All language subtitles for default-2018-1080p-720p-bluray-x264-wiki

af Afrikaans
sq Albanian
am Amharic
ar Arabic
hy Armenian
az Azerbaijani
eu Basque
be Belarusian
bn Bengali
bs Bosnian
bg Bulgarian
ca Catalan
ceb Cebuano
ny Chichewa
zh-CN Chinese (Simplified)
zh-TW Chinese (Traditional)
co Corsican
hr Croatian
cs Czech
da Danish
nl Dutch
en English Download
eo Esperanto
et Estonian
tl Filipino
fi Finnish
fr French
fy Frisian
gl Galician
ka Georgian
de German
el Greek Download
gu Gujarati
ht Haitian Creole
ha Hausa
haw Hawaiian
iw Hebrew
hi Hindi
hmn Hmong
hu Hungarian
is Icelandic
ig Igbo
id Indonesian Download
ga Irish
it Italian
ja Japanese
jw Javanese
kn Kannada
kk Kazakh
km Khmer
ko Korean
ku Kurdish (Kurmanji)
ky Kyrgyz
lo Lao
la Latin
lv Latvian
lt Lithuanian
lb Luxembourgish
mk Macedonian
mg Malagasy
ms Malay
ml Malayalam
mt Maltese
mi Maori
mr Marathi
mn Mongolian
my Myanmar (Burmese)
ne Nepali
no Norwegian
ps Pashto
fa Persian
pl Polish
pt Portuguese
pa Punjabi
ro Romanian
ru Russian
sm Samoan
gd Scots Gaelic
sr Serbian
st Sesotho
sn Shona
sd Sindhi
si Sinhala
sk Slovak
sl Slovenian
so Somali
es Spanish
su Sundanese
sw Swahili
sv Swedish
tg Tajik
ta Tamil
te Telugu
th Thai
tr Turkish
uk Ukrainian
ur Urdu
uz Uzbek
vi Vietnamese
cy Welsh
xh Xhosa
yi Yiddish
yo Yoruba
zu Zulu
or Odia (Oriya)
rw Kinyarwanda
tk Turkmen
tt Tatar
ug Uyghur
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 --> 00:00:58,083 As of December 22, 1977, 5 00:00:58,083 --> 00:00:59,414 Korea reaches $10 billion in exports... 6 00:00:59,417 --> 00:01:01,579 "Produced by LEE Eugene" 7 00:01:03,708 --> 00:01:08,453 City of Seoul will build a 8 00:01:08,458 --> 00:01:11,496 new mega apartment complex for 20,990 families... 9 00:01:11,500 --> 00:01:16,415 I announce the opening of Seoul Olympic Games. 10 00:01:16,417 --> 00:01:18,328 Sampoong Department Store! 11 00:01:18,333 --> 00:01:26,333 Automobiles, semiconductors, and shipyards are the top exporters... 12 00:01:27,708 --> 00:01:32,202 Korea's per capita income has surpassed USD 10,000. 13 00:01:32,292 --> 00:01:33,953 Credit card approval in just one day. 14 00:01:33,958 --> 00:01:36,575 Generation X is leading the fashion trend. 15 00:01:40,000 --> 00:01:44,324 "Written by EUM Sung-min” ...formally applied for OECD membership. 16 00:01:44,500 --> 00:01:48,448 "Directed by CHOI Kook-Hee" Korea becomes a member of the OECD. 17 00:01:48,458 --> 00:01:55,330 I wish to share my joy with the nation. 18 00:01:58,750 --> 00:02:03,074 "5 Nov 1997 East Asia Division Morgan Stanley Headquarters, Wall Street" 19 00:02:29,667 --> 00:02:34,582 20 00:02:35,417 --> 00:02:39,331 LG advances to the Korean Series 21 00:02:41,000 --> 00:02:43,833 Finance Reform Bill likely to pass 22 00:02:44,042 --> 00:02:45,248 "15 Nov 1997" 23 00:02:45,250 --> 00:02:47,116 "KOSPI 583.8" Ms. Han... 24 00:02:47,125 --> 00:02:48,957 "Won-Dollar exchange rate 792 won" Ms. Han! 25 00:02:48,958 --> 00:02:51,620 "Foreign exchange reserves $15.8 billion" Oh. Let's go. 26 00:03:04,875 --> 00:03:07,663 The Bank of Korea raised its growth forecast to 7%, 27 00:03:07,667 --> 00:03:11,456 despite the economic crises occurring in East Asia. 28 00:03:11,458 --> 00:03:12,823 Damn hangover... 29 00:03:12,833 --> 00:03:14,449 Due to admittance to the OECD 30 00:03:14,458 --> 00:03:16,790 and stability in exchange rates and exports, 31 00:03:17,000 --> 00:03:21,619 national per capita income remains above $10,000. 32 00:03:22,375 --> 00:03:25,743 The government has submitted the budget proposal for next year. 33 00:03:26,000 --> 00:03:28,742 - Sorry, I'm late. - Morning, Mr. Kim! 34 00:03:29,000 --> 00:03:29,910 Did you have breakfast? 35 00:03:29,917 --> 00:03:31,828 - Yes, sir. - How about you? 36 00:03:33,208 --> 00:03:36,997 According to a Gallup Korea poll, 37 00:03:37,000 --> 00:03:42,325 85% of Koreans consider themselves middle class. 38 00:03:42,792 --> 00:03:46,911 The President has announced that with the accession to the OECD, 39 00:03:46,917 --> 00:03:50,831 the public consciousness should be raised accordingly. 40 00:03:51,208 --> 00:03:54,371 The government dismissed any rumors about economic crisis, 41 00:03:54,375 --> 00:03:57,117 saying that the foundation of Korean economy is solid. 42 00:03:57,125 --> 00:03:59,742 What are we listening to? 43 00:04:02,542 --> 00:04:03,407 That's better. 44 00:04:05,792 --> 00:04:08,079 It's nice. I like that. 45 00:04:13,583 --> 00:04:19,909 Welcome aboard. Here's to our bright future! 46 00:04:26,667 --> 00:04:28,783 Can you turn the volume up? 47 00:04:29,250 --> 00:04:31,708 "Korea Merchant Bank Corp. New Employee Training" 48 00:04:32,875 --> 00:04:33,831 Attention! 49 00:04:37,875 --> 00:04:43,700 Thank you, new employees, for choosing Korea Merchant Bank Corp. 50 00:04:47,208 --> 00:04:53,124 To prevent you valuable people from getting kidnapped by other companies, 51 00:04:53,417 --> 00:04:56,125 I will temporarily lock you in here. 52 00:04:58,625 --> 00:05:01,083 I heard some companies give money 53 00:05:01,083 --> 00:05:03,700 so we won't go to other job interviews. 54 00:05:04,583 --> 00:05:06,290 Do you offer something like that? 55 00:05:20,458 --> 00:05:25,032 If you take this money and still go elsewhere, it's foul play. 56 00:05:26,875 --> 00:05:29,947 "Governor, Bank of Korea" 57 00:05:40,792 --> 00:05:44,114 Tell Ms. Han to immediately come to my office! 58 00:05:50,333 --> 00:05:55,533 Mr Johnson? This is Jeong-Hak from Korea Merchant Bank Corporation 59 00:05:55,708 --> 00:06:03,286 I heard that your fund decided to cancel a big amount... 60 00:06:04,292 --> 00:06:05,202 Hey, driver! 61 00:06:05,375 --> 00:06:07,958 - Yes? - Turn off the music! 62 00:06:09,625 --> 00:06:12,913 I'm so sorry. Your fund cancelled in Korea... 63 00:06:12,958 --> 00:06:13,914 I'm sorry, I'm in the middle of a meeting 64 00:06:13,958 --> 00:06:14,413 Johnson? 65 00:06:14,458 --> 00:06:15,163 Bye. 66 00:06:17,500 --> 00:06:19,832 Freaking impatient bastard... 67 00:06:27,375 --> 00:06:28,365 This makes no sense. 68 00:06:28,375 --> 00:06:31,822 Many listeners wrote in again. 69 00:06:32,250 --> 00:06:35,993 'The mother's had no customers for days, 70 00:06:36,208 --> 00:06:39,906 and the brother hasn't been getting his salary.' 71 00:06:40,208 --> 00:06:43,997 It seems the economy is really tough these days, 72 00:06:44,125 --> 00:06:46,742 and many are going through a hard time. 73 00:06:47,583 --> 00:06:51,076 This story caught my eye. 74 00:06:51,458 --> 00:06:56,077 She wrote about her father's business. 75 00:06:57,500 --> 00:07:01,744 'My father's business went under, so we were forced to move.' 76 00:07:01,792 --> 00:07:03,328 'We were never rich, but 77 00:07:03,375 --> 00:07:06,493 - Hello? Mr. Yoon? - at least, I had my own bedroom.' 78 00:07:07,083 --> 00:07:08,915 What show is this? 79 00:07:08,958 --> 00:07:11,199 Son Sook's Women's Era. 80 00:07:13,583 --> 00:07:15,824 'How can we escape this situation?' 81 00:07:16,875 --> 00:07:18,991 Hello, Mr. Lee. It's been a long time! 82 00:07:20,750 --> 00:07:21,956 Really? 83 00:07:22,458 --> 00:07:24,449 Wow, that's... 84 00:07:25,000 --> 00:07:26,490 Alright, thank you! 85 00:07:33,250 --> 00:07:33,990 Gap-Su. 86 00:07:35,125 --> 00:07:38,117 Our bowls... they want us to supply them at Midopa. 87 00:07:40,125 --> 00:07:41,411 The department store? 88 00:07:42,250 --> 00:07:43,115 Yeah! 89 00:07:46,875 --> 00:07:47,956 Are you serious? 90 00:07:47,958 --> 00:07:49,289 Don't I look serious?! 91 00:07:52,667 --> 00:07:53,953 It's a hit! 92 00:08:02,417 --> 00:08:03,657 Ms. Han, let me call you in first... 93 00:08:03,708 --> 00:08:05,415 I was asked to come. 94 00:08:13,333 --> 00:08:14,368 Is this true? 95 00:08:20,000 --> 00:08:21,582 Why didn't you tell me right away? 96 00:08:21,583 --> 00:08:24,701 You've been too busy with the Financial Reform Bill. 97 00:08:24,792 --> 00:08:26,783 It's been 10 days since I submitted the first report. 98 00:08:26,875 --> 00:08:30,072 More precisely, 253 hours and 25 minutes. 99 00:08:30,167 --> 00:08:32,579 I have reported six updates since. 100 00:08:32,583 --> 00:08:36,656 Fine, fine! But that's not what's important. 101 00:08:38,833 --> 00:08:40,574 We need to think. 102 00:08:44,083 --> 00:08:48,202 That's what we need to do. Think. 103 00:08:49,000 --> 00:08:50,115 So, now we... 104 00:08:50,500 --> 00:08:52,161 Hold on. Let's think this through. 105 00:08:53,042 --> 00:08:54,077 Okay, now... 106 00:08:54,125 --> 00:08:55,957 First, you have to call a meeting with 107 00:08:56,875 --> 00:08:58,661 the Senior Presidential Secretary for Economic Affairs. 108 00:08:58,917 --> 00:09:01,625 That's right! You mean, right now? 109 00:09:03,083 --> 00:09:04,790 Okay. 110 00:09:07,542 --> 00:09:11,786 Find out where the Presidential Secretary for Economic Affairs is. 111 00:09:14,083 --> 00:09:14,993 Let's go. 112 00:09:17,708 --> 00:09:18,994 Aren't you coming? 113 00:09:27,083 --> 00:09:28,118 "Monetary Policy Team" 114 00:09:28,583 --> 00:09:29,539 We are a go. 115 00:09:31,792 --> 00:09:34,204 You're keeping up with the currency crisis in Southeast Asia? 116 00:09:34,250 --> 00:09:34,990 Yes. 117 00:09:36,833 --> 00:09:39,074 Get me a summary on the hot money roll-over. 118 00:09:39,125 --> 00:09:39,990 Okay. 119 00:09:40,500 --> 00:09:41,456 The dollars injected 120 00:09:41,500 --> 00:09:43,241 to defend our currency, 121 00:09:43,292 --> 00:09:45,124 organize a report by days. 122 00:09:45,167 --> 00:09:46,373 - Ma'am. - Huh? 123 00:09:48,375 --> 00:09:51,493 We've been through this more than 100 times. 124 00:09:52,500 --> 00:09:53,786 We're prepared. 125 00:10:04,792 --> 00:10:05,953 "Foreign Currency Crisis and the Korean Economy" 126 00:10:11,125 --> 00:10:13,457 What about supervising loan status of commercial banks? 127 00:10:13,500 --> 00:10:16,618 Put it on hold for now. After today, things will change. 128 00:10:16,667 --> 00:10:18,578 Our report is finally getting accepted? 129 00:10:18,625 --> 00:10:21,333 The country is about to go bankrupt. 130 00:10:21,917 --> 00:10:23,999 They'd be crazy not to take action. 131 00:10:25,083 --> 00:10:26,665 - Be on standby, everyone. - Yes, ma'am. 132 00:10:27,750 --> 00:10:29,707 - See you later. - Break a leg. 133 00:10:33,667 --> 00:10:35,374 Don't think about going home. 134 00:10:36,833 --> 00:10:39,040 "Bank of Korea" 135 00:10:41,417 --> 00:10:44,990 Yes. I'm on my way there right now. 136 00:10:45,583 --> 00:10:48,416 The situation is quite urgent. 137 00:10:48,917 --> 00:10:50,078 Okay. 138 00:10:50,958 --> 00:10:51,948 Yes sir. 139 00:10:52,000 --> 00:10:55,288 "Accession to the OECD, first step as a developed nation!" 140 00:10:57,542 --> 00:11:00,375 No more delays in real-name financial transactions! 141 00:11:00,417 --> 00:11:04,035 Secure independence for Bank of Korea! 142 00:11:04,083 --> 00:11:05,994 Independence for Bank of Korea! 143 00:11:06,167 --> 00:11:08,033 Withdraw the Financial Reform Bill! 144 00:11:08,083 --> 00:11:09,949 Withdraw! Withdraw! 145 00:11:10,167 --> 00:11:13,831 Down with institutional dictatorship! 146 00:11:13,875 --> 00:11:15,912 Down with institutional dictatorship! 147 00:11:15,958 --> 00:11:19,531 Secure independence for Bank of Korea! 148 00:11:19,583 --> 00:11:21,540 Independence for Bank of Korea! 149 00:11:21,792 --> 00:11:23,533 "Presidential Secretary for Economic Affairs” Is it true? 150 00:11:24,000 --> 00:11:24,740 Yes... 151 00:11:24,792 --> 00:11:27,784 We're in big trouble. Big trouble. 152 00:11:33,792 --> 00:11:36,250 Why didn't you tell me about this sooner? 153 00:11:37,667 --> 00:11:38,998 I'm sorry, sir. 154 00:11:44,125 --> 00:11:46,116 What do we need to do first? 155 00:11:46,708 --> 00:11:47,368 Well... 156 00:11:47,417 --> 00:11:49,624 Please call a meeting with the Ministry's key officials. 157 00:11:50,083 --> 00:11:50,993 Yes. 158 00:11:53,667 --> 00:11:57,490 Yeah, it's me. Tell these people to come to my office right now. 159 00:11:57,958 --> 00:11:59,323 First, the... 160 00:11:59,667 --> 00:12:00,657 The Deputy Minister of Finance. 161 00:12:00,833 --> 00:12:03,416 The Deputy Minister of Finance and... 162 00:12:03,500 --> 00:12:04,240 The Bureau Chief of Fiscal Policy. 163 00:12:04,292 --> 00:12:07,785 The Bureau Chief of Fiscal Policy and... Who else? 164 00:12:08,167 --> 00:12:09,453 That's enough for now. 165 00:12:09,750 --> 00:12:11,115 That's enough for now. 166 00:12:12,042 --> 00:12:13,203 Let's go. 167 00:12:15,042 --> 00:12:16,749 The Hong Kong market crashed today, 168 00:12:16,792 --> 00:12:20,410 giving rise to concerns about the economic crisis in East Asia. 169 00:12:20,458 --> 00:12:21,698 "Bureau Chief of Fiscal Policy” 170 00:12:21,792 --> 00:12:25,911 Countries including Malaysia, Thailand, and Singapore, 171 00:12:25,958 --> 00:12:28,620 which have shown economic growth in recent years... 