,167 --> 00:46:57,078
It's time to change our lives.

683
00:46:57,500 --> 00:47:00,572
In life, you have moments that change you forever.

684
00:47:03,167 --> 00:47:05,625
One of those moments is right now.

685
00:47:06,083 --> 00:47:11,578
My life... my position... my status...

686
00:47:14,750 --> 00:47:17,082
All of that is about to change for good.

687
00:47:20,292 --> 00:47:25,162
Hey! Go get more money.

688
00:47:26,875 --> 00:47:28,912
But from now on, keep two things in mind.

689
00:47:28,917 --> 00:47:31,124
Don't talk to me like I'm your friend...

690
00:47:36,083 --> 00:47:38,370
and don't get excited about making money.

691
00:47:51,167 --> 00:47:53,784
Please, share your thoughts.

692
00:47:59,750 --> 00:48:03,493
It's not like we have no options at all.

693
00:48:03,917 --> 00:48:04,998
What else is there?

694
00:48:05,417 --> 00:48:06,907
We can go to the IMF.

695
00:48:07,083 --> 00:48:08,164
What?

696
00:48:08,167 --> 00:48:08,872


697
00:48:09,000 --> 00:48:12,823
If we go to IMF, it could get very painful.

698
00:48:13,208 --> 00:48:16,906
By nature, good medicines taste bitter.

699
00:48:17,958 --> 00:48:20,120
It's a very simple matter.

700
00:48:20,500 --> 00:48:23,458
When Choheung Bank has no money,
they borrow from Hanil Bank.

701
00:48:23,458 --> 00:48:26,120
When Hanil doesn't have money,
they borrow from somewhere else.

702
00:48:26,125 --> 00:48:31,245
The problem is that our foreign reserves
are almost depleted

703
00:48:31,375 --> 00:48:34,493
when we have to pay back bad loans
or short-term loans.

704
00:48:34,500 --> 00:48:36,616
Let's get a bailout from IMF.

705
00:48:36,625 --> 00:48:39,083
That's the surest and cleanest solution.

706
00:48:39,208 --> 00:48:44,453
You know the IMF doesn't just lend money.

707
00:48:44,458 --> 00:48:47,621
They'll make demands about running our economy.

708
00:48:47,625 --> 00:48:52,995
I know. I know. But we have to put out the fire first.

709
00:48:53,333 --> 00:48:57,577
Does it matter whose extinguisher we're using?

710
00:48:57,792 --> 00:48:58,702
No.

711
00:49:00,208 --> 00:49:03,951
We can't go to the IMF. That's not the answer.

712
00:49:05,750 --> 00:49:07,582
The IMF is not a bank.

713
00:49:08,292 --> 00:49:10,533
In return for a bailout loan,

714
00:49:10,542 --> 00:49:12,158
they'll require unreasonable conditions

715
00:49:12,417 --> 00:49:15,034
and even take control over our own economy.

716
00:49:15,042 --> 00:49:20,116
We can use this opportunity
to make fundamental improvements.

717
00:49:20,125 --> 00:49:24,198
No! The question of improving the Korean economy

718
00:49:24,542 --> 00:49:28,331
should be considered separately
from the foreign reserves issue.

719
00:49:28,542 --> 00:49:29,657
Miss bank teller...

720
00:49:34,917 --> 00:49:40,959
this is completely different
from the petty cash you count.

721
00:49:41,250 --> 00:49:44,038
This is policy and politics.

722
00:49:44,833 --> 00:49:50,909
You're the one who reported
about these problems firsthand.

723
00:49:51,083 --> 00:49:55,281
And now you say that it's excessive?
That we should separate the issues?

724
00:49:58,042 --> 00:50:00,158
What is your solution then?

725
00:50:00,917 --> 00:50:06,788
We can take care of the urgent foreign loans
by borrowing $10 billion from

726
00:50:06,833 --> 00:50:09,825
government-run banks in Japan,
U.S., and European countries.

727
00:50:09,917 --> 00:50:11,157
Then what?

728
00:50:11,333 --> 00:50:12,915
After that...

729
00:50:14,125 --> 00:50:17,493
What happens after we put out the fire
with the borrowed $10 billion

730
00:50:17,500 --> 00:50:20,618
when the country's debt is almost $100 billion?

731
00:50:20,792 --> 00:50:23,659
We consider ABS option issuing overseas bonds,

732
00:50:23,708 --> 00:50:27,497
using government-owned assets as security.

733
00:50:40,750 --> 00:50:42,582
Am I the only one who finds that hilarious?

734
00:50:45,375 --> 00:50:51,075
I didn't realize it but
you're an emotional person, Ms. Han.

735
00:50:51,292 --> 00:50:54,614
So far, you've presented numbers and evidence,

736
00:50:54,792 --> 00:50:58,865
but have you been making decisions
based on your emotions?

737
00:50:59,500 --> 00:51:02,208
ABS? Backup facility?

738
00:51:04,917 --> 00:51:12,119
Do you really believe that
will solve this situation?

739
00:51:14,542 --> 00:51:17,955
If we fail to seek a bailout loan

740
00:51:17,958 --> 00:51:20,996
from IMF in time

741
00:51:21,167 --> 00:51:23,829
and end up declaring national bankruptcy,

742
00:51:23,917 --> 00:51:26,705
will you take all the responsibility?

743
00:51:27,917 --> 00:51:28,782
This is why there are

744
00:51:28,792 --> 00:51:30,248
no women in high government positions.

745
00:51:30,500 --> 00:51:33,743
They can't be rational at critical moments.

746
00:51:38,208 --> 00:51:40,666
You see, women are emotional.

747
00:51:40,917 --> 00:51:43,158
That was unnecessary.

748
00:51:43,375 --> 00:51:45,616
Sir, you have to think carefully.

749
00:51:45,833 --> 00:51:48,746
Ms. Han is unable to grasp the
gravity of the situation.

750
00:51:49,167 --> 00:51:53,866
It was wrong to bring on board a woman

751
00:51:53,875 --> 00:51:55,582
who writes reports and punches numbers.

752
00:51:55,708 --> 00:51:57,119
Deputy Minister!

753
00:51:57,333 --> 00:51:59,495
Alright, that's enough.

754
00:52:00,083 --> 00:52:02,700
I'll make the decision. Let's take five.

755
00:52:07,208 --> 00:52:09,245
Don't just stand there. Bring me some coffee.

756
00:52:09,250 --> 00:52:10,911
That's enough.

757
00:52:11,000 --> 00:52:12,240
Asshole...

758
00:52:12,708 --> 00:52:14,494
You've got great teamwork going on.

759
00:52:27,042 --> 00:52:29,955
Isn't going to the IMF a bit excessive?

760
00:52:31,625 --> 00:52:32,911
It Is.

761
00:52:33,750 --> 00:52:34,490
What?

762
00:52:34,625 --> 00:52:37,788
To turn this country inside out,
an excessive measure is necessary.

763
00:52:38,292 --> 00:52:41,910
Then this wasn't just about foreign currency but-

764
00:52:41,958 --> 00:52:44,040
You can always pay back money.

765
00:52:44,292 --> 00:52:47,580
As Han said, we can put out an urgent fire,

766
00:52:50,500 --> 00:52:53,697
but I believe we shouldn't let
this opportunity pass by.

767
00:52:55,500 --> 00:53:00,495
The way I see it, this is the moment
Korea can really change.

768
00:53:02,333 --> 00:53:05,951
The labor union bastards
whine and go on strikes all the time.

769
00:53:05,958 --> 00:53:08,950
I think this is an opportunity
to change this country in a single blow!

770
00:53:10,208 --> 00:53:12,791
An opportunity to build a brand new Republic of Korea.

771
00:53:18,292 --> 00:53:22,035
Tell the Minister to bring in
the Managing Director of IMF.

772
00:53:22,042 --> 00:53:22,907
Yes sir.

773
00:53:24,167 --> 00:53:25,032
Excuse me?

774
00:53:28,000 --> 00:53:29,786
The U.S. is already on the move.

775
00:53:32,042 --> 00:53:34,158
We have no choice but to follow.

776
00:53:46,958 --> 00:53:48,289
I've reached a decision.

