Chapter 398

Because of Henry, the whole Asia is more miserable than before. Henry borrowed a lot from every country, which led to the Asian financial crisis becoming more serious. In Thailand alone, the baht devalued by more than 60% from January 1997 to December 1997, and Henry made $120 billion! If the baht devalues by 100%, Henry can earn half of the $75 billion he borrowed, that is, $37.5 billion.

Henry snatched so much money all at once, and the Thai people's life has been more miserable ever since

But worse is yet to come.

Henry's attack on Indonesia was real. From 1996 to 1997, Henry borrowed nearly 100 billion rupiah from Indonesia. So far, the rupiah has depreciated by more than 65%. However, this is far from the limit. In the Asian financial crisis, Indonesia is the most miserable one. At present, although the International Monetary Fund (IMF) has borrowed money to Indonesia for a while, Henry knows that after the outbreak of the South Korean financial crisis, Indonesia's financial crisis will reappear, and Indonesia will face the most serious economic recession ever!

During the Asian financial crisis, many companies in other countries went bankrupt, but the big companies were so powerful that they barely survived. South Korea alone has closed down many large companies, such as Kia group, which ranks eighth, Hannah group, which ranks 13th, Hanbao group, which ranks 14th, Zhenlu group, which ranks 19th, Sanmei group, which ranks 26th, Haitian Group and Korea securities company.

Why do so many big enterprises in South Korea close down one after another? Rome wasn't built in a day. As we all know, the development model of South Korea is very unique. The South Korean government concentrates its advantageous resources to support some large companies and make them stronger and bigger. According to statistics, the top 30 enterprise groups account for three-quarters of South Korea's total economy. Imagine that there are at least a million enterprises in such a big South Korea, but only 30 enterprise groups account for three-quarters of the national economy. From this we can see how terrible the big companies in South Korea are!

Some people describe the Korean life as: birth, tax, Samsung!

This is the most appropriate description. For big companies like Samsung, the South Korean government will continue to give loans to these companies, so that they can get involved in all industries, monopolize the whole South Korean market, and cover everything. Crazy and even blind expansion, resulting in the debt of these companies is several times higher than their own assets. When the Asian financial crisis comes, South Korea's foreign exchange reserves are exhausted, how can the South Korean government lend money to these companies? Finally, it can only go bankrupt!

The collapse of a South Korean company was naturally welcomed by Henry. However, due to the conservative and exclusive economic market in South Korea, the South Korean government does not allow foreign capital to hold more than 25% of the listed companies in South Korea. Even if a lot of Korean companies went bankrupt, Henry could only watch and eat. However, the United States and Europe have coveted Korean companies for a long time. At this time, when South Korea is in financial crisis, won't they take advantage of it?

In December 1997, the International Monetary Fund (IMF) said that the IMF could help South Korea, but South Korea must sign some agreements, some of which are seen by South Koreans as "humiliating". There are many contents in the agreement, two of which are very humiliating to the South Koreans. One is to open the capital market and allow foreigners to hold more than 50% shares; The second is to lift restrictions on foreigners' annexation of domestic enterprises, such as telecommunications, banking and other monopolistic industries, while allowing the United States to establish bank branches.

Here, why does the international monetary fund help Europe and the United States to pry open the South Korean market?

In fact, the International Monetary Fund is under the management of the United Nations, but more precisely, it is a relatively independent joint-stock fund. Each country that joined the IMF initially had 250