Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated:
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 --> 00:00:58,082
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 --> 00:01:01,578
"Produced by Lee eugene”
7
00:01:03,708 --> 00:01:08,452
city of Seoul will build a
8
00:01:08,458 --> 00:01:11,495
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 --> 00:01:36,574
Generation x is leading the fashion trend.
15
00:01:40,000 --> 00:01:44,323
"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 --> 00:02:03,073
"5 nov 1997 east Asia division
Morgan Stanley headquarters, wall street"
19
00:02:35,417 --> 00:02:39,330
Lg advances to the Korean series
20
00:02:41,000 --> 00:02:43,833
finance reform bill likely to pass
21
00:02:44,042 --> 00:02:45,248
"15 nov 1997"
22
00:02:45,250 --> 00:02:47,115
"kospi 583.8" Ms. han...
23
00:02:47,125 --> 00:02:48,956
"Won-dollar exchange rate 792 won"
Ms. han!
24
00:02:48,958 --> 00:02:51,620
"Foreign exchange reserves $15.8 billion"
oh. Let's go.
25
00:03:04,875 --> 00:03:07,662
The bank of Korea raised
its growth forecast to 7%,
26
00:03:07,667 --> 00:03:11,455
despite the economic crises
occurring in east Asia.
27
00:03:11,458 --> 00:03:12,823
Damn hangover...
28
00:03:12,833 --> 00:03:14,448
Due to admittance to the oecd
29
00:03:14,458 --> 00:03:16,790
and stability in exchange
rates and exports,
30
00:03:17,000 --> 00:03:21,619
national per capita income
remains above $10,000.
31
00:03:22,375 --> 00:03:25,742
The government has submitted the
budget proposal for next year.
32
00:03:26,000 --> 00:03:28,742
- Sorry, I'm late.
- Morning, Mr. Kim!
33
00:03:29,000 --> 00:03:29,910
Did you have breakfast?
34
00:03:29,917 --> 00:03:31,828
- Yes, sir.
- How about you?
35
00:03:33,208 --> 00:03:36,996
According to a gallup Korea poll,
36
00:03:37,000 --> 00:03:42,324
85% of Koreans consider
themselves middle class.
37
00:03:42,792 --> 00:03:46,910
The president has announced that
with the accession to the oecd,
38
00:03:46,917 --> 00:03:50,830
the public consciousness
should be raised accordingly.
39
00:03:51,208 --> 00:03:54,371
The government dismissed any rumors
about economic crisis,
40
00:03:54,375 --> 00:03:57,117
saying that the foundation
of Korean economy is solid.
41
00:03:57,125 --> 00:03:59,741
What are we listening to?
42
00:04:02,542 --> 00:04:03,542
That's better.
43
00:04:05,792 --> 00:04:08,078
It's nice. I like that.
44
00:04:13,583 --> 00:04:19,909
Welcome aboard. Here's
to our bright future!
45
00:04:26,667 --> 00:04:28,783
Can you turn the volume up?
46
00:04:29,250 --> 00:04:31,707
"Korea merchant bank corp.
New employee training"
47
00:04:32,875 --> 00:04:33,875
attention!
48
00:04:37,875 --> 00:04:43,700
Thank you, new employees,
for choosing Korea merchant bank corp.
49
00:04:47,208 --> 00:04:53,124
To prevent you valuable people
from getting kidnapped by other companies,
50
00:04:53,417 --> 00:04:56,124
I will temporarily lock you in here.
51
00:04:58,625 --> 00:05:01,082
I heard some companies give money
52
00:05:01,083 --> 00:05:03,699
so we won't go to other job interviews.
53
00:05:04,583 --> 00:05:06,289
Do you offer something like that?
54
00:05:20,458 --> 00:05:25,031
If you take this money and still
go elsewhere, it's foul play.
55
00:05:26,875 --> 00:05:29,947
"Governor, bank of Korea"
56
00:05:40,792 --> 00:05:44,114
Tell Ms. han to immediately
come to my office!
57
00:05:50,333 --> 00:05:55,532
Mr Johnson? This is jeong-hak
from Korea merchant bank corporation
58
00:05:55,708 --> 00:06:03,285
I heard that your fund
decided to cancel a big amount...
59
00:06:04,292 --> 00:06:05,292
Hey, driver!
60
00:06:05,375 --> 00:06:07,957
- Yes?
- Turn off the music!
61
00:06:09,625 --> 00:06:12,913
I'm so sorry. Your fund
cancelled in Korea...
62
00:06:12,958 --> 00:06:13,913
I'm sorry, I'm in the middle of a meeting
63
00:06:13,958 --> 00:06:14,413
Johnson?
64
00:06:14,458 --> 00:06:15,458
Bye.
65
00:06:17,500 --> 00:06:19,832
Freaking impatient bastard...
66
00:06:27,375 --> 00:06:28,364
This makes no sense.
67
00:06:28,375 --> 00:06:31,822
Many listeners wrote in again.
68
00:06:32,250 --> 00:06:35,993
'The mother's had no customers for days,
69
00:06:36,208 --> 00:06:39,905
and the brother hasn't
been getting his salary.'
70
00:06:40,208 --> 00:06:43,996
it seems the economy is
really tough these days,
71
00:06:44,125 --> 00:06:46,741
and many are going through a hard time.
72
00:06:47,583 --> 00:06:51,075
This story caught my eye.
73
00:06:51,458 --> 00:06:56,077
She wrote about her father's business.
74
00:06:57,500 --> 00:07:01,743
'My father's business went under,
so we were forced to move.'
75
00:07:01,792 --> 00:07:03,328
'we were never rich, but
76
00:07:03,375 --> 00:07:06,492
- hello? Mr. yoon?
- At least, I had my own bedroom.'
77
00:07:07,083 --> 00:07:08,914
what show is this?
78
00:07:13,583 --> 00:07:15,824
'How can we escape this situation?'
79
00:07:16,875 --> 00:07:18,991
hello, Mr. Lee. It's been a long time!
80
00:07:20,750 --> 00:07:21,956
Really?
81
00:07:22,458 --> 00:07:24,449
Wow, that's...
82
00:07:25,000 --> 00:07:26,490
Alright, thank you!
83
00:07:33,250 --> 00:07:34,250
Gap-su.
84
00:07:35,125 --> 00:07:38,117
Our bowls...
They want us to supply them at midopa.
85
00:07:40,125 --> 00:07:41,410
The department store?
86
00:07:42,250 --> 00:07:43,250
Yeah!
87
00:07:46,875 --> 00:07:47,955
Are you serious?
88
00:07:47,958 --> 00:07:49,289
Don't I look serious?!
89
00:07:52,667 --> 00:07:53,952
It's a hit!
90
00:08:02,417 --> 00:08:03,684
Ms. han, let me call you in first...
91
00:08:03,708 --> 00:08:05,414
I was asked to come.
92
00:08:13,333 --> 00:08:14,368
Is this true?
93
00:08:20,000 --> 00:08:21,581
Why didn't you tell me right away?
94
00:08:21,583 --> 00:08:24,700
You've been too busy with
the financial reform bill.
95
00:08:24,792 --> 00:08:26,851
It's been 10 days since I
submitted the first report.
96
00:08:26,875 --> 00:08:30,072
More precisely, 253 hours and 25 minutes.
97
00:08:30,167 --> 00:08:32,579
I have reported six updates since.
98
00:08:32,583 --> 00:08:36,656
Fine, fine! But that's
not what's important.
99
00:08:38,833 --> 00:08:40,573
We need to think.
100
00:08:44,083 --> 00:08:48,201
That's what we need to do. Think.
101
00:08:49,000 --> 00:08:50,115
So, now we...
102
00:08:50,500 --> 00:08:52,161
Hold on. Let's think this through.
103
00:08:53,042 --> 00:08:54,077
Okay, now...
104
00:08:54,125 --> 00:08:55,956
First, you have to call a meeting with
105
00:08:56,875 --> 00:08:58,893
the senior presidential
secretary for economic affairs.
106
00:08:58,917 --> 00:09:01,624
That's right! You mean, right now?
107
00:09:03,083 --> 00:09:04,789
Okay.
108
00:09:07,542 --> 00:09:11,785
Find out where the presidential secretary
for economic affairs is.
109
00:09:14,083 --> 00:09:15,083
Let's go.
110
00:09:17,708 --> 00:09:18,993
Aren't you coming?
111
00:09:27,083 --> 00:09:28,118
"Monetary policy team"
112
00:09:28,583 --> 00:09:29,583
we are a go.
113
00:09:31,792 --> 00:09:34,204
You're keeping up
with the currency crisis in southeast Asia?
114
00:09:34,250 --> 00:09:35,250
Yes.
115
00:09:36,833 --> 00:09:39,074
Get me a summary on the
hot money roll-over.
116
00:09:39,125 --> 00:09:40,125
Okay.
117
00:09:40,500 --> 00:09:41,455
The dollars injected
118
00:09:41,500 --> 00:09:43,240
to defend our currency,
119
00:09:43,292 --> 00:09:45,123
organize a report by days.
120
00:09:45,167 --> 00:09:46,373
- Ma'am.
- Huh?
121
00:09:48,375 --> 00:09:51,492
We've been through this
more than 100 times.
122
00:09:52,500 --> 00:09:53,785
We're prepared.
123
00:10:04,792 --> 00:10:06,712
"Foreign currency crisis
and the Korean economy"
124
00:10:11,125 --> 00:10:13,457
what about supervising loan status
of commercial banks?
125
00:10:13,500 --> 00:10:16,617
Put it on hold for now.
After today, things will change.
126
00:10:16,667 --> 00:10:18,578
Our report is finally getting accepted?
127
00:10:18,625 --> 00:10:21,332
The country is about to go bankrupt.
128
00:10:21,917 --> 00:10:23,999
They'd be crazy not to take action.
129
00:10:25,083 --> 00:10:26,664
- Be on standby, everyone.
- Yes, ma'am.
130
00:10:27,750 --> 00:10:29,706
- See you later.
- Break a leg.
131
00:10:33,667 --> 00:10:35,373
Don't think about going home.
132
00:10:36,833 --> 00:10:39,040
"Bank of Korea"
133
00:10:41,417 --> 00:10:44,989
yes. I'm on my way there right now.
134
00:10:45,583 --> 00:10:48,416
The situation is quite urgent.
135
00:10:48,917 --> 00:10:50,077
Okay.
136
00:10:50,958 --> 00:10:51,958
Yes sir.
137
00:10:52,000 --> 00:10:55,288
"Accession to the oecd,
first step as a developed nation!"
138
00:10:57,542 --> 00:11:00,375
No more delays in real-name
financial transactions!
139
00:11:00,417 --> 00:11:04,035
Secure independence for bank of Korea!
140
00:11:04,083 --> 00:11:05,994
Independence for bank of Korea!
141
00:11:06,167 --> 00:11:08,032
Withdraw the financial reform bill!
142
00:11:08,083 --> 00:11:09,948
Withdraw! Withdraw!
143
00:11:10,167 --> 00:11:13,830
Down with institutional dictatorship!
144
00:11:13,875 --> 00:11:15,911
Down with institutional dictatorship!
145
00:11:15,958 --> 00:11:19,530
Secure independence for bank of Korea!
146
00:11:19,583 --> 00:11:21,539
Independence for bank of Korea!
147
00:11:21,792 --> 00:11:23,976
"Presidential secretary for
economic affairs” is it true?
148
00:11:24,000 --> 00:11:24,739
Yes...
149
00:11:24,792 --> 00:11:27,784
We're in big trouble. Big trouble.
150
00:11:33,792 --> 00:11:36,249
Why didn't you tell me about this sooner?
151
00:11:37,667 --> 00:11:38,998
I'm sorry, sir.
152
00:11:44,125 --> 00:11:46,116
What do we need to do first?
153
00:11:46,708 --> 00:11:47,367
Well...
154
00:11:47,417 --> 00:11:49,624
Please call a meeting
with the ministry's key officials.
155
00:11:50,083 --> 00:11:51,083
Yes.
156
00:11:53,667 --> 00:11:57,489
Yeah, it's me. Tell these people
to come to my office right now.
157
00:11:57,958 --> 00:11:59,323
First, the...
158
00:11:59,667 --> 00:12:00,809
The deputy minister of finance.
159
00:12:00,833 --> 00:12:03,415
The deputy minister of finance and...
160
00:12:03,500 --> 00:12:04,239
The bureau chief of fiscal policy.
161
00:12:04,292 --> 00:12:07,784
The bureau chief of fiscal policy and...
Who else?
162
00:12:08,167 --> 00:12:09,452
That's enough for now.
163
00:12:09,750 --> 00:12:11,115
That's enough for now.
164
00:12:12,042 --> 00:12:13,202
Let's go.
165
00:12:15,042 --> 00:12:16,748
The Hong Kong market crashed today,
166
00:12:16,792 --> 00:12:20,410
giving rise to concerns
about the economic crisis in east Asia.
167
00:12:20,458 --> 00:12:21,698
"Bureau chief of fiscal policy"
168
00:12:21,792 --> 00:12:25,910
countries including
Malaysia, Thailand, and Singapore,
169
00:12:25,958 --> 00:12:28,620
which have shown economic
growth in recent years...
170
00:12:28,708 --> 00:12:31,324
Hey, the minister wants to...
171
00:12:31,375 --> 00:12:33,787
"Deputy minister of finance"
play golf this weekend.
172
00:12:36,000 --> 00:12:40,824
As the man in charge of monetary policy,
173
00:12:40,875 --> 00:12:44,788
I'm sorry to report this situation.
174
00:12:44,833 --> 00:12:51,705
A detailed account of the matter
will be briefed by Ms. han si-hyun.
175
00:12:52,375 --> 00:12:57,665
I'm sure you're aware of foreigners pulling
out their money, starting in southeast Asia.
176
00:12:58,542 --> 00:13:01,454
Wait, she's not a secretary?
177
00:13:01,625 --> 00:13:06,995
Due to our inadequate
handling of the hanbo crisis
178
00:13:07,500 --> 00:13:11,118
and the bankruptcy of kia motors,
179
00:13:11,500 --> 00:13:15,368
foreigners began to doubt
our crisis management ability.
180
00:13:15,958 --> 00:13:22,409
Foreign capital started
pulling out since August.
181
00:13:22,875 --> 00:13:26,538
The value of Korean won continues to fall,
but the government is defending it
182
00:13:27,875 --> 00:13:29,995
by injecting $2 billion from
the reserves every week.
183
00:13:30,208 --> 00:13:31,476
$2 billion is used per week to defend
184
00:13:31,500 --> 00:13:33,286
the currency rate of ♪800 to $1.
185
00:13:33,667 --> 00:13:38,661
Everyone here knows that,
but we can't stop defending the currency.
186
00:13:41,292 --> 00:13:44,159
My team has reviewed
187
00:13:44,208 --> 00:13:48,497
the rate of extension granted for
money borrowed from overseas.
188
00:13:48,792 --> 00:13:53,707
Until late October, the
rollover rate was 86.5%
189
00:13:53,833 --> 00:13:58,281
meaning foreign investors
were willing to roll over their loans.