777
00:53:48,792 --> 00:53:51,409
No matter how bad it is,
going to the IMF is not an option.

778
00:53:51,583 --> 00:53:54,041
Let's try whatever we can.

779
00:53:54,667 --> 00:53:55,498
Yes sir.

780
00:53:55,750 --> 00:53:57,912
Ms. Han, contact Japan to see

781
00:53:57,917 --> 00:54:00,124
if a currency swap is possible.

782
00:54:00,333 --> 00:54:04,372
Even though we're late,
let's take care of things one by one.

783
00:54:06,333 --> 00:54:07,368
Let's go.

784
00:54:14,583 --> 00:54:16,870
"Promissory Note"

785
00:54:20,917 --> 00:54:23,909
So, what the hell is happening?

786
00:54:25,375 --> 00:54:29,073
We have a crisis,
but why isn't anybody telling us anything?

787
00:54:32,083 --> 00:54:34,324
How much do we owe our partners right now?

788
00:54:36,917 --> 00:54:40,114
$100,000 to the steel company,
$150,000 to the sand company,

789
00:54:40,375 --> 00:54:42,036
and $100,000 to Mr. Chung.

790
00:54:42,792 --> 00:54:46,114
We wrote out a check to these companies.

791
00:54:48,583 --> 00:54:52,247
If we don't pay by the deadline, we'll go to jail.

792
00:54:52,708 --> 00:55:00,365
It's temporary. The government and
the media all say it'll be fine.

793
00:55:02,917 --> 00:55:05,750
Let's get together cash
and company assets we've got left.

794
00:55:06,167 --> 00:55:09,614
I'll put my house up for sale if necessary.
Don't worry.

795
00:55:13,417 --> 00:55:17,206
"Urgent Sale"

796
00:55:18,250 --> 00:55:19,490
Geez...

797
00:55:22,708 --> 00:55:23,539
Hello.

798
00:55:25,500 --> 00:55:26,786
Please take a seat.

799
00:55:27,417 --> 00:55:31,081
There have been many houses
put up for sale recently, right?

800
00:55:31,292 --> 00:55:36,287
Yes. From about three months ago.

801
00:55:36,583 --> 00:55:39,416
Mostly small and medium sized?

802
00:55:39,625 --> 00:55:40,911
That's correct.

803
00:55:44,833 --> 00:55:46,665
Put the sale on hold. I'll buy them.

804
00:55:49,500 --> 00:55:53,915
Excuse me? With my money?

805
00:55:54,250 --> 00:55:58,164
The prices will drop further by 10 to 15 percent.

806
00:55:59,208 --> 00:56:02,371
I'll buy them all then.

807
00:56:02,625 --> 00:56:04,787
Yes sir.

808
00:56:12,125 --> 00:56:15,698
It's like I've climbed on the back
of a running tiger.

809
00:56:15,708 --> 00:56:17,619
What do you think will happen next?

810
00:56:17,708 --> 00:56:19,745
The government?

811
00:56:22,833 --> 00:56:25,951
They must be busting each other's brains out

812
00:56:27,125 --> 00:56:31,824
about whether or not to go to the IMF.

813
00:56:33,167 --> 00:56:34,908
The IMF...

814
00:56:35,375 --> 00:56:39,949
Where is... IMF?

815
00:56:44,083 --> 00:56:45,198
Just pour me a drink.

816
00:56:50,583 --> 00:56:54,998
There could be a way to overcome this crisis

817
00:56:55,000 --> 00:56:56,832
without going to the IMF.

818
00:56:56,833 --> 00:56:59,450
Of course there are other options.

819
00:57:01,583 --> 00:57:04,371
But if they don't,
these bonds will become garbage,

820
00:57:04,375 --> 00:57:09,791
and you and I will be out on the streets.

821
00:57:12,667 --> 00:57:20,667
Still, I put my money on them
eventually going to the IMF.

822
00:57:24,500 --> 00:57:25,490
Why is that?

823
00:57:26,500 --> 00:57:29,333
The decision makers have a lot to lose.

824
00:57:29,667 --> 00:57:31,829
They'll choose a way out of this

825
00:57:32,500 --> 00:57:39,076
that doesn't hurt big companies and conglomerates.

826
00:57:40,167 --> 00:57:42,704
Which means there's only one solution.

827
00:57:43,625 --> 00:57:51,625
Receive aid from the IMF,
carry out restructuring, and...

828
00:57:54,292 --> 00:58:02,120
set the game anew in favor of themselves.

829
00:58:02,500 --> 00:58:07,245
Such policy decisions
won't go down well with the public.

830
00:58:07,333 --> 00:58:09,916
They'll say something ridiculous like,

831
00:58:13,042 --> 00:58:14,953
'The economy collapsed

832
00:58:14,958 --> 00:58:17,325
because all of you overspent' or...

833
00:58:17,667 --> 00:58:20,739
'You spent money recklessly'.

834
00:58:22,125 --> 00:58:25,493
But I won't be deceived.

835
00:58:28,667 --> 00:58:32,035
I'll never let them fool me.

836
00:58:36,000 --> 00:58:40,949
Somebody must be spending a sleepless night.

837
00:58:43,083 --> 00:58:45,324


838
00:58:47,667 --> 00:58:48,907
It'll be fine.

839
00:58:52,208 --> 00:58:53,824
It's alright.

840
00:58:59,208 --> 00:59:00,869
Everything will be fine.

841
00:59:18,083 --> 00:59:19,915
Despite economic crisis,

842
00:59:19,917 --> 00:59:23,911
people's love for foreign brands
doesn't seem to subside.

843
00:59:23,917 --> 00:59:26,124
As luxurious overseas trips
are on the rise...

844
00:59:26,125 --> 00:59:31,040
Lavish overseas trips
are drying up foreign currency.

845
00:59:36,625 --> 00:59:42,576
The 8 O'clock News will run
a special on the economic crisis...

846
00:59:42,667 --> 00:59:43,623
What the hell is this?

847
00:59:43,625 --> 00:59:44,285
"Nov 201997"

848
00:59:44,292 --> 00:59:45,157
"KOSPI 460.3 "

849
00:59:45,167 --> 00:59:46,999
The Senior Secretary's office isn't answering.

850
00:59:47,042 --> 00:59:48,123
"Won-Dollar Exchange Rate 1,076 won"

851
00:59:48,167 --> 00:59:49,202
"Foreign Reserves $5.1 billion"

852
00:59:49,292 --> 00:59:50,077
Hello?

853
00:59:50,083 --> 00:59:51,164
"Blue House Cabinet Reshuffle-
Senior Secretary for Economic Policy Axed"

854
00:59:51,167 --> 00:59:53,625
We can't confirm that information.

855
00:59:56,042 --> 00:59:57,282
Good morning.

856
00:59:59,750 --> 01:00:04,495
It was your doing, right?

857
01:00:05,042 --> 01:00:08,410
Why'd you change the head of the task force team?

858
01:00:12,125 --> 01:00:13,081
You bastard.

859
01:00:16,625 --> 01:00:18,707
You're trying to go to IMF.

860
01:00:23,917 --> 01:00:29,162
You bank clerks are unbelievable.

861
01:00:30,958 --> 01:00:34,997
Look, I'm the Deputy Minister of Financial Policy.

862
01:00:35,333 --> 01:00:40,624
That's no way for someone like you to address me.

863
01:00:41,583 --> 01:00:44,075
This is what happens
when a bitch like you runs the team.

864
01:00:44,083 --> 01:00:46,199
- Son of a bitch!
- Don't do that.

865
01:00:46,750 --> 01:00:47,831
Back off!

866
01:00:47,833 --> 01:00:49,870
- Please!
- Let him do it.

867
01:00:49,958 --> 01:00:51,198
Say it again!

868
01:00:51,917 --> 01:00:54,500
You bastard!

869
01:00:54,792 --> 01:00:57,250
What are you doing? We're on the same side!

870
01:00:58,625 --> 01:01:01,993
Even the opposing parties work as one
in a time of crisis!

871
01:01:04,417 --> 01:01:06,704
How are you running your team, Ms. Han?

872
01:01:06,708 --> 01:01:10,326
- Sir, I-
- I'm sorry. It's my fault.