172 00:12:28,708 --> 00:12:31,325 Hey, the Minister wants to... 173 00:12:31,375 --> 00:12:33,787 "Deputy Minister of Finance" ...play golf this weekend. 174 00:12:36,000 --> 00:12:40,824 As the man in charge of monetary policy, 175 00:12:40,875 --> 00:12:44,789 I'm sorry to report this situation. 176 00:12:44,833 --> 00:12:51,705 A detailed account of the matter will be briefed by Ms. Han Si-Hyun. 177 00:12:52,375 --> 00:12:57,666 I'm sure you're aware of foreigners pulling out their money, starting in Southeast Asia. 178 00:12:58,542 --> 00:13:01,455 Wait, she's not a secretary? 179 00:13:01,625 --> 00:13:06,995 Due to our inadequate handling of the Hanbo crisis 180 00:13:07,500 --> 00:13:11,118 and the bankruptcy of Kia Motors, 181 00:13:11,500 --> 00:13:15,368 foreigners began to doubt our crisis management ability. 182 00:13:15,958 --> 00:13:22,409 Foreign capital started pulling out since August. 183 00:13:22,875 --> 00:13:26,539 The value of Korean won continues to fall, but the government is defending it 184 00:13:27,875 --> 00:13:29,786 by injecting $2 billion from the reserves every week. 185 00:13:30,208 --> 00:13:31,448 $2 billion is used per week to defend 186 00:13:31,500 --> 00:13:33,286 the currency rate of %300 to $1. 187 00:13:33,667 --> 00:13:38,662 Everyone here knows that, but we can't stop defending the currency. 188 00:13:41,292 --> 00:13:44,159 My team has reviewed 189 00:13:44,208 --> 00:13:48,497 the rate of extension granted for money borrowed from overseas. 190 00:13:48,792 --> 00:13:53,707 Until late October, the rollover rate was 86.5% 191 00:13:53,833 --> 00:13:58,282 meaning foreign investors were willing to roll over their loans. 192 00:13:58,333 --> 00:13:59,823 However, on November 3, 193 00:14:00,667 --> 00:14:03,864 investors simultaneously refused to grant rollovers 194 00:14:03,917 --> 00:14:08,707 and started demanding payoffs by the end of December. 195 00:14:10,500 --> 00:14:11,786 Give me the figures. 196 00:14:11,833 --> 00:14:12,698 As of today, 197 00:14:12,750 --> 00:14:15,708 the Ministry announced $15.8 billion in foreign reserves. 198 00:14:15,958 --> 00:14:18,575 But these aren't accurate figures. 199 00:14:19,208 --> 00:14:21,745 Considering the rejected rollovers 200 00:14:21,792 --> 00:14:25,490 and dollars owed on forward exchange, 201 00:14:27,792 --> 00:14:30,204 the actual amount calculates to below $9 billion. 202 00:14:31,000 --> 00:14:35,244 The fact that the foreign reserves is below $9 billion means 203 00:14:35,583 --> 00:14:40,783 the government cannot guarantee Korea's export and import activities 204 00:14:41,000 --> 00:14:42,832 as you know so well. 205 00:14:42,875 --> 00:14:46,573 If the government cannot guarantee export and import activities... 206 00:14:48,167 --> 00:14:49,749 It means national bankruptcy. 207 00:14:52,417 --> 00:14:53,999 If my calculations are correct, 208 00:14:55,000 --> 00:14:57,583 the time remaining before Korea goes bankrupt 209 00:14:57,875 --> 00:14:59,206 IS one week. 210 00:15:14,542 --> 00:15:17,250 "Chief Presidential Secretary"” 211 00:15:17,667 --> 00:15:18,828 Is it true? 212 00:15:21,917 --> 00:15:26,332 Mr. President has a lot on his mind. 213 00:15:26,917 --> 00:15:30,865 If you speak in difficult terms... he'll get angry. 214 00:15:30,917 --> 00:15:31,952 We understand. 215 00:15:34,917 --> 00:15:37,375 Explain to him in easy terms. 216 00:15:37,792 --> 00:15:38,748 In easy terms? 217 00:15:40,083 --> 00:15:42,450 But... how? Should I take out the figures? 218 00:15:42,708 --> 00:15:44,995 We spent borrowed money like water 219 00:15:45,000 --> 00:15:46,331 hoping to get an extension. 220 00:15:46,333 --> 00:15:48,495 And here we are, Mr. President. 221 00:15:51,333 --> 00:15:53,290 I'll explain it to him in difficult terms. 222 00:16:03,417 --> 00:16:07,911 The President's son was granted bail today... 223 00:16:07,958 --> 00:16:11,906 If there aren't enough dollars, can't you just buy more? 224 00:16:12,083 --> 00:16:15,075 The dollars are going out much faster than the purchase rate, sir. 225 00:16:15,500 --> 00:16:16,581 Senior Secretary? 226 00:16:16,708 --> 00:16:17,948 Yes, Mr. President. 227 00:16:18,833 --> 00:16:20,323 Didn't you say it would be fine 228 00:16:20,375 --> 00:16:23,037 because Korea's economy has a solid foundation? 229 00:16:24,167 --> 00:16:25,623 I'm sorry, sir. 230 00:16:26,292 --> 00:16:30,160 The party's over... is that it? 231 00:16:36,500 --> 00:16:38,366 "Letter of Resignation” 232 00:16:44,000 --> 00:16:45,161 You sure about this? 233 00:16:47,917 --> 00:16:50,033 On a sinking ship, 234 00:16:51,375 --> 00:16:56,290 the first to get out has the best chance of survival. 235 00:16:57,167 --> 00:17:01,616 In movies, the first to leave dies first. 236 00:17:06,917 --> 00:17:09,625 "Installment savings reached $200 million!" 237 00:17:15,208 --> 00:17:18,405 I'll go my own path. Please accept this. 238 00:17:19,958 --> 00:17:22,916 Let's hear it. That path you'll go on. 239 00:17:23,125 --> 00:17:24,911 I'm going to invest in the crisis. 240 00:17:25,208 --> 00:17:29,406 I believe the Korean economy... 241 00:17:31,833 --> 00:17:33,915 will go bankrupt soon. 242 00:17:36,125 --> 00:17:38,492 Hey, do you think 243 00:17:39,000 --> 00:17:43,494 there haven't been others just like you? 244 00:17:44,792 --> 00:17:50,208 During the oil crisis and debt crisis in 1980, 245 00:17:50,333 --> 00:17:54,372 there were many who quit their good jobs, 246 00:17:54,667 --> 00:17:56,453 but no matter what happens, 247 00:17:56,500 --> 00:17:58,537 a nation's economy is bound to withstand. 248 00:17:59,042 --> 00:18:00,373 Don't you read the papers? 249 00:18:01,750 --> 00:18:03,206 The four dragons of Asia! 250 00:18:03,250 --> 00:18:05,161 Powerful, rising countries! 251 00:18:07,083 --> 00:18:10,280 You should think about investing diligently... 252 00:18:10,333 --> 00:18:15,328 No lectures, please. Just pay my severance. 253 00:18:16,250 --> 00:18:18,287 Do you know what people call your kind? 254 00:18:19,500 --> 00:18:21,787 A conspirator! You son of a bitch! 255 00:18:22,125 --> 00:18:24,116 Go on. Go your way. 256 00:18:25,375 --> 00:18:28,288 It's conspiracist, actually. 257 00:18:28,333 --> 00:18:29,949 Isn't that what I said?! 258 00:18:32,167 --> 00:18:38,118 Hello, sir. This is Yoon from Korea Merchant Bank Corp. 259 00:18:40,542 --> 00:18:42,453 The beacon of success! 260 00:18:42,500 --> 00:18:45,663 If you just give me an hour, I'll present you with the greatest... 261 00:18:45,750 --> 00:18:48,583 Yes, ma'am. Darling? My friend! 262 00:18:49,750 --> 00:18:53,197 "List of Top Companies” I don't know what to label it 263 00:18:53,250 --> 00:18:56,538 "Task force office" but this will be the control tower... 264 00:18:56,583 --> 00:18:58,870 "Task force office" ...for preventing national bankruptcy. 265 00:19:00,833 --> 00:19:03,370 Gently! You're stirring up dust. 266 00:19:03,625 --> 00:19:04,740 I'm sorry, sir. 267 00:19:07,333 --> 00:19:09,825 I wouldn't have called if this wasn't important. 268 00:19:10,750 --> 00:19:13,242 In fact, it's huge. 269 00:19:15,208 --> 00:19:17,996 Only for a few chosen clients... 270 00:19:18,042 --> 00:19:19,908 All you need to do is follow my lead. 271 00:19:22,125 --> 00:19:23,490 Thank you. 272 00:19:26,792 --> 00:19:33,949 While I was working as a personal assets manager, 273 00:19:34,000 --> 00:19:37,789 I secured all of you good returns on your investments. 274 00:19:39,000 --> 00:19:41,207 Isn't that right, ma'am? 275 00:19:41,917 --> 00:19:45,285 Of course. 276 00:19:45,333 --> 00:19:48,325 You helped me get a new building in Gangnam. 277 00:19:48,833 --> 00:19:49,948 Sir, am I right? 278 00:19:50,500 --> 00:19:54,164 I don't think any of us here doubt your skills. 279 00:19:56,500 --> 00:20:01,791 I believe that Korea 280 00:20:03,417 --> 00:20:05,784 will go broke in a week. 281 00:20:06,917 --> 00:20:10,114 - The country will go broke? - Is that even possible? 282 00:20:12,417 --> 00:20:16,365 And this is the reason why. 283 00:20:22,750 --> 00:20:28,996 'Yeo' means 'to give', and 'shin' means 'to trust'. 284 00:20:29,958 --> 00:20:34,373 Or 'loan' in plain language. 285 00:20:34,417 --> 00:20:36,374 When a financial institution loans money. 286 00:20:38,000 --> 00:20:40,162 This word, trust! 287 00:20:41,000 --> 00:20:45,915 What is exchanged is the trust that the money will be returned, but... 288 00:20:46,208 --> 00:20:50,156 this trust was a weak, unfounded one! 289 00:20:50,625 --> 00:20:57,122 From the beginning of this year, I sensed that it was slowly breaking apart. 290 00:20:58,417 --> 00:21:04,413 I'll give you an example. There's a businessman. 291 00:21:05,583 --> 00:21:07,915 Check the document. 292 00:21:07,958 --> 00:21:12,327 "Intent of Purchase” He wants to run a business but has no money. 293 00:21:12,375 --> 00:21:13,991 What can he do? 294 00:21:14,708 --> 00:21:18,372 Expand your factory, change your car, get a driver. 295 00:21:18,417 --> 00:21:20,408 You should live a better life now. 296 00:21:21,375 --> 00:21:24,333 - No more carrying sheets of steel! - Thank you. 297 00:21:26,042 --> 00:21:30,036 But... This many? 298 00:21:30,458 --> 00:21:31,243 Is that a problem? 299 00:21:31,333 --> 00:21:35,156 Of course not. We'll try and match the order. 300 00:21:36,042 --> 00:21:39,489 The payment will be made in promissory note. 301 00:21:41,500 --> 00:21:42,240 Sorry? 302 00:21:42,542 --> 00:21:44,249 Here's a question. 303 00:21:45,792 --> 00:21:49,956 What kind of a promissory note is this? 304 00:21:51,583 --> 00:21:53,574 This place is not a bank. 305 00:21:54,417 --> 00:21:55,532 Do you have the paperwork? 306 00:21:55,583 --> 00:21:58,166 It is a nonmonetary institution called a merchant bank. 307 00:21:58,875 --> 00:22:03,324 A promissory note is issued to the company at a bank 308 00:22:03,375 --> 00:22:06,697 which is then submitted to the nonmonetary institution. 309 00:22:07,625 --> 00:22:13,416 And what happens next? I'll count to three. 310 00:22:14,292 --> 00:22:15,077 One, 311 00:22:18,167 --> 00:22:18,998 two... 312 00:22:21,500 --> 00:22:22,285 Three! 313 00:22:23,500 --> 00:22:24,661 Here. 314 00:22:25,125 --> 00:22:26,286 Your loan's approved. 315 00:22:26,708 --> 00:22:29,120 Thank you. 316 00:22:29,208 --> 00:22:31,370 Surprisingly and instantly! 317 00:22:31,708 --> 00:22:34,291 You can borrow 318 00:22:34,333 --> 00:22:37,746 the amount on the bank-issued promissory note. "Loan Contract” 319 00:22:37,792 --> 00:22:40,830 Whether or not the note is effective as collateral 320 00:22:40,875 --> 00:22:43,583 is nobody's concern. 321 00:22:44,042 --> 00:22:45,203 They just give out the loan. 322 00:22:47,417 --> 00:22:53,868 Such promissory notes are passed on to small businesses. 323 00:22:55,833 --> 00:22:59,246 Sorry, but we've always received payment in cash. 324 00:22:59,333 --> 00:23:01,916 Who does business in cash these days? 325 00:23:02,500 --> 00:23:03,911 It's all in promissory notes. 326 00:23:05,167 --> 00:23:08,239 - What? - Who does business in cash anymore? 327 00:23:08,750 --> 00:23:10,036 I have to go. 328 00:23:10,083 --> 00:23:11,869 Call me. I have tons of orders to handle. 329 00:23:11,917 --> 00:23:13,908 - See you later. - Drive safe. 330 00:23:14,125 --> 00:23:18,574 If this is the situation for small businesses, what about conglomerates? 331 00:23:19,208 --> 00:23:26,456 They take loans through foreign banks, 332 00:23:26,500 --> 00:23:29,333 secure them against other loans. 333 00:23:29,917 --> 00:23:35,868 And that debt goes down to subcontractors. 334 00:23:35,917 --> 00:23:39,114 Down and down. 335 00:23:39,292 --> 00:23:45,789 If the business is successful and the debt is collected, everyone's happy. 336 00:23:47,625 --> 00:23:49,662 But if any one party falters? 337 00:23:49,708 --> 00:23:52,325 It's a matter of time before everything comes tumbling down. 338 00:23:53,417 --> 00:23:56,830 Why? But I've never heard of this. 339 00:23:57,375 --> 00:23:58,911 This was a deal made on the unfounded trust that 340 00:23:58,958 --> 00:24:01,575 'everything will be fine'. 341 00:24:01,625 --> 00:24:07,041 This is the screwed up process Korea's 342 00:24:07,083 --> 00:24:10,201 been running businesses in till 1997. 343 00:24:10,875 --> 00:24:12,616 - Pardon my French. - Nonsense. 344 00:24:13,875 --> 00:24:19,700 And I reached the conclusion that 345 00:24:20,958 --> 00:24:24,952 this ticking time bomb will go off this year. 346 00:24:31,042 --> 00:24:36,242 You're overlooking something. What if the government gets involved? 347 00:24:36,542 --> 00:24:42,823 What if they present a solution before the bomb explodes? 