190
00:13:58,333 --> 00:13:59,823
However, on November 3,
191
00:14:00,667 --> 00:14:03,864
investors simultaneously
refused to Grant rollovers
192
00:14:03,917 --> 00:14:08,707
and started demanding payoffs
by the end of December.
193
00:14:10,500 --> 00:14:11,785
Give me the figures.
194
00:14:11,833 --> 00:14:12,697
As of today,
195
00:14:12,750 --> 00:14:15,708
the ministry announced $15.8
billion in foreign reserves.
196
00:14:15,958 --> 00:14:18,574
But these aren't accurate figures.
197
00:14:19,208 --> 00:14:21,745
Considering the rejected rollovers
198
00:14:21,792 --> 00:14:25,489
and dollars owed on forward exchange,
199
00:14:27,792 --> 00:14:30,204
the actual amount calculates
to below $9 billion.
200
00:14:31,000 --> 00:14:35,243
The fact that the foreign reserves
is below $9 billion means
201
00:14:35,583 --> 00:14:40,782
the government cannot guarantee
Korea's export and import activities
202
00:14:41,000 --> 00:14:42,831
as you know so well.
203
00:14:42,875 --> 00:14:46,572
If the government cannot guarantee
export and import activities...
204
00:14:48,167 --> 00:14:49,748
It means national bankruptcy.
205
00:14:52,417 --> 00:14:53,998
If my calculations are correct,
206
00:14:55,000 --> 00:14:57,582
the time remaining before
Korea goes bankrupt
207
00:14:57,875 --> 00:14:59,206
is one week.
208
00:15:14,542 --> 00:15:17,249
"Chief presidential secretary"
209
00:15:17,667 --> 00:15:18,827
is it true?
210
00:15:21,917 --> 00:15:26,331
Mr. president has a lot on his mind.
211
00:15:26,917 --> 00:15:30,865
If you speak in difficult terms...
He'll get angry.
212
00:15:30,917 --> 00:15:31,952
We understand.
213
00:15:34,917 --> 00:15:37,374
Explain to him in easy terms.
214
00:15:37,792 --> 00:15:38,792
In easy terms?
215
00:15:40,083 --> 00:15:42,449
But... how? Should I take out the figures?
216
00:15:42,708 --> 00:15:44,994
We spent borrowed money like water
217
00:15:45,000 --> 00:15:46,331
hoping to get an extension.
218
00:15:46,333 --> 00:15:48,494
And here we are, Mr. president.
219
00:15:51,333 --> 00:15:53,289
I'll explain it to him in difficult terms.
220
00:16:03,417 --> 00:16:07,911
The president's son was
granted bail today...
221
00:16:07,958 --> 00:16:11,906
If there aren't enough dollars,
can't you just buy more?
222
00:16:12,083 --> 00:16:15,075
The dollars are going out much
faster than the purchase rate, sir.
223
00:16:15,500 --> 00:16:16,580
Senior secretary?
224
00:16:16,708 --> 00:16:17,948
Yes, Mr. president.
225
00:16:18,833 --> 00:16:20,323
Didn't you say it would be fine
226
00:16:20,375 --> 00:16:23,037
because Korea's economy
has a solid foundation?
227
00:16:24,167 --> 00:16:25,623
I'm sorry, sir.
228
00:16:26,292 --> 00:16:30,160
The party's over... is that it?
229
00:16:36,500 --> 00:16:38,365
"Letter of resignation"
230
00:16:44,000 --> 00:16:45,160
You sure about this?
231
00:16:47,917 --> 00:16:50,033
On a sinking ship,
232
00:16:51,375 --> 00:16:56,290
the first to get out has the
best chance of survival.
233
00:16:57,167 --> 00:17:01,615
In movies, the first to leave dies first.
234
00:17:06,917 --> 00:17:09,624
"Installment savings reached $200 million!"
235
00:17:15,208 --> 00:17:18,405
I'll go my own path. Please accept this.
236
00:17:19,958 --> 00:17:22,916
Let's hear it. That path you'll go on.
237
00:17:23,125 --> 00:17:24,911
I'm going to invest in the crisis.
238
00:17:25,208 --> 00:17:29,406
I believe the Korean economy...
239
00:17:31,833 --> 00:17:33,915
Will go bankrupt soon.
240
00:17:36,125 --> 00:17:38,491
Hey, do you think
241
00:17:39,000 --> 00:17:43,494
there haven't been others just like you?
242
00:17:44,792 --> 00:17:50,207
During the oil crisis and
debt crisis in 1980,
243
00:17:50,333 --> 00:17:54,372
there were many who quit their good jobs,
244
00:17:54,667 --> 00:17:56,453
but no matter what happens,
245
00:17:56,500 --> 00:17:58,536
a nation's economy is bound to withstand.
246
00:17:59,042 --> 00:18:00,373
Don't you read the papers?
247
00:18:01,750 --> 00:18:03,206
The four dragons of Asia!
248
00:18:03,250 --> 00:18:05,161
Powerful, rising countries!
249
00:18:07,083 --> 00:18:10,280
You should think about
investing diligently...
250
00:18:10,333 --> 00:18:15,327
No lectures, please. Just pay my severance.
251
00:18:16,250 --> 00:18:18,286
Do you know what people call your kind?
252
00:18:19,500 --> 00:18:21,786
A conspirator! You son of a bitch!
253
00:18:22,125 --> 00:18:24,116
Go on. Go your way.
254
00:18:25,375 --> 00:18:28,287
It's conspiracist, actually.
255
00:18:28,333 --> 00:18:29,948
Isn't that what I said?!
256
00:18:32,167 --> 00:18:38,117
Hello, sir.
This is yoon from Korea merchant bank corp.
257
00:18:40,542 --> 00:18:42,453
The beacon of success!
258
00:18:42,500 --> 00:18:45,663
If you just give me an hour,
I'll present you with the greatest...
259
00:18:45,750 --> 00:18:48,583
Yes, ma'am. Darling? My friend!
260
00:18:49,750 --> 00:18:53,197
"List of top companies”
I don't know what to label it
261
00:18:53,250 --> 00:18:56,538
"task force office"
but this will be the control tower...
262
00:18:56,583 --> 00:18:58,869
"Task force office"
for preventing national bankruptcy.
263
00:19:00,833 --> 00:19:03,370
Gently! You're stirring up dust.
264
00:19:03,625 --> 00:19:04,740
I'm sorry, sir.
265
00:19:07,333 --> 00:19:09,824
I wouldn't have called if
this wasn't important.
266
00:19:10,750 --> 00:19:13,241
In fact, it's huge.
267
00:19:15,208 --> 00:19:17,995
Only for a few chosen clients...
268
00:19:18,042 --> 00:19:19,907
All you need to do is follow my lead.
269
00:19:22,125 --> 00:19:23,490
Thank you.
270
00:19:26,792 --> 00:19:33,948
While I was working as a
personal assets manager,
271
00:19:34,000 --> 00:19:37,788
I secured all of you good
returns on your investments.
272
00:19:39,000 --> 00:19:41,207
Isn't that right, ma'am?
273
00:19:41,917 --> 00:19:45,284
Of course.
274
00:19:45,333 --> 00:19:48,325
You helped me get a new
building in gangnam.
275
00:19:48,833 --> 00:19:49,948
Sir, am I right?
276
00:19:50,500 --> 00:19:54,163
I don't think any of us
here doubt your skills.
277
00:19:56,500 --> 00:20:01,790
I believe that Korea
278
00:20:03,417 --> 00:20:05,783
will go broke in a week.
279
00:20:06,917 --> 00:20:10,114
- The country will go broke?
- Is that even possible?
280
00:20:12,417 --> 00:20:16,365
And this is the reason why.
281
00:20:22,750 --> 00:20:28,996
'Yeo' means 'to give', and
'shin' means 'to trust'.
282
00:20:29,958 --> 00:20:34,372
Or 'loan' in plain language.
283
00:20:34,417 --> 00:20:36,373
When a financial institution loans money.
284
00:20:38,000 --> 00:20:40,161
This word, trust!
285
00:20:41,000 --> 00:20:45,915
What is exchanged is the trust that
the money will be returned, but...
286
00:20:46,208 --> 00:20:50,156
This trust was a weak, unfounded one!
287
00:20:50,625 --> 00:20:57,121
From the beginning of this year,
I sensed that it was slowly breaking apart.
288
00:20:58,417 --> 00:21:04,413
I'll give you an example.
There's a businessman.
289
00:21:05,583 --> 00:21:07,915
Check the document.
290
00:21:07,958 --> 00:21:12,327
"Intent of purchase" he wants to
run a business but has no money.
291
00:21:12,375 --> 00:21:13,990
What can he do?
292
00:21:14,708 --> 00:21:18,371
Expand your factory,
change your car, get a driver.
293
00:21:18,417 --> 00:21:20,408
You should live a better life now.
294
00:21:21,375 --> 00:21:24,333
- No more carrying sheets of steel!
- Thank you.
295
00:21:26,042 --> 00:21:30,035
But... this many?
296
00:21:30,458 --> 00:21:31,243
Is that a problem?
297
00:21:31,333 --> 00:21:35,155
Of course not. We'll try
and match the order.
298
00:21:36,042 --> 00:21:39,489
The payment will be made
in promissory note.
299
00:21:41,500 --> 00:21:42,500
Sorry?
300
00:21:42,542 --> 00:21:44,248
Here's a question.
301
00:21:45,792 --> 00:21:49,956
What kind of a promissory note is this?
302
00:21:51,583 --> 00:21:53,574
This place is not a bank.
303
00:21:54,417 --> 00:21:55,532
Do you have the paperwork?
304
00:21:55,583 --> 00:21:58,165
It is a nonmonetary institution
called a merchant bank.
305
00:21:58,875 --> 00:22:03,323
A promissory note
is issued to the company at a bank
306
00:22:03,375 --> 00:22:06,697
which is then submitted to
the nonmonetary institution.
307
00:22:07,625 --> 00:22:13,416
And what happens next? I'll count to three.
308
00:22:14,292 --> 00:22:15,292
One,
309
00:22:18,167 --> 00:22:19,167
two...
310
00:22:21,500 --> 00:22:22,500
Three!
311
00:22:23,500 --> 00:22:24,660
Here.
312
00:22:25,125 --> 00:22:26,285
Your loan's approved.
313
00:22:26,708 --> 00:22:29,120
Thank you.
314
00:22:29,208 --> 00:22:31,369
Surprisingly and instantly!
315
00:22:31,708 --> 00:22:34,290
You can borrow
316
00:22:34,333 --> 00:22:37,746
the amount on the bank-issued
promissory note. "Loan contract"
317
00:22:37,792 --> 00:22:40,829
whether or not the note is
effective as collateral
318
00:22:40,875 --> 00:22:43,582
is nobody's concern.
319
00:22:44,042 --> 00:22:45,202
They just give out the loan.
320
00:22:47,417 --> 00:22:53,868
Such promissory notes
are passed on to small businesses.
321
00:22:55,833 --> 00:22:59,246
Sorry, but we've always
received payment in cash.
322
00:22:59,333 --> 00:23:01,915
Who does business in cash these days?
323
00:23:02,500 --> 00:23:03,910
It's all in promissory notes.
324
00:23:05,167 --> 00:23:08,239
- What?
- Who does business in cash anymore?
325
00:23:08,750 --> 00:23:10,035
I have to go.
326
00:23:10,083 --> 00:23:11,869
Call me. I have tons of orders to handle.
327
00:23:11,917 --> 00:23:13,908
- See you later.
- Drive safe.
328
00:23:14,125 --> 00:23:18,573
If this is the situation for small
businesses, what about conglomerates?
329
00:23:19,208 --> 00:23:26,455
They take loans through foreign banks,
330
00:23:26,500 --> 00:23:29,333
secure them against other loans.
331
00:23:29,917 --> 00:23:35,867
And that debt goes down to subcontractors.
332
00:23:35,917 --> 00:23:39,114
Down and down.
333
00:23:39,292 --> 00:23:45,788
If the business is successful and the
debt is collected, everyone's happy.
334
00:23:47,625 --> 00:23:49,661
But if any one party falters?
335
00:23:49,708 --> 00:23:52,324
It's a matter of time
before everything comes tumbling down.
336
00:23:53,417 --> 00:23:56,830
Why? But I've never heard of this.
337
00:23:57,375 --> 00:23:58,934
This was a deal made on
the unfounded trust that
338
00:23:58,958 --> 00:24:01,574
'everything will be fine'.
339
00:24:01,625 --> 00:24:07,040
This is the screwed up process Korea's
340
00:24:07,083 --> 00:24:10,200
been running businesses in till 1997.
341
00:24:10,875 --> 00:24:12,615
- Pardon my French.
- Nonsense.
342
00:24:13,875 --> 00:24:19,700
And I reached the conclusion that
343
00:24:20,958 --> 00:24:24,951
this ticking time bomb
will go off this year.
344
00:24:31,042 --> 00:24:36,241
You're overlooking something.
What if the government gets involved?
345
00:24:36,542 --> 00:24:42,822
What if they present a solution
before the bomb explodes?
346
00:24:44,625 --> 00:24:47,617
What kind of solution do we have
347
00:24:47,667 --> 00:24:49,578
in a free market economy?
348
00:24:49,750 --> 00:24:52,913
Send out a warning that
the country's economy is in danger.
349
00:24:55,792 --> 00:24:57,874
Isn't that the first step
to deal with any disaster?
350
00:24:57,917 --> 00:25:00,989
Now why would we do that?
351
00:25:01,708 --> 00:25:03,949
'Dear people of Korea, we're screwed.
352
00:25:04,000 --> 00:25:05,911
We're about to go bankrupt.'
353
00:25:05,958 --> 00:25:07,448
you want to advertise it?
354
00:25:07,708 --> 00:25:12,202
People have a right to be informed
of the government's decision.
355
00:25:12,250 --> 00:25:16,163
What right? Where does it say that?
356
00:25:17,625 --> 00:25:20,367
If the market economy collapses,
we won't be able to do anything.
357
00:25:20,417 --> 00:25:23,580
All this talk of imminent danger
will cause more confusion.
358
00:25:23,958 --> 00:25:25,323
We have to prevent that
359
00:25:25,375 --> 00:25:26,956
and find a way to buy more time.
360
00:25:27,000 --> 00:25:31,369
Who will take responsibility
for the damage incurred in that time?
361
00:25:31,667 --> 00:25:36,115
People have the right
to know about the current situation!
362
00:25:36,167 --> 00:25:37,282
Han!
363
00:25:40,958 --> 00:25:42,414
Ms. han...
364
00:25:43,708 --> 00:25:46,495
The people's right to know
isn't what matters right now.
365
00:25:46,750 --> 00:25:49,992
What's stopping you? This
is a huge opportunity!
366
00:25:50,042 --> 00:25:52,704
If we get paid with a promissory note,
367
00:25:52,750 --> 00:25:54,490
how do we pay our vendors?