873
01:01:10,500 --> 01:01:13,663
I believe teamwork is the most important thing.

874
01:01:14,708 --> 01:01:17,666
Get out. You don't belong here anymore.

875
01:01:21,208 --> 01:01:22,790
I'm sorry.

876
01:01:26,583 --> 01:01:29,780
We're dealing with a calamity.

877
01:01:30,292 --> 01:01:35,037
The fate of 40 million people hangs in our hands.

878
01:01:35,042 --> 01:01:35,907
Yes sir.

879
01:01:36,375 --> 01:01:40,744
From now on,
this task force is an IMF negotiation team.

880
01:01:41,333 --> 01:01:44,200
The country cannot go bankrupt
during this administration,

881
01:01:44,958 --> 01:01:47,245
so we've decided to seek aid from IMF.

882
01:01:47,375 --> 01:01:50,242
With all due respect, that option was discarded.

883
01:01:50,250 --> 01:01:52,332
The decision's been made.

884
01:01:52,917 --> 01:01:57,707
Before we miss the golden time,
we'll obtain the bailout loan.

885
01:01:58,750 --> 01:02:02,368
It'll take some time for the
IMF team to arrive in Korea-

886
01:02:02,375 --> 01:02:03,240
They're here.

887
01:02:05,167 --> 01:02:05,872
What?

888
01:02:07,083 --> 01:02:08,289
They're already here.

889
01:02:14,208 --> 01:02:18,497
- The negotiations...
- It'll remain in strict confidentiality

890
01:02:18,500 --> 01:02:20,116
until the right time comes.

891
01:02:20,625 --> 01:02:22,662
Welcome to Korea

892
01:02:22,708 --> 01:02:25,450
The negotiations will take place
at the Grand Hilton.

893
01:02:25,750 --> 01:02:29,414
The IMF Task Force Team
will set up office at the hotel.

894
01:02:31,083 --> 01:02:33,370
We appreciate you traveling all the way to Korea.

895
01:02:33,542 --> 01:02:37,866
That's quite alright.
I've always wanted to visit Korea.

896
01:02:44,625 --> 01:02:46,036
C'est magnifique.

897
01:02:47,750 --> 01:02:48,831
Very beautiful.

898
01:02:50,292 --> 01:02:51,908
He's checked into the hotel.

899
01:02:52,375 --> 01:02:56,289
No need to drag out the negotiations.
Quickly and swiftly.

900
01:02:56,417 --> 01:02:59,705
Negotiate, get the money, and wrap up fast.

901
01:03:01,292 --> 01:03:04,250
Reporters are waiting outside. What'll you say?

902
01:03:04,333 --> 01:03:05,744
That it's not happening.

903
01:03:06,667 --> 01:03:08,203
You must strongly deny it.

904
01:03:08,375 --> 01:03:11,413
When I say it's not true,
they will take my word for it.

905
01:03:14,750 --> 01:03:16,332
There he is!

906
01:03:17,792 --> 01:03:19,999
Senior Secretary! Over here!

907
01:03:20,125 --> 01:03:22,787
Is it true that we're
on the verge of national bankruptcy?

908
01:03:22,958 --> 01:03:24,039
It's not true.

909
01:03:24,125 --> 01:03:27,368
Are we facing the worst financial crisis in history?

910
01:03:27,375 --> 01:03:28,331
That's not true.

911
01:03:28,375 --> 01:03:31,163
Is it true that Korea will receive aid from the IMF?

912
01:03:31,375 --> 01:03:35,790
No! Korea is not going to the IMF!

913
01:03:36,042 --> 01:03:39,285
The newly appointed Senior Secretary for Economy

914
01:03:39,333 --> 01:03:44,499
has officially dismissed rumors
about an IMF bailout.

915
01:03:44,708 --> 01:03:47,370
He stated that IMF is the last resort.

916
01:03:47,417 --> 01:03:49,624
Get me an appointment with father.

917
01:03:49,750 --> 01:03:50,785
Yes sir.

918
01:03:51,667 --> 01:03:54,910
The government announced they're not going to IMF!

919
01:03:54,958 --> 01:03:59,247
Don't be swayed by them. You just gotta trust me.

920
01:03:59,250 --> 01:04:01,912
They're denying everything.
No crisis and no bankruptcy!

921
01:04:01,917 --> 01:04:04,409
They're just bullshitting!

922
01:04:04,625 --> 01:04:06,866
They're flat out lying to people!

923
01:04:06,875 --> 01:04:08,912
If they contain the situation as they say-

924
01:04:13,167 --> 01:04:18,162
You think you can fool me? No... not me...

925
01:04:20,708 --> 01:04:22,665
You're looking at about $150,000.

926
01:04:22,833 --> 01:04:27,828
1507 I bought it for 1803 years ago.

927
01:04:29,333 --> 01:04:33,406
You said with a redevelopment plan,
the price would go up for sure!

928
01:04:33,625 --> 01:04:36,822
People who need money
are putting their houses up for sale.

929
01:04:37,417 --> 01:04:40,375
More than 10 new houses are coming out every day.

930
01:04:40,833 --> 01:04:43,291
I can't sell at that price.

931
01:04:43,292 --> 01:04:48,037
Considering how much I need... No. Absolutely not!

932
01:04:48,500 --> 01:04:50,161
It's not my call.

933
01:04:50,167 --> 01:04:51,123
This is ridiculous!

934
01:04:51,167 --> 01:04:55,491
I wanna put my house up for sale. It's urgent.

935
01:04:55,958 --> 01:04:58,495
You need to bring the price down quite a bit.

936
01:04:58,625 --> 01:04:59,660
How much?

937
01:05:00,000 --> 01:05:01,991
You should be prepared to lose $30,000.

938
01:05:11,708 --> 01:05:13,949
"Overdue Payment Reminder"

939
01:05:17,833 --> 01:05:19,494
Excuse me, sir.

940
01:05:19,833 --> 01:05:20,698
Hey.

941
01:05:20,917 --> 01:05:24,911
We haven't gotten our paycheck.

942
01:05:25,208 --> 01:05:27,074
Oh! Today's payday, isn't it?

943
01:05:28,833 --> 01:05:30,073
It was two days ago.

944
01:05:30,083 --> 01:05:35,908
That's right! I'm sorry. You'll all be paid today.

945
01:05:36,250 --> 01:05:39,743
Is everything alright?

946
01:05:40,500 --> 01:05:41,410
Why?

947
01:05:42,000 --> 01:05:47,040
There are so many confusing rumors,
and the work was put on hold too.

948
01:05:47,375 --> 01:05:48,957
We're all worried.

949
01:05:49,208 --> 01:05:52,451
Factories close when business is bad,

950
01:05:52,458 --> 01:05:55,291
and when it's good, you work overtime.

951
01:05:57,250 --> 01:05:58,285
Don't worry.

952
01:06:01,167 --> 01:06:06,082
Right? We trust you, and we'll be on standby.

953
01:06:13,750 --> 01:06:17,118
He says not to worry. Everything is fine.

954
01:06:17,125 --> 01:06:19,082
Good job. Well done.

955
01:06:23,875 --> 01:06:28,073
I put my house up for sale.
If it sells for $150,000,

956
01:06:29,125 --> 01:06:31,332
we'll pay the sand company first.

957
01:06:38,792 --> 01:06:39,953
Here...

958
01:06:43,417 --> 01:06:44,327
it's $100,000.

959
01:06:44,875 --> 01:06:48,197
Let's pay the steel company with this.

960
01:06:48,708 --> 01:06:52,030
Did you borrow from a loan shark?

961
01:06:52,417 --> 01:06:55,830
No way! It's my wife's family...

962
01:06:57,417 --> 01:07:00,375
They stood surety for the loan.

963
01:07:02,208 --> 01:07:04,700
Good evening, gentlemen.

964
01:07:06,208 --> 01:07:07,164
Mr. Chung!

965
01:07:07,833 --> 01:07:10,120
We're so sorry, Mr. Chung.

966
01:07:10,500 --> 01:07:13,868
Now, now, don't be like this.

967
01:07:14,167 --> 01:07:20,698
Whatever happens,
we promise we'll make the payment.