348 00:24:44,625 --> 00:24:47,617 What kind of solution do we have 349 00:24:47,667 --> 00:24:49,578 in a free market economy? 350 00:24:49,750 --> 00:24:52,913 Send out a warning that the country's economy is in danger. 351 00:24:55,792 --> 00:24:57,874 Isn't that the first step to deal with any disaster? 352 00:24:57,917 --> 00:25:00,989 Now why would we do that? 353 00:25:01,708 --> 00:25:03,949 'Dear people of Korea, we're screwed. 354 00:25:04,000 --> 00:25:05,911 We're about to go bankrupt.' 355 00:25:05,958 --> 00:25:07,448 You want to advertise it? 356 00:25:07,708 --> 00:25:12,202 People have a right to be informed of the government's decision. 357 00:25:12,250 --> 00:25:16,164 What right? Where does it say that? 358 00:25:17,625 --> 00:25:20,367 If the market economy collapses, we won't be able to do anything. 359 00:25:20,417 --> 00:25:23,580 All this talk of imminent danger will cause more confusion. 360 00:25:23,958 --> 00:25:25,323 We have to prevent that 361 00:25:25,375 --> 00:25:26,957 and find a way to buy more time. 362 00:25:27,000 --> 00:25:31,369 Who will take responsibility for the damage incurred in that time? 363 00:25:31,667 --> 00:25:36,116 People have the right to know about the current situation! 364 00:25:36,167 --> 00:25:37,282 Han! 365 00:25:40,958 --> 00:25:42,414 Ms. Han... 366 00:25:43,708 --> 00:25:46,496 the people's right to know isn't what matters right now. 367 00:25:46,750 --> 00:25:49,993 What's stopping you? This is a huge opportunity! 368 00:25:50,042 --> 00:25:52,704 If we get paid with a promissory note, 369 00:25:52,750 --> 00:25:54,491 how do we pay our vendors? 370 00:25:55,375 --> 00:25:57,332 We can ask them to wait for now 371 00:25:57,417 --> 00:26:01,911 and pay once the note matures. 372 00:26:02,917 --> 00:26:04,248 Let's sign the deal. 373 00:26:04,250 --> 00:26:05,365 At least a warning to people 374 00:26:05,375 --> 00:26:09,243 "Intent of Purchase" making countless decisions... 375 00:26:10,042 --> 00:26:11,123 that's confusing to you? 376 00:26:11,167 --> 00:26:15,035 What if everyone clears out their account and cancels their deals? 377 00:26:15,083 --> 00:26:17,700 How can you worry about that? 378 00:26:19,000 --> 00:26:20,456 That's making a soft landing. 379 00:26:22,583 --> 00:26:24,494 The government will not notify the public. 380 00:26:24,708 --> 00:26:26,324 How can you be so sure? 381 00:26:26,375 --> 00:26:30,915 There have been clear signs showing how Korea is failing, 382 00:26:31,417 --> 00:26:34,250 and they've been ignoring them! 383 00:26:39,792 --> 00:26:43,740 Sir, we must notify the public as soon as possible. 384 00:26:44,125 --> 00:26:47,618 No, it'll only cause unnecessary confusion. 385 00:26:49,625 --> 00:26:51,491 'In difficulty, because the factory 386 00:26:51,542 --> 00:26:54,705 isn't paying my husband's salary!' 387 00:26:55,167 --> 00:26:59,491 'Putting the house up for sale after the business failed.' 388 00:26:59,708 --> 00:27:02,245 What show is this? 389 00:27:03,000 --> 00:27:04,616 Son Sook's Women's Era. 390 00:27:08,292 --> 00:27:10,624 If we tell the people now, 391 00:27:10,667 --> 00:27:12,783 then the damage can be reduced. 392 00:27:13,917 --> 00:27:15,703 "Intent of Purchase" 393 00:27:16,875 --> 00:27:17,615 Sign it. 394 00:27:19,833 --> 00:27:22,040 National bankruptcy has already begun, 395 00:27:22,083 --> 00:27:25,701 but the government isn't doing anything at all. 396 00:27:26,208 --> 00:27:29,746 They are either incompetent or ignorant! 397 00:27:31,417 --> 00:27:34,489 Saying that we're facing an economic crisis 398 00:27:34,542 --> 00:27:38,911 will only serve the opposition right before elections. 399 00:27:40,208 --> 00:27:42,074 This is no time to talk politics! 400 00:27:42,125 --> 00:27:47,746 I plan to invest in that incompetence and ignorance. 401 00:27:48,125 --> 00:27:52,369 What's there to think about? Come on. 402 00:28:04,083 --> 00:28:05,073 Mr. Senior Secretary... 403 00:28:20,792 --> 00:28:22,578 The possibility of national bankruptcy... 404 00:28:30,875 --> 00:28:33,116 will be dealt with entirely behind closed doors. 405 00:28:34,417 --> 00:28:37,489 From this point on, 406 00:28:37,542 --> 00:28:40,034 this team will keep silent about the situation 407 00:28:40,458 --> 00:28:44,372 to the press and those in the financial sector. 408 00:28:52,375 --> 00:28:53,410 Everything will be fine. 409 00:28:54,667 --> 00:28:55,657 Mr. Senior Secretary! 410 00:28:57,875 --> 00:28:59,741 Sir, please! 411 00:29:00,500 --> 00:29:01,160 Sir! 412 00:29:02,083 --> 00:29:06,407 Sir, If we hide it, people will suffer helplessly 413 00:29:06,708 --> 00:29:08,619 when the big blow comes. 414 00:29:08,917 --> 00:29:11,500 We have to salvage at least the healthy SMEs... 415 00:29:12,875 --> 00:29:15,663 Healthy SMEs? 416 00:29:18,292 --> 00:29:20,408 And who's doing the health checkups? 417 00:29:53,750 --> 00:29:55,206 Where's everybody else? 418 00:29:55,875 --> 00:29:58,412 Obviously, they weren't impressed by my presentation. 419 00:29:59,583 --> 00:30:00,914 No one believes me. 420 00:30:03,125 --> 00:30:08,871 I'll invest in your words about government's incompetence in crisis. 421 00:30:17,792 --> 00:30:22,832 Man! I was totally blown away! 422 00:30:23,292 --> 00:30:27,115 'They are either incompetent or ignorant!' 423 00:30:27,958 --> 00:30:29,869 Especially that part. 424 00:30:30,708 --> 00:30:32,039 Hey, how old are you? 425 00:30:32,333 --> 00:30:33,073 Twenty four. 426 00:30:33,125 --> 00:30:34,832 Scram, kid. 427 00:30:36,125 --> 00:30:39,823 Wasn't this a presentation about an investment opportunity? 428 00:30:42,208 --> 00:30:43,869 I have money. Shitload of it. 429 00:31:02,000 --> 00:31:03,115 "1 million dollars' 430 00:31:04,250 --> 00:31:09,199 Why don't you take a seat, sir? 431 00:31:09,250 --> 00:31:10,615 Yes, Mr. Yoon. 432 00:31:20,083 --> 00:31:22,074 - Mom! - Mom's home! 433 00:31:22,125 --> 00:31:23,035 Hey! 434 00:31:23,083 --> 00:31:24,790 Why'd you come home so late? 435 00:31:24,833 --> 00:31:28,531 Did you miss mommy? 436 00:31:29,667 --> 00:31:35,208 Honey, our bowls... they'll be in department stores soon. 437 00:31:37,083 --> 00:31:38,073 Really? 438 00:31:39,500 --> 00:31:43,824 It's a huge deal. Worth $500,000. 439 00:31:44,667 --> 00:31:48,490 - Really? That's great! - Right? 440 00:31:50,042 --> 00:31:54,411 I was worried about tuition fees when Hyun-ah goes to middle school. 441 00:31:56,042 --> 00:31:56,952 Once we close the deal, 442 00:31:57,000 --> 00:31:57,831 you can quit working. 443 00:31:57,875 --> 00:32:00,458 Let's talk about that when you close the deal. 444 00:32:01,917 --> 00:32:03,282 You did good! 445 00:32:09,458 --> 00:32:13,372 In response to the claim that the Korean economy is facing a crisis, 446 00:32:13,417 --> 00:32:16,580 the Deputy Prime Minister dismissed it as an unfounded rumor. 447 00:32:16,625 --> 00:32:20,198 The economy is entering a recovery phase... 448 00:32:20,250 --> 00:32:24,995 Based on its solid foundation as the world's 11th largest economy... 449 00:32:25,042 --> 00:32:28,000 ...appears to have passed the low point. 450 00:32:28,042 --> 00:32:30,830 Korea beat UAE 451 00:32:30,875 --> 00:32:32,365 in the World Cup qualifying round... 452 00:32:32,417 --> 00:32:34,203 ...has asked the national team to play well 453 00:32:34,250 --> 00:32:37,788 in the quarter too. 454 00:32:37,833 --> 00:32:39,415 No, it's not official yet. 455 00:32:39,417 --> 00:32:40,327 "Nov 18, 1997" 456 00:32:40,333 --> 00:32:41,698 "KOSPI 542 .4" 457 00:32:41,708 --> 00:32:43,039 "Won-Dollar Exchange Rate 843" 458 00:32:43,042 --> 00:32:44,874 "won Foreign Reserves $10.3 billion" 459 00:32:45,292 --> 00:32:46,953 The Bank of Korea is unable to provide surety. 460 00:32:48,125 --> 00:32:50,708 No, we cannot confirm that. 461 00:32:51,083 --> 00:32:52,414 The Washington Post wrote that 462 00:32:52,458 --> 00:32:55,905 foreign banks refused to provide export bonds for Korean companies. 463 00:32:56,042 --> 00:33:00,866 Soros is refusing to roll over matured investments in Korea. 464 00:33:01,000 --> 00:33:03,583 I don't think it helps to keep silent. 465 00:33:03,792 --> 00:33:06,124 There'll be more vicious rumors. 466 00:33:06,917 --> 00:33:07,748 Let's go out. 467 00:33:07,792 --> 00:33:08,452 Sorry? 468 00:33:08,500 --> 00:33:10,491 We need proof to convince 469 00:33:10,542 --> 00:33:14,115 the ignorant and indolent in high positions. 470 00:33:14,375 --> 00:33:16,992 We have to gather evidence they can't refute. 471 00:33:17,542 --> 00:33:20,864 We can look into poor bonds in nonmonetary institutions 472 00:33:21,125 --> 00:33:23,207 and use them to persuade people in charge 473 00:33:24,333 --> 00:33:28,076 at the Ministry of Finance, the BOK, and commercial banks. 474 00:33:28,375 --> 00:33:31,993 Whatever it takes for now. 475 00:33:32,208 --> 00:33:33,573 From now on, we're the system. 476 00:33:33,625 --> 00:33:34,490 Yes, ma'am. 477 00:33:36,083 --> 00:33:38,074 Who is this person we have to meet? 478 00:33:38,750 --> 00:33:39,490 An alumnus. 479 00:33:40,083 --> 00:33:40,993 Alumnus? 480 00:33:53,500 --> 00:33:57,243 This is the bureau chief of fiscal policy. 481 00:33:57,750 --> 00:33:58,410 Nice to meet you. 482 00:33:58,458 --> 00:33:59,539 Good evening, sir. 483 00:34:00,958 --> 00:34:02,448 He's my alumnus from Harvard. 484 00:34:02,500 --> 00:34:03,990 He'll take a seat in the next cabinet. 485 00:34:04,208 --> 00:34:05,198 It's an honor. 486 00:34:06,000 --> 00:34:07,832 Show respect. Bow deeper. 487 00:34:09,208 --> 00:34:10,414 Thank you for coming. 488 00:34:10,458 --> 00:34:12,449 Stay close. 489 00:34:13,583 --> 00:34:14,573 Hello. 490 00:34:18,667 --> 00:34:19,623 Good to see you. 491 00:34:20,333 --> 00:34:24,406 This is the youngest son of the Llsung Group's Chairman. 492 00:34:24,458 --> 00:34:27,166 I'm sorry I didn't recognize you. 493 00:34:29,625 --> 00:34:32,333 I came because my father told me to. 494 00:34:33,208 --> 00:34:34,994 What do we talk about? 495 00:34:35,333 --> 00:34:40,908 We give advice and share information among the alumni. 496 00:34:42,625 --> 00:34:43,911 I see... 497 00:34:44,208 --> 00:34:45,824 Mr. Chairman is in good health? 498 00:34:45,958 --> 00:34:47,198 Yeah, he's well. 499 00:34:49,375 --> 00:34:50,285 So... 500 00:34:53,500 --> 00:34:58,825 Mr. Chairman is no longer in his youth. You should start training to take over. 501 00:35:00,583 --> 00:35:03,291 Well, I don't know much. 502 00:35:03,917 --> 00:35:06,033 Now, you will have something you know. 503 00:35:08,458 --> 00:35:12,907 What we're about to tell you will please Mr. Chairman. 504 00:35:14,125 --> 00:35:15,331 How do you mean? 505 00:35:19,167 --> 00:35:22,364 Pretty soon... there will be national bankruptcy. 506 00:35:22,833 --> 00:35:30,160 Many things will change. In whatever way, you should be prepared. 507 00:35:32,292 --> 00:35:34,784 Why are you telling me this? 508 00:35:36,958 --> 00:35:38,824 Because we're alumni. 509 00:35:52,042 --> 00:35:55,660 As per the Bank of Korea's supervision authority, 510 00:35:55,708 --> 00:35:58,370 we'll conduct an emergency inspection of this bank. 511 00:36:03,875 --> 00:36:06,287 How much did Cheil Bank lend to Hanbo Steel? 512 00:36:07,167 --> 00:36:09,329 Around $1.08 billion. 513 00:36:09,375 --> 00:36:11,992 How much paid-in capital do you have? 514 00:36:12,042 --> 00:36:13,703 $870 million. 515 00:36:13,750 --> 00:36:17,414 Why did you lend more than the capital held by the bank? 516 00:36:18,333 --> 00:36:19,323 I'm sorry. 517 00:36:19,958 --> 00:36:22,666 Who reviewed and approved the loan? 518 00:36:22,875 --> 00:36:25,162 There has never been a review 519 00:36:25,208 --> 00:36:27,415 of the business plan. 520 00:36:29,667 --> 00:36:31,999 There should've been restraints imposed by Bank Inspection Board? 521 00:36:32,042 --> 00:36:32,873 No. 522 00:36:33,250 --> 00:36:35,833 Who's in charge of this bank at the Bank Inspection Board? 523 00:36:36,292 --> 00:36:37,498 Well... 524 00:36:38,458 --> 00:36:39,198 That's me. 525 00:36:39,500 --> 00:36:40,160 What? 526 00:36:40,208 --> 00:36:43,576 I used to be on the Bank Inspection Board, 527 00:36:44,167 --> 00:36:47,205 then I transferred here right before the Hanbo scandal. 528 00:36:47,250 --> 00:36:51,039 If I knew Hanbo would go under, I wouldn't have come here. 529 00:36:52,542 --> 00:36:53,703 I'm sorry. 530 00:36:54,292 --> 00:36:57,159 Why is Hanbo Headquarters in an apartment arcade? 531 00:36:57,667 --> 00:37:01,365 It was on advice from the Chairman's fortune teller. 532 00:37:01,583 --> 00:37:05,281 A fortune teller? That's crazy. 533 00:37:05,708 --> 00:37:09,155 My wife and kids are in Canada. 