368
00:25:55,375 --> 00:25:57,331
We can ask them to wait for now
369
00:25:57,417 --> 00:26:01,911
and pay once the note matures.
370
00:26:02,917 --> 00:26:04,248
Let's sign the deal.
371
00:26:04,250 --> 00:26:05,365
At least a warning to people
372
00:26:05,375 --> 00:26:09,243
"intent of purchase"
making countless decisions...
373
00:26:10,042 --> 00:26:11,122
That's confusing to you?
374
00:26:11,167 --> 00:26:15,035
What if everyone clears out their account
and cancels their deals?
375
00:26:15,083 --> 00:26:17,699
How can you worry about that?
376
00:26:19,000 --> 00:26:20,456
That's making a soft landing.
377
00:26:22,583 --> 00:26:24,494
The government will not notify the public.
378
00:26:24,708 --> 00:26:26,323
How can you be so sure?
379
00:26:26,375 --> 00:26:30,914
There have been clear signs
showing how Korea is failing,
380
00:26:31,417 --> 00:26:34,250
and they've been ignoring them!
381
00:26:39,792 --> 00:26:43,740
Sir, we must notify the
public as soon as possible.
382
00:26:44,125 --> 00:26:47,617
No, it'll only cause unnecessary confusion.
383
00:26:49,625 --> 00:26:51,490
'In difficulty, because the factory
384
00:26:51,542 --> 00:26:54,705
isn't paying my husband's salary!
385
00:26:55,167 --> 00:26:59,490
"Putting the house up for sale
after the business failed.'
386
00:26:59,708 --> 00:27:02,245
what show is this?
387
00:27:08,292 --> 00:27:10,624
If we tell the people now,
388
00:27:10,667 --> 00:27:12,783
then the damage can be reduced.
389
00:27:13,917 --> 00:27:15,703
"Intent of purchase"
390
00:27:16,875 --> 00:27:17,875
sign it.
391
00:27:19,833 --> 00:27:22,040
National bankruptcy has already begun,
392
00:27:22,083 --> 00:27:25,701
but the government isn't
doing anything at all.
393
00:27:26,208 --> 00:27:29,746
They are either incompetent or ignorant!
394
00:27:31,417 --> 00:27:34,489
Saying that we're facing an economic crisis
395
00:27:34,542 --> 00:27:38,911
will only serve the opposition
right before elections.
396
00:27:40,208 --> 00:27:42,073
This is no time to talk politics!
397
00:27:42,125 --> 00:27:47,745
I plan to invest in that
incompetence and ignorance.
398
00:27:48,125 --> 00:27:52,368
What's there to think about? Come on.
399
00:28:04,083 --> 00:28:05,083
Mr. senior secretary...
400
00:28:20,792 --> 00:28:22,578
The possibility of national bankruptcy...
401
00:28:30,875 --> 00:28:33,116
Will be dealt with entirely
behind closed doors.
402
00:28:34,417 --> 00:28:37,489
From this point on,
403
00:28:37,542 --> 00:28:40,033
this team will keep silent
about the situation
404
00:28:40,458 --> 00:28:44,371
to the press and those
in the financial sector.
405
00:28:52,375 --> 00:28:53,410
Everything will be fine.
406
00:28:54,667 --> 00:28:55,667
Mr. senior secretary!
407
00:28:57,875 --> 00:28:59,740
Sir, please!
408
00:29:00,500 --> 00:29:01,500
Sir!
409
00:29:02,083 --> 00:29:06,406
Sir, if we hide it, people
will suffer helplessly
410
00:29:06,708 --> 00:29:08,619
when the big blow comes.
411
00:29:08,917 --> 00:29:11,499
We have to salvage at
least the healthy smes...
412
00:29:12,875 --> 00:29:15,662
Healthy smes?
413
00:29:18,292 --> 00:29:20,408
And who's doing the health checkups?
414
00:29:53,750 --> 00:29:55,206
Where's everybody else?
415
00:29:55,875 --> 00:29:58,412
Obviously, they weren't impressed
by my presentation.
416
00:29:59,583 --> 00:30:00,914
No one believes me.
417
00:30:03,125 --> 00:30:08,870
I'll invest in your words
about government's incompetence in crisis.
418
00:30:17,792 --> 00:30:22,832
Man! I was totally blown away!
419
00:30:23,292 --> 00:30:27,114
"They are either incompetent or ignorant!
420
00:30:27,958 --> 00:30:29,869
Especially that part.
421
00:30:30,708 --> 00:30:32,039
Hey, how old are you?
422
00:30:32,333 --> 00:30:33,072
Twenty four.
423
00:30:33,125 --> 00:30:34,831
Scram, kid.
424
00:30:36,125 --> 00:30:39,822
Wasn't this a presentation
about an investment opportunity?
425
00:30:42,208 --> 00:30:43,869
I have money. Shitload of it.
426
00:31:02,000 --> 00:31:03,115
'1 million dollars'
427
00:31:04,250 --> 00:31:09,199
why don't you take a seat, sir?
428
00:31:09,250 --> 00:31:10,615
Yes, Mr. yoon.
429
00:31:20,083 --> 00:31:22,074
- Mom!
- Mom's home!
430
00:31:22,125 --> 00:31:23,035
Hey!
431
00:31:23,083 --> 00:31:24,789
Why'd you come home so late?
432
00:31:24,833 --> 00:31:28,530
Did you miss mommy?
433
00:31:29,667 --> 00:31:35,207
Honey, our bowls...
They'll be in department stores soon.
434
00:31:37,083 --> 00:31:38,083
Really?
435
00:31:39,500 --> 00:31:43,823
It's a huge deal. Worth $500,000.
436
00:31:44,667 --> 00:31:48,489
- Really? That's great!
- Right?
437
00:31:50,042 --> 00:31:54,411
I was worried about tuition fees
when hyun-ah goes to middle school.
438
00:31:56,042 --> 00:31:56,952
Once we close the deal,
439
00:31:57,000 --> 00:31:57,830
you can quit working.
440
00:31:57,875 --> 00:32:00,457
Let's talk about that
when you close the deal.
441
00:32:01,917 --> 00:32:03,282
You did good!
442
00:32:09,458 --> 00:32:13,371
In response to the claim that
the Korean economy is facing a crisis,
443
00:32:13,417 --> 00:32:16,580
the deputy prime minister
dismissed it as an unfounded rumor.
444
00:32:16,625 --> 00:32:20,197
The economy is entering a recovery phase...
445
00:32:20,250 --> 00:32:24,994
Based on its solid foundation
as the world's 11th largest economy...
446
00:32:25,042 --> 00:32:28,000
Appears to have passed the low point.
447
00:32:28,042 --> 00:32:30,829
Korea beat uae
448
00:32:30,875 --> 00:32:32,365
in the world cup qualifying round...
449
00:32:32,417 --> 00:32:34,203
Has asked the national team to play well
450
00:32:34,250 --> 00:32:37,788
in the quarter too.
451
00:32:37,833 --> 00:32:39,414
No, it's not official yet.
452
00:32:39,417 --> 00:32:40,327
"Nov 18, 1997"
453
00:32:40,333 --> 00:32:41,698
"kospil 542.4"
454
00:32:41,708 --> 00:32:43,039
"won-dollar exchange rate 843"
455
00:32:43,042 --> 00:32:44,873
"won foreign reserves $10.3 billion"
456
00:32:45,292 --> 00:32:47,132
the bank of Korea is
unable to provide surety.
457
00:32:48,125 --> 00:32:50,707
No, we cannot confirm that.
458
00:32:51,083 --> 00:32:52,414
The Washington post wrote that
459
00:32:52,458 --> 00:32:55,905
foreign banks refused to provide
export bonds for Korean companies.
460
00:32:56,042 --> 00:33:00,866
Soros is refusing to roll over
matured investments in Korea.
461
00:33:01,000 --> 00:33:03,582
I don't think it helps to keep silent.
462
00:33:03,792 --> 00:33:06,124
There'll be more vicious rumors.
463
00:33:06,917 --> 00:33:07,747
Let's go out.
464
00:33:07,792 --> 00:33:08,451
Sorry?
465
00:33:08,500 --> 00:33:10,491
We need proof to convince
466
00:33:10,542 --> 00:33:14,114
the ignorant and indolent
in high positions.
467
00:33:14,375 --> 00:33:16,991
We have to gather evidence
they can't refute.
468
00:33:17,542 --> 00:33:20,864
We can look into poor bonds
in nonmonetary institutions
469
00:33:21,125 --> 00:33:23,207
and use them to persuade people in charge
470
00:33:24,333 --> 00:33:28,076
at the ministry of finance, the bok,
and commercial banks.
471
00:33:28,375 --> 00:33:31,993
Whatever it takes for now.
472
00:33:32,208 --> 00:33:33,573
From now on, we're the system.
473
00:33:33,625 --> 00:33:34,625
Yes, ma'am.
474
00:33:36,083 --> 00:33:38,074
Who is this person we have to meet?
475
00:33:38,750 --> 00:33:39,750
An alumnus.
476
00:33:40,083 --> 00:33:41,083
Alumnus?
477
00:33:53,500 --> 00:33:57,243
This is the bureau chief of fiscal policy.
478
00:33:57,750 --> 00:33:58,409
Nice to meet you.
479
00:33:58,458 --> 00:33:59,538
Good evening, sir.
480
00:34:00,958 --> 00:34:02,448
He's my alumnus from Harvard.
481
00:34:02,500 --> 00:34:04,020
He'll take a seat in the next cabinet.
482
00:34:04,208 --> 00:34:05,208
It's an honor.
483
00:34:06,000 --> 00:34:07,831
Show respect. Bow deeper.
484
00:34:09,208 --> 00:34:10,414
Thank you for coming.
485
00:34:10,458 --> 00:34:12,449
Stay close.
486
00:34:13,583 --> 00:34:14,583
Hello.
487
00:34:18,667 --> 00:34:19,667
Good to see you.
488
00:34:20,333 --> 00:34:24,406
This is the youngest son of the
llsung group's chairman.
489
00:34:24,458 --> 00:34:27,165
I'm sorry I didn't recognize you.
490
00:34:29,625 --> 00:34:32,332
I came because my father told me to.
491
00:34:33,208 --> 00:34:34,994
What do we talk about?
492
00:34:35,333 --> 00:34:40,908
We give advice and share
information among the alumni.
493
00:34:42,625 --> 00:34:43,910
I see...
494
00:34:44,208 --> 00:34:45,823
Mr. chairman is in good health?
495
00:34:45,958 --> 00:34:47,198
Yeah, he's well.
496
00:34:49,375 --> 00:34:50,375
So...
497
00:34:53,500 --> 00:34:58,824
Mr. chairman is no longer in his youth.
You should start training to take over.
498
00:35:00,583 --> 00:35:03,290
Well, I don't know much.
499
00:35:03,917 --> 00:35:06,033
Now, you will have something you know.
500
00:35:08,458 --> 00:35:12,906
What we're about to tell you
will please Mr. chairman.
501
00:35:14,125 --> 00:35:15,331
How do you mean?
502
00:35:19,167 --> 00:35:22,364
Pretty soon... there will
be national bankruptcy.
503
00:35:22,833 --> 00:35:30,160
Many things will change.
In whatever way, you should be prepared.
504
00:35:32,292 --> 00:35:34,783
Why are you telling me this?
505
00:35:36,958 --> 00:35:38,823
Because we're alumni.
506
00:35:52,042 --> 00:35:55,660
As per the bank of Korea's
supervision authority,
507
00:35:55,708 --> 00:35:58,370
we'll conduct an emergency
inspection of this bank.
508
00:36:03,875 --> 00:36:06,287
How much did cheil bank
lend to hanbo steel?
509
00:36:07,167 --> 00:36:09,328
Around $1.08 billion.
510
00:36:09,375 --> 00:36:11,991
How much paid-in capital do you have?
511
00:36:12,042 --> 00:36:13,703
$870 million.
512
00:36:13,750 --> 00:36:17,413
Why did you lend more than
the capital held by the bank?
513
00:36:18,333 --> 00:36:19,333
I'm sorry.
514
00:36:19,958 --> 00:36:22,665
Who reviewed and approved the loan?
515
00:36:22,875 --> 00:36:25,161
There has never been a review
516
00:36:25,208 --> 00:36:27,415
of the business plan.
517
00:36:29,667 --> 00:36:32,018
There should've been restraints imposed
by bank inspection board?
518
00:36:32,042 --> 00:36:33,042
No.
519
00:36:33,250 --> 00:36:35,832
Who's in charge of this bank
at the bank inspection board?
520
00:36:36,292 --> 00:36:37,498
Well...
521
00:36:38,458 --> 00:36:39,458
That's me.
522
00:36:39,500 --> 00:36:40,159
What?
523
00:36:40,208 --> 00:36:43,575
I used to be on the bank inspection board,
524
00:36:44,167 --> 00:36:47,204
then I transferred here right
before the hanbo scandal.
525
00:36:47,250 --> 00:36:51,038
If I knew hanbo would go under,
I wouldn't have come here.
526
00:36:52,542 --> 00:36:53,702
I'm sorry.
527
00:36:54,292 --> 00:36:57,159
Why is hanbo headquarters
in an apartment arcade?
528
00:36:57,667 --> 00:37:01,364
It was on advice from
the chairman's fortune teller.
529
00:37:01,583 --> 00:37:05,280
A fortune teller? That's crazy.
530
00:37:05,708 --> 00:37:09,155
My wife and kids are in Canada.
531
00:37:09,208 --> 00:37:11,699
Do you know how much the
exchange rate will go up?
532
00:37:11,750 --> 00:37:15,038
Who made the decision to invest in
steel at hanbo? "Sales, hanbo steel"
533
00:37:15,083 --> 00:37:16,309
was it the fortune teller again?
534
00:37:16,333 --> 00:37:19,575
Whoever it was, I know nothing of it.
535
00:37:19,625 --> 00:37:21,240
Did the board of directors approve?
536
00:37:21,708 --> 00:37:22,447
What board of directors?
537
00:37:22,500 --> 00:37:25,913
There are no directors.
538
00:37:26,333 --> 00:37:31,873
The arrangement for the loan
was made by the president's son.
539
00:37:31,917 --> 00:37:34,784
How much is the total loan hanbo obtained?
540
00:37:35,833 --> 00:37:39,246
What year did this bitch
enter bank of Korea?
541
00:37:39,542 --> 00:37:41,157
You can't talk like that.
542
00:37:41,208 --> 00:37:44,120
How much is the total loan
that's not in the record?
543
00:37:44,167 --> 00:37:47,739
How dare you talk like that to me!
544
00:37:47,917 --> 00:37:48,576
Sir!
545
00:37:48,625 --> 00:37:49,785
What!
546
00:37:57,750 --> 00:37:58,750
Hey,
547
00:38:00,417 --> 00:38:02,373
freaking clueless, aren't you?
548
00:38:06,417 --> 00:38:08,624
Because of the billions
549
00:38:08,667 --> 00:38:11,249
you recklessly obtained
by lobbying politicians,
550
00:38:14,000 --> 00:38:17,618
you set off a ticking time bomb.