968
01:07:20,708 --> 01:07:23,075
Please give us a little more time.

969
01:07:23,208 --> 01:07:27,953
Come on. I'm not here for the money.

970
01:07:28,125 --> 01:07:31,914
When you run a business,
things can get bad at times.

971
01:07:32,042 --> 01:07:34,909
I'm staying afloat for now.
You can take more time.

972
01:07:36,875 --> 01:07:37,910
Thank you, sir.

973
01:07:37,917 --> 01:07:41,239
It'll all get better. This can't be the end of it.

974
01:07:41,375 --> 01:07:44,948
Everything's gonna be fine,
so let's just hang in there.

975
01:07:45,042 --> 01:07:45,782
Thank you so much.

976
01:07:45,792 --> 01:07:49,956
Come on. Chin up. Don't be so miserable.

977
01:07:50,417 --> 01:07:51,999
- I'll see you later.
- You're going?

978
01:07:52,000 --> 01:07:52,831
Mr. Chung...

979
01:07:52,917 --> 01:07:56,660
No need to see me off. See you later.

980
01:08:30,667 --> 01:08:31,907
"November 20"

981
01:08:31,917 --> 01:08:33,874
"Negotiation team's first unofficial meeting"

982
01:08:46,667 --> 01:08:49,705
The IMF has kept a close eye on
the situation in Korea,

983
01:08:49,917 --> 01:08:52,033
but before we proceed,

984
01:08:52,042 --> 01:08:54,409
we need assurance that the Korean government is

985
01:08:54,417 --> 01:08:56,749
truly committed to moving forward with the bailout.

986
01:08:56,750 --> 01:08:58,411
We are very much committed.

987
01:08:58,708 --> 01:09:01,541
We only ask you to keep the talks private

988
01:09:01,542 --> 01:09:03,499
to minimize any social chaos.

989
01:09:03,750 --> 01:09:06,287
If we reach an understanding today,

990
01:09:06,292 --> 01:09:08,829
we will announce it as early as tomorrow,

991
01:09:09,042 --> 01:09:12,489
and we can start the negotiations right away.

992
01:09:12,500 --> 01:09:14,332
Good, so you're on board.

993
01:09:15,458 --> 01:09:17,620
But as a sign of your commitment,

994
01:09:18,083 --> 01:09:19,369
we would like a statement that says

995
01:09:19,375 --> 01:09:23,073
that our agreement
will not be amended nor nullified.

996
01:09:24,333 --> 01:09:25,915
A statement by whom?

997
01:09:26,375 --> 01:09:28,958
I hear the elections are coming up in Korea.

998
01:09:30,083 --> 01:09:33,621
I need the signatures of the
top 3 presidential candidates.

999
01:09:34,042 --> 01:09:37,455
No statement, no negotiation.

1000
01:09:39,208 --> 01:09:40,243
Okay.

1001
01:09:41,708 --> 01:09:42,994
Okay. No problem.

1002
01:09:43,958 --> 01:09:46,916
They can't demand a statement
before the negotiation.

1003
01:09:47,167 --> 01:09:49,078
We don't have much of a choice.

1004
01:09:49,750 --> 01:09:51,707
We don't know what we'll agree on.

1005
01:09:51,708 --> 01:09:53,949
How can the candidates sign the statement?

1006
01:09:54,167 --> 01:09:56,625
I will get those signatures for you.

1007
01:09:59,917 --> 01:10:02,204
Well, then...

1008
01:10:02,208 --> 01:10:04,495
Now that we know you're committed...

1009
01:10:10,667 --> 01:10:12,453
How much do you need?

1010
01:10:15,792 --> 01:10:16,873
"21 Nov 1997"
"KOSPI 415.2"

1011
01:10:16,875 --> 01:10:17,990
"Won-Dollar Exchange Rate 1,103 won"
"Foreign Reserves $3.5 billion"

1012
01:10:18,000 --> 01:10:21,163
As of today, the government has
accepted IMF's recommendations

1013
01:10:21,583 --> 01:10:25,406
and will officially request
a bailout loan of $20 billion.

1014
01:10:25,792 --> 01:10:30,662
In order to overcome the
foreign currency crisis we're experiencing,

1015
01:10:30,958 --> 01:10:37,159
we'll request a liquidity adjustment fund.

1016
01:10:38,417 --> 01:10:42,786
The government has been negotiating
with the IMF through multiple channels.

1017
01:10:43,000 --> 01:10:47,870
Korea has admitted de facto national bankruptcy

1018
01:10:48,042 --> 01:10:52,787
in order to seek economic revival
with the help of international institutions.

1019
01:10:52,917 --> 01:10:56,239
In the press conference,
Senior Secretary Kim announced

1020
01:10:56,250 --> 01:11:00,494
that IMF agreed to actively support Korea.

1021
01:11:01,833 --> 01:11:04,120
As crisis deepens in the financial sector,

1022
01:11:04,167 --> 01:11:07,489
Nara Merchant Bank
with a net asset of $2.5 billion

1023
01:11:07,500 --> 01:11:11,789
was acquired by Bosung Corp. worth $ 250 million,

1024
01:11:11,792 --> 01:11:13,624
signaling a massive restructuring.

1025
01:11:13,625 --> 01:11:19,906
The government will begin talk
with the IMF on the terms.

1026
01:11:20,042 --> 01:11:26,288
The bailout loan is estimated
to be around $20 billion...

1027
01:11:26,375 --> 01:11:28,912
"Top 90 Korean companies"

1028
01:11:32,625 --> 01:11:35,492
"November 22 - Second negotiation meeting”

1029
01:11:38,792 --> 01:11:40,374
This is what we've come up with.

1030
01:11:40,375 --> 01:11:42,207
From A to F.

1031
01:11:42,583 --> 01:11:43,914
A to F.

1032
01:11:44,167 --> 01:11:47,990
So... there are 6 conditions?

1033
01:11:48,208 --> 01:11:50,996
Actually, there is a precondition.

1034
01:11:51,792 --> 01:11:56,161
The 11 institutions serving
as merchant banks in Korea...

1035
01:11:56,292 --> 01:11:58,829
we want you to suspend their operations

1036
01:11:59,333 --> 01:12:00,789
and declare them bankrupt.

1037
01:12:00,958 --> 01:12:03,700
The merchant banks may be
going through rough times,

1038
01:12:04,083 --> 01:12:07,201
but they loan money to
a lot of companies and people.

1039
01:12:07,333 --> 01:12:09,791
Declaring them bankrupt
will hurt the working class

1040
01:12:09,792 --> 01:12:11,999
and drive smaller companies out of business.

1041
01:12:12,083 --> 01:12:15,530
I'm afraid we can't discuss any
of the 6 conditions

1042
01:12:15,542 --> 01:12:18,000
without agreeing to this precondition.

1043
01:12:26,125 --> 01:12:28,583
Why ask us to declare the banks bankrupt?

1044
01:12:29,292 --> 01:12:32,159
It's a way for them to minimize the risk.

1045
01:12:32,458 --> 01:12:34,415
Just accept it.

1046
01:12:34,417 --> 01:12:36,533
We gotta deal with merchant banks sooner or later.

1047
01:12:36,542 --> 01:12:40,285
We might as well get rid of them now.

1048
01:12:42,750 --> 01:12:45,412
Could we give you our answer after we hear out

1049
01:12:45,417 --> 01:12:46,828
the 6 conditions?

1050
01:12:47,208 --> 01:12:49,791
Well, as I've said, this is a precondition.

1051
01:12:49,917 --> 01:12:51,078
If you don't agree to it,

1052
01:12:51,083 --> 01:12:53,199
I'm afraid there is no negotiation.

1053
01:12:54,292 --> 01:12:55,202
Fine.

1054
01:12:55,375 --> 01:12:58,242
We'll suspend the 11 institutions.

1055
01:12:58,542 --> 01:12:59,282
Good.

1056
01:13:03,708 --> 01:13:05,324
Condition A.

1057
01:13:05,958 --> 01:13:08,746
Korea is to raise its interest rate

1058
01:13:08,750 --> 01:13:11,583
as soon as it receives the IMF fund.

1059
01:13:11,833 --> 01:13:15,872
To 30% from its current 12.5%.

