Chapter 1279

"Express! Express, South Korea accepts the conditions of the world international foundation to avoid bankruptcy, but experts estimate that South Korea's economy will regress for at least 10 years!" on the streets of XG, those newspaper boys are shouting today's big news.

"This time South Korea is over!" a white-collar bought a newspaper and sighed after reading the news.

While Daqian was in various lawsuits in the United States, South Korea fell into a complete financial crisis, and the fuse of this financial crisis was still our Mr. Soros. After shorting Thailand's economy, he changed his goal to South Korea and began to toss South Korea's financial market.

Since September, Korean banks have gone bankrupt successively. The won against the US dollar fell from 989 won to 1012 won, then fell to 1033 won, then continued to fall for several consecutive days, and finally fell below 1100 won.

Soon, South Korea's foreign exchange reserves were less than US $10 billion. The South Korean government could only announce that it would abandon the control and monitoring of the foreign exchange market, and then the won would go down thousands of miles and compete with the Thai state.

Then, all South Korean stocks fell wildly, and 13 South Korean enterprises declared bankruptcy. Finally, South Korea announced to accept the mediation of the International Monetary Fund on December 1, and got a $58 billion rescue loan in December.

However, as a condition, South Korea must liberalize free trade and capital account restrictions, and reform the labor market and state-owned enterprises. Anyway, it is to reform its governance according to the will of the West. The whole South Korea has been hit unprecedentedly, and the development in the previous 10 years has been completely turned into nothing.

It is worth mentioning that in order to repay the money, South Korea launched an unprecedented movement of patriotism and self sacrifice.

At the call of the government, a quarter of the people took part in the movement. People lined up and exchanged all their dollars and gold for Korean won. In this way, they helped the country accumulate dollars and overcome the foreign exchange crisis, so as to clear the $58 billion loan.

As a result, in less than two months, the government received 226 metric tons of gold and $2 billion in foreign exchange, with a combined value of $4.2 billion.

Although these are still a drop in the bucket, they eventually helped South Korea pay off its $58 billion loan in August 2001, nearly three years ahead of the original plan, which is also a lifelong thing for countless South Koreans.

However, later, the media conducted data statistics and found that the donations were basically ordinary people, while the wealthy families such as Samsung, Daewoo and Hyundai in South Korea also donated.

Although it seems a lot, each family donated about $1 million in foreign exchange.

But these are only equivalent to one tenth of their total property, but ordinary people donate almost all their property, which makes many Koreans moan.

Those who make money are the chaebols. As a result, they will lose money, but they are humble and poor ordinary people. It is sad to put all their property on top to serve the country!

South Korea is making a lot of noise all over the world. At the same time, the whole Southeast Asia is also terrified of Soros.

On the surface, this is the financial crisis caused by Soros shorting the South Korean economy, but in fact, Soros did not do much. He just pushed gently, or even didn't push. He just showed the idea of shorting the South Korean exchange rate, and the whole South Korean economy collapsed.

In fact, in the final analysis, this is a huge problem of South Korea itself. A large part of South Korea's development is based on bank borrowing, which leads to a very high bad debt rate of banks and many bank loans can not be recovered.

When South Korea's economy is booming, it doesn't seem to be a problem.

However, with the economic tightening, the bank was frightened to find that they had no money and mice could run in the vault. Then, when Soros came, many Koreans immediately began to want to exchange Korean won into US dollars to avoid being cheated.

Of course, ordinary Korean people don't have such a keen sense of smell. Those with such speed are Korean financial circles, entrepreneurs and so on. The so-called elites, who are so smart, can't make themselves lose money.

But it is precisely because of these so-called elites that Soros collapsed the entire Korean financial market before he could start, which makes Soros very depressed.

Because South Korea collapsed so fast that Soros didn't have time to deal with it. Finally, he even lost some money in South Korea and didn't know who to reason with.

Therefore, Soros is only the fuse of South Korea's economic collapse. It is the Koreans themselves who killed the Koreans, and it is their elite.

However, this fuse has scared the whole southeast region crazy. Now Soros is like a devil in the eyes of financial markets and financial management departments of various countries.

But they can't deal with the devil, or even stop others from reaching out to themselves, because behind them is the United States, holding high the banner of fairness and freedom.

You can't object. The big stick of being an American father is vegetarian!

So now all countries in Southeast Asia are extremely afraid of Soros, especially in South Korea. They understand that Soros's eyes are bound to shift to other countries.

It is said that the relevant departments of the Gulf went to the United States at the first time and placed orders of tens of billions of dollars, while Singapore relaxed some restrictions. Anyway, almost everyone fawned on the United States and tried to let Soros let them go.

However, their actions are superfluous. In the view of real people of insight, these countries cannot become Soros' targets because their money is hard to earn.

Soros's next goal is and only one, XG.

For a moment, the whole XG was terrified, and everyone was afraid of Soros.

But what should come will come after all.

As time slowly entered the second half of December 1997, Fortune magazine in the United States was on sale normally. Customers were surprised to find that there was an exclusive interview with Soros. Soros first defended himself in this interview, saying that he did not promote the financial crisis in Asian countries, but that they had economic problems and just happened to meet it, It's not my fault at all.

This part of the interview seems normal, and Soros seems to have some uneasy conscience.

But next time, when the reporter asked questions, what areas of Southeast Asia's economy had problems and could be punctured at any time, Soros did not hesitate to give a name: XG.

In an instant, the XG was dead, and all people in the financial industry felt a bolt from the blue. XG was about to be destroyed!