551
00:38:21,250 --> 00:38:22,831
So, where are we going?
552
00:38:24,125 --> 00:38:25,535
We'll start purchasing dollars.
553
00:38:27,208 --> 00:38:31,872
When Korea's credit level falls, the first
thing to change is the currency rate.
554
00:38:32,125 --> 00:38:38,997
The exchange rate is at 800 won.
Do you think it'll get higher?
555
00:38:39,250 --> 00:38:43,243
Of course. My prediction is...
556
00:38:44,500 --> 00:38:45,500
Up to 2,000 won.
557
00:38:46,083 --> 00:38:47,698
2,000 won?!
558
00:38:48,375 --> 00:38:50,491
That's almost triple!
559
00:38:52,250 --> 00:38:54,332
That much won't do for me.
560
00:38:54,625 --> 00:38:55,893
I want a put option that makes money
561
00:38:55,917 --> 00:39:00,707
when the stocks crash and
the currency flares up.
562
00:39:02,208 --> 00:39:03,208
Here.
563
00:39:03,583 --> 00:39:06,074
"Stock options"
564
00:39:07,292 --> 00:39:11,035
the currency rate is as high
and the stocks as low as they can get.
565
00:39:11,083 --> 00:39:15,998
You're totally going the opposite way.
566
00:39:16,125 --> 00:39:21,791
If you want to make money with this,
then this country has to go under.
567
00:39:22,292 --> 00:39:25,284
I just do as requested but...
568
00:39:25,333 --> 00:39:27,198
Then do it.
569
00:39:43,083 --> 00:39:45,745
Companies take on businesses
without considering profitability.
570
00:39:45,792 --> 00:39:49,831
Banks lend blindly,
politicians lobby to accommodate.
571
00:39:49,833 --> 00:39:51,698
The inspection board doesn't work.
572
00:39:51,708 --> 00:39:53,744
They all fit perfectly.
573
00:39:53,750 --> 00:39:57,914
The bad loans from hanbo
alone are worth $5 billion.
574
00:39:57,917 --> 00:40:01,489
No need to criticize others. Bank
of Korea is also responsible.
575
00:40:01,667 --> 00:40:02,667
How come?
576
00:40:02,792 --> 00:40:05,329
How is the monetary
policy team responsible?
577
00:40:05,625 --> 00:40:09,914
When hanbo went bankrupt,
when kia went bankrupt...
578
00:40:10,000 --> 00:40:12,241
We submitted tons of analysis reports.
579
00:40:12,625 --> 00:40:14,240
They never listened.
580
00:40:16,167 --> 00:40:20,911
Foreign investors are selling fast,
causing the stock price to plummet.
581
00:40:20,958 --> 00:40:23,825
Dropped by 20 points within 10 minutes.
582
00:40:23,875 --> 00:40:26,287
Only 5 minutes into trading,
foreign dumping began...
583
00:40:26,333 --> 00:40:27,618
"Nov 19, 1997"
since selling over $300 million last month,
584
00:40:27,625 --> 00:40:29,081
"kospi 509.4 won-dollar"
since selling over $300 million last month,
585
00:40:29,083 --> 00:40:30,038
"exchange rate 909 won"
since selling over $300 million last month,
586
00:40:30,042 --> 00:40:30,781
"foreign reserves $8 billion"
587
00:40:30,792 --> 00:40:34,831
foreigners have sold
$580 million this month,
588
00:40:34,833 --> 00:40:38,325
as of today.
589
00:40:39,292 --> 00:40:42,079
With foreign investors dumping stocks,
590
00:40:42,083 --> 00:40:44,324
the exchange rate is flaring up.
591
00:40:44,833 --> 00:40:48,951
The foreign exchange market
ceased all transactions after 5 minutes.
592
00:40:49,375 --> 00:40:50,364
The currency rate flared up,
593
00:40:50,375 --> 00:40:55,995
causing the market to close
after just 5 minutes.
594
00:40:56,083 --> 00:40:58,825
The money exchange services
have come to a de facto halt.
595
00:40:58,958 --> 00:41:03,622
The interest rate for promissory notes
has gone up by 0.87 % overnight.
596
00:41:04,833 --> 00:41:07,495
Right now, the administration
is preparing a statement.
597
00:41:08,375 --> 00:41:09,990
The situation is only temporary
598
00:41:10,000 --> 00:41:12,286
and will not lead to a state of panic!
599
00:41:12,917 --> 00:41:14,373
This is not a serious situation.
600
00:41:14,417 --> 00:41:15,417
Hang up.
601
00:41:15,792 --> 00:41:20,661
The aftershock of the financial crisis
in southeast Asia is hitting hard again.
602
00:41:20,667 --> 00:41:23,643
The currency crisis that began in Thailand
and spread across the Philippines,
603
00:41:23,667 --> 00:41:29,947
Indonesia, and Hong Kong
is now threatening our financial market.
604
00:41:30,083 --> 00:41:33,371
The currency rate
has reached an all-time high again.
605
00:41:33,375 --> 00:41:37,072
Mr. yoon, it's come true. It's happening!
606
00:41:38,167 --> 00:41:40,374
I can't freaking believe this!
607
00:41:40,625 --> 00:41:43,822
Listen! Tell them it's not true.
608
00:41:45,083 --> 00:41:46,948
Don't say anything else!
609
00:41:49,125 --> 00:41:51,207
Just tell them everything is under control!
610
00:41:51,417 --> 00:41:52,247
We have breaking news.
611
00:41:52,292 --> 00:41:57,912
Midopa department store
is facing bankruptcy.
612
00:41:58,083 --> 00:42:01,826
I repeat. Midopa is facing bankruptcy.
613
00:42:02,083 --> 00:42:05,655
Midopa is seeking emergency funding,
614
00:42:05,833 --> 00:42:12,909
as well as holding talks with its
partners to renegotiate business terms.
615
00:42:53,292 --> 00:42:54,292
Mr. Lee!
616
00:42:54,708 --> 00:42:56,869
There's Lee. Get him!
617
00:42:56,875 --> 00:42:58,740
Mr. Lee!
618
00:43:14,083 --> 00:43:17,496
Wait. Let go!
619
00:43:19,000 --> 00:43:20,000
Mr. Lee!
620
00:43:20,042 --> 00:43:21,042
Lee!
621
00:43:21,583 --> 00:43:22,698
It's not true, is it?
622
00:43:23,250 --> 00:43:24,490
It's not going bankrupt, right?
623
00:43:24,583 --> 00:43:26,039
Just give me a little more time.
624
00:43:26,042 --> 00:43:27,327
You knew about this!
625
00:43:27,333 --> 00:43:28,573
No! Honestly.
626
00:43:28,583 --> 00:43:29,914
What are you gonna do about it?
627
00:43:32,208 --> 00:43:34,324
Lives depended on that money!
628
00:43:36,375 --> 00:43:37,740
Midopa has $310 million in debt
629
00:43:37,750 --> 00:43:39,240
with commercial banks,
630
00:43:39,250 --> 00:43:42,617
as well as $215 million
with nonmonetary institutions.
631
00:43:42,625 --> 00:43:45,947
Midopa in debt total $827.5 million
632
00:43:46,125 --> 00:43:49,037
midopa will file for composition tomorrow,
633
00:43:49,042 --> 00:43:51,283
but if the creditors reject,
634
00:43:51,292 --> 00:43:53,783
they will be forced to
go into receivership.
635
00:43:54,125 --> 00:43:56,207
Halla group has gone bankrupt.
636
00:43:56,792 --> 00:43:57,872
"Halla"
637
00:43:58,083 --> 00:43:59,448
taeil's filed for bankruptcy.
638
00:43:59,458 --> 00:44:00,368
"Taeil precision"
639
00:44:00,375 --> 00:44:02,286
new core has filed for bankruptcy!
640
00:44:03,917 --> 00:44:04,917
What?
641
00:44:06,250 --> 00:44:07,250
Sir!
642
00:44:08,750 --> 00:44:10,991
Daewoo's in danger.
643
00:44:11,667 --> 00:44:12,667
What?
644
00:44:12,708 --> 00:44:15,745
Chairman Kim woo-joong
wants a special meeting.
645
00:44:16,708 --> 00:44:18,573
"H4 daewoo"
646
00:44:19,292 --> 00:44:22,125
han! Where did han go?
647
00:44:33,708 --> 00:44:38,498
Please relax and come down, sir.
648
00:44:38,833 --> 00:44:41,495
Come down and talk to me.
649
00:44:41,917 --> 00:44:44,829
Many are going through a
difficult time. Please.
650
00:44:45,250 --> 00:44:48,868
Think about your family.
651
00:44:49,042 --> 00:44:51,909
Please come down, sir.
652
00:44:52,625 --> 00:44:54,616
Come down please!
653
00:45:08,958 --> 00:45:14,578
Haetae group has gone into bankruptcy.
654
00:45:14,750 --> 00:45:17,913
Kia's creditors filed
for court receivership.
655
00:45:17,917 --> 00:45:20,249
New York times expressed
concern on Korea's capability
656
00:45:20,250 --> 00:45:22,582
to pay off its short-term loans.
657
00:45:22,667 --> 00:45:24,999
Unprecedented bankruptcy
of a financial institution.
658
00:45:25,000 --> 00:45:26,720
"Korea merchant bank clients left hopeless"
659
00:45:27,750 --> 00:45:32,073
today alone, 20 out of the top 100
companies have gone bankrupt.
660
00:45:32,292 --> 00:45:34,783
If you include smaller companies,
661
00:45:34,792 --> 00:45:37,249
we estimate around 200 companies.
662
00:45:37,250 --> 00:45:41,448
Merchant banks' low-interest bonds
from southeast Asia are being retrieved.
663
00:45:41,583 --> 00:45:45,781
If they go bust,
their promissory notes will become void.
664
00:45:46,333 --> 00:45:49,496
If that happens,
commercial banks may become insolvent.
665
00:45:49,500 --> 00:45:53,288
Korea's bankruptcy is reported as
an established fact in wall street.
666
00:45:54,000 --> 00:45:55,206
Starting with Korea merchant bank,
667
00:45:55,208 --> 00:45:56,994
commercial banks are also at risk.
668
00:46:07,417 --> 00:46:09,499
"Korea merchant bank corp".
669
00:46:15,708 --> 00:46:16,948
Damn! We were right!
670
00:46:17,292 --> 00:46:21,365
The stocks are crashing, right?
671
00:46:21,917 --> 00:46:25,910
The Korean won is going down,
and the dollar's going up, right?
672
00:46:26,125 --> 00:46:29,242
We're making a shitload of money, right?
673
00:46:31,208 --> 00:46:33,494
Korea is screwed.
674
00:46:34,167 --> 00:46:35,748
We're rich, man.
675
00:46:37,208 --> 00:46:38,914
We're stinking rich now!
676
00:46:41,958 --> 00:46:44,495
Mr. yoon!
677
00:46:45,167 --> 00:46:50,707
I don't think it's time to buy
dollars or stocks or any of that.
678
00:46:51,083 --> 00:46:53,745
Then what should we do?
679
00:46:55,167 --> 00:46:57,078
It's time to change our lives.
680
00:46:57,500 --> 00:47:00,572
In life, you have moments
that change you forever.
681
00:47:03,167 --> 00:47:05,624
One of those moments is right now.
682
00:47:06,083 --> 00:47:11,578
My life... my position... my status...
683
00:47:14,750 --> 00:47:17,082
All of that is about to change for good.
684
00:47:20,292 --> 00:47:25,161
Hey! Go get more money.
685
00:47:26,875 --> 00:47:28,911
But from now on, keep two things in mind.
686
00:47:28,917 --> 00:47:31,124
Don't talk to me like I'm your friend...
687
00:47:36,083 --> 00:47:38,369
And don't get excited about making money.
688
00:47:51,167 --> 00:47:53,783
Please, share your thoughts.
689
00:47:59,750 --> 00:48:03,493
It's not like we have no options at all.
690
00:48:03,917 --> 00:48:04,997
What else is there?
691
00:48:05,417 --> 00:48:06,907
We can go to the imf.
692
00:48:07,083 --> 00:48:08,163
What?
693
00:48:09,000 --> 00:48:12,822
If we go to imf, it could get very painful.
694
00:48:13,208 --> 00:48:16,905
By nature, good medicines taste bitter.
695
00:48:17,958 --> 00:48:20,119
It's a very simple matter.
696
00:48:20,500 --> 00:48:23,457
When choheung bank has no money,
they borrow from hanil bank.
697
00:48:23,458 --> 00:48:26,120
When hanil doesn't have money,
they borrow from somewhere else.
698
00:48:26,125 --> 00:48:31,245
The problem is that our foreign reserves
are almost depleted
699
00:48:31,375 --> 00:48:34,492
when we have to pay back bad loans
or short-term loans.
700
00:48:34,500 --> 00:48:36,616
Let's get a bailout from imf.
701
00:48:36,625 --> 00:48:39,082
That's the surest and cleanest solution.
702
00:48:39,208 --> 00:48:44,453
You know the imf doesn't just lend money.
703
00:48:44,458 --> 00:48:47,621
They'll make demands about
running our economy.
704
00:48:47,625 --> 00:48:52,995
I know. I know. But we have
to put out the fire first.
705
00:48:53,333 --> 00:48:57,576
Does it matter whose
extinguisher we're using?
706
00:48:57,792 --> 00:48:58,792
No.
707
00:49:00,208 --> 00:49:03,951
We can't go to the imf.
That's not the answer.
708
00:49:05,750 --> 00:49:07,581
The imf is not a bank.
709
00:49:08,292 --> 00:49:10,533
In return for a bailout loan,
710
00:49:10,542 --> 00:49:12,157
they'll require unreasonable conditions
711
00:49:12,417 --> 00:49:15,033
and even take control over our own economy.
712
00:49:15,042 --> 00:49:20,116
We can use this opportunity
to make fundamental improvements.
713
00:49:20,125 --> 00:49:24,198
No! The question of improving
the Korean economy
714
00:49:24,542 --> 00:49:28,330
should be considered separately
from the foreign reserves issue.
715
00:49:28,542 --> 00:49:29,657
Miss bank teller...
716
00:49:34,917 --> 00:49:40,958
This is completely different
from the petty cash you count.
717
00:49:41,250 --> 00:49:44,037
This is policy and politics.
718
00:49:44,833 --> 00:49:50,908
You're the one who reported
about these problems firsthand.
719
00:49:51,083 --> 00:49:55,281
And now you say that it's excessive?
That we should separate the issues?
720
00:49:58,042 --> 00:50:00,158
What is your solution then?
721
00:50:00,917 --> 00:50:06,787
We can take care of the urgent foreign
loans by borrowing $10 billion from
722
00:50:06,833 --> 00:50:09,825
government-run banks in Japan,
U.S., and European countries.
723
00:50:09,917 --> 00:50:11,157
Then what?
724
00:50:11,333 --> 00:50:12,914
After that...
