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Republic of Korea: IMF Stand-by Arrangement: Summary of the Economic Program: December 5, 1997

The beginning of the financial crisis in South Korea can be traced to the collapse of Hanbo Steel Corp., the first in a string of large corporate failures in South Korea. This was followed by the decline in the value of the Korean won against the dollar in October 1997, which persisted until November when the Central Bank of Korea stopped intervening to support the won. The continued decline in won forced the Korean government to seek financial assistance from the International Monetary Fund (IMF). On December 3, the IMF announced a $55 billion aid package for South Korea.
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Republic of Korea: (International Monetary Fund) IMF Stand-by Arrangement: Summary of the Economic Program: December 5, 1997
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Date of Scout Publication
December 18th, 1997
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April 3rd, 2003 at 4:50pm
Date Of Record Release
April 3rd, 2003 at 4:50pm
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