1060
01:13:18,417 --> 01:13:21,409
Loans are what got us in this mess
in the first place.

1061
01:13:21,417 --> 01:13:24,864
More than doubling the interest rate
will only make things worse.

1062
01:13:25,000 --> 01:13:27,617
Companies are already buried in debt.

1063
01:13:27,625 --> 01:13:29,992
This will drive them out of business.

1064
01:13:31,125 --> 01:13:32,115
Listen...

1065
01:13:32,500 --> 01:13:34,116
We've looked into this,

1066
01:13:34,375 --> 01:13:36,616
and we're proposing the conditions and funds

1067
01:13:36,625 --> 01:13:37,990
needed to save the Korean economy.

1068
01:13:38,125 --> 01:13:40,332
The funds you asked for.

1069
01:13:41,167 --> 01:13:46,617
And even though we're willing to
negotiate the details of the conditions,

1070
01:13:48,625 --> 01:13:49,831
may I just remind you that

1071
01:13:49,833 --> 01:13:52,120
you're not exactly in a position to make a deal?

1072
01:14:04,083 --> 01:14:05,494
Condition B.

1073
01:14:06,250 --> 01:14:08,742
Korea is to open its capital market

1074
01:14:08,750 --> 01:14:10,991
as soon as it receives the IMF's fund.

1075
01:14:11,000 --> 01:14:13,788
You can start by raising the foreign investment cap

1076
01:14:13,792 --> 01:14:17,535
from 7% to 50%.

1077
01:14:18,000 --> 01:14:21,163
Moreover, regulations must be amended,

1078
01:14:21,792 --> 01:14:27,663
allowing acquisition of Korean financial
institutions by foreign entities.

1079
01:14:28,417 --> 01:14:33,207
You have until June of 1998. That's next year.

1080
01:14:33,708 --> 01:14:36,541
Allow foreigners to set up securities firms in Korea,

1081
01:14:36,542 --> 01:14:40,786
which means, of course,
allowing more foreign capitals in the bond market.

1082
01:14:41,083 --> 01:14:46,123
Also, allow hostile takeovers by foreign capital.

1083
01:14:46,500 --> 01:14:47,365
Wait!

1084
01:14:48,083 --> 01:14:53,704
What you're suggesting is a direct violation
of the very reason the IMF was established.

1085
01:14:54,500 --> 01:14:57,413
No international organization
has a right to infringe

1086
01:14:57,417 --> 01:15:01,035
on the economic autonomy of
a nation in exchange for a bailout.

1087
01:15:01,042 --> 01:15:01,907
Excuse me.

1088
01:15:01,917 --> 01:15:02,406
Han!

1089
01:15:02,417 --> 01:15:04,249
No, no, no. Please, please. Let her be.

1090
01:15:04,250 --> 01:15:05,285
Let her speak.

1091
01:15:05,667 --> 01:15:08,785
You know what? I like people like you.

1092
01:15:08,792 --> 01:15:11,659
And I believe we'll be great negotiating partners.

1093
01:15:44,500 --> 01:15:47,413
Moody's and the SandP have
downgraded Korea's credit rating once again.

1094
01:15:47,708 --> 01:15:49,119
To B minus...

1095
01:15:50,625 --> 01:15:53,993
Everyone, it seems like we have breaking news
from the other side of the world.

1096
01:15:54,000 --> 01:15:57,493
So let's take five and catch up on updates.

1097
01:15:57,958 --> 01:16:02,907
Credit rating of B Minus
is the grade right before junk bonds.

1098
01:16:04,500 --> 01:16:07,618
Meaning that Korean currency
is about to become worthless.

1099
01:16:07,750 --> 01:16:10,162
I hope this news helps you
make the right decisions

1100
01:16:10,167 --> 01:16:11,623
in this negotiation.

1101
01:16:27,250 --> 01:16:28,786
This is driving me nuts.

1102
01:16:29,458 --> 01:16:31,074
The promissory notes held as collateral at
merchant banks

1103
01:16:31,083 --> 01:16:32,323
must be huge.

1104
01:16:34,000 --> 01:16:35,866
Whether it's a large or a small company,

1105
01:16:35,875 --> 01:16:38,617
all of them did business,
involving a merchant bank.

1106
01:16:43,208 --> 01:16:50,205
At this point, it's impossible to save all
the large and small companies.

1107
01:16:50,750 --> 01:16:52,240
Consider the big picture.

1108
01:16:53,083 --> 01:16:56,201
In the end, it's the conglomerates that
will provide for Korea.

1109
01:16:56,208 --> 01:16:58,745
Accept the closing of merchant banks and

1110
01:16:59,083 --> 01:17:04,123
grant exemption for the
conglomerates' promissory notes

1111
01:17:04,125 --> 01:17:05,581
with the merchant banks.

1112
01:17:06,375 --> 01:17:07,331
By exemption, you mean...

1113
01:17:07,417 --> 01:17:13,288
Not holding them responsible
for promissory notes already issued.

1114
01:17:27,583 --> 01:17:30,416
Sorry for asking to meet so late.

1115
01:17:30,583 --> 01:17:31,948
That's okay.

1116
01:17:33,375 --> 01:17:36,208
Actually, this is a better time for us.

1117
01:17:55,250 --> 01:17:59,744
Credit rating of B Minus is the grade right
before junk bonds.

1118
01:18:00,042 --> 01:18:03,330
I hope this news helps you
make the right decisions

1119
01:18:03,333 --> 01:18:04,994
in this negotiation.

1120
01:18:58,167 --> 01:19:01,205
U.S. Deputy Secretary Brown Martin

1121
01:19:23,042 --> 01:19:24,874
"November 22 - Third negotiation meeting"”

1122
01:19:24,875 --> 01:19:27,867
C. Information Provision and Program monitoring

1123
01:19:29,458 --> 01:19:32,325
D. Financial Sector Restructuring

1124
01:19:34,792 --> 01:19:38,581
E. Corporate Governance and Corporate Structure

1125
01:19:39,667 --> 01:19:41,499
And finally, Condition F.

1126
01:19:41,500 --> 01:19:44,868
Enhance the flexibility of the labor market.

1127
01:19:44,875 --> 01:19:47,458
Once again, as soon as you receive the fund.

1128
01:19:48,083 --> 01:19:49,824
You mean a mass layoff?

1129
01:19:50,458 --> 01:19:52,199
It's not limited to layoffs,

1130
01:19:52,208 --> 01:19:55,041
just a change in the overall employment structure.

1131
01:19:55,042 --> 01:19:59,661
For instance, allowing more non-regular workers
and indirect employment.

1132
01:19:59,667 --> 01:20:00,907
We just want the labor market here

1133
01:20:00,917 --> 01:20:02,828
to be more vitalized.

1134
01:20:02,833 --> 01:20:06,406
And by that, you mean easier dismissals.

1135
01:20:09,417 --> 01:20:10,623
What is she saying?

1136
01:20:11,458 --> 01:20:13,074
Stop talking, Ms. Han.

1137
01:20:14,250 --> 01:20:15,240
Han.

1138
01:20:17,000 --> 01:20:18,786
Sit down!

1139
01:20:23,083 --> 01:20:28,658
Why is the U.S. Deputy Secretary of the Treasury
staying at this hotel?

1140
01:20:29,083 --> 01:20:30,699
That has nothing to do with this negotiation.

1141
01:20:30,708 --> 01:20:35,123
And why is he staying on the same floor as you?

1142
01:20:38,125 --> 01:20:40,082
Is it true that the Deputy Secretary

1143
01:20:40,083 --> 01:20:42,575
is behind this negotiation with the IMF?

1144
01:20:45,458 --> 01:20:49,201
Is it true that the Deputy Secretary went to
the leading candidate's house

1145
01:20:49,208 --> 01:20:52,121
and demanded his signature on the statement?

1146
01:20:53,292 --> 01:20:56,990
Raising the interest rate to
drive companies out of business,

1147
01:20:57,458 --> 01:21:00,996
opening the market to give
easier access to foreign investors,

1148
01:21:01,000 --> 01:21:04,914
and letting them take over bankrupt Korean
companies through hostile MandA's...