725
00:50:14,125 --> 00:50:17,492
What happens after we put out the fire
with the borrowed $10 billion
726
00:50:17,500 --> 00:50:20,617
when the country's debt
is almost $100 billion?
727
00:50:20,792 --> 00:50:23,659
We consider abs option
issuing overseas bonds,
728
00:50:23,708 --> 00:50:27,496
using government-owned assets as security.
729
00:50:40,750 --> 00:50:42,581
Am I the only one who finds that hilarious?
730
00:50:45,375 --> 00:50:51,075
I didn't realize it but
you're an emotional person, Ms. han.
731
00:50:51,292 --> 00:50:54,614
So far, you've presented
numbers and evidence,
732
00:50:54,792 --> 00:50:58,865
but have you been making decisions
based on your emotions?
733
00:50:59,500 --> 00:51:02,207
Abs? Backup facility?
734
00:51:04,917 --> 00:51:12,119
Do you really believe that
will solve this situation?
735
00:51:14,542 --> 00:51:17,955
If we fail to seek a bailout loan
736
00:51:17,958 --> 00:51:20,995
from imf in time
737
00:51:21,167 --> 00:51:23,829
and end up declaring national bankruptcy,
738
00:51:23,917 --> 00:51:26,704
will you take all the responsibility?
739
00:51:27,917 --> 00:51:28,781
This is why there are
740
00:51:28,792 --> 00:51:30,312
no women in high government positions.
741
00:51:30,500 --> 00:51:33,742
They can't be rational at critical moments.
742
00:51:38,208 --> 00:51:40,665
You see, women are emotional.
743
00:51:40,917 --> 00:51:43,158
That was unnecessary.
744
00:51:43,375 --> 00:51:45,616
Sir, you have to think carefully.
745
00:51:45,833 --> 00:51:48,745
Ms. han is unable to grasp the
gravity of the situation.
746
00:51:49,167 --> 00:51:53,866
It was wrong to bring on board a woman
747
00:51:53,875 --> 00:51:55,581
who writes reports and punches numbers.
748
00:51:55,708 --> 00:51:57,118
Deputy minister!
749
00:51:57,333 --> 00:51:59,494
Alright, that's enough.
750
00:52:00,083 --> 00:52:02,699
I'l make the decision. Let's take five.
751
00:52:07,208 --> 00:52:09,244
Don't just stand there.
Bring me some coffee.
752
00:52:09,250 --> 00:52:10,911
That's enough.
753
00:52:11,000 --> 00:52:12,240
Asshole...
754
00:52:12,708 --> 00:52:14,494
You've got great teamwork going on.
755
00:52:27,042 --> 00:52:29,954
Isn't going to the imf a bit excessive?
756
00:52:31,625 --> 00:52:32,910
Itis.
757
00:52:33,750 --> 00:52:34,489
What?
758
00:52:34,625 --> 00:52:37,788
To turn this country inside out,
an excessive measure is necessary.
759
00:52:38,292 --> 00:52:41,910
Then this wasn't just about
foreign currency but-
760
00:52:41,958 --> 00:52:44,040
you can always pay back money.
761
00:52:44,292 --> 00:52:47,580
As han said, we can put out an urgent fire,
762
00:52:50,500 --> 00:52:53,697
but I believe we shouldn't let
this opportunity pass by.
763
00:52:55,500 --> 00:53:00,494
The way I see it, this is the moment
Korea can really change.
764
00:53:02,333 --> 00:53:05,951
The labor union bastards
whine and go on strikes all the time.
765
00:53:05,958 --> 00:53:08,950
I think this is an opportunity
to change this country in a single blow!
766
00:53:10,208 --> 00:53:12,790
An opportunity to build a
brand new Republic of Korea.
767
00:53:18,292 --> 00:53:22,035
Tell the minister to bring in
the managing director of imf.
768
00:53:22,042 --> 00:53:23,042
Yes sir.
769
00:53:24,167 --> 00:53:25,167
Excuse me?
770
00:53:28,000 --> 00:53:29,786
The U.S. is already on the move.
771
00:53:32,042 --> 00:53:34,158
We have no choice but to follow.
772
00:53:46,958 --> 00:53:48,289
I've reached a decision.
773
00:53:48,792 --> 00:53:51,408
No matter how bad it is,
going to the imf is not an option.
774
00:53:51,583 --> 00:53:54,040
Let's try whatever we can.
775
00:53:54,667 --> 00:53:55,667
Yes sir.
776
00:53:55,750 --> 00:53:57,911
Ms. han, contact Japan to see
777
00:53:57,917 --> 00:54:00,124
if a currency swap is possible.
778
00:54:00,333 --> 00:54:04,372
Even though we're late,
let's take care of things one by one.
779
00:54:06,333 --> 00:54:07,368
Let's go.
780
00:54:14,583 --> 00:54:16,869
"Promissory note"
781
00:54:20,917 --> 00:54:23,909
so, what the hell is happening?
782
00:54:25,375 --> 00:54:29,072
We have a crisis,
but why isn't anybody telling us anything?
783
00:54:32,083 --> 00:54:34,324
How much do we owe our partners right now?
784
00:54:36,917 --> 00:54:40,114
$100,000 to the steel company,
$150,000 to the sand company,
785
00:54:40,375 --> 00:54:42,036
and $100,000 to Mr. chung.
786
00:54:42,792 --> 00:54:46,114
We wrote out a check to these companies.
787
00:54:48,583 --> 00:54:52,246
If we don't pay by the
deadline, we'll go to jail.
788
00:54:52,708 --> 00:55:00,365
It's temporary. The government and
the media all say it'll be fine.
789
00:55:02,917 --> 00:55:05,750
Let's get together cash
and company assets we've got left.
790
00:55:06,167 --> 00:55:09,614
I'll put my house up for sale if necessary.
Don't worry.
791
00:55:13,417 --> 00:55:17,205
"Urgent sale"
792
00:55:18,250 --> 00:55:19,490
geez...
793
00:55:22,708 --> 00:55:23,708
Hello.
794
00:55:25,500 --> 00:55:26,785
Please take a seat.
795
00:55:27,417 --> 00:55:31,080
There have been many houses
put up for sale recently, right?
796
00:55:31,292 --> 00:55:36,286
Yes. From about three months ago.
797
00:55:36,583 --> 00:55:39,416
Mostly small and medium sized?
798
00:55:39,625 --> 00:55:40,910
That's correct.
799
00:55:44,833 --> 00:55:46,664
Put the sale on hold. I'll buy them.
800
00:55:49,500 --> 00:55:53,914
Excuse me? With my money?
801
00:55:54,250 --> 00:55:58,163
The prices will drop further
by 10 to 15 percent.
802
00:55:59,208 --> 00:56:02,371
I'll buy them all then.
803
00:56:02,625 --> 00:56:04,786
Yes sir.
804
00:56:12,125 --> 00:56:15,697
It's like I've climbed on the back
of a running tiger.
805
00:56:17,708 --> 00:56:19,744
The government?
806
00:56:22,833 --> 00:56:25,950
They must be busting
each other's brains out
807
00:56:27,125 --> 00:56:31,824
about whether or not to go to the imf.
808
00:56:33,167 --> 00:56:34,907
The imf...
809
00:56:35,375 --> 00:56:39,948
Where is... imf?
810
00:56:44,083 --> 00:56:45,198
Just pour me a drink.
811
00:56:50,583 --> 00:56:54,997
There could be a way to
overcome this crisis
812
00:56:55,000 --> 00:56:56,831
without going to the imf.
813
00:56:56,833 --> 00:56:59,449
Of course there are other options.
814
00:57:01,583 --> 00:57:04,370
But if they don't,
these bonds will become garbage,
815
00:57:04,375 --> 00:57:09,790
and you and I will be out on the streets.
816
00:57:12,667 --> 00:57:20,667
Still, I put my money on them
eventually going to the imf.
817
00:57:24,500 --> 00:57:25,500
Why is that?
818
00:57:26,500 --> 00:57:29,333
The decision makers have a lot to lose.
819
00:57:29,667 --> 00:57:31,828
They'll choose a way out of this
820
00:57:32,500 --> 00:57:39,076
that doesn't hurt big
companies and conglomerates.
821
00:57:40,167 --> 00:57:42,704
Which means there's only one solution.
822
00:57:43,625 --> 00:57:51,625
Receive aid from the imf,
carry out restructuring, and...
823
00:57:54,292 --> 00:58:02,119
Set the game anew in favor of themselves.
824
00:58:02,500 --> 00:58:07,244
Such policy decisions
won't go down well with the public.
825
00:58:07,333 --> 00:58:09,915
They'll say something ridiculous like,
826
00:58:13,042 --> 00:58:14,953
"the economy collapsed
827
00:58:14,958 --> 00:58:17,324
because all of you overspent' or...
828
00:58:17,667 --> 00:58:20,739
"You spent money recklessly'.
829
00:58:22,125 --> 00:58:25,492
But I won't be deceived.
830
00:58:28,667 --> 00:58:32,034
I'll never let them fool me.
831
00:58:36,000 --> 00:58:40,949
Somebody must be spending
a sleepless night.
832
00:58:47,667 --> 00:58:48,907
It'll be fine.
833
00:58:52,208 --> 00:58:53,823
It's alright.
834
00:58:59,208 --> 00:59:00,869
Everything will be fine.
835
00:59:18,083 --> 00:59:19,914
Despite economic crisis,
836
00:59:19,917 --> 00:59:23,910
people's love for foreign brands
doesn't seem to subside.
837
00:59:23,917 --> 00:59:26,124
As luxurious overseas trips
are on the rise...
838
00:59:26,125 --> 00:59:31,040
Lavish overseas trips
are drying up foreign currency.
839
00:59:36,625 --> 00:59:42,575
The 8 o'clock news will run
a special on the economic crisis...
840
00:59:42,667 --> 00:59:43,622
What the hell is this?
841
00:59:43,625 --> 00:59:44,284
"Nov 201997"
842
00:59:44,292 --> 00:59:45,156
"kospil 460.3"
843
00:59:45,167 --> 00:59:47,007
the senior secretary's
office isn't answering.
844
00:59:47,042 --> 00:59:48,143
"Won-dollar exchange rate 1,076 won"
845
00:59:48,167 --> 00:59:49,268
"foreign reserves $5.1 billion"
846
00:59:49,292 --> 00:59:50,077
hello?
847
00:59:50,083 --> 00:59:51,163
"Blue house cabinet reshuffle-
senior secretary for economic policy axed"
848
00:59:51,167 --> 00:59:53,624
we can't confirm that information.
849
00:59:56,042 --> 00:59:57,282
Good morning.
850
00:59:59,750 --> 01:00:04,494
It was your doing, right?
851
01:00:05,042 --> 01:00:08,409
Why'd you change the head
of the task force team?
852
01:00:12,125 --> 01:00:13,125
You bastard.
853
01:00:16,625 --> 01:00:18,707
You're trying to go to imf.
854
01:00:23,917 --> 01:00:29,162
You bank clerks are unbelievable.
855
01:00:30,958 --> 01:00:34,997
Look, I'm the deputy minister
of financial policy.
856
01:00:35,333 --> 01:00:40,623
That's no way for someone
like you to address me.
857
01:00:41,583 --> 01:00:44,074
This is what happens
when a bitch like you runs the team.
858
01:00:44,083 --> 01:00:46,199
- Son of a bitch!
- Don't do that.
859
01:00:46,750 --> 01:00:47,830
Back off!
860
01:00:47,833 --> 01:00:49,869
- Please!
- Let him do it.
861
01:00:49,958 --> 01:00:51,198
Say it again!
862
01:00:51,917 --> 01:00:54,499
You bastard!
863
01:00:54,792 --> 01:00:57,249
What are you doing? We're on the same side!
864
01:00:58,625 --> 01:01:01,992
Even the opposing parties work as one
in a time of crisis!
865
01:01:04,417 --> 01:01:06,703
How are you running your team, Ms. han?
866
01:01:06,708 --> 01:01:10,326
- Sir, I-
- I'm sorry. It's my fault.
867
01:01:10,500 --> 01:01:13,663
I believe teamwork is the
most important thing.
868
01:01:14,708 --> 01:01:17,666
Get out. You don't belong here anymore.
869
01:01:21,208 --> 01:01:22,789
I'm sorry.
870
01:01:26,583 --> 01:01:29,780
We're dealing with a calamity.
871
01:01:30,292 --> 01:01:35,036
The fate of 40 million
people hangs in our hands.
872
01:01:35,042 --> 01:01:36,042
Yes sir.
873
01:01:36,375 --> 01:01:40,744
From now on,
this task force is an imf negotiation team.
874
01:01:41,333 --> 01:01:44,200
The country cannot go bankrupt
during this administration,
875
01:01:44,958 --> 01:01:47,244
so we've decided to seek aid from imf.
876
01:01:47,375 --> 01:01:50,242
With all due respect, that
option was discarded.
877
01:01:50,250 --> 01:01:52,332
The decision's been made.
878
01:01:52,917 --> 01:01:57,707
Before we miss the golden time,
we'll obtain the bailout loan.
879
01:01:58,750 --> 01:02:02,368
It'll take some time for the
imf team to arrive in Korea-
880
01:02:02,375 --> 01:02:03,375
they're here.
881
01:02:05,167 --> 01:02:06,167
What?
882
01:02:07,083 --> 01:02:08,289
They're already here.
883
01:02:14,208 --> 01:02:18,497
- The negotiations...
- It'll remain in strict confidentiality
884
01:02:18,500 --> 01:02:20,115
until the right time comes.
885
01:02:20,625 --> 01:02:22,661
Welcome to Korea
886
01:02:22,708 --> 01:02:25,450
the negotiations will take place
at the grand Hilton.
887
01:02:25,750 --> 01:02:29,413
The imf task force team
will set up office at the hotel.
888
01:02:31,083 --> 01:02:33,369
We appreciate you traveling
all the way to Korea.
889
01:02:33,542 --> 01:02:37,865
That's quite alright.
I've always wanted to visit Korea.
890
01:02:44,625 --> 01:02:46,035
C'est magnifique.
891
01:02:47,750 --> 01:02:48,830
Very beautiful.
892
01:02:50,292 --> 01:02:51,907
He's checked into the hotel.
893
01:02:52,375 --> 01:02:56,288
No need to drag out the negotiations.
Quickly and swiftly.
894
01:02:56,417 --> 01:02:59,705
Negotiate, get the money, and wrap up fast.
895
01:03:01,292 --> 01:03:04,250
Reporters are waiting outside.
What'll you say?
896
01:03:04,333 --> 01:03:05,743
That it's not happening.
897
01:03:06,667 --> 01:03:08,203
You must strongly deny it.
898
01:03:08,375 --> 01:03:11,412
When I say it's not true,
they will take my word for it.
899
01:03:14,750 --> 01:03:16,331
There he is!
900
01:03:17,792 --> 01:03:19,999
Senior secretary! Over here!
901
01:03:20,125 --> 01:03:22,787
Is it true that we're
on the verge of national bankruptcy?
