financial crisis in korea(IMF)

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financial crisis in korea _IMF 에 대해 영어 에세이 쓴거에요
Cause-Effect Essay 로 원인과 결과 형식의 에세이 입니다,
IMF 의 원인과 결과 에 대해서 썼어요
교수님의 수정까지 거친겁니다~~~!!!!
(에세이형식까지 철처지 지켜서 쓴거에요~)

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본문내용

Korea experienced two opposite situations, failure and success, in 1997. There was a financial crisis and a resolution of the crisis by the IMF. IMF stands for International Monetary Fund. The crisis in Korea was financial risk due to payment defaults and at extremes, could have meant national bankruptcy. Consequently, 1997 was the worst year for the people and government, as well as for corporations. The government lost face and the Korean public image fell around the world. As many as 30,000 small and medium companies went bankrupt in 1998, leading to mass dismissals. As a result many people lost their jobs and were on the street. The crisis was a result of diverse factors.
First was a fundamental problem, the shortage of foreign exchange. Korea borrowed more money than it was capable of repaying. The Korean big companies, the chaebol, had expanded their business into a variety of areas – auto, steel, semiconductor and petrochemical industries and they needed huge money to meet their goals. It was an internal problem.

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