1149
01:21:05,292 --> 01:21:08,739
As the BOK's head of monetary policy,

1150
01:21:09,292 --> 01:21:12,250
I cannot agree to these terms.

1151
01:21:12,625 --> 01:21:18,951
Furthermore, I have reason to believe that
you may be taking orders from the U.S. government.

1152
01:21:20,958 --> 01:21:27,830
Tell me, why is the IMF suggesting a mass layoff
as a condition for the bailout?

1153
01:21:30,292 --> 01:21:34,035
Why ask us to open our capital market?

1154
01:21:35,667 --> 01:21:38,580
Am I wrong in thinking that the U.S. is seeking to

1155
01:21:38,583 --> 01:21:41,905
fulfill its own interests from this negotiation?

1156
01:21:47,875 --> 01:21:50,037
You're the chief negotiator, right?

1157
01:21:52,667 --> 01:21:53,498
Yes, I am.

1158
01:21:53,833 --> 01:21:55,449
So, it's simple.

1159
01:21:55,833 --> 01:21:59,076
Life is a series of choices,
and so is a negotiation.

1160
01:21:59,375 --> 01:22:01,992
We would like to add another precondition.

1161
01:22:02,667 --> 01:22:04,032
Either we end the discussion

1162
01:22:04,042 --> 01:22:05,783
and you send us home or

1163
01:22:06,292 --> 01:22:10,115
you send home the member of your delegation
who doesn't want to negotiate.

1164
01:22:12,583 --> 01:22:15,245
And this is our third precondition.

1165
01:22:19,167 --> 01:22:21,579
Sir, please halt the negotiation.

1166
01:22:21,792 --> 01:22:23,248
You're way out of line.

1167
01:22:25,583 --> 01:22:27,290
Who do you think you are?

1168
01:22:29,167 --> 01:22:31,033
Leave this room.

1169
01:22:31,917 --> 01:22:33,954
Which side are you on?

1170
01:22:36,333 --> 01:22:37,869
This negotiation lacks legitimacy.

1171
01:22:38,083 --> 01:22:40,666
You have to call it off!

1172
01:22:44,208 --> 01:22:47,280
I know we can reach an amicable agreement.

1173
01:22:48,042 --> 01:22:49,828
Sir, you must call off this negotiation.

1174
01:22:53,333 --> 01:22:55,950
No matter what you do...

1175
01:22:58,500 --> 01:22:59,706
Han.

1176
01:23:01,792 --> 01:23:02,998
It won't change anything.

1177
01:23:03,500 --> 01:23:06,037
No matter what you try.

1178
01:23:18,000 --> 01:23:19,582
Gap-Su...

1179
01:23:23,667 --> 01:23:26,989
The rise in exchange rate
doubled the cost for materials.

1180
01:23:27,333 --> 01:23:29,574
The money I borrowed

1181
01:23:32,500 --> 01:23:35,822
didn't cover even half of the materials we bought.

1182
01:23:39,625 --> 01:23:43,118
What happened to that
promissory note Mr. Lee gave us?

1183
01:23:44,042 --> 01:23:47,956
If that clears,
we can at least put out an urgent fire.

1184
01:23:51,333 --> 01:23:53,165
Lee's company...

1185
01:23:53,333 --> 01:23:54,164
Yeah?

1186
01:23:57,333 --> 01:23:58,698
Samho Distribution...

1187
01:23:58,792 --> 01:23:59,748
What about it?

1188
01:24:02,417 --> 01:24:03,999
It closed its business.

1189
01:24:04,667 --> 01:24:07,580
What about our promissory note?

1190
01:24:11,792 --> 01:24:13,123
This is just a piece of paper.

1191
01:24:15,000 --> 01:24:16,206
Oh my god...

1192
01:24:20,917 --> 01:24:23,079
I asked my wife's family for that money.

1193
01:24:24,917 --> 01:24:26,828
What's gonna happen to my children?

1194
01:24:30,667 --> 01:24:32,078
"Seizure"

1195
01:24:44,208 --> 01:24:47,655
"Korea joins the OECD Global Korea!"

1196
01:25:16,125 --> 01:25:19,163
Mr. Chung. It's me, Gap-Su.

1197
01:25:19,167 --> 01:25:21,499
Mr. Han! Times are tough, right?

1198
01:25:21,625 --> 01:25:24,037
Well, yes...

1199
01:25:25,625 --> 01:25:27,081
It's hard for you too, right?

1200
01:25:27,083 --> 01:25:31,452
I'm barely getting by every day.
But let's hang in there.

1201
01:25:31,917 --> 01:25:33,533
We gotta stick it out.

1202
01:25:33,625 --> 01:25:36,822
Yes, of course.

1203
01:25:38,792 --> 01:25:42,365
I will stick it out no matter what.

1204
01:25:42,792 --> 01:25:47,741
I want to make the payment now.

1205
01:25:47,750 --> 01:25:50,242
Really? You can really do that?

1206
01:25:51,917 --> 01:25:53,954
I'll make the payment.

1207
01:25:56,250 --> 01:25:58,412
Please send one of your employees.

1208
01:26:24,250 --> 01:26:26,491
Wow! Nice apartment!

1209
01:26:28,417 --> 01:26:29,953
Good-sized rooms.

1210
01:26:36,042 --> 01:26:37,828
Shit!

1211
01:26:38,875 --> 01:26:40,331
There's a dead dude...!

1212
01:26:41,625 --> 01:26:42,831
What the hell?!

1213
01:26:42,917 --> 01:26:45,409
Let's get out of here quickly!

1214
01:26:47,833 --> 01:26:48,698
Why?

1215
01:26:49,333 --> 01:26:52,530
What do you mean by 'why'?
We have to call the police!

1216
01:26:55,125 --> 01:26:56,866
Why should I get out?

1217
01:26:58,250 --> 01:27:02,414
This is my house now.

1218
01:27:13,833 --> 01:27:17,451
Contribute to the development of Korean economy

1219
01:27:18,750 --> 01:27:21,742
by establishing and enforcing monetary
and credit policy.

1220
01:27:26,333 --> 01:27:28,540
The founding purpose of the Bank of Korea.

1221
01:27:31,208 --> 01:27:32,744
Somehow I forgot about it.

1222
01:27:38,917 --> 01:27:41,329
We get paid to serve this country.

1223
01:27:43,000 --> 01:27:45,412
So, let's do our job and contribute.

1224
01:27:50,875 --> 01:27:52,457
We'll stop this negotiation

1225
01:27:53,167 --> 01:27:58,333
and declare a national bankruptcy.

1226
01:27:58,708 --> 01:28:03,077
Declare a moratorium and
acknowledge that Korea is bankrupt.

1227
01:28:04,333 --> 01:28:06,074
When the moratorium is declared,

1228
01:28:06,500 --> 01:28:08,787
the obligation to pay debt will disappear.

1229
01:28:08,875 --> 01:28:09,785
No.

1230
01:28:10,333 --> 01:28:12,950
It's just too extreme a measure-

1231
01:28:12,958 --> 01:28:15,199
What do creditors fear the most?

1232
01:28:17,625 --> 01:28:20,913
What is the last thing a debtor can do?

1233
01:28:21,542 --> 01:28:23,408
IMF is representing the U.S. interest,

1234
01:28:23,417 --> 01:28:24,953
and we'll use it against them.

1235
01:28:25,125 --> 01:28:27,992
We'd rather go bankrupt than go through
with this negotiation.

1236
01:28:28,042 --> 01:28:30,830
We can't pay back the money borrowed
from American funds.

1237
01:28:31,875 --> 01:28:36,199
This could change the IMF's attitude.

1238
01:28:36,292 --> 01:28:37,407
We can't do that.

1239
01:28:37,625 --> 01:28:40,743
Moratorium... national bankruptcy...
it doesn't matter now.

1240
01:28:40,958 --> 01:28:43,495
We could declare a national bankruptcy,

1241
01:28:44,833 --> 01:28:46,790
but if you declare it yourself,

1242
01:28:50,083 --> 01:28:52,245
you will certainly lose your job.

1243
01:28:58,833 --> 01:29:00,790
That's not what matters.

1244
01:29:03,542 --> 01:29:05,783
We still have one last card left.