902
01:03:22,958 --> 01:03:24,038
It's not true.
903
01:03:24,125 --> 01:03:27,367
Are we facing the worst
financial crisis in history?
904
01:03:27,375 --> 01:03:28,330
That's not true.
905
01:03:28,375 --> 01:03:31,162
Is it true that Korea will
receive aid from the imf?
906
01:03:31,375 --> 01:03:35,789
No! Korea is not going to the imf!
907
01:03:36,042 --> 01:03:39,284
The newly appointed senior
secretary for economy
908
01:03:39,333 --> 01:03:44,498
has officially dismissed rumors
about an imf bailout.
909
01:03:44,708 --> 01:03:47,370
He stated that imf is the last resort.
910
01:03:47,417 --> 01:03:49,624
Get me an appointment with father.
911
01:03:49,750 --> 01:03:50,785
Yes sir.
912
01:03:51,667 --> 01:03:54,909
The government announced
they're not going to imf!
913
01:03:54,958 --> 01:03:59,247
Don't be swayed by them.
You just gotta trust me.
914
01:03:59,250 --> 01:04:01,912
They're denying everything.
No crisis and no bankruptcy!
915
01:04:01,917 --> 01:04:04,408
They're just bullshitting!
916
01:04:04,625 --> 01:04:06,866
They're flat out lying to people!
917
01:04:06,875 --> 01:04:08,911
If they contain the situation as they say-
918
01:04:13,167 --> 01:04:18,161
you think you can fool me? No... not me...
919
01:04:20,708 --> 01:04:22,664
You're looking at about $150,000.
920
01:04:22,833 --> 01:04:27,827
150? I bought it for 1803 years ago.
921
01:04:29,333 --> 01:04:33,406
You said with a redevelopment plan,
the price would go up for sure!
922
01:04:33,625 --> 01:04:36,822
People who need money
are putting their houses up for sale.
923
01:04:37,417 --> 01:04:40,375
More than 10 new houses
are coming out every day.
924
01:04:40,833 --> 01:04:43,290
I can't sell at that price.
925
01:04:43,292 --> 01:04:48,036
Considering how much I need...
No. Absolutely not!
926
01:04:48,500 --> 01:04:50,161
It's not my call.
927
01:04:50,167 --> 01:04:51,122
This is ridiculous!
928
01:04:51,167 --> 01:04:55,490
I wanna put my house up for sale.
It's urgent.
929
01:04:55,958 --> 01:04:58,495
You need to bring the
price down quite a bit.
930
01:04:58,625 --> 01:04:59,660
How much?
931
01:05:00,000 --> 01:05:01,991
You should be prepared to lose $30,000.
932
01:05:11,708 --> 01:05:13,949
"Overdue payment reminder"
933
01:05:17,833 --> 01:05:19,494
excuse me, sir.
934
01:05:19,833 --> 01:05:20,833
Hey.
935
01:05:20,917 --> 01:05:24,910
We haven't gotten our paycheck.
936
01:05:25,208 --> 01:05:27,073
Oh! Today's payday, isn't it?
937
01:05:28,833 --> 01:05:30,073
It was two days ago.
938
01:05:30,083 --> 01:05:35,908
That's right! I'm sorry.
You'll all be paid today.
939
01:05:36,250 --> 01:05:39,742
Is everything alright?
940
01:05:40,500 --> 01:05:41,500
Why?
941
01:05:42,000 --> 01:05:47,040
There are so many confusing rumors,
and the work was put on hold too.
942
01:05:47,375 --> 01:05:48,956
We're all worried.
943
01:05:49,208 --> 01:05:52,450
Factories close when business is bad,
944
01:05:52,458 --> 01:05:55,291
and when it's good, you work overtime.
945
01:05:57,250 --> 01:05:58,285
Don't worry.
946
01:06:01,167 --> 01:06:06,082
Right? We trust you, and
we'll be on standby.
947
01:06:13,750 --> 01:06:17,117
He says not to worry. Everything is fine.
948
01:06:17,125 --> 01:06:19,081
Good job. Well done.
949
01:06:23,875 --> 01:06:28,073
I put my house up for sale.
If it sells for $150,000,
950
01:06:29,125 --> 01:06:31,332
we'll pay the sand company first.
951
01:06:38,792 --> 01:06:39,952
Here...
952
01:06:43,417 --> 01:06:44,417
It's $100,000.
953
01:06:44,875 --> 01:06:48,197
Let's pay the steel company with this.
954
01:06:48,708 --> 01:06:52,030
Did you borrow from a loan shark?
955
01:06:52,417 --> 01:06:55,830
No way! It's my wife's family...
956
01:06:57,417 --> 01:07:00,375
They stood surety for the loan.
957
01:07:02,208 --> 01:07:04,699
Good evening, gentlemen.
958
01:07:06,208 --> 01:07:07,208
Mr. chung!
959
01:07:07,833 --> 01:07:10,119
We're so sorry, Mr. chung.
960
01:07:10,500 --> 01:07:13,867
Now, now, don't be like this.
961
01:07:14,167 --> 01:07:20,697
Whatever happens,
we promise we'll make the payment.
962
01:07:20,708 --> 01:07:23,074
Please give us a little more time.
963
01:07:23,208 --> 01:07:27,952
Come on. I'm not here for the money.
964
01:07:28,125 --> 01:07:31,913
When you run a business,
things can get bad at times.
965
01:07:32,042 --> 01:07:34,909
I'm staying afloat for now.
You can take more time.
966
01:07:36,875 --> 01:07:37,910
Thank you, sir.
967
01:07:37,917 --> 01:07:41,239
It'll all get better. This
can't be the end of it.
968
01:07:41,375 --> 01:07:44,947
Everything's gonna be fine,
so let's just hang in there.
969
01:07:45,042 --> 01:07:45,781
Thank you so much.
970
01:07:45,792 --> 01:07:49,956
Come on. Chin up. Don't be so miserable.
971
01:07:50,417 --> 01:07:51,998
- I'll see you later.
- You're going?
972
01:07:52,000 --> 01:07:52,830
Mr. chung...
973
01:07:52,917 --> 01:07:56,660
No need to see me off. See you later.
974
01:08:30,667 --> 01:08:31,907
"November 20"
975
01:08:31,917 --> 01:08:33,873
"negotiation team's first
unofficial meeting"
976
01:08:46,667 --> 01:08:49,704
The imf has kept a close eye on
the situation in Korea,
977
01:08:49,917 --> 01:08:52,033
but before we proceed,
978
01:08:52,042 --> 01:08:54,408
we need assurance that
the Korean government is
979
01:08:54,417 --> 01:08:56,749
truly committed to moving
forward with the bailout.
980
01:08:56,750 --> 01:08:58,411
We are very much committed.
981
01:08:58,708 --> 01:09:01,541
We only ask you to keep the talks private
982
01:09:01,542 --> 01:09:03,498
to minimize any social chaos.
983
01:09:03,750 --> 01:09:06,287
If we reach an understanding today,
984
01:09:06,292 --> 01:09:08,829
we will announce it as early as tomorrow,
985
01:09:09,042 --> 01:09:12,489
and we can start the
negotiations right away.
986
01:09:12,500 --> 01:09:14,331
Good, so you're on board.
987
01:09:15,458 --> 01:09:17,619
But as a sign of your commitment,
988
01:09:18,083 --> 01:09:19,368
we would like a statement that says
989
01:09:19,375 --> 01:09:23,072
that our agreement
will not be amended nor nullified.
990
01:09:24,333 --> 01:09:25,914
A statement by whom?
991
01:09:26,375 --> 01:09:28,957
I hear the elections are
coming up in Korea.
992
01:09:30,083 --> 01:09:33,621
I need the signatures of the
top 3 presidential candidates.
993
01:09:34,042 --> 01:09:37,455
No statement, no negotiation.
994
01:09:39,208 --> 01:09:40,243
Okay.
995
01:09:41,708 --> 01:09:42,993
Okay. No problem.
996
01:09:43,958 --> 01:09:46,916
They can't demand a statement
before the negotiation.
997
01:09:47,167 --> 01:09:49,078
We don't have much of a choice.
998
01:09:49,750 --> 01:09:51,706
We don't know what we'll agree on.
999
01:09:51,708 --> 01:09:53,949
How can the candidates sign the statement?
1000
01:09:54,167 --> 01:09:56,624
I will get those signatures for you.
1001
01:09:59,917 --> 01:10:02,203
Well, then...
1002
01:10:02,208 --> 01:10:04,494
Now that we know you're committed...
1003
01:10:10,667 --> 01:10:12,453
How much do you need?
1004
01:10:15,792 --> 01:10:16,872
"21 nov 1997" "kospi 415.2"
1005
01:10:16,875 --> 01:10:17,990
"won-dollar exchange rate 1,103 won"
"foreign reserves $3.5 billion"
1006
01:10:18,000 --> 01:10:21,163
as of today, the government has
accepted imf's recommendations
1007
01:10:21,583 --> 01:10:25,405
and will officially request
a bailout loan of $20 billion.
1008
01:10:25,792 --> 01:10:30,661
In order to overcome the
foreign currency crisis we're experiencing,
1009
01:10:30,958 --> 01:10:37,158
we'll request a liquidity adjustment fund.
1010
01:10:38,417 --> 01:10:42,786
The government has been negotiating
with the imf through multiple channels.
1011
01:10:43,000 --> 01:10:47,869
Korea has admitted de
facto national bankruptcy
1012
01:10:48,042 --> 01:10:52,786
in order to seek economic revival with
the help of international institutions.
1013
01:10:52,917 --> 01:10:56,239
In the press conference,
senior secretary Kim announced
1014
01:10:56,250 --> 01:11:00,493
that imf agreed to actively support Korea.
1015
01:11:01,833 --> 01:11:04,119
As crisis deepens in the financial sector,
1016
01:11:04,167 --> 01:11:07,489
nara merchant bank
with a net asset of $2.5 billion
1017
01:11:07,500 --> 01:11:11,789
was acquired by bosung corp.
Worth $ 250 million,
1018
01:11:11,792 --> 01:11:13,623
signaling a massive restructuring.
1019
01:11:13,625 --> 01:11:19,905
The government will begin talk
with the imf on the terms.
1020
01:11:20,042 --> 01:11:26,288
The bailout loan is estimated
to be around $20 billion...
1021
01:11:26,375 --> 01:11:28,912
"Top 90 Korean companies”
1022
01:11:32,625 --> 01:11:35,492
"November 22 - second negotiation meeting"
1023
01:11:38,792 --> 01:11:40,373
this is what we've come up with.
1024
01:11:40,375 --> 01:11:42,206
From ato f.
1025
01:11:42,583 --> 01:11:43,914
A to f.
1026
01:11:44,167 --> 01:11:47,989
So... there are 6 conditions?
1027
01:11:48,208 --> 01:11:50,995
Actually, there is a precondition.
1028
01:11:51,792 --> 01:11:56,161
The 11 institutions serving
as merchant banks in Korea...
1029
01:11:56,292 --> 01:11:58,829
We want you to suspend their operations
1030
01:11:59,333 --> 01:12:00,789
and declare them bankrupt.
1031
01:12:00,958 --> 01:12:03,700
The merchant banks may be
going through rough times,
1032
01:12:04,083 --> 01:12:07,200
but they loan money to
a lot of companies and people.
1033
01:12:07,333 --> 01:12:09,790
Declaring them bankrupt
will hurt the working class
1034
01:12:09,792 --> 01:12:11,999
and drive smaller companies
out of business.
1035
01:12:12,083 --> 01:12:15,530
I'm afraid we can't discuss any
of the 6 conditions
1036
01:12:15,542 --> 01:12:17,999
without agreeing to this precondition.
1037
01:12:26,125 --> 01:12:28,582
Why ask us to declare the banks bankrupt?
1038
01:12:29,292 --> 01:12:32,159
It's a way for them to minimize the risk.
1039
01:12:32,458 --> 01:12:34,414
Just accept it.
1040
01:12:34,417 --> 01:12:36,533
We gotta deal with merchant
banks sooner or later.
1041
01:12:36,542 --> 01:12:40,285
We might as well get rid of them now.
1042
01:12:42,750 --> 01:12:45,412
Could we give you our
answer after we hear out
1043
01:12:45,417 --> 01:12:46,827
the 6 conditions?
1044
01:12:47,208 --> 01:12:49,790
Well, as I've said, this is a precondition.
1045
01:12:49,917 --> 01:12:51,077
If you don't agree to it,
1046
01:12:51,083 --> 01:12:53,199
I'm afraid there is no negotiation.
1047
01:12:54,292 --> 01:12:55,292
Fine.
1048
01:12:55,375 --> 01:12:58,242
We'll suspend the 11 institutions.
1049
01:12:58,542 --> 01:12:59,542
Good.
1050
01:13:03,708 --> 01:13:05,323
Condition a.
1051
01:13:05,958 --> 01:13:08,745
Korea is to raise its interest rate
1052
01:13:08,750 --> 01:13:11,583
as soon as it receives the imf fund.
1053
01:13:11,833 --> 01:13:15,872
To 30% from its current 12.5%.
1054
01:13:18,417 --> 01:13:21,409
Loans are what got us in this mess
in the first place.
1055
01:13:21,417 --> 01:13:24,864
More than doubling the interest rate
will only make things worse.
1056
01:13:25,000 --> 01:13:27,616
Companies are already buried in debt.
1057
01:13:27,625 --> 01:13:29,991
This will drive them out of business.
1058
01:13:31,125 --> 01:13:32,125
Listen...
1059
01:13:32,500 --> 01:13:34,115
We've looked into this,
1060
01:13:34,375 --> 01:13:36,616
and we're proposing the
conditions and funds
1061
01:13:36,625 --> 01:13:37,990
needed to save the Korean economy.
1062
01:13:38,125 --> 01:13:40,332
The funds you asked for.
1063
01:13:41,167 --> 01:13:46,616
And even though we're willing to
negotiate the details of the conditions,
1064
01:13:48,625 --> 01:13:49,831
may I just remind you that
1065
01:13:49,833 --> 01:13:52,119
you're not exactly in a
position to make a deal?
1066
01:14:04,083 --> 01:14:05,493
Condition b.
1067
01:14:06,250 --> 01:14:08,741
Korea is to open its capital market
1068
01:14:08,750 --> 01:14:10,991
as soon as it receives the imf's fund.
1069
01:14:11,000 --> 01:14:13,787
You can start by raising
the foreign investment cap
1070
01:14:13,792 --> 01:14:17,535
from 7% to 50%.
1071
01:14:18,000 --> 01:14:21,163
Moreover, regulations must be amended,
1072
01:14:21,792 --> 01:14:27,662
allowing acquisition of Korean financial
institutions by foreign entities.
1073
01:14:28,417 --> 01:14:33,207
You have until June of 1998.
That's next year.
1074
01:14:33,708 --> 01:14:36,541
Allow foreigners to set up
securities firms in Korea,
1075
01:14:36,542 --> 01:14:40,785
which means, of course, allowing more
foreign capitals in the bond market.
1076
01:14:41,083 --> 01:14:46,123
Also, allow hostile takeovers
by foreign capital.
1077
01:14:46,500 --> 01:14:47,500
Wait!
1078
01:14:48,083 --> 01:14:53,703
What you're suggesting is a direct violation
of the very reason the imf was established.
1079
01:14:54,500 --> 01:14:57,412
No international organization
has a right to infringe
1080
01:14:57,417 --> 01:15:01,035
on the economic autonomy of
a nation in exchange for a bailout.
1081
01:15:01,042 --> 01:15:01,906
Excuse me.
1082
01:15:01,917 --> 01:15:02,406
Han!
1083
01:15:02,417 --> 01:15:04,248
No, no, no. Please, please. Let her be.
1084
01:15:04,250 --> 01:15:05,285
Let her speak.
1085
01:15:05,667 --> 01:15:08,784
You know what? I like people like you.
1086
01:15:08,792 --> 01:15:11,659
And I believe we'll be great
negotiating partners.
1087
01:15:44,500 --> 01:15:47,412
Moody's and the s&p have downgraded
Korea's credit rating once again.
1088
01:15:47,708 --> 01:15:49,118
To b minus...
1089
01:15:50,625 --> 01:15:53,992
Everyone, it seems like we have breaking
news from the other side of the world.
1090
01:15:54,000 --> 01:15:57,492
So let's take five and catch up on updates.
1091
01:15:57,958 --> 01:16:02,907
Credit rating of b minus
is the grade right before junk bonds.
1092
01:16:04,500 --> 01:16:07,617
Meaning that Korean currency
is about to become worthless.
1093
01:16:07,750 --> 01:16:10,162
I hope this news helps you
make the right decisions
1094
01:16:10,167 --> 01:16:11,623
in this negotiation.
1095
01:16:27,250 --> 01:16:28,786
This is driving me nuts.
1096
01:16:29,458 --> 01:16:31,073
The promissory notes held as collateral at
merchant banks
1097
01:16:31,083 --> 01:16:32,323
must be huge.
1098
01:16:34,000 --> 01:16:35,865
Whether it's a large or a small company,
1099
01:16:35,875 --> 01:16:38,617
all of them did business,
involving a merchant bank.
1100
01:16:43,208 --> 01:16:50,205
At this point, it's impossible to save all
the large and small companies.
1101
01:16:50,750 --> 01:16:52,240
Consider the big picture.
1102
01:16:53,083 --> 01:16:56,200
In the end, it's the conglomerates that
will provide for Korea.
1103
01:16:56,208 --> 01:16:58,745
Accept the closing of merchant banks and
1104
01:16:59,083 --> 01:17:04,123
Grant exemption for the
conglomerates' promissory notes
1105
01:17:04,125 --> 01:17:05,581
with the merchant banks.
1106
01:17:06,375 --> 01:17:07,375
By exemption, you mean...
1107
01:17:07,417 --> 01:17:13,287
Not holding them responsible
for promissory notes already issued.
1108
01:17:27,583 --> 01:17:30,416
Sorry for asking to meet so late.
1109
01:17:30,583 --> 01:17:31,948
That's okay.
1110
01:17:33,375 --> 01:17:36,208
Actually, this is a better time for us.
1111
01:17:55,250 --> 01:17:59,744
Credit rating of b minus is the grade right
before junk bonds.
1112
01:18:00,042 --> 01:18:03,330
I hope this news helps you
make the right decisions
1113
01:18:03,333 --> 01:18:04,994
in this negotiation.
1114
01:18:58,167 --> 01:19:01,204
U.S. deputy secertary brown Martin
1115
01:19:23,042 --> 01:19:24,873
"November 22 - third negotiation meeting"
1116
01:19:24,875 --> 01:19:27,867
c. Information provision
and program monitoring
1117
01:19:29,458 --> 01:19:32,325
d. Financial sector restructuring
1118
01:19:34,792 --> 01:19:38,580
e. Corporate governance
and corporate structure
1119
01:19:39,667 --> 01:19:41,498
and finally, condition f.
1120
01:19:41,500 --> 01:19:44,867
Enhance the flexibility
of the labor market.
1121
01:19:44,875 --> 01:19:47,457
Once again, as soon as
you receive the fund.
1122
01:19:48,083 --> 01:19:49,823
You mean a mass layoff?
1123
01:19:50,458 --> 01:19:52,198
It's not limited to layoffs,
1124
01:19:52,208 --> 01:19:55,041
just a change in the overall
employment structure.
1125
01:19:55,042 --> 01:19:59,661
For instance, allowing more non-regular
workers and indirect employment.
1126
01:19:59,667 --> 01:20:00,907
We just want the labor market here
1127
01:20:00,917 --> 01:20:02,828
to be more vitalized.
1128
01:20:02,833 --> 01:20:06,405
And by that, you mean easier dismissals.
1129
01:20:09,417 --> 01:20:10,623
What is she saying?
1130
01:20:11,458 --> 01:20:13,073
Stop talking, Ms. han.
1131
01:20:14,250 --> 01:20:15,250
Han.
1132
01:20:17,000 --> 01:20:18,786
Sit down!
1133
01:20:23,083 --> 01:20:28,658
Why is the U.S. deputy secretary of
the treasury staying at this hotel?
1134
01:20:29,083 --> 01:20:30,698
That has nothing to do
with this negotiation.
1135
01:20:30,708 --> 01:20:35,122
And why is he staying on
the same floor as you?
1136
01:20:38,125 --> 01:20:40,081
Is it true that the deputy secretary
1137
01:20:40,083 --> 01:20:42,574
is behind this negotiation with the imf?
1138
01:20:45,458 --> 01:20:49,201
Is it true that the deputy secretary
went to the leading candidate's house
1139
01:20:49,208 --> 01:20:52,120
and demanded his signature
on the statement?
1140
01:20:53,292 --> 01:20:56,989
Raising the interest rate to
drive companies out of business,
1141
01:20:57,458 --> 01:21:00,996
opening the market to give
easier access to foreign investors,
1142
01:21:01,000 --> 01:21:04,913
and letting them take over bankrupt Korean
companies through hostile m&a's...
1143
01:21:05,292 --> 01:21:08,739
As the bok's head of monetary policy,
1144
01:21:09,292 --> 01:21:12,250
I cannot agree to these terms.
1145
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.
1146
01:21:20,958 --> 01:21:27,830
Tell me, why is the imf suggesting a mass
layoff as a condition for the bailout?
1147
01:21:30,292 --> 01:21:34,035
Why ask us to open our capital market?
1148
01:21:35,667 --> 01:21:38,579
Am I wrong in thinking that the U.S.
is seeking to
1149
01:21:38,583 --> 01:21:41,905
fulfill its own interests
from this negotiation?
1150
01:21:47,875 --> 01:21:50,036
You're the chief negotiator, right?
1151
01:21:52,667 --> 01:21:53,667
Yes, I am.
1152
01:21:53,833 --> 01:21:55,448
So, it's simple.
1153
01:21:55,833 --> 01:21:59,075
Life is a series of choices,
and so is a negotiation.
1154
01:21:59,375 --> 01:22:01,991
We would like to add another precondition.
1155
01:22:02,667 --> 01:22:04,032
Either we end the discussion
1156
01:22:04,042 --> 01:22:05,782
and you send us home or
1157
01:22:06,292 --> 01:22:10,114
you send home the member of your delegation
who doesn't want to negotiate.
1158
01:22:12,583 --> 01:22:15,245
And this is our third precondition.
1159
01:22:19,167 --> 01:22:21,579
Sir, please halt the negotiation.
1160
01:22:21,792 --> 01:22:23,248
You're way out of line.
1161
01:22:25,583 --> 01:22:27,289
Who do you think you are?
1162
01:22:29,167 --> 01:22:31,032
Leave this room.
1163
01:22:31,917 --> 01:22:33,953
Which side are you on?
1164
01:22:36,333 --> 01:22:37,869
This negotiation lacks legitimacy.
1165
01:22:38,083 --> 01:22:40,665
You have to call it off!
1166
01:22:44,208 --> 01:22:47,280
I know we can reach an amicable agreement.
1167
01:22:48,042 --> 01:22:49,828
Sir, you must call off this negotiation.
1168
01:22:53,333 --> 01:22:55,949
No matter what you do...
1169
01:22:58,500 --> 01:22:59,706
Han.
1170
01:23:01,792 --> 01:23:02,998
It won't change anything.
1171
01:23:03,500 --> 01:23:06,037
No matter what you try.
1172
01:23:18,000 --> 01:23:19,581
Gap-su...
1173
01:23:23,667 --> 01:23:26,989
The rise in exchange rate
doubled the cost for materials.
1174
01:23:27,333 --> 01:23:29,574
The money I borrowed
1175
01:23:32,500 --> 01:23:35,822
didn't cover even half of
the materials we bought.
1176
01:23:39,625 --> 01:23:43,117
What happened to that
promissory note Mr. Lee gave us?
1177
01:23:44,042 --> 01:23:47,955
If that clears,
we can at least put out an urgent fire.
1178
01:23:51,333 --> 01:23:53,164
Lee's company...
1179
01:23:53,333 --> 01:23:54,333
Yeah?
1180
01:23:57,333 --> 01:23:58,698
Samho distribution...
1181
01:23:58,792 --> 01:23:59,792
What about it?
1182
01:24:02,417 --> 01:24:03,998
It closed its business.
1183
01:24:04,667 --> 01:24:07,579
What about our promissory note?
1184
01:24:11,792 --> 01:24:13,123
This is just a piece of paper.
1185
01:24:15,000 --> 01:24:16,206
Oh my god...
1186
01:24:20,917 --> 01:24:23,078
I asked my wife's family for that money.
1187
01:24:24,917 --> 01:24:26,828
What's gonna happen to my children?
1188
01:24:30,667 --> 01:24:32,077
"Seizure"
1189
01:24:44,208 --> 01:24:47,655
"Korea joins the oecd global Korea!"
1190
01:25:16,125 --> 01:25:19,162
Mr. chung. It's me, gap-s...
1191
01:25:19,167 --> 01:25:21,499
Mr. han! Times are tough, right?
1192
01:25:21,625 --> 01:25:24,037
Well, yes...
1193
01:25:25,625 --> 01:25:27,081
It's hard for you too, right?
1194
01:25:27,083 --> 01:25:31,452
I'm barely getting by every day.
But let's hang in there.
1195
01:25:31,917 --> 01:25:33,532
We gotta stick it out.
1196
01:25:33,625 --> 01:25:36,822
Yes, of course.
1197
01:25:38,792 --> 01:25:42,364
I will stick it out no matter what.
1198
01:25:42,792 --> 01:25:47,741
I want to make the payment now.
1199
01:25:47,750 --> 01:25:50,241
Really? You can really do that?
1200
01:25:51,917 --> 01:25:53,953
I'll make the payment.
1201
01:25:56,250 --> 01:25:58,411
Please send one of your employees.
1202
01:26:24,250 --> 01:26:26,491
Wow! Nice apartment!
1203
01:26:28,417 --> 01:26:29,953
Good-sized rooms.
1204
01:26:36,042 --> 01:26:37,828
Shit!
1205
01:26:38,875 --> 01:26:40,331
There's a dead dude...!
1206
01:26:41,625 --> 01:26:42,831
What the hell?!
1207
01:26:42,917 --> 01:26:45,408
Let's get out of here quickly!
1208
01:26:47,833 --> 01:26:48,833
Why?
1209
01:26:49,333 --> 01:26:52,530
What do you mean by 'why'?
We have to call the police!
1210
01:26:55,125 --> 01:26:56,865
Why should I get out?
1211
01:26:58,250 --> 01:27:02,414
This is my house now.
1212
01:27:13,833 --> 01:27:17,451
Contribute to the development
of Korean economy
1213
01:27:18,750 --> 01:27:21,742
by establishing and enforcing monetary
and credit policy.
1214
01:27:26,333 --> 01:27:28,540
The founding purpose of the bank of Korea.
1215
01:27:31,208 --> 01:27:32,744
Somehow I forgot about it.
1216
01:27:38,917 --> 01:27:41,329
We get paid to serve this country.
1217
01:27:43,000 --> 01:27:45,412
So, let's do our job and contribute.
1218
01:27:50,875 --> 01:27:52,456
We'll stop this negotiation
1219
01:27:53,167 --> 01:27:58,332
and declare a national bankruptcy.
1220
01:27:58,708 --> 01:28:03,077
Declare a moratorium and
acknowledge that Korea is bankrupt.
1221
01:28:04,333 --> 01:28:06,073
When the moratorium is declared,
1222
01:28:06,500 --> 01:28:08,786
the obligation to pay debt will disappear.
1223
01:28:08,875 --> 01:28:09,875
No.
1224
01:28:10,333 --> 01:28:12,949
It's just too extreme a measure-
1225
01:28:12,958 --> 01:28:15,199
what do creditors fear the most?
1226
01:28:17,625 --> 01:28:20,913
What is the last thing a debtor can do?
1227
01:28:21,542 --> 01:28:23,407
Imf is representing the U.S. interest,
1228
01:28:23,417 --> 01:28:24,953
and we'll use it against them.
1229
01:28:25,125 --> 01:28:27,992
We'd rather go bankrupt than go through
with this negotiation.
1230
01:28:28,042 --> 01:28:30,829
We can't pay back the money borrowed
from American funds.
1231
01:28:31,875 --> 01:28:36,198
This could change the imf's attitude.
1232
01:28:36,292 --> 01:28:37,407
We can't do that.
1233
01:28:37,625 --> 01:28:40,742
Moratorium... national bankruptcy...
It doesn't matter now.
1234
01:28:40,958 --> 01:28:43,495
We could declare a national bankruptcy,
1235
01:28:44,833 --> 01:28:46,789
but if you declare it yourself,
1236
01:28:50,083 --> 01:28:52,244
you will certainly lose your job.
1237
01:28:58,833 --> 01:29:00,789
That's not what matters.
1238
01:29:03,542 --> 01:29:05,783
We still have one last card left.
1239
01:29:18,875 --> 01:29:24,495
With swift actions of the creditors and
fast recovery of the bankrupt country...
1240
01:29:24,542 --> 01:29:29,616
But on the downside, by raising the
dollar interest rate too high...
1241
01:29:29,625 --> 01:29:34,540
It posed a considerable threat to
global finance institutions.
1242
01:29:34,542 --> 01:29:38,330
The international creditors swiftly
1243
01:29:38,333 --> 01:29:40,870
adjusted debt to minimize damage.
1244
01:29:41,042 --> 01:29:45,957
The countries that borrowed heavily
from overseas funds
1245
01:29:46,375 --> 01:29:49,082
ended up in enormous debt.
1246
01:29:51,375 --> 01:29:53,707
"Post national bankruptcy
Korean economy predictions"
1247
01:30:23,375 --> 01:30:27,948
A world where the poor get poorer
and the rich keep on getting richer...
1248
01:30:29,083 --> 01:30:30,573
A world where it's easier to fire people
1249
01:30:30,583 --> 01:30:32,244
and have more non-regular workers,
1250
01:30:32,625 --> 01:30:34,616
where unemployment is the norm...
1251
01:30:37,458 --> 01:30:40,495
We must not let imf take us to that world.
1252
01:30:41,500 --> 01:30:44,947
Are you saying that
the government knew about the crisis
1253
01:30:44,958 --> 01:30:46,448
but didn't inform the people?
1254
01:30:46,750 --> 01:30:50,117
Not only that, they tried
to deliberately hide it.
1255
01:30:50,125 --> 01:30:53,868
And negotiations with the imf
are being handled hastily?
1256
01:30:54,042 --> 01:30:55,042
That's correct.
1257
01:30:56,000 --> 01:30:59,913
Imf's unreasonable demands
are being forced as preconditions.
1258
01:31:00,042 --> 01:31:05,958
Mass dismissals, interest rates,
issues regarding labor, and investments
1259
01:31:07,375 --> 01:31:11,664
are being manipulated behind closed doors by
a handful of people not thinking thoroughly.
1260
01:31:12,792 --> 01:31:18,082
This government's economic officials
are neglecting their duties.
1261
01:31:19,500 --> 01:31:23,322
They have no will to evacuate people
from a sinking ship.
1262
01:31:23,917 --> 01:31:31,073
They're deciding the future of this
country based on their individual values.
1263
01:31:33,333 --> 01:31:36,905
From the beginning of the catastrophe,
1264
01:31:37,417 --> 01:31:38,782
during the process,
1265
01:31:40,792 --> 01:31:42,703
and to the end.
1266
01:31:47,583 --> 01:31:48,663
"3 dec 31997"
1267
01:31:48,667 --> 01:31:50,123
"kospil 379.3"
1268
01:31:50,125 --> 01:31:51,410
"won-dollar exchange rate 1,610 won"
1269
01:31:51,417 --> 01:31:52,452
"foreign reserves less than $2 billion"
1270
01:31:52,458 --> 01:31:53,458
thank you.
1271
01:31:57,583 --> 01:31:59,323
It's not in any of the papers.
1272
01:32:08,292 --> 01:32:09,953
I can't believe this.
1273
01:32:12,625 --> 01:32:17,039
The bailout negotiation with
the imf was finalized today.
1274
01:32:17,167 --> 01:32:20,204
We'll receive a $55 billion fund
1275
01:32:20,292 --> 01:32:24,831
but our economy will be placed under
a imf receivership.
1276
01:32:24,875 --> 01:32:27,992
We don't want to be self-deprecating
1277
01:32:28,000 --> 01:32:31,572
but this'll be recorded
as a day of humiliation for Korea.
1278
01:32:31,667 --> 01:32:33,268
"A $55 billion imf fund will be injected"
1279
01:32:33,292 --> 01:32:34,998
today, we'll have a special class.
1280
01:32:35,083 --> 01:32:36,368
"What is imf?"
1281
01:32:36,958 --> 01:32:39,449
Let's watch this video
1282
01:32:40,250 --> 01:32:44,914
and think about what we can do. Okay?
1283
01:32:45,125 --> 01:32:46,581
Yes, miss.
1284
01:32:46,875 --> 01:32:52,120
Save water and electricity.
Sharpen your pencils...
1285
01:32:52,125 --> 01:32:56,414
Under imf supervision,
wages will be cut by 15%.
1286
01:32:56,417 --> 01:32:59,159
Imf demands the raising
of interest rates...
1287
01:32:59,167 --> 01:33:02,124
Restructuring strikes all industries.
1288
01:33:02,125 --> 01:33:07,449
Companies are laying off employees to meet
the government's urge for restructuring.
1289
01:33:07,875 --> 01:33:11,493
From today, we are unavoidably
taking voluntary resignation.
1290
01:33:11,625 --> 01:33:14,992
This document is for the resignation,
1291
01:33:15,125 --> 01:33:16,143
"application for voluntary resignation”
1292
01:33:16,167 --> 01:33:21,116
and this one is consent to transition
to non-regular employee.
1293
01:33:26,958 --> 01:33:28,994
Why did he kill himself?
1294
01:33:29,458 --> 01:33:32,495
His business partner gave him a bad check.
1295
01:33:32,500 --> 01:33:35,947
His business couldn't
recover from the damage.
1296
01:33:37,250 --> 01:33:41,368
He waited in good faith,
but his trust backfired.
1297
01:33:42,708 --> 01:33:47,202
After his apartment was foreclosed, he
made his family leave and hanged himself.
1298
01:33:58,292 --> 01:34:02,080
Yoon! I knew you'd pull it off!
1299
01:34:02,500 --> 01:34:04,786
All thanks to you for trusting me.
1300
01:34:04,917 --> 01:34:08,455
You led the way. We only followed.
1301
01:34:10,417 --> 01:34:12,999
This key is too freaking high!
1302
01:34:14,708 --> 01:34:16,790
Sing with me!
1303
01:34:16,875 --> 01:34:19,332
Okay! Sing us a song, yoon.
1304
01:34:19,333 --> 01:34:20,448
No, I can't.
1305
01:34:20,458 --> 01:34:23,040
Don't be shy. Come on!
1306
01:34:58,625 --> 01:35:04,951
"Korea becomes 29th member of oecd"
1307
01:36:24,375 --> 01:36:25,990
"Hyun-ah & hyun-su's bedroom"
1308
01:37:16,375 --> 01:37:18,787
"Hyun-ah & hyun-su's bedroom"
1309
01:38:23,875 --> 01:38:25,160
Ms. han.
1310
01:38:27,042 --> 01:38:28,327
Ms. han?
1311
01:38:44,458 --> 01:38:45,914
This is unbearable.
1312
01:38:48,625 --> 01:38:50,411
Imf is not the way.
1313
01:38:52,208 --> 01:38:54,665
You know what happened to
Thailand and Indonesia
1314
01:38:54,667 --> 01:38:57,534
after they got imf money?
1315
01:39:01,000 --> 01:39:03,412
If you do something wrong,
you pay by getting punished,
1316
01:39:04,417 --> 01:39:07,989
but at the imf, they kill you
without giving a second chance.
1317
01:39:10,542 --> 01:39:14,080
There are still ways to fight this.
1318
01:39:15,042 --> 01:39:16,873
But you're getting...
1319
01:39:20,750 --> 01:39:24,823
Come on. Your dinner will get cold.
1320
01:39:42,750 --> 01:39:46,242
"Record of imf negotiations"
1321
01:39:58,042 --> 01:40:00,954
"Letter of resignation"
1322
01:40:21,375 --> 01:40:22,615
Hey...
1323
01:40:23,208 --> 01:40:27,907
How's my little sister doing?
1324
01:40:28,542 --> 01:40:29,782
Why...
1325
01:40:32,167 --> 01:40:33,828
What brings you...
1326
01:40:35,917 --> 01:40:37,453
Something wrong?
1327
01:40:48,458 --> 01:40:50,289
I have a favor to ask you.
1328
01:40:52,625 --> 01:40:57,870
You know people in high
positions at banks, right?
1329
01:40:59,833 --> 01:41:03,621
I'm really sorry but please help me.
1330
01:41:04,625 --> 01:41:09,198
Help me get a loan.
1331
01:41:11,708 --> 01:41:14,245
You're the only person left.
1332
01:41:16,333 --> 01:41:18,790
I don't care if I get jailed
1333
01:41:19,917 --> 01:41:25,082
but think about my wife and kids.
1334
01:41:28,875 --> 01:41:32,038
I wouldn't have come to you
1335
01:41:33,042 --> 01:41:34,623
if I had a choice.
1336
01:41:37,000 --> 01:41:38,331
Please.
1337
01:41:41,375 --> 01:41:43,081
I beg you, si-hyun.
1338
01:42:59,292 --> 01:43:04,036
On December 3, 1997,
1339
01:43:04,042 --> 01:43:06,203
Korea signed the imf's negotiation agenda,
1340
01:43:06,292 --> 01:43:10,205
and imf management began.
1341
01:43:10,375 --> 01:43:14,323
The next year, the number of
unemployed soared to 1.3 million.
1342
01:43:14,333 --> 01:43:18,372
Suicides Rose by 42%,
1343
01:43:18,375 --> 01:43:23,039
the highest rate among oecd countries.
1344
01:43:23,042 --> 01:43:24,873
Citizens donated gold to help
1345
01:43:24,875 --> 01:43:27,491
recovery of the nation's economy.
1346
01:43:27,500 --> 01:43:30,037
$2.2 billion worth of gold
1347
01:43:30,042 --> 01:43:33,239
was collected in just 4 months.
1348
01:43:34,250 --> 01:43:41,531
Donated gold was used to pay
down corporations' debt.
1349
01:43:51,958 --> 01:43:54,870
Crises recur.
1350
01:43:54,958 --> 01:43:55,788
"20 years later"
1351
01:43:55,875 --> 01:43:58,491
Korea seems to have changed
a lot in the last 20 years?
1352
01:44:00,792 --> 01:44:02,248
Not at all.
1353
01:44:03,417 --> 01:44:08,411
Now, we're exposed to even bigger risks.
1354
01:44:09,542 --> 01:44:14,411
Sir! I was deeply touched
by your lecture today.
1355
01:44:14,625 --> 01:44:18,197
I'd like to treat you to a meal.
1356
01:44:20,750 --> 01:44:24,823
It's $5,000 for lunch
and $10,000 for dinner.
1357
01:44:25,042 --> 01:44:27,784
Lunch is 60 minutes. Dinner is 90.
1358
01:44:27,792 --> 01:44:29,532
Wire the money to my bank account.
1359
01:44:34,625 --> 01:44:37,822
But you must regard
increased crises as opportunities.
1360
01:44:39,083 --> 01:44:43,281
It means you get more chances
to change your life.
1361
01:44:46,083 --> 01:44:47,243
Morning, Mr. yoon!
1362
01:44:50,042 --> 01:44:53,034
Thanks for the good tip this morning.
1363
01:44:53,208 --> 01:44:59,249
The hedge funds in the U.S.
are continuously changing.
1364
01:45:01,042 --> 01:45:03,283
Should I follow them?
1365
01:45:04,833 --> 01:45:09,031
Of course! Keep following.
1366
01:45:09,167 --> 01:45:10,407
Okay!
1367
01:45:12,250 --> 01:45:16,448
And indeed, as you predicted,
1368
01:45:16,458 --> 01:45:19,450
the real estate in gangnam
is responding first.
1369
01:45:19,542 --> 01:45:20,782
I told you...
1370
01:45:24,333 --> 01:45:26,870
They can't fool me.
1371
01:45:28,625 --> 01:45:32,197
Dad, it's me. I'll do well today.
1372
01:45:32,542 --> 01:45:36,080
All right. Remember what I always tell you.
1373
01:45:36,292 --> 01:45:39,534
I know. Never trust a
person who's good to you.
1374
01:45:39,583 --> 01:45:41,414
Not just those who are good to you.
1375
01:45:41,417 --> 01:45:43,954
You can't trust anybody.
1376
01:45:44,292 --> 01:45:46,328
Trust only yourself.
1377
01:45:47,000 --> 01:45:48,956
Yourself only. Got that?
1378
01:45:49,208 --> 01:45:51,620
Got it, dad.
1379
01:45:51,708 --> 01:45:52,708
Okay.
1380
01:45:53,083 --> 01:45:54,198
Hassan!
1381
01:45:54,875 --> 01:45:55,875
Hassan!
1382
01:45:56,458 --> 01:45:58,289
Quick! Quick!
1383
01:46:00,333 --> 01:46:03,405
S&j finances open recruitment
1384
01:46:03,458 --> 01:46:04,789
"candidates no. 231 to 235."
1385
01:46:08,042 --> 01:46:10,784
If 1 get this job, I'll...
1386
01:46:12,750 --> 01:46:14,870
"Ceo park dae-young
former deputy minister of finance"
1387
01:46:20,458 --> 01:46:22,039
Hello, chairman!
1388
01:46:22,042 --> 01:46:24,624
Congratulations!
I heard you're at an investment bank now.
1389
01:46:25,042 --> 01:46:27,033
It's all thanks to you.
1390
01:46:27,375 --> 01:46:31,698
There's talk of reform these days.
1391
01:46:32,458 --> 01:46:38,328
Give them what they want,
they'll go quiet soon.
1392
01:46:41,083 --> 01:46:42,619
Oh, you've heard the news?
1393
01:46:46,917 --> 01:46:48,123
Soon...
1394
01:46:56,333 --> 01:47:00,781
"20 years since imf bailout,
aftermath persists"
1395
01:47:00,958 --> 01:47:05,247
"conglomerates get bigger
while households suffer"
1396
01:47:19,625 --> 01:47:21,991
I heard she's got quite a personality.
1397
01:47:22,333 --> 01:47:26,030
Who cares about personality?
She just needs to be competent in her job.
1398
01:47:27,208 --> 01:47:29,870
"Financial capital monitoring center"
1399
01:47:33,708 --> 01:47:35,915
are you director han?
1400
01:47:40,542 --> 01:47:41,952
Yes... and?
1401
01:47:43,625 --> 01:47:46,116
I am the deputy minister
of strategy and finance.
1402
01:47:48,375 --> 01:47:53,540
Nothing's concrete yet,
1403
01:47:54,208 --> 01:47:56,790
but we might need your assistance.
1404
01:47:56,792 --> 01:47:58,748
So we came in person.
1405
01:48:02,625 --> 01:48:05,788
You just want me to be
the old person sitting in the back...
1406
01:48:07,083 --> 01:48:08,243
Why should 1?
1407
01:48:13,958 --> 01:48:17,030
This is a report on how the household debt
will cause panic within this year.
1408
01:48:17,125 --> 01:48:21,698
This is a report on the mass unsold
properties in the metropolitan area.
1409
01:48:22,083 --> 01:48:23,869
The authorities aren't taking action.
1410
01:48:25,042 --> 01:48:30,457
You left a report on imf
when you left bank of Korea.
1411
01:48:30,875 --> 01:48:33,457
It was the only and most accurate report.
1412
01:48:33,917 --> 01:48:37,705
Please... help us.
1413
01:48:38,625 --> 01:48:43,790
The bomb is ticking, and no one cares.
1414
01:48:53,042 --> 01:48:54,623
I work as a team.
1415
01:48:57,500 --> 01:48:59,115
Crises recur.
1416
01:48:59,750 --> 01:49:01,615
But in order not be helpless again,
1417
01:49:01,625 --> 01:49:03,035
we must not forget.
1418
01:49:04,208 --> 01:49:07,405
Keep asking questions and check facts.
1419
01:49:09,625 --> 01:49:12,617
Do not take a simple thing for granted.
1420
01:49:14,583 --> 01:49:19,532
And always watch the world with open eyes.
1421
01:49:21,250 --> 01:49:24,742
Because I'm not gonna lose again.
102648
Can't find what you're looking for?
Get subtitles in any language from opensubtitles.com, and translate them here.