jan 1, 1997 - IMF crisis / Asian economic crisis

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Asian economic crisis, IMF ( 1997 )

Asian economic crisis happened in Asia in the late 1990s. It happened for many Asian countries. The money currency dropped as low as 36 % giving the Asian countries an economic crisis. For Koreans we call it the IMF crisis. When Korea met the economic crisis and the money currency dropped ( meaning that the value of Dollars went up ) a lot of the companies were bankrupted. Many famous and rich companies had to shut down. Everyone was in panic when the IMF crisis happened. Korea tried to go through the IMF crisis but failed because the money currency dropped every second. So the Korean government made a final decision and borrowed money from the IMF ( International Monetary Fund ). It’s called an IMF crisis because they were rescued by the IMF. With the money they got from IMF they slowly recovered. IMF was one of the hardest time in Korean history. If the IMF didn’t help Korea would have had many troubles. As the country started to recover they started collecting the money to pay back to IMF. They did something called an “Gold collection campaign”, everyone from the country gave every single piece of gold they had. Around 3500000 people participated and 227 tons of gold were collected. And with the help of citizens Korea was able to pay 21 million dollars to the IMF and became the first country to pay back the money among three other countries who borrowed from IMF.

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