534 00:37:09,208 --> 00:37:11,700 Do you know how much the exchange rate will go up? 535 00:37:11,750 --> 00:37:15,038 Who made the decision to invest in steel at Hanbo? "Sales, Hanbo Steel" 536 00:37:15,083 --> 00:37:16,289 Was it the fortune teller again? 537 00:37:16,333 --> 00:37:19,576 Whoever it was, I know nothing of it. 538 00:37:19,625 --> 00:37:21,241 Did the board of directors approve? 539 00:37:21,708 --> 00:37:22,448 What board of directors? 540 00:37:22,500 --> 00:37:25,913 There are no directors. 541 00:37:26,333 --> 00:37:31,874 The arrangement for the loan was made by the President's son. 542 00:37:31,917 --> 00:37:34,784 How much is the total loan Hanbo obtained? 543 00:37:35,833 --> 00:37:39,246 What year did this bitch enter Bank of Korea? 544 00:37:39,542 --> 00:37:41,158 You can't talk like that. 545 00:37:41,208 --> 00:37:44,121 How much is the total loan that's not in the record? 546 00:37:44,167 --> 00:37:47,740 How dare you talk like that to me! 547 00:37:47,917 --> 00:37:48,577 Sir! 548 00:37:48,625 --> 00:37:49,786 What! 549 00:37:57,750 --> 00:37:58,740 Hey, 550 00:38:00,417 --> 00:38:02,374 freaking clueless, aren't you? 551 00:38:06,417 --> 00:38:08,624 Because of the billions 552 00:38:08,667 --> 00:38:11,250 you recklessly obtained by lobbying politicians, 553 00:38:14,000 --> 00:38:17,618 you set off a ticking time bomb. 554 00:38:21,250 --> 00:38:22,832 So, where are we going? 555 00:38:24,125 --> 00:38:25,536 We'll start purchasing dollars. 556 00:38:27,208 --> 00:38:31,873 When Korea's credit level falls, the first thing to change is the currency rate. 557 00:38:32,125 --> 00:38:38,997 The exchange rate is at 800 won. Do you think it'll get higher? 558 00:38:39,250 --> 00:38:43,244 Of course. My prediction is... 559 00:38:44,500 --> 00:38:45,365 up to 2,000 won. 560 00:38:46,083 --> 00:38:47,699 2,000 won?! 561 00:38:48,375 --> 00:38:50,491 That's almost triple! 562 00:38:52,250 --> 00:38:54,332 That much won't do for me. 563 00:38:54,625 --> 00:38:55,865 I want a put option that makes money 564 00:38:55,917 --> 00:39:00,707 when the stocks crash and the currency flares up. 565 00:39:02,208 --> 00:39:03,198 Here. 566 00:39:03,583 --> 00:39:06,075 "Stock Options” 567 00:39:07,292 --> 00:39:11,035 The currency rate is as high and the stocks as low as they can get. 568 00:39:11,083 --> 00:39:15,998 You're totally going the opposite way. 569 00:39:16,125 --> 00:39:21,791 If you want to make money with this, then this country has to go under. 570 00:39:22,292 --> 00:39:25,284 I just do as requested but... 571 00:39:25,333 --> 00:39:27,199 Then do it. 572 00:39:43,083 --> 00:39:45,745 Companies take on businesses without considering profitability. 573 00:39:45,792 --> 00:39:49,831 Banks lend blindly, politicians lobby to accommodate. 574 00:39:49,833 --> 00:39:51,699 The inspection board doesn't work. 575 00:39:51,708 --> 00:39:53,745 They all fit perfectly. 576 00:39:53,750 --> 00:39:57,914 The bad loans from Hanbo alone are worth $5 billion. 577 00:39:57,917 --> 00:40:01,490 No need to criticize others. Bank of Korea is also responsible. 578 00:40:01,667 --> 00:40:02,623 How come? 579 00:40:02,792 --> 00:40:05,329 How is the monetary policy team responsible? 580 00:40:05,625 --> 00:40:09,914 When Hanbo went bankrupt, when Kia went bankrupt... 581 00:40:10,000 --> 00:40:12,241 we submitted tons of analysis reports. 582 00:40:12,625 --> 00:40:14,241 They never listened. 583 00:40:16,167 --> 00:40:20,912 Foreign investors are selling fast, causing the stock price to plummet. 584 00:40:20,958 --> 00:40:23,825 ...dropped by 20 points within 10 minutes. 585 00:40:23,875 --> 00:40:26,287 Only 5 minutes into trading, foreign dumping began... 586 00:40:26,333 --> 00:40:27,619 "Nov 19, 1997" Since selling over $300 million last month, 587 00:40:27,625 --> 00:40:29,081 "KOSPI 509.4 Won-Dollar" Since selling over $300 million last month, 588 00:40:29,083 --> 00:40:30,039 "Exchange Rate 909 won" Since selling over $300 million last month, 589 00:40:30,042 --> 00:40:30,782 "Foreign Reserves $8 billion" 590 00:40:30,792 --> 00:40:34,831 foreigners have sold $580 million this month, 591 00:40:34,833 --> 00:40:38,326 as of today. 592 00:40:39,292 --> 00:40:42,080 With foreign investors dumping stocks, 593 00:40:42,083 --> 00:40:44,324 the exchange rate is flaring up. 594 00:40:44,833 --> 00:40:48,952 The foreign exchange market ceased all transactions after 5 minutes. 595 00:40:49,375 --> 00:40:50,365 The currency rate flared up, 596 00:40:50,375 --> 00:40:55,996 causing the market to close after just 5 minutes. 597 00:40:56,083 --> 00:40:58,825 The money exchange services have come to a de facto halt. 598 00:40:58,958 --> 00:41:03,623 The interest rate for promissory notes has gone up by 0.87 % overnight. 599 00:41:04,833 --> 00:41:07,495 Right now, the administration is preparing a statement. 600 00:41:08,375 --> 00:41:09,991 The situation is only temporary 601 00:41:10,000 --> 00:41:12,287 and will not lead to a state of panic! 602 00:41:12,917 --> 00:41:14,373 This is not a serious situation. 603 00:41:14,417 --> 00:41:15,248 Hang up. 604 00:41:15,792 --> 00:41:20,662 The aftershock of the financial crisis in Southeast Asia is hitting hard again. 605 00:41:20,667 --> 00:41:23,625 The currency crisis that began in Thailand and spread across the Philippines, 606 00:41:23,667 --> 00:41:29,948 Indonesia, and Hong Kong is now threatening our financial market. 607 00:41:30,083 --> 00:41:33,371 The currency rate has reached an all-time high again. 608 00:41:33,375 --> 00:41:37,073 Mr. Yoon, it's come true. It's happening! 609 00:41:38,167 --> 00:41:40,374 I can't freaking believe this! 610 00:41:40,625 --> 00:41:43,822 Listen! Tell them it's not true. 611 00:41:45,083 --> 00:41:46,949 Don't say anything else! 612 00:41:49,125 --> 00:41:51,207 Just tell them everything is under control! 613 00:41:51,417 --> 00:41:52,248 We have breaking news. 614 00:41:52,292 --> 00:41:57,913 Midopa Department Store is facing bankruptcy. 615 00:41:58,083 --> 00:42:01,826 I repeat. Midopa is facing bankruptcy. 616 00:42:02,083 --> 00:42:05,656 Midopa is seeking emergency funding, 617 00:42:05,833 --> 00:42:12,910 as well as holding talks with its partners to renegotiate business terms. 618 00:42:53,292 --> 00:42:53,952 Mr. Lee! 619 00:42:54,708 --> 00:42:56,870 There's Lee. Get him! 620 00:42:56,875 --> 00:42:58,741 Mr. Lee! 621 00:43:14,083 --> 00:43:17,496 Wait. Let go! 622 00:43:19,000 --> 00:43:19,740 Mr. Lee! 623 00:43:20,042 --> 00:43:20,907 Lee! 624 00:43:21,583 --> 00:43:22,698 It's not true, is it? 625 00:43:23,250 --> 00:43:24,490 It's not going bankrupt, right? 626 00:43:24,583 --> 00:43:26,039 Just give me a little more time. 627 00:43:26,042 --> 00:43:27,328 You knew about this! 628 00:43:27,333 --> 00:43:28,573 No! Honestly. 629 00:43:28,583 --> 00:43:29,914 What are you gonna do about it? 630 00:43:32,208 --> 00:43:34,324 Lives depended on that money! 631 00:43:36,375 --> 00:43:37,740 Midopa has $310 million in debt 632 00:43:37,750 --> 00:43:39,240 with commercial banks, 633 00:43:39,250 --> 00:43:42,618 as well as $215 million with nonmonetary institutions. 634 00:43:42,625 --> 00:43:45,947 Midopa in debt Total $827.5 million 635 00:43:46,125 --> 00:43:49,038 Midopa will file for composition tomorrow, 636 00:43:49,042 --> 00:43:51,283 but if the creditors reject, 637 00:43:51,292 --> 00:43:53,784 they will be forced to go into receivership. 638 00:43:54,125 --> 00:43:56,207 Halla Group has gone bankrupt. 639 00:43:56,792 --> 00:43:57,873 "Halla" 640 00:43:58,083 --> 00:43:59,448 Taeil's filed for bankruptcy. 641 00:43:59,458 --> 00:44:00,368 "Taeil Precision" 642 00:44:00,375 --> 00:44:02,286 New Core has filed for bankruptcy! 643 00:44:03,917 --> 00:44:04,782 What? 644 00:44:06,250 --> 00:44:07,240 Sir! 645 00:44:08,750 --> 00:44:10,991 Daewoo's in danger. 646 00:44:11,667 --> 00:44:12,281 What? 647 00:44:12,708 --> 00:44:15,746 Chairman Kim Woo-joong wants a special meeting. 648 00:44:16,708 --> 00:44:18,574 "#4 Daewoo" 649 00:44:19,292 --> 00:44:22,125 Han! Where did Han go? 650 00:44:33,708 --> 00:44:38,498 Please relax and come down, sir. 651 00:44:38,833 --> 00:44:41,495 Come down and talk to me. 652 00:44:41,917 --> 00:44:44,830 Many are going through a difficult time. Please. 653 00:44:45,250 --> 00:44:48,868 Think about your family. 654 00:44:49,042 --> 00:44:51,909 Please come down, sir. 655 00:44:52,625 --> 00:44:54,616 Come down please! 656 00:45:08,958 --> 00:45:14,579 Haetae Group has gone into bankruptcy. 657 00:45:14,750 --> 00:45:17,913 Kia's creditors filed for court receivership. 658 00:45:17,917 --> 00:45:20,249 ...New York Times expressed concern on Korea's capability 659 00:45:20,250 --> 00:45:22,582 to pay off its short-term loans. 660 00:45:22,667 --> 00:45:24,999 ...unprecedented bankruptcy of a financial institution. 661 00:45:25,000 --> 00:45:26,331 "Korea Merchant Bank Clients Left Hopeless" 662 00:45:27,750 --> 00:45:32,074 Today alone, 20 out of the top 100 companies have gone bankrupt. 663 00:45:32,292 --> 00:45:34,784 If you include smaller companies, 664 00:45:34,792 --> 00:45:37,250 we estimate around 200 companies. 665 00:45:37,250 --> 00:45:41,448 Merchant banks' low-interest bonds from Southeast Asia are being retrieved. 666 00:45:41,583 --> 00:45:45,781 If they go bust, their promissory notes will become void. 667 00:45:46,333 --> 00:45:49,496 If that happens, commercial banks may become insolvent. 668 00:45:49,500 --> 00:45:53,289 Korea's bankruptcy is reported as an established fact in Wall Street. 669 00:45:54,000 --> 00:45:55,206 Starting with Korea Merchant Bank, 670 00:45:55,208 --> 00:45:56,994 commercial banks are also at risk. 671 00:46:07,417 --> 00:46:09,499 "Korea Merchant Bank Corp". 672 00:46:15,708 --> 00:46:16,948 Damn! We were right! 673 00:46:17,292 --> 00:46:21,365 The stocks are crashing, right? 674 00:46:21,917 --> 00:46:25,911 The Korean won is going down, and the dollar's going up, right? 675 00:46:26,125 --> 00:46:29,243 We're making a shitload of money, right? 676 00:46:31,208 --> 00:46:33,495 Korea is screwed. 677 00:46:34,167 --> 00:46:35,749 We're rich, man. 678 00:46:37,208 --> 00:46:38,915 We're stinking rich now! 679 00:46:41,958 --> 00:46:44,495 Mr. Yoon! 680 00:46:45,167 --> 00:46:50,708 I don't think it's time to buy dollars or stocks or any of that. 681 00:46:51,083 --> 00:46:53,745 Then what should we do? 682 00:46:55,167 --> 00:46:57,078 It's time to change our lives. 683 00:46:57,500 --> 00:47:00,572 In life, you have moments that change you forever. 684 00:47:03,167 --> 00:47:05,625 One of those moments is right now. 685 00:47:06,083 --> 00:47:11,578 My life... my position... my status... 686 00:47:14,750 --> 00:47:17,082 All of that is about to change for good. 687 00:47:20,292 --> 00:47:25,162 Hey! Go get more money. 688 00:47:26,875 --> 00:47:28,912 But from now on, keep two things in mind. 689 00:47:28,917 --> 00:47:31,124 Don't talk to me like I'm your friend... 690 00:47:36,083 --> 00:47:38,370 and don't get excited about making money. 691 00:47:51,167 --> 00:47:53,784 Please, share your thoughts. 692 00:47:59,750 --> 00:48:03,493 It's not like we have no options at all. 693 00:48:03,917 --> 00:48:04,998 What else is there? 694 00:48:05,417 --> 00:48:06,907 We can go to the IMF. 695 00:48:07,083 --> 00:48:08,164 What? 696 00:48:08,167 --> 00:48:08,872 697 00:48:09,000 --> 00:48:12,823 If we go to IMF, it could get very painful. 698 00:48:13,208 --> 00:48:16,906 By nature, good medicines taste bitter. 699 00:48:17,958 --> 00:48:20,120 It's a very simple matter. 700 00:48:20,500 --> 00:48:23,458 When Choheung Bank has no money, they borrow from Hanil Bank. 701 00:48:23,458 --> 00:48:26,120 When Hanil doesn't have money, they borrow from somewhere else. 702 00:48:26,125 --> 00:48:31,245 The problem is that our foreign reserves are almost depleted 703 00:48:31,375 --> 00:48:34,493 when we have to pay back bad loans or short-term loans. 704 00:48:34,500 --> 00:48:36,616 Let's get a bailout from IMF. 705 00:48:36,625 --> 00:48:39,083 That's the surest and cleanest solution. 706 00:48:39,208 --> 00:48:44,453 You know the IMF doesn't just lend money. 707 00:48:44,458 --> 00:48:47,621 They'll make demands about running our economy. 708 00:48:47,625 --> 00:48:52,995 I know. I know. But we have to put out the fire first. 709 00:48:53,333 --> 00:48:57,577 Does it matter whose extinguisher we're using? 710 00:48:57,792 --> 00:48:58,702 No. 711 00:49:00,208 --> 00:49:03,951 We can't go to the IMF. That's not the answer. 712 00:49:05,750 --> 00:49:07,582 The IMF is not a bank. 713 00:49:08,292 --> 00:49:10,533 In return for a bailout loan, 714 00:49:10,542 --> 00:49:12,158 they'll require unreasonable conditions 715 00:49:12,417 --> 00:49:15,034 and even take control over our own economy. 