1245
01:29:18,875 --> 01:29:24,496
With swift actions of the creditors
and fast recovery of the bankrupt country...

1246
01:29:24,542 --> 01:29:29,616
But on the downside,
by raising the dollar interest rate too high...

1247
01:29:29,625 --> 01:29:34,540
It posed a considerable threat to
global finance institutions.

1248
01:29:34,542 --> 01:29:38,331
The international creditors swiftly

1249
01:29:38,333 --> 01:29:40,870
adjusted debt to minimize damage.

1250
01:29:41,042 --> 01:29:45,957
The countries that borrowed heavily
from overseas funds

1251
01:29:46,375 --> 01:29:49,083
ended up in enormous debt.

1252
01:29:51,375 --> 01:29:53,707
"Post National Bankruptcy
Korean Economy Predictions”

1253
01:30:23,375 --> 01:30:27,949
A world where the poor get poorer
and the rich keep on getting richer...

1254
01:30:29,083 --> 01:30:30,573
A world where it's easier to fire people

1255
01:30:30,583 --> 01:30:32,244
and have more non-regular workers,

1256
01:30:32,625 --> 01:30:34,616
where unemployment is the norm...

1257
01:30:37,458 --> 01:30:40,496
We must not let IMF take us to that world.

1258
01:30:41,500 --> 01:30:44,947
Are you saying that
the government knew about the crisis

1259
01:30:44,958 --> 01:30:46,448
but didn't inform the people?

1260
01:30:46,750 --> 01:30:50,118
Not only that, they tried to deliberately hide it.

1261
01:30:50,125 --> 01:30:53,868
And negotiations with the IMF
are being handled hastily?

1262
01:30:54,042 --> 01:30:55,032
That's correct.

1263
01:30:56,000 --> 01:30:59,914
IMF's unreasonable demands
are being forced as preconditions.

1264
01:31:00,042 --> 01:31:05,958
Mass dismissals, interest rates,
issues regarding labor, and investments

1265
01:31:07,375 --> 01:31:11,664
are being manipulated behind closed doors
by a handful of people not thinking thoroughly.

1266
01:31:12,792 --> 01:31:18,083
This government's economic officials
are neglecting their duties.

1267
01:31:19,500 --> 01:31:23,323
They have no will to evacuate people
from a sinking ship.

1268
01:31:23,917 --> 01:31:31,074
They're deciding the future of this country based
on their individual values.

1269
01:31:33,333 --> 01:31:36,906
From the beginning of the catastrophe,

1270
01:31:37,417 --> 01:31:38,782
during the process,

1271
01:31:40,792 --> 01:31:42,703
and to the end.

1272
01:31:47,583 --> 01:31:48,664
"3 Dec 31997"

1273
01:31:48,667 --> 01:31:50,123
"KOSPI 379.3"

1274
01:31:50,125 --> 01:31:51,411
"Won-Dollar Exchange Rate 1,610 won"

1275
01:31:51,417 --> 01:31:52,452
"Foreign Reserves less than $2 billion"

1276
01:31:52,458 --> 01:31:53,414
Thank you.

1277
01:31:57,583 --> 01:31:59,324
It's not in any of the papers.

1278
01:32:08,292 --> 01:32:09,953
I can't believe this.

1279
01:32:12,625 --> 01:32:17,040
The bailout negotiation with
the IMF was finalized today.

1280
01:32:17,167 --> 01:32:20,205
We'll receive a $55 billion fund

1281
01:32:20,292 --> 01:32:24,832
but our economy will be placed under
a IMF receivership.

1282
01:32:24,875 --> 01:32:27,993
We don't want to be self-deprecating

1283
01:32:28,000 --> 01:32:31,573
but this'll be recorded
as a day of humiliation for Korea.

1284
01:32:31,667 --> 01:32:33,249
"A $55 billion IMF fund will be injected"

1285
01:32:33,292 --> 01:32:34,999
Today, we'll have a special class.

1286
01:32:35,083 --> 01:32:36,369
"What is IMF?"

1287
01:32:36,958 --> 01:32:39,450
Let's watch this video

1288
01:32:40,250 --> 01:32:44,915
and think about what we can do. Okay?

1289
01:32:45,125 --> 01:32:46,581
Yes, Miss.

1290
01:32:46,875 --> 01:32:52,120
Save water and electricity.
Sharpen your pencils...

1291
01:32:52,125 --> 01:32:56,414
Under IMF supervision,
wages will be cut by 15%.

1292
01:32:56,417 --> 01:32:59,159
IMF demands the raising of interest rates...

1293
01:32:59,167 --> 01:33:02,125
Restructuring strikes all industries.

1294
01:33:02,125 --> 01:33:07,450
Companies are laying off employees
to meet the government's urge for restructuring.

1295
01:33:07,875 --> 01:33:11,493
From today,
we are unavoidably taking voluntary resignation.

1296
01:33:11,625 --> 01:33:14,993
This document is for the resignation,

1297
01:33:15,125 --> 01:33:16,035
"Application for voluntary resignation”

1298
01:33:16,167 --> 01:33:21,116
and this one is consent to transition
to non-regular employee.

1299
01:33:26,958 --> 01:33:28,995
Why did he kill himself?

1300
01:33:29,458 --> 01:33:32,496
His business partner gave him a bad check.

1301
01:33:32,500 --> 01:33:35,947
His business couldn't recover from the damage.

1302
01:33:37,250 --> 01:33:41,369
He waited in good faith, but his trust backfired.

1303
01:33:42,708 --> 01:33:47,202
After his apartment was foreclosed,
he made his family leave and hanged himself.

1304
01:33:58,292 --> 01:34:02,081
Yoon! I knew you'd pull it off!

1305
01:34:02,500 --> 01:34:04,787
All thanks to you for trusting me.

1306
01:34:04,917 --> 01:34:08,455
You led the way. We only followed.

1307
01:34:10,417 --> 01:34:13,000
This key is too freaking high!

1308
01:34:14,708 --> 01:34:16,790
Sing with me!

1309
01:34:16,875 --> 01:34:19,333
Okay! Sing us a song, Yoon.

1310
01:34:19,333 --> 01:34:20,448
No, I can't.

1311
01:34:20,458 --> 01:34:23,041
Don't be shy. Come on!

1312
01:34:58,625 --> 01:35:04,951
"Korea becomes 29th member of OECD"

1313
01:36:24,375 --> 01:36:25,991
"Hyun-ah and Hyun-su's bedroom"

1314
01:37:16,375 --> 01:37:18,787
"Hyun-ah and Hyun-su's bedroom"

1315
01:38:23,875 --> 01:38:25,161
Ms. Han.

1316
01:38:27,042 --> 01:38:28,328
Ms. Han?

1317
01:38:44,458 --> 01:38:45,914
This is unbearable.

1318
01:38:48,625 --> 01:38:50,411
IMF is not the way.

1319
01:38:52,208 --> 01:38:54,666
You know what happened to
Thailand and Indonesia

1320
01:38:54,667 --> 01:38:57,534
after they got IMF money?

1321
01:39:01,000 --> 01:39:03,412
If you do something wrong,
you pay by getting punished,

1322
01:39:04,417 --> 01:39:07,990
but at the IMF,
they kill you without giving a second chance.

1323
01:39:10,542 --> 01:39:14,080
There are still ways to fight this.

1324
01:39:15,042 --> 01:39:16,874
But you're getting...

1325
01:39:20,750 --> 01:39:24,823
Come on. Your dinner will get cold.

1326
01:39:42,750 --> 01:39:46,243
"Record of IMF Negotiations"

1327
01:39:58,042 --> 01:40:00,955
"Letter of Resignation”

1328
01:40:21,375 --> 01:40:22,615
Hey...

1329
01:40:23,208 --> 01:40:27,907
How's my little sister doing?

1330
01:40:28,542 --> 01:40:29,782
Why...

1331
01:40:32,167 --> 01:40:33,828
What brings you...

1332
01:40:35,917 --> 01:40:37,453
Something wrong?

1333
01:40:48,458 --> 01:40:50,290
I have a favor to ask you.

1334
01:40:52,625 --> 01:40:57,870
You know people in high positions at banks, right?

