The South Korean IMF is an event when South Korea, which was amidst of a foreign exchange crisis, signed a memorandum of understanding with the International Monetary Fund on December 3, 1997. The IMF required for the introduction of policies such as fiscal and financial austerity, high-interest rates, the dissolution of chaebols, layoffs and floating exchange rates as conditions for bailouts, and the Korean government, which had to prevent the nation from going bankrupt immediately, was forced to accept those demands. As a result, corporate bankruptcies, mass unemployment and the crisis in the real economy accelerated further. The term is called the IMF, the IMF economic crisis, the IMF crisis and so on, but technically defining, the name IMF itself is a misrepresentation because it does
_-1.jpg?width=300)
_-1.jpg){kind=link}
_-1.jpg){kind=link}