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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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Alternate Title Republic of Korea: (International Monetary Fund) IMF Stand-by Arrangement: Summary of the Economic Program: December 5, 1997
Classification
Publisher
Date Issued [1997]
Language
Scout Publication
Date of Scout Publication 1997-12-18
Archived Scout Publication URL https://scout.wisc.edu/report/be/1997/1218

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