1335
01:40:59,833 --> 01:41:03,622
I'm really sorry but please help me.

1336
01:41:04,625 --> 01:41:09,199
Help me get a loan.

1337
01:41:11,708 --> 01:41:14,245
You're the only person left.

1338
01:41:16,333 --> 01:41:18,791
I don't care if I get jailed

1339
01:41:19,917 --> 01:41:25,083
but think about my wife and kids.

1340
01:41:28,875 --> 01:41:32,038
I wouldn't have come to you

1341
01:41:33,042 --> 01:41:34,624
if I had a choice.

1342
01:41:37,000 --> 01:41:38,331
Please.

1343
01:41:41,375 --> 01:41:43,082
I beg you, Si-Hyun.

1344
01:42:59,292 --> 01:43:04,037
On December 3, 1997,

1345
01:43:04,042 --> 01:43:06,204
Korea signed the IMF's negotiation agenda,

1346
01:43:06,292 --> 01:43:10,206
and IMF management began.

1347
01:43:10,375 --> 01:43:14,323
The next year, the number of
unemployed soared to 1.3 million.

1348
01:43:14,333 --> 01:43:18,372
Suicides rose by 42%,

1349
01:43:18,375 --> 01:43:23,040
the highest rate among OECD countries.

1350
01:43:23,042 --> 01:43:24,874
Citizens donated gold to help

1351
01:43:24,875 --> 01:43:27,492
recovery of the nation's economy.

1352
01:43:27,500 --> 01:43:30,037
$2.2 billion worth of gold

1353
01:43:30,042 --> 01:43:33,239
was collected in just 4 months.

1354
01:43:34,250 --> 01:43:41,532
Donated gold was used to pay down corporations' debt.

1355
01:43:51,958 --> 01:43:54,871
Crises recur.

1356
01:43:54,958 --> 01:43:55,789
"20 years later”

1357
01:43:55,875 --> 01:43:58,492
Korea seems to have changed
a lot in the last 20 years?

1358
01:44:00,792 --> 01:44:02,248
Not at all.

1359
01:44:03,417 --> 01:44:08,412
Now, we're exposed to even bigger risks.

1360
01:44:09,542 --> 01:44:14,412
Sir! I was deeply touched by your lecture today.

1361
01:44:14,625 --> 01:44:18,198
I'd like to treat you to a meal.

1362
01:44:20,750 --> 01:44:24,823
It's $5,000 for lunch and $10,000 for dinner.

1363
01:44:25,042 --> 01:44:27,784
Lunch is 60 minutes. Dinner is 90.

1364
01:44:27,792 --> 01:44:29,533
Wire the money to my bank account.

1365
01:44:34,625 --> 01:44:37,822
But you must regard
increased crises as opportunities.

1366
01:44:39,083 --> 01:44:43,281
It means you get more chances to change your life.

1367
01:44:46,083 --> 01:44:47,244
Morning, Mr. Yoon!

1368
01:44:50,042 --> 01:44:53,034
Thanks for the good tip this morning.

1369
01:44:53,208 --> 01:44:59,250
The hedge funds in the U.S.
are continuously changing.

1370
01:45:01,042 --> 01:45:03,283
Should I follow them?

1371
01:45:04,833 --> 01:45:09,031
Of course! Keep following.

1372
01:45:09,167 --> 01:45:10,407
Okay!

1373
01:45:12,250 --> 01:45:16,448
And indeed, as you predicted,

1374
01:45:16,458 --> 01:45:19,450
the real estate in Gangnam is responding first.

1375
01:45:19,542 --> 01:45:20,782
I told you...

1376
01:45:24,333 --> 01:45:26,870
They can't fool me.

1377
01:45:28,625 --> 01:45:32,198
Dad, it's me. I'll do well today.

1378
01:45:32,542 --> 01:45:36,080
All right. Remember what I always tell you.

1379
01:45:36,292 --> 01:45:39,535
I know. Never trust a person who's good to you.

1380
01:45:39,583 --> 01:45:41,415
Not just those who are good to you.

1381
01:45:41,417 --> 01:45:43,954
You can't trust anybody.

1382
01:45:44,292 --> 01:45:46,329
Trust only yourself.

1383
01:45:47,000 --> 01:45:48,957
Yourself only. Got that?

1384
01:45:49,208 --> 01:45:51,620
Got it, dad.

1385
01:45:51,708 --> 01:45:52,539
Okay.

1386
01:45:53,083 --> 01:45:54,198
Hassan!

1387
01:45:54,875 --> 01:45:55,865
Hassan!

1388
01:45:56,458 --> 01:45:58,290
Quick! Quick!

1389
01:46:00,333 --> 01:46:03,405
SandJ Finances open recruitment

1390
01:46:03,458 --> 01:46:04,789
"Candidates No. 231 to 235."

1391
01:46:08,042 --> 01:46:10,784
If I get this job, I'll...

1392
01:46:12,750 --> 01:46:14,866
"CEO Park Dae-young
Former Deputy Minister of Finance"

1393
01:46:20,458 --> 01:46:22,040
Hello, Chairman!

1394
01:46:22,042 --> 01:46:24,625
Congratulations!
I heard you're at an investment bank now.

1395
01:46:25,042 --> 01:46:27,033
It's all thanks to you.

1396
01:46:27,375 --> 01:46:31,699
There's talk of reform these days.

1397
01:46:32,458 --> 01:46:38,329
Give them what they want, they'll go quiet soon.

1398
01:46:41,083 --> 01:46:42,619
Oh, you've heard the news?

1399
01:46:46,917 --> 01:46:48,123
Soon...

1400
01:46:56,333 --> 01:47:00,782
"20 Years Since IMF Bailout, Aftermath Persists”

1401
01:47:00,958 --> 01:47:05,247
"Conglomerates Get Bigger
While Households Suffer"

1402
01:47:19,625 --> 01:47:21,992
I heard she's got quite a personality.

1403
01:47:22,333 --> 01:47:26,031
Who cares about personality?
She just needs to be competent in her job.

1404
01:47:27,208 --> 01:47:29,870
"Financial Capital Monitoring Center"

1405
01:47:33,708 --> 01:47:35,915
Are you Director Han?

1406
01:47:40,542 --> 01:47:41,953
Yes...
and?

1407
01:47:43,625 --> 01:47:46,117
I am the Deputy Minister of Strategy and Finance.

1408
01:47:48,375 --> 01:47:53,541
Nothing's concrete yet,

1409
01:47:54,208 --> 01:47:56,791
but we might need your assistance.

1410
01:47:56,792 --> 01:47:58,749
So we came in person.

1411
01:48:02,625 --> 01:48:05,788
You just want me to be
the old person sitting in the back...

1412
01:48:07,083 --> 01:48:08,244
Why should 1?

1413
01:48:13,958 --> 01:48:17,030
This is a report on how the household debt
will cause panic within this year.

1414
01:48:17,125 --> 01:48:21,699
This is a report on the mass unsold properties
in the metropolitan area.

1415
01:48:22,083 --> 01:48:23,869
The authorities aren't taking action.

1416
01:48:25,042 --> 01:48:30,458
You left a report on IMF
when you left Bank of Korea.

1417
01:48:30,875 --> 01:48:33,458
It was the only and most accurate report.

1418
01:48:33,917 --> 01:48:37,706
Please... help us.

1419
01:48:38,625 --> 01:48:43,791
The bomb is ticking, and no one cares.

1420
01:48:53,042 --> 01:48:54,624
I work as a team.

1421
01:48:57,500 --> 01:48:59,116
Crises recur.

1422
01:48:59,750 --> 01:49:01,616
But in order not be helpless again,

1423
01:49:01,625 --> 01:49:03,036
we must not forget.

1424
01:49:04,208 --> 01:49:07,405
Keep asking questions and check facts.

1425
01:49:09,625 --> 01:49:12,617
Do not take a simple thing for granted.

1426
01:49:14,583 --> 01:49:19,532
And always watch the world with open eyes.

1427
01:49:21,250 --> 01:49:24,743
Because I'm not gonna lose again.

1428
01:49:45,667 --> 01:49:48,667



9999
00:00:0,500 --> 00:00:2,00
www.moviesubtitles.org