716 00:49:15,042 --> 00:49:20,116 We can use this opportunity to make fundamental improvements. 717 00:49:20,125 --> 00:49:24,198 No! The question of improving the Korean economy 718 00:49:24,542 --> 00:49:28,331 should be considered separately from the foreign reserves issue. 719 00:49:28,542 --> 00:49:29,657 Miss bank teller... 720 00:49:34,917 --> 00:49:40,959 this is completely different from the petty cash you count. 721 00:49:41,250 --> 00:49:44,038 This is policy and politics. 722 00:49:44,833 --> 00:49:50,909 You're the one who reported about these problems firsthand. 723 00:49:51,083 --> 00:49:55,281 And now you say that it's excessive? That we should separate the issues? 724 00:49:58,042 --> 00:50:00,158 What is your solution then? 725 00:50:00,917 --> 00:50:06,788 We can take care of the urgent foreign loans by borrowing $10 billion from 726 00:50:06,833 --> 00:50:09,825 government-run banks in Japan, U.S., and European countries. 727 00:50:09,917 --> 00:50:11,157 Then what? 728 00:50:11,333 --> 00:50:12,915 After that... 729 00:50:14,125 --> 00:50:17,493 What happens after we put out the fire with the borrowed $10 billion 730 00:50:17,500 --> 00:50:20,618 when the country's debt is almost $100 billion? 731 00:50:20,792 --> 00:50:23,659 We consider ABS option issuing overseas bonds, 732 00:50:23,708 --> 00:50:27,497 using government-owned assets as security. 733 00:50:40,750 --> 00:50:42,582 Am I the only one who finds that hilarious? 734 00:50:45,375 --> 00:50:51,075 I didn't realize it but you're an emotional person, Ms. Han. 735 00:50:51,292 --> 00:50:54,614 So far, you've presented numbers and evidence, 736 00:50:54,792 --> 00:50:58,865 but have you been making decisions based on your emotions? 737 00:50:59,500 --> 00:51:02,208 ABS? Backup facility? 738 00:51:04,917 --> 00:51:12,119 Do you really believe that will solve this situation? 739 00:51:14,542 --> 00:51:17,955 If we fail to seek a bailout loan 740 00:51:17,958 --> 00:51:20,996 from IMF in time 741 00:51:21,167 --> 00:51:23,829 and end up declaring national bankruptcy, 742 00:51:23,917 --> 00:51:26,705 will you take all the responsibility? 743 00:51:27,917 --> 00:51:28,782 This is why there are 744 00:51:28,792 --> 00:51:30,248 no women in high government positions. 745 00:51:30,500 --> 00:51:33,743 They can't be rational at critical moments. 746 00:51:38,208 --> 00:51:40,666 You see, women are emotional. 747 00:51:40,917 --> 00:51:43,158 That was unnecessary. 748 00:51:43,375 --> 00:51:45,616 Sir, you have to think carefully. 749 00:51:45,833 --> 00:51:48,746 Ms. Han is unable to grasp the gravity of the situation. 750 00:51:49,167 --> 00:51:53,866 It was wrong to bring on board a woman 751 00:51:53,875 --> 00:51:55,582 who writes reports and punches numbers. 752 00:51:55,708 --> 00:51:57,119 Deputy Minister! 753 00:51:57,333 --> 00:51:59,495 Alright, that's enough. 754 00:52:00,083 --> 00:52:02,700 I'll make the decision. Let's take five. 755 00:52:07,208 --> 00:52:09,245 Don't just stand there. Bring me some coffee. 756 00:52:09,250 --> 00:52:10,911 That's enough. 757 00:52:11,000 --> 00:52:12,240 Asshole... 758 00:52:12,708 --> 00:52:14,494 You've got great teamwork going on. 759 00:52:27,042 --> 00:52:29,955 Isn't going to the IMF a bit excessive? 760 00:52:31,625 --> 00:52:32,911 It Is. 761 00:52:33,750 --> 00:52:34,490 What? 762 00:52:34,625 --> 00:52:37,788 To turn this country inside out, an excessive measure is necessary. 763 00:52:38,292 --> 00:52:41,910 Then this wasn't just about foreign currency but- 764 00:52:41,958 --> 00:52:44,040 You can always pay back money. 765 00:52:44,292 --> 00:52:47,580 As Han said, we can put out an urgent fire, 766 00:52:50,500 --> 00:52:53,697 but I believe we shouldn't let this opportunity pass by. 767 00:52:55,500 --> 00:53:00,495 The way I see it, this is the moment Korea can really change. 768 00:53:02,333 --> 00:53:05,951 The labor union bastards whine and go on strikes all the time. 769 00:53:05,958 --> 00:53:08,950 I think this is an opportunity to change this country in a single blow! 770 00:53:10,208 --> 00:53:12,791 An opportunity to build a brand new Republic of Korea. 771 00:53:18,292 --> 00:53:22,035 Tell the Minister to bring in the Managing Director of IMF. 772 00:53:22,042 --> 00:53:22,907 Yes sir. 773 00:53:24,167 --> 00:53:25,032 Excuse me? 774 00:53:28,000 --> 00:53:29,786 The U.S. is already on the move. 775 00:53:32,042 --> 00:53:34,158 We have no choice but to follow. 776 00:53:46,958 --> 00:53:48,289 I've reached a decision. 777 00:53:48,792 --> 00:53:51,409 No matter how bad it is, going to the IMF is not an option. 778 00:53:51,583 --> 00:53:54,041 Let's try whatever we can. 779 00:53:54,667 --> 00:53:55,498 Yes sir. 780 00:53:55,750 --> 00:53:57,912 Ms. Han, contact Japan to see 781 00:53:57,917 --> 00:54:00,124 if a currency swap is possible. 782 00:54:00,333 --> 00:54:04,372 Even though we're late, let's take care of things one by one. 783 00:54:06,333 --> 00:54:07,368 Let's go. 784 00:54:14,583 --> 00:54:16,870 "Promissory Note" 785 00:54:20,917 --> 00:54:23,909 So, what the hell is happening? 786 00:54:25,375 --> 00:54:29,073 We have a crisis, but why isn't anybody telling us anything? 787 00:54:32,083 --> 00:54:34,324 How much do we owe our partners right now? 788 00:54:36,917 --> 00:54:40,114 $100,000 to the steel company, $150,000 to the sand company, 789 00:54:40,375 --> 00:54:42,036 and $100,000 to Mr. Chung. 790 00:54:42,792 --> 00:54:46,114 We wrote out a check to these companies. 791 00:54:48,583 --> 00:54:52,247 If we don't pay by the deadline, we'll go to jail. 792 00:54:52,708 --> 00:55:00,365 It's temporary. The government and the media all say it'll be fine. 793 00:55:02,917 --> 00:55:05,750 Let's get together cash and company assets we've got left. 794 00:55:06,167 --> 00:55:09,614 I'll put my house up for sale if necessary. Don't worry. 795 00:55:13,417 --> 00:55:17,206 "Urgent Sale" 796 00:55:18,250 --> 00:55:19,490 Geez... 797 00:55:22,708 --> 00:55:23,539 Hello. 798 00:55:25,500 --> 00:55:26,786 Please take a seat. 799 00:55:27,417 --> 00:55:31,081 There have been many houses put up for sale recently, right? 800 00:55:31,292 --> 00:55:36,287 Yes. From about three months ago. 801 00:55:36,583 --> 00:55:39,416 Mostly small and medium sized? 802 00:55:39,625 --> 00:55:40,911 That's correct. 803 00:55:44,833 --> 00:55:46,665 Put the sale on hold. I'll buy them. 804 00:55:49,500 --> 00:55:53,915 Excuse me? With my money? 805 00:55:54,250 --> 00:55:58,164 The prices will drop further by 10 to 15 percent. 806 00:55:59,208 --> 00:56:02,371 I'll buy them all then. 807 00:56:02,625 --> 00:56:04,787 Yes sir. 808 00:56:12,125 --> 00:56:15,698 It's like I've climbed on the back of a running tiger. 809 00:56:15,708 --> 00:56:17,619 What do you think will happen next? 810 00:56:17,708 --> 00:56:19,745 The government? 811 00:56:22,833 --> 00:56:25,951 They must be busting each other's brains out 812 00:56:27,125 --> 00:56:31,824 about whether or not to go to the IMF. 813 00:56:33,167 --> 00:56:34,908 The IMF... 814 00:56:35,375 --> 00:56:39,949 Where is... IMF? 815 00:56:44,083 --> 00:56:45,198 Just pour me a drink. 816 00:56:50,583 --> 00:56:54,998 There could be a way to overcome this crisis 817 00:56:55,000 --> 00:56:56,832 without going to the IMF. 818 00:56:56,833 --> 00:56:59,450 Of course there are other options. 819 00:57:01,583 --> 00:57:04,371 But if they don't, these bonds will become garbage, 820 00:57:04,375 --> 00:57:09,791 and you and I will be out on the streets. 821 00:57:12,667 --> 00:57:20,667 Still, I put my money on them eventually going to the IMF. 822 00:57:24,500 --> 00:57:25,490 Why is that? 823 00:57:26,500 --> 00:57:29,333 The decision makers have a lot to lose. 824 00:57:29,667 --> 00:57:31,829 They'll choose a way out of this 825 00:57:32,500 --> 00:57:39,076 that doesn't hurt big companies and conglomerates. 826 00:57:40,167 --> 00:57:42,704 Which means there's only one solution. 827 00:57:43,625 --> 00:57:51,625 Receive aid from the IMF, carry out restructuring, and... 828 00:57:54,292 --> 00:58:02,120 set the game anew in favor of themselves. 829 00:58:02,500 --> 00:58:07,245 Such policy decisions won't go down well with the public. 830 00:58:07,333 --> 00:58:09,916 They'll say something ridiculous like, 831 00:58:13,042 --> 00:58:14,953 'The economy collapsed 832 00:58:14,958 --> 00:58:17,325 because all of you overspent' or... 833 00:58:17,667 --> 00:58:20,739 'You spent money recklessly'. 834 00:58:22,125 --> 00:58:25,493 But I won't be deceived. 835 00:58:28,667 --> 00:58:32,035 I'll never let them fool me. 836 00:58:36,000 --> 00:58:40,949 Somebody must be spending a sleepless night. 837 00:58:43,083 --> 00:58:45,324 838 00:58:47,667 --> 00:58:48,907 It'll be fine. 839 00:58:52,208 --> 00:58:53,824 It's alright. 840 00:58:59,208 --> 00:59:00,869 Everything will be fine. 841 00:59:18,083 --> 00:59:19,915 Despite economic crisis, 842 00:59:19,917 --> 00:59:23,911 people's love for foreign brands doesn't seem to subside. 843 00:59:23,917 --> 00:59:26,124 As luxurious overseas trips are on the rise... 844 00:59:26,125 --> 00:59:31,040 Lavish overseas trips are drying up foreign currency. 845 00:59:36,625 --> 00:59:42,576 The 8 O'clock News will run a special on the economic crisis... 846 00:59:42,667 --> 00:59:43,623 What the hell is this? 847 00:59:43,625 --> 00:59:44,285 "Nov 201997" 848 00:59:44,292 --> 00:59:45,157 "KOSPI 460.3 " 849 00:59:45,167 --> 00:59:46,999 The Senior Secretary's office isn't answering. 850 00:59:47,042 --> 00:59:48,123 "Won-Dollar Exchange Rate 1,076 won" 851 00:59:48,167 --> 00:59:49,202 "Foreign Reserves $5.1 billion" 852 00:59:49,292 --> 00:59:50,077 Hello? 853 00:59:50,083 --> 00:59:51,164 "Blue House Cabinet Reshuffle- Senior Secretary for Economic Policy Axed" 854 00:59:51,167 --> 00:59:53,625 We can't confirm that information. 855 00:59:56,042 --> 00:59:57,282 Good morning. 856 00:59:59,750 --> 01:00:04,495 It was your doing, right? 857 01:00:05,042 --> 01:00:08,410 Why'd you change the head of the task force team? 858 01:00:12,125 --> 01:00:13,081 You bastard. 859 01:00:16,625 --> 01:00:18,707 You're trying to go to IMF. 860 01:00:23,917 --> 01:00:29,162 You bank clerks are unbelievable. 861 01:00:30,958 --> 01:00:34,997 Look, I'm the Deputy Minister of Financial Policy. 862 01:00:35,333 --> 01:00:40,624 That's no way for someone like you to address me. 863 01:00:41,583 --> 01:00:44,075 This is what happens when a bitch like you runs the team. 864 01:00:44,083 --> 01:00:46,199 - Son of a bitch! - Don't do that. 865 01:00:46,750 --> 01:00:47,831 Back off! 866 01:00:47,833 --> 01:00:49,870 - Please! - Let him do it. 867 01:00:49,958 --> 01:00:51,198 Say it again! 868 01:00:51,917 --> 01:00:54,500 You bastard! 869 01:00:54,792 --> 01:00:57,250 What are you doing? We're on the same side! 870 01:00:58,625 --> 01:01:01,993 Even the opposing parties work as one in a time of crisis! 871 01:01:04,417 --> 01:01:06,704 How are you running your team, Ms. Han? 872 01:01:06,708 --> 01:01:10,326 - Sir, I- - I'm sorry. It's my fault. 873 01:01:10,500 --> 01:01:13,663 I believe teamwork is the most important thing. 874 01:01:14,708 --> 01:01:17,666 Get out. You don't belong here anymore. 875 01:01:21,208 --> 01:01:22,790 I'm sorry. 876 01:01:26,583 --> 01:01:29,780 We're dealing with a calamity. 877 01:01:30,292 --> 01:01:35,037 The fate of 40 million people hangs in our hands. 878 01:01:35,042 --> 01:01:35,907 Yes sir. 879 01:01:36,375 --> 01:01:40,744 From now on, this task force is an IMF negotiation team. 880 01:01:41,333 --> 01:01:44,200 The country cannot go bankrupt during this administration, 881 01:01:44,958 --> 01:01:47,245 so we've decided to seek aid from IMF. 882 01:01:47,375 --> 01:01:50,242 With all due respect, that option was discarded. 883 01:01:50,250 --> 01:01:52,332 The decision's been made. 884 01:01:52,917 --> 01:01:57,707 Before we miss the golden time, we'll obtain the bailout loan. 885 01:01:58,750 --> 01:02:02,368 It'll take some time for the IMF team to arrive in Korea- 886 01:02:02,375 --> 01:02:03,240 They're here. 887 01:02:05,167 --> 01:02:05,872 What? 888 01:02:07,083 --> 01:02:08,289 They're already here. 889 01:02:14,208 --> 01:02:18,497 - The negotiations... - It'll remain in strict confidentiality 890 01:02:18,500 --> 01:02:20,116 until the right time comes. 891 01:02:20,625 --> 01:02:22,662 Welcome to Korea 892 01:02:22,708 --> 01:02:25,450 The negotiations will take place at the Grand Hilton. 893 01:02:25,750 --> 01:02:29,414 The IMF Task Force Team will set up office at the hotel. 894 01:02:31,083 --> 01:02:33,370 We appreciate you traveling all the way to Korea. 895 01:02:33,542 --> 01:02:37,866 That's quite alright. I've always wanted to visit Korea. 896 01:02:44,625 --> 01:02:46,036 C'est magnifique. 897 01:02:47,750 --> 01:02:48,831 Very beautiful. 898 01:02:50,292 --> 01:02:51,908 He's checked into the hotel. 899 01:02:52,375 --> 01:02:56,289 No need to drag out the negotiations. Quickly and swiftly. 900 01:02:56,417 --> 01:02:59,705 Negotiate, get the money, and wrap up fast. 901 01:03:01,292 --> 01:03:04,250 Reporters are waiting outside. What'll you say? 902 01:03:04,333 --> 01:03:05,744 That it's not happening. 903 01:03:06,667 --> 01:03:08,203 You must strongly deny it. 904 01:03:08,375 --> 01:03:11,413 When I say it's not true, they will take my word for it. 905 01:03:14,750 --> 01:03:16,332 There he is! 906 01:03:17,792 --> 01:03:19,999 Senior Secretary! Over here! 907 01:03:20,125 --> 01:03:22,787 Is it true that we're on the verge of national bankruptcy? 908 01:03:22,958 --> 01:03:24,039 It's not true. 909 01:03:24,125 --> 01:03:27,368 Are we facing the worst financial crisis in history? 910 01:03:27,375 --> 01:03:28,331 That's not true. 911 01:03:28,375 --> 01:03:31,163 Is it true that Korea will receive aid from the IMF? 912 01:03:31,375 --> 01:03:35,790 No! Korea is not going to the IMF! 913 01:03:36,042 --> 01:03:39,285 The newly appointed Senior Secretary for Economy 914 01:03:39,333 --> 01:03:44,499 has officially dismissed rumors about an IMF bailout. 915 01:03:44,708 --> 01:03:47,370 He stated that IMF is the last resort. 916 01:03:47,417 --> 01:03:49,624 Get me an appointment with father. 917 01:03:49,750 --> 01:03:50,785 Yes sir. 918 01:03:51,667 --> 01:03:54,910 The government announced they're not going to IMF! 919 01:03:54,958 --> 01:03:59,247 Don't be swayed by them. You just gotta trust me. 920 01:03:59,250 --> 01:04:01,912 They're denying everything. No crisis and no bankruptcy! 921 01:04:01,917 --> 01:04:04,409 They're just bullshitting! 922 01:04:04,625 --> 01:04:06,866 They're flat out lying to people! 923 01:04:06,875 --> 01:04:08,912 If they contain the situation as they say- 924 01:04:13,167 --> 01:04:18,162 You think you can fool me? No... not me... 925 01:04:20,708 --> 01:04:22,665 You're looking at about $150,000. 926 01:04:22,833 --> 01:04:27,828 1507 I bought it for 1803 years ago. 927 01:04:29,333 --> 01:04:33,406 You said with a redevelopment plan, the price would go up for sure! 928 01:04:33,625 --> 01:04:36,822 People who need money are putting their houses up for sale. 929 01:04:37,417 --> 01:04:40,375 More than 10 new houses are coming out every day. 930 01:04:40,833 --> 01:04:43,291 I can't sell at that price. 931 01:04:43,292 --> 01:04:48,037 Considering how much I need... No. Absolutely not! 932 01:04:48,500 --> 01:04:50,161 It's not my call. 933 01:04:50,167 --> 01:04:51,123 This is ridiculous! 934 01:04:51,167 --> 01:04:55,491 I wanna put my house up for sale. It's urgent. 935 01:04:55,958 --> 01:04:58,495 You need to bring the price down quite a bit. 936 01:04:58,625 --> 01:04:59,660 How much? 937 01:05:00,000 --> 01:05:01,991 You should be prepared to lose $30,000. 938 01:05:11,708 --> 01:05:13,949 "Overdue Payment Reminder" 939 01:05:17,833 --> 01:05:19,494 Excuse me, sir. 940 01:05:19,833 --> 01:05:20,698 Hey. 941 01:05:20,917 --> 01:05:24,911 We haven't gotten our paycheck. 942 01:05:25,208 --> 01:05:27,074 Oh! Today's payday, isn't it? 943 01:05:28,833 --> 01:05:30,073 It was two days ago. 944 01:05:30,083 --> 01:05:35,908 That's right! I'm sorry. You'll all be paid today. 945 01:05:36,250 --> 01:05:39,743 Is everything alright? 946 01:05:40,500 --> 01:05:41,410 Why? 947 01:05:42,000 --> 01:05:47,040 There are so many confusing rumors, and the work was put on hold too. 948 01:05:47,375 --> 01:05:48,957 We're all worried. 949 01:05:49,208 --> 01:05:52,451 Factories close when business is bad, 950 01:05:52,458 --> 01:05:55,291 and when it's good, you work overtime. 951 01:05:57,250 --> 01:05:58,285 Don't worry. 952 01:06:01,167 --> 01:06:06,082 Right? We trust you, and we'll be on standby. 953 01:06:13,750 --> 01:06:17,118 He says not to worry. Everything is fine. 954 01:06:17,125 --> 01:06:19,082 Good job. Well done. 955 01:06:23,875 --> 01:06:28,073 I put my house up for sale. If it sells for $150,000, 956 01:06:29,125 --> 01:06:31,332 we'll pay the sand company first. 957 01:06:38,792 --> 01:06:39,953 Here... 958 01:06:43,417 --> 01:06:44,327 it's $100,000. 959 01:06:44,875 --> 01:06:48,197 Let's pay the steel company with this. 960 01:06:48,708 --> 01:06:52,030 Did you borrow from a loan shark? 961 01:06:52,417 --> 01:06:55,830 No way! It's my wife's family... 962 01:06:57,417 --> 01:07:00,375 They stood surety for the loan. 963 01:07:02,208 --> 01:07:04,700 Good evening, gentlemen. 964 01:07:06,208 --> 01:07:07,164 Mr. Chung! 965 01:07:07,833 --> 01:07:10,120 We're so sorry, Mr. Chung. 966 01:07:10,500 --> 01:07:13,868 Now, now, don't be like this. 967 01:07:14,167 --> 01:07:20,698 Whatever happens, we promise we'll make the payment. 968 01:07:20,708 --> 01:07:23,075 Please give us a little more time. 969 01:07:23,208 --> 01:07:27,953 Come on. I'm not here for the money. 970 01:07:28,125 --> 01:07:31,914 When you run a business, things can get bad at times. 971 01:07:32,042 --> 01:07:34,909 I'm staying afloat for now. You can take more time. 972 01:07:36,875 --> 01:07:37,910 Thank you, sir. 973 01:07:37,917 --> 01:07:41,239 It'll all get better. This can't be the end of it. 974 01:07:41,375 --> 01:07:44,948 Everything's gonna be fine, so let's just hang in there. 975 01:07:45,042 --> 01:07:45,782 Thank you so much. 976 01:07:45,792 --> 01:07:49,956 Come on. Chin up. Don't be so miserable. 977 01:07:50,417 --> 01:07:51,999 - I'll see you later. - You're going? 978 01:07:52,000 --> 01:07:52,831 Mr. Chung... 979 01:07:52,917 --> 01:07:56,660 No need to see me off. See you later. 980 01:08:30,667 --> 01:08:31,907 "November 20" 981 01:08:31,917 --> 01:08:33,874 "Negotiation team's first unofficial meeting" 982 01:08:46,667 --> 01:08:49,705 The IMF has kept a close eye on the situation in Korea, 983 01:08:49,917 --> 01:08:52,033 but before we proceed, 984 01:08:52,042 --> 01:08:54,409 we need assurance that the Korean government is 985 01:08:54,417 --> 01:08:56,749 truly committed to moving forward with the bailout. 986 01:08:56,750 --> 01:08:58,411 We are very much committed. 987 01:08:58,708 --> 01:09:01,541 We only ask you to keep the talks private 988 01:09:01,542 --> 01:09:03,499 to minimize any social chaos. 989 01:09:03,750 --> 01:09:06,287 If we reach an understanding today, 990 01:09:06,292 --> 01:09:08,829 we will announce it as early as tomorrow, 991 01:09:09,042 --> 01:09:12,489 and we can start the negotiations right away. 992 01:09:12,500 --> 01:09:14,332 Good, so you're on board. 993 01:09:15,458 --> 01:09:17,620 But as a sign of your commitment, 994 01:09:18,083 --> 01:09:19,369 we would like a statement that says 995 01:09:19,375 --> 01:09:23,073 that our agreement will not be amended nor nullified. 996 01:09:24,333 --> 01:09:25,915 A statement by whom? 997 01:09:26,375 --> 01:09:28,958 I hear the elections are coming up in Korea. 998 01:09:30,083 --> 01:09:33,621 I need the signatures of the top 3 presidential candidates. 999 01:09:34,042 --> 01:09:37,455 No statement, no negotiation. 1000 01:09:39,208 --> 01:09:40,243 Okay. 1001 01:09:41,708 --> 01:09:42,994 Okay. No problem. 1002 01:09:43,958 --> 01:09:46,916 They can't demand a statement before the negotiation. 1003 01:09:47,167 --> 01:09:49,078 We don't have much of a choice. 1004 01:09:49,750 --> 01:09:51,707 We don't know what we'll agree on. 1005 01:09:51,708 --> 01:09:53,949 How can the candidates sign the statement? 1006 01:09:54,167 --> 01:09:56,625 I will get those signatures for you. 1007 01:09:59,917 --> 01:10:02,204 Well, then... 1008 01:10:02,208 --> 01:10:04,495 Now that we know you're committed... 1009 01:10:10,667 --> 01:10:12,453 How much do you need? 1010 01:10:15,792 --> 01:10:16,873 "21 Nov 1997" "KOSPI 415.2" 1011 01:10:16,875 --> 01:10:17,990 "Won-Dollar Exchange Rate 1,103 won" "Foreign Reserves $3.5 billion" 1012 01:10:18,000 --> 01:10:21,163 As of today, the government has accepted IMF's recommendations 1013 01:10:21,583 --> 01:10:25,406 and will officially request a bailout loan of $20 billion. 1014 01:10:25,792 --> 01:10:30,662 In order to overcome the foreign currency crisis we're experiencing, 1015 01:10:30,958 --> 01:10:37,159 we'll request a liquidity adjustment fund. 1016 01:10:38,417 --> 01:10:42,786 The government has been negotiating with the IMF through multiple channels. 1017 01:10:43,000 --> 01:10:47,870 Korea has admitted de facto national bankruptcy 1018 01:10:48,042 --> 01:10:52,787 in order to seek economic revival with the help of international institutions. 1019 01:10:52,917 --> 01:10:56,239 In the press conference, Senior Secretary Kim announced 1020 01:10:56,250 --> 01:11:00,494 that IMF agreed to actively support Korea. 1021 01:11:01,833 --> 01:11:04,120 As crisis deepens in the financial sector, 1022 01:11:04,167 --> 01:11:07,489 Nara Merchant Bank with a net asset of $2.5 billion 1023 01:11:07,500 --> 01:11:11,789 was acquired by Bosung Corp. worth $ 250 million, 1024 01:11:11,792 --> 01:11:13,624 signaling a massive restructuring. 1025 01:11:13,625 --> 01:11:19,906 The government will begin talk with the IMF on the terms. 1026 01:11:20,042 --> 01:11:26,288 The bailout loan is estimated to be around $20 billion... 1027 01:11:26,375 --> 01:11:28,912 "Top 90 Korean companies" 1028 01:11:32,625 --> 01:11:35,492 "November 22 - Second negotiation meeting” 1029 01:11:38,792 --> 01:11:40,374 This is what we've come up with. 1030 01:11:40,375 --> 01:11:42,207 From A to F. 1031 01:11:42,583 --> 01:11:43,914 A to F. 1032 01:11:44,167 --> 01:11:47,990 So... there are 6 conditions? 1033 01:11:48,208 --> 01:11:50,996 Actually, there is a precondition. 1034 01:11:51,792 --> 01:11:56,161 The 11 institutions serving as merchant banks in Korea... 1035 01:11:56,292 --> 01:11:58,829 we want you to suspend their operations 1036 01:11:59,333 --> 01:12:00,789 and declare them bankrupt. 1037 01:12:00,958 --> 01:12:03,700 The merchant banks may be going through rough times, 1038 01:12:04,083 --> 01:12:07,201 but they loan money to a lot of companies and people. 1039 01:12:07,333 --> 01:12:09,791 Declaring them bankrupt will hurt the working class 1040 01:12:09,792 --> 01:12:11,999 and drive smaller companies out of business. 1041 01:12:12,083 --> 01:12:15,530 I'm afraid we can't discuss any of the 6 conditions 1042 01:12:15,542 --> 01:12:18,000 without agreeing to this precondition. 1043 01:12:26,125 --> 01:12:28,583 Why ask us to declare the banks bankrupt? 1044 01:12:29,292 --> 01:12:32,159 It's a way for them to minimize the risk. 1045 01:12:32,458 --> 01:12:34,415 Just accept it. 1046 01:12:34,417 --> 01:12:36,533 We gotta deal with merchant banks sooner or later. 1047 01:12:36,542 --> 01:12:40,285 We might as well get rid of them now. 1048 01:12:42,750 --> 01:12:45,412 Could we give you our answer after we hear out 1049 01:12:45,417 --> 01:12:46,828 the 6 conditions? 1050 01:12:47,208 --> 01:12:49,791 Well, as I've said, this is a precondition. 1051 01:12:49,917 --> 01:12:51,078 If you don't agree to it, 1052 01:12:51,083 --> 01:12:53,199 I'm afraid there is no negotiation. 1053 01:12:54,292 --> 01:12:55,202 Fine. 1054 01:12:55,375 --> 01:12:58,242 We'll suspend the 11 institutions. 1055 01:12:58,542 --> 01:12:59,282 Good. 1056 01:13:03,708 --> 01:13:05,324 Condition A. 1057 01:13:05,958 --> 01:13:08,746 Korea is to raise its interest rate 1058 01:13:08,750 --> 01:13:11,583 as soon as it receives the IMF fund. 1059 01:13:11,833 --> 01:13:15,872 To 30% from its current 12.5%. 1060 01:13:18,417 --> 01:13:21,409 Loans are what got us in this mess in the first place. 1061 01:13:21,417 --> 01:13:24,864 More than doubling the interest rate will only make things worse. 1062 01:13:25,000 --> 01:13:27,617 Companies are already buried in debt. 1063 01:13:27,625 --> 01:13:29,992 This will drive them out of business. 1064 01:13:31,125 --> 01:13:32,115 Listen... 1065 01:13:32,500 --> 01:13:34,116 We've looked into this, 1066 01:13:34,375 --> 01:13:36,616 and we're proposing the conditions and funds 1067 01:13:36,625 --> 01:13:37,990 needed to save the Korean economy. 1068 01:13:38,125 --> 01:13:40,332 The funds you asked for. 1069 01:13:41,167 --> 01:13:46,617 And even though we're willing to negotiate the details of the conditions, 1070 01:13:48,625 --> 01:13:49,831 may I just remind you that 1071 01:13:49,833 --> 01:13:52,120 you're not exactly in a position to make a deal? 1072 01:14:04,083 --> 01:14:05,494 Condition B. 1073 01:14:06,250 --> 01:14:08,742 Korea is to open its capital market 1074 01:14:08,750 --> 01:14:10,991 as soon as it receives the IMF's fund. 1075 01:14:11,000 --> 01:14:13,788 You can start by raising the foreign investment cap 1076 01:14:13,792 --> 01:14:17,535 from 7% to 50%. 1077 01:14:18,000 --> 01:14:21,163 Moreover, regulations must be amended, 1078 01:14:21,792 --> 01:14:27,663 allowing acquisition of Korean financial institutions by foreign entities. 1079 01:14:28,417 --> 01:14:33,207 You have until June of 1998. That's next year. 1080 01:14:33,708 --> 01:14:36,541 Allow foreigners to set up securities firms in Korea, 1081 01:14:36,542 --> 01:14:40,786 which means, of course, allowing more foreign capitals in the bond market. 1082 01:14:41,083 --> 01:14:46,123 Also, allow hostile takeovers by foreign capital. 1083 01:14:46,500 --> 01:14:47,365 Wait! 1084 01:14:48,083 --> 01:14:53,704 What you're suggesting is a direct violation of the very reason the IMF was established. 1085 01:14:54,500 --> 01:14:57,413 No international organization has a right to infringe 1086 01:14:57,417 --> 01:15:01,035 on the economic autonomy of a nation in exchange for a bailout. 1087 01:15:01,042 --> 01:15:01,907 Excuse me. 1088 01:15:01,917 --> 01:15:02,406 Han! 1089 01:15:02,417 --> 01:15:04,249 No, no, no. Please, please. Let her be. 1090 01:15:04,250 --> 01:15:05,285 Let her speak. 1091 01:15:05,667 --> 01:15:08,785 You know what? I like people like you. 1092 01:15:08,792 --> 01:15:11,659 And I believe we'll be great negotiating partners. 1093 01:15:44,500 --> 01:15:47,413 Moody's and the S&P have downgraded Korea's credit rating once again. 1094 01:15:47,708 --> 01:15:49,119 To B minus... 1095 01:15:50,625 --> 01:15:53,993 Everyone, it seems like we have breaking news from the other side of the world. 1096 01:15:54,000 --> 01:15:57,493 So let's take five and catch up on updates. 1097 01:15:57,958 --> 01:16:02,907 Credit rating of B Minus is the grade right before junk bonds. 1098 01:16:04,500 --> 01:16:07,618 Meaning that Korean currency is about to become worthless. 1099 01:16:07,750 --> 01:16:10,162 I hope this news helps you make the right decisions 1100 01:16:10,167 --> 01:16:11,623 in this negotiation. 1101 01:16:27,250 --> 01:16:28,786 This is driving me nuts. 1102 01:16:29,458 --> 01:16:31,074 The promissory notes held as collateral at merchant banks 1103 01:16:31,083 --> 01:16:32,323 must be huge. 1104 01:16:34,000 --> 01:16:35,866 Whether it's a large or a small company, 1105 01:16:35,875 --> 01:16:38,617 all of them did business, involving a merchant bank. 1106 01:16:43,208 --> 01:16:50,205 At this point, it's impossible to save all the large and small companies. 1107 01:16:50,750 --> 01:16:52,240 Consider the big picture. 1108 01:16:53,083 --> 01:16:56,201 In the end, it's the conglomerates that will provide for Korea. 1109 01:16:56,208 --> 01:16:58,745 Accept the closing of merchant banks and 1110 01:16:59,083 --> 01:17:04,123 grant exemption for the conglomerates' promissory notes 1111 01:17:04,125 --> 01:17:05,581 with the merchant banks. 1112 01:17:06,375 --> 01:17:07,331 By exemption, you mean... 1113 01:17:07,417 --> 01:17:13,288 Not holding them responsible for promissory notes already issued. 1114 01:17:27,583 --> 01:17:30,416 Sorry for asking to meet so late. 1115 01:17:30,583 --> 01:17:31,948 That's okay. 1116 01:17:33,375 --> 01:17:36,208 Actually, this is a better time for us. 1117 01:17:55,250 --> 01:17:59,744 Credit rating of B Minus is the grade right before junk bonds. 1118 01:18:00,042 --> 01:18:03,330 I hope this news helps you make the right decisions 1119 01:18:03,333 --> 01:18:04,994 in this negotiation. 1120 01:18:58,167 --> 01:19:01,205 U.S. Deputy Secretary Brown Martin 1121 01:19:23,042 --> 01:19:24,874 "November 22 - Third negotiation meeting"” 1122 01:19:24,875 --> 01:19:27,867 C. Information Provision and Program monitoring 1123 01:19:29,458 --> 01:19:32,325 D. Financial Sector Restructuring 1124 01:19:34,792 --> 01:19:38,581 E. Corporate Governance and Corporate Structure 1125 01:19:39,667 --> 01:19:41,499 And finally, Condition F. 1126 01:19:41,500 --> 01:19:44,868 Enhance the flexibility of the labor market. 1127 01:19:44,875 --> 01:19:47,458 Once again, as soon as you receive the fund. 1128 01:19:48,083 --> 01:19:49,824 You mean a mass layoff? 1129 01:19:50,458 --> 01:19:52,199 It's not limited to layoffs, 1130 01:19:52,208 --> 01:19:55,041 just a change in the overall employment structure. 1131 01:19:55,042 --> 01:19:59,661 For instance, allowing more non-regular workers and indirect employment. 1132 01:19:59,667 --> 01:20:00,907 We just want the labor market here 1133 01:20:00,917 --> 01:20:02,828 to be more vitalized. 1134 01:20:02,833 --> 01:20:06,406 And by that, you mean easier dismissals. 1135 01:20:09,417 --> 01:20:10,623 What is she saying? 1136 01:20:11,458 --> 01:20:13,074 Stop talking, Ms. Han. 1137 01:20:14,250 --> 01:20:15,240 Han. 1138 01:20:17,000 --> 01:20:18,786 Sit down! 1139 01:20:23,083 --> 01:20:28,658 Why is the U.S. Deputy Secretary of the Treasury staying at this hotel? 1140 01:20:29,083 --> 01:20:30,699 That has nothing to do with this negotiation. 1141 01:20:30,708 --> 01:20:35,123 And why is he staying on the same floor as you? 1142 01:20:38,125 --> 01:20:40,082 Is it true that the Deputy Secretary 1143 01:20:40,083 --> 01:20:42,575 is behind this negotiation with the IMF? 1144 01:20:45,458 --> 01:20:49,201 Is it true that the Deputy Secretary went to the leading candidate's house 1145 01:20:49,208 --> 01:20:52,121 and demanded his signature on the statement? 1146 01:20:53,292 --> 01:20:56,990 Raising the interest rate to drive companies out of business, 1147 01:20:57,458 --> 01:21:00,996 opening the market to give easier access to foreign investors, 1148 01:21:01,000 --> 01:21:04,914 and letting them take over bankrupt Korean companies through hostile M&A's... 1149 01:21:05,292 --> 01:21:08,739 As the BOK's head of monetary policy, 1150 01:21:09,292 --> 01:21:12,250 I cannot agree to these terms. 1151 01:21:12,625 --> 01:21:18,951 Furthermore, I have reason to believe that you may be taking orders from the U.S. government. 1152 01:21:20,958 --> 01:21:27,830 Tell me, why is the IMF suggesting a mass layoff as a condition for the bailout? 1153 01:21:30,292 --> 01:21:34,035 Why ask us to open our capital market? 1154 01:21:35,667 --> 01:21:38,580 Am I wrong in thinking that the U.S. is seeking to 1155 01:21:38,583 --> 01:21:41,905 fulfill its own interests from this negotiation? 1156 01:21:47,875 --> 01:21:50,037 You're the chief negotiator, right? 1157 01:21:52,667 --> 01:21:53,498 Yes, I am. 1158 01:21:53,833 --> 01:21:55,449 So, it's simple. 1159 01:21:55,833 --> 01:21:59,076 Life is a series of choices, and so is a negotiation. 1160 01:21:59,375 --> 01:22:01,992 We would like to add another precondition. 1161 01:22:02,667 --> 01:22:04,032 Either we end the discussion 1162 01:22:04,042 --> 01:22:05,783 and you send us home or 1163 01:22:06,292 --> 01:22:10,115 you send home the member of your delegation who doesn't want to negotiate. 1164 01:22:12,583 --> 01:22:15,245 And this is our third precondition. 1165 01:22:19,167 --> 01:22:21,579 Sir, please halt the negotiation. 1166 01:22:21,792 --> 01:22:23,248 You're way out of line. 1167 01:22:25,583 --> 01:22:27,290 Who do you think you are? 1168 01:22:29,167 --> 01:22:31,033 Leave this room. 1169 01:22:31,917 --> 01:22:33,954 Which side are you on? 1170 01:22:36,333 --> 01:22:37,869 This negotiation lacks legitimacy. 1171 01:22:38,083 --> 01:22:40,666 You have to call it off! 1172 01:22:44,208 --> 01:22:47,280 I know we can reach an amicable agreement. 1173 01:22:48,042 --> 01:22:49,828 Sir, you must call off this negotiation. 1174 01:22:53,333 --> 01:22:55,950 No matter what you do... 1175 01:22:58,500 --> 01:22:59,706 Han. 1176 01:23:01,792 --> 01:23:02,998 It won't change anything. 1177 01:23:03,500 --> 01:23:06,037 No matter what you try. 1178 01:23:18,000 --> 01:23:19,582 Gap-Su... 1179 01:23:23,667 --> 01:23:26,989 The rise in exchange rate doubled the cost for materials. 1180 01:23:27,333 --> 01:23:29,574 The money I borrowed 1181 01:23:32,500 --> 01:23:35,822 didn't cover even half of the materials we bought. 1182 01:23:39,625 --> 01:23:43,118 What happened to that promissory note Mr. Lee gave us? 1183 01:23:44,042 --> 01:23:47,956 If that clears, we can at least put out an urgent fire. 1184 01:23:51,333 --> 01:23:53,165 Lee's company... 1185 01:23:53,333 --> 01:23:54,164 Yeah? 1186 01:23:57,333 --> 01:23:58,698 Samho Distribution... 1187 01:23:58,792 --> 01:23:59,748 What about it? 1188 01:24:02,417 --> 01:24:03,999 It closed its business. 1189 01:24:04,667 --> 01:24:07,580 What about our promissory note? 1190 01:24:11,792 --> 01:24:13,123 This is just a piece of paper. 1191 01:24:15,000 --> 01:24:16,206 Oh my god... 1192 01:24:20,917 --> 01:24:23,079 I asked my wife's family for that money. 1193 01:24:24,917 --> 01:24:26,828 What's gonna happen to my children? 1194 01:24:30,667 --> 01:24:32,078 "Seizure" 1195 01:24:44,208 --> 01:24:47,655 "Korea joins the OECD Global Korea!" 1196 01:25:16,125 --> 01:25:19,163 Mr. Chung. It's me, Gap-Su. 1197 01:25:19,167 --> 01:25:21,499 Mr. Han! Times are tough, right? 1198 01:25:21,625 --> 01:25:24,037 Well, yes... 1199 01:25:25,625 --> 01:25:27,081 It's hard for you too, right? 1200 01:25:27,083 --> 01:25:31,452 I'm barely getting by every day. But let's hang in there. 1201 01:25:31,917 --> 01:25:33,533 We gotta stick it out. 1202 01:25:33,625 --> 01:25:36,822 Yes, of course. 1203 01:25:38,792 --> 01:25:42,365 I will stick it out no matter what. 1204 01:25:42,792 --> 01:25:47,741 I want to make the payment now. 1205 01:25:47,750 --> 01:25:50,242 Really? You can really do that? 1206 01:25:51,917 --> 01:25:53,954 I'll make the payment. 1207 01:25:56,250 --> 01:25:58,412 Please send one of your employees. 1208 01:26:24,250 --> 01:26:26,491 Wow! Nice apartment! 1209 01:26:28,417 --> 01:26:29,953 Good-sized rooms. 1210 01:26:36,042 --> 01:26:37,828 Shit! 1211 01:26:38,875 --> 01:26:40,331 There's a dead dude...! 1212 01:26:41,625 --> 01:26:42,831 What the hell?! 1213 01:26:42,917 --> 01:26:45,409 Let's get out of here quickly! 1214 01:26:47,833 --> 01:26:48,698 Why? 1215 01:26:49,333 --> 01:26:52,530 What do you mean by 'why'? We have to call the police! 1216 01:26:55,125 --> 01:26:56,866 Why should I get out? 1217 01:26:58,250 --> 01:27:02,414 This is my house now. 1218 01:27:13,833 --> 01:27:17,451 Contribute to the development of Korean economy 1219 01:27:18,750 --> 01:27:21,742 by establishing and enforcing monetary and credit policy. 1220 01:27:26,333 --> 01:27:28,540 The founding purpose of the Bank of Korea. 1221 01:27:31,208 --> 01:27:32,744 Somehow I forgot about it. 1222 01:27:38,917 --> 01:27:41,329 We get paid to serve this country. 1223 01:27:43,000 --> 01:27:45,412 So, let's do our job and contribute. 1224 01:27:50,875 --> 01:27:52,457 We'll stop this negotiation 1225 01:27:53,167 --> 01:27:58,333 and declare a national bankruptcy. 1226 01:27:58,708 --> 01:28:03,077 Declare a moratorium and acknowledge that Korea is bankrupt. 1227 01:28:04,333 --> 01:28:06,074 When the moratorium is declared, 1228 01:28:06,500 --> 01:28:08,787 the obligation to pay debt will disappear. 1229 01:28:08,875 --> 01:28:09,785 No. 1230 01:28:10,333 --> 01:28:12,950 It's just too extreme a measure- 1231 01:28:12,958 --> 01:28:15,199 What do creditors fear the most? 1232 01:28:17,625 --> 01:28:20,913 What is the last thing a debtor can do? 1233 01:28:21,542 --> 01:28:23,408 IMF is representing the U.S. interest, 1234 01:28:23,417 --> 01:28:24,953 and we'll use it against them. 1235 01:28:25,125 --> 01:28:27,992 We'd rather go bankrupt than go through with this negotiation. 1236 01:28:28,042 --> 01:28:30,830 We can't pay back the money borrowed from American funds. 1237 01:28:31,875 --> 01:28:36,199 This could change the IMF's attitude. 1238 01:28:36,292 --> 01:28:37,407 We can't do that. 1239 01:28:37,625 --> 01:28:40,743 Moratorium... national bankruptcy... it doesn't matter now. 1240 01:28:40,958 --> 01:28:43,495 We could declare a national bankruptcy, 1241 01:28:44,833 --> 01:28:46,790 but if you declare it yourself, 1242 01:28:50,083 --> 01:28:52,245 you will certainly lose your job. 1243 01:28:58,833 --> 01:29:00,790 That's not what matters. 1244 01:29:03,542 --> 01:29:05,783 We still have one last card left. 1245 01:29:18,875 --> 01:29:24,496 With swift actions of the creditors and fast recovery of the bankrupt country... 1246 01:29:24,542 --> 01:29:29,616 But on the downside, by raising the dollar interest rate too high... 1247 01:29:29,625 --> 01:29:34,540 It posed a considerable threat to global finance institutions. 1248 01:29:34,542 --> 01:29:38,331 The international creditors swiftly 1249 01:29:38,333 --> 01:29:40,870 adjusted debt to minimize damage. 1250 01:29:41,042 --> 01:29:45,957 The countries that borrowed heavily from overseas funds 1251 01:29:46,375 --> 01:29:49,083 ended up in enormous debt. 1252 01:29:51,375 --> 01:29:53,707 "Post National Bankruptcy Korean Economy Predictions” 1253 01:30:23,375 --> 01:30:27,949 A world where the poor get poorer and the rich keep on getting richer... 1254 01:30:29,083 --> 01:30:30,573 A world where it's easier to fire people 1255 01:30:30,583 --> 01:30:32,244 and have more non-regular workers, 1256 01:30:32,625 --> 01:30:34,616 where unemployment is the norm... 1257 01:30:37,458 --> 01:30:40,496 We must not let IMF take us to that world. 1258 01:30:41,500 --> 01:30:44,947 Are you saying that the government knew about the crisis 1259 01:30:44,958 --> 01:30:46,448 but didn't inform the people? 1260 01:30:46,750 --> 01:30:50,118 Not only that, they tried to deliberately hide it. 1261 01:30:50,125 --> 01:30:53,868 And negotiations with the IMF are being handled hastily? 1262 01:30:54,042 --> 01:30:55,032 That's correct. 1263 01:30:56,000 --> 01:30:59,914 IMF's unreasonable demands are being forced as preconditions. 1264 01:31:00,042 --> 01:31:05,958 Mass dismissals, interest rates, issues regarding labor, and investments 1265 01:31:07,375 --> 01:31:11,664 are being manipulated behind closed doors by a handful of people not thinking thoroughly. 1266 01:31:12,792 --> 01:31:18,083 This government's economic officials are neglecting their duties. 1267 01:31:19,500 --> 01:31:23,323 They have no will to evacuate people from a sinking ship. 1268 01:31:23,917 --> 01:31:31,074 They're deciding the future of this country based on their individual values. 1269 01:31:33,333 --> 01:31:36,906 From the beginning of the catastrophe, 1270 01:31:37,417 --> 01:31:38,782 during the process, 1271 01:31:40,792 --> 01:31:42,703 and to the end. 1272 01:31:47,583 --> 01:31:48,664 "3 Dec 31997" 1273 01:31:48,667 --> 01:31:50,123 "KOSPI 379.3" 1274 01:31:50,125 --> 01:31:51,411 "Won-Dollar Exchange Rate 1,610 won" 1275 01:31:51,417 --> 01:31:52,452 "Foreign Reserves less than $2 billion" 1276 01:31:52,458 --> 01:31:53,414 Thank you. 1277 01:31:57,583 --> 01:31:59,324 It's not in any of the papers. 1278 01:32:08,292 --> 01:32:09,953 I can't believe this. 1279 01:32:12,625 --> 01:32:17,040 The bailout negotiation with the IMF was finalized today. 1280 01:32:17,167 --> 01:32:20,205 We'll receive a $55 billion fund 1281 01:32:20,292 --> 01:32:24,832 but our economy will be placed under a IMF receivership. 1282 01:32:24,875 --> 01:32:27,993 We don't want to be self-deprecating 1283 01:32:28,000 --> 01:32:31,573 but this'll be recorded as a day of humiliation for Korea. 1284 01:32:31,667 --> 01:32:33,249 "A $55 billion IMF fund will be injected" 1285 01:32:33,292 --> 01:32:34,999 Today, we'll have a special class. 1286 01:32:35,083 --> 01:32:36,369 "What is IMF?" 1287 01:32:36,958 --> 01:32:39,450 Let's watch this video 1288 01:32:40,250 --> 01:32:44,915 and think about what we can do. Okay? 1289 01:32:45,125 --> 01:32:46,581 Yes, Miss. 1290 01:32:46,875 --> 01:32:52,120 Save water and electricity. Sharpen your pencils... 1291 01:32:52,125 --> 01:32:56,414 Under IMF supervision, wages will be cut by 15%. 1292 01:32:56,417 --> 01:32:59,159 IMF demands the raising of interest rates... 1293 01:32:59,167 --> 01:33:02,125 Restructuring strikes all industries. 1294 01:33:02,125 --> 01:33:07,450 Companies are laying off employees to meet the government's urge for restructuring. 1295 01:33:07,875 --> 01:33:11,493 From today, we are unavoidably taking voluntary resignation. 1296 01:33:11,625 --> 01:33:14,993 This document is for the resignation, 1297 01:33:15,125 --> 01:33:16,035 "Application for voluntary resignation” 1298 01:33:16,167 --> 01:33:21,116 and this one is consent to transition to non-regular employee. 1299 01:33:26,958 --> 01:33:28,995 Why did he kill himself? 1300 01:33:29,458 --> 01:33:32,496 His business partner gave him a bad check. 1301 01:33:32,500 --> 01:33:35,947 His business couldn't recover from the damage. 1302 01:33:37,250 --> 01:33:41,369 He waited in good faith, but his trust backfired. 1303 01:33:42,708 --> 01:33:47,202 After his apartment was foreclosed, he made his family leave and hanged himself. 1304 01:33:58,292 --> 01:34:02,081 Yoon! I knew you'd pull it off! 1305 01:34:02,500 --> 01:34:04,787 All thanks to you for trusting me. 1306 01:34:04,917 --> 01:34:08,455 You led the way. We only followed. 1307 01:34:10,417 --> 01:34:13,000 This key is too freaking high! 1308 01:34:14,708 --> 01:34:16,790 Sing with me! 1309 01:34:16,875 --> 01:34:19,333 Okay! Sing us a song, Yoon. 1310 01:34:19,333 --> 01:34:20,448 No, I can't. 1311 01:34:20,458 --> 01:34:23,041 Don't be shy. Come on! 1312 01:34:58,625 --> 01:35:04,951 "Korea becomes 29th member of OECD" 1313 01:36:24,375 --> 01:36:25,991 "Hyun-ah & Hyun-su's bedroom" 1314 01:37:16,375 --> 01:37:18,787 "Hyun-ah & Hyun-su's bedroom" 1315 01:38:23,875 --> 01:38:25,161 Ms. Han. 1316 01:38:27,042 --> 01:38:28,328 Ms. Han? 1317 01:38:44,458 --> 01:38:45,914 This is unbearable. 1318 01:38:48,625 --> 01:38:50,411 IMF is not the way. 1319 01:38:52,208 --> 01:38:54,666 You know what happened to Thailand and Indonesia 1320 01:38:54,667 --> 01:38:57,534 after they got IMF money? 1321 01:39:01,000 --> 01:39:03,412 If you do something wrong, you pay by getting punished, 1322 01:39:04,417 --> 01:39:07,990 but at the IMF, they kill you without giving a second chance. 1323 01:39:10,542 --> 01:39:14,080 There are still ways to fight this. 1324 01:39:15,042 --> 01:39:16,874 But you're getting... 1325 01:39:20,750 --> 01:39:24,823 Come on. Your dinner will get cold. 1326 01:39:42,750 --> 01:39:46,243 "Record of IMF Negotiations" 1327 01:39:58,042 --> 01:40:00,955 "Letter of Resignation” 1328 01:40:21,375 --> 01:40:22,615 Hey... 1329 01:40:23,208 --> 01:40:27,907 How's my little sister doing? 1330 01:40:28,542 --> 01:40:29,782 Why... 1331 01:40:32,167 --> 01:40:33,828 What brings you... 1332 01:40:35,917 --> 01:40:37,453 Something wrong? 1333 01:40:48,458 --> 01:40:50,290 I have a favor to ask you. 1334 01:40:52,625 --> 01:40:57,870 You know people in high positions at banks, right? 1335 01:40:59,833 --> 01:41:03,622 I'm really sorry but please help me. 1336 01:41:04,625 --> 01:41:09,199 Help me get a loan. 1337 01:41:11,708 --> 01:41:14,245 You're the only person left. 1338 01:41:16,333 --> 01:41:18,791 I don't care if I get jailed 1339 01:41:19,917 --> 01:41:25,083 but think about my wife and kids. 1340 01:41:28,875 --> 01:41:32,038 I wouldn't have come to you 1341 01:41:33,042 --> 01:41:34,624 if I had a choice. 1342 01:41:37,000 --> 01:41:38,331 Please. 1343 01:41:41,375 --> 01:41:43,082 I beg you, Si-Hyun. 1344 01:42:59,292 --> 01:43:04,037 On December 3, 1997, 1345 01:43:04,042 --> 01:43:06,204 Korea signed the IMF's negotiation agenda, 1346 01:43:06,292 --> 01:43:10,206 and IMF management began. 1347 01:43:10,375 --> 01:43:14,323 The next year, the number of unemployed soared to 1.3 million. 1348 01:43:14,333 --> 01:43:18,372 Suicides rose by 42%, 1349 01:43:18,375 --> 01:43:23,040 the highest rate among OECD countries. 1350 01:43:23,042 --> 01:43:24,874 Citizens donated gold to help 1351 01:43:24,875 --> 01:43:27,492 recovery of the nation's economy. 1352 01:43:27,500 --> 01:43:30,037 $2.2 billion worth of gold 1353 01:43:30,042 --> 01:43:33,239 was collected in just 4 months. 1354 01:43:34,250 --> 01:43:41,532 Donated gold was used to pay down corporations' debt. 1355 01:43:51,958 --> 01:43:54,871 Crises recur. 1356 01:43:54,958 --> 01:43:55,789 "20 years later” 1357 01:43:55,875 --> 01:43:58,492 Korea seems to have changed a lot in the last 20 years? 1358 01:44:00,792 --> 01:44:02,248 Not at all. 1359 01:44:03,417 --> 01:44:08,412 Now, we're exposed to even bigger risks. 1360 01:44:09,542 --> 01:44:14,412 Sir! I was deeply touched by your lecture today. 1361 01:44:14,625 --> 01:44:18,198 I'd like to treat you to a meal. 1362 01:44:20,750 --> 01:44:24,823 It's $5,000 for lunch and $10,000 for dinner. 1363 01:44:25,042 --> 01:44:27,784 Lunch is 60 minutes. Dinner is 90. 1364 01:44:27,792 --> 01:44:29,533 Wire the money to my bank account. 1365 01:44:34,625 --> 01:44:37,822 But you must regard increased crises as opportunities. 1366 01:44:39,083 --> 01:44:43,281 It means you get more chances to change your life. 1367 01:44:46,083 --> 01:44:47,244 Morning, Mr. Yoon! 1368 01:44:50,042 --> 01:44:53,034 Thanks for the good tip this morning. 1369 01:44:53,208 --> 01:44:59,250 The hedge funds in the U.S. are continuously changing. 1370 01:45:01,042 --> 01:45:03,283 Should I follow them? 1371 01:45:04,833 --> 01:45:09,031 Of course! Keep following. 1372 01:45:09,167 --> 01:45:10,407 Okay! 1373 01:45:12,250 --> 01:45:16,448 And indeed, as you predicted, 1374 01:45:16,458 --> 01:45:19,450 the real estate in Gangnam is responding first. 1375 01:45:19,542 --> 01:45:20,782 I told you... 1376 01:45:24,333 --> 01:45:26,870 They can't fool me. 1377 01:45:28,625 --> 01:45:32,198 Dad, it's me. I'll do well today. 1378 01:45:32,542 --> 01:45:36,080 All right. Remember what I always tell you. 1379 01:45:36,292 --> 01:45:39,535 I know. Never trust a person who's good to you. 1380 01:45:39,583 --> 01:45:41,415 Not just those who are good to you. 1381 01:45:41,417 --> 01:45:43,954 You can't trust anybody. 1382 01:45:44,292 --> 01:45:46,329 Trust only yourself. 1383 01:45:47,000 --> 01:45:48,957 Yourself only. Got that? 1384 01:45:49,208 --> 01:45:51,620 Got it, dad. 1385 01:45:51,708 --> 01:45:52,539 Okay. 1386 01:45:53,083 --> 01:45:54,198 Hassan! 1387 01:45:54,875 --> 01:45:55,865 Hassan! 1388 01:45:56,458 --> 01:45:58,290 Quick! Quick! 1389 01:46:00,333 --> 01:46:03,405 S&J Finances open recruitment 1390 01:46:03,458 --> 01:46:04,789 "Candidates No. 231 to 235." 1391 01:46:08,042 --> 01:46:10,784 If I get this job, I'll... 1392 01:46:12,750 --> 01:46:14,866 "CEO Park Dae-young Former Deputy Minister of Finance" 1393 01:46:20,458 --> 01:46:22,040 Hello, Chairman! 1394 01:46:22,042 --> 01:46:24,625 Congratulations! I heard you're at an investment bank now. 1395 01:46:25,042 --> 01:46:27,033 It's all thanks to you. 1396 01:46:27,375 --> 01:46:31,699 There's talk of reform these days. 1397 01:46:32,458 --> 01:46:38,329 Give them what they want, they'll go quiet soon. 1398 01:46:41,083 --> 01:46:42,619 Oh, you've heard the news? 1399 01:46:46,917 --> 01:46:48,123 Soon... 1400 01:46:56,333 --> 01:47:00,782 "20 Years Since IMF Bailout, Aftermath Persists” 1401 01:47:00,958 --> 01:47:05,247 "Conglomerates Get Bigger While Households Suffer" 1402 01:47:19,625 --> 01:47:21,992 I heard she's got quite a personality. 1403 01:47:22,333 --> 01:47:26,031 Who cares about personality? She just needs to be competent in her job. 1404 01:47:27,208 --> 01:47:29,870 "Financial Capital Monitoring Center" 1405 01:47:33,708 --> 01:47:35,915 Are you Director Han? 1406 01:47:40,542 --> 01:47:41,953 Yes... and? 1407 01:47:43,625 --> 01:47:46,117 I am the Deputy Minister of Strategy and Finance. 1408 01:47:48,375 --> 01:47:53,541 Nothing's concrete yet, 1409 01:47:54,208 --> 01:47:56,791 but we might need your assistance. 1410 01:47:56,792 --> 01:47:58,749 So we came in person. 1411 01:48:02,625 --> 01:48:05,788 You just want me to be the old person sitting in the back... 1412 01:48:07,083 --> 01:48:08,244 Why should 1? 1413 01:48:13,958 --> 01:48:17,030 This is a report on how the household debt will cause panic within this year. 1414 01:48:17,125 --> 01:48:21,699 This is a report on the mass unsold properties in the metropolitan area. 1415 01:48:22,083 --> 01:48:23,869 The authorities aren't taking action. 1416 01:48:25,042 --> 01:48:30,458 You left a report on IMF when you left Bank of Korea. 1417 01:48:30,875 --> 01:48:33,458 It was the only and most accurate report. 1418 01:48:33,917 --> 01:48:37,706 Please... help us. 1419 01:48:38,625 --> 01:48:43,791 The bomb is ticking, and no one cares. 1420 01:48:53,042 --> 01:48:54,624 I work as a team. 1421 01:48:57,500 --> 01:48:59,116 Crises recur. 1422 01:48:59,750 --> 01:49:01,616 But in order not be helpless again, 1423 01:49:01,625 --> 01:49:03,036 we must not forget. 1424 01:49:04,208 --> 01:49:07,405 Keep asking questions and check facts. 1425 01:49:09,625 --> 01:49:12,617 Do not take a simple thing for granted. 1426 01:49:14,583 --> 01:49:19,532 And always watch the world with open eyes. 1427 01:49:21,250 --> 01:49:24,743 Because I'm not gonna lose again. 1428 01:49:45,667 --> 01:49:48,667 108661

Can't find what you're looking for?
Get subtitles in any language from opensubtitles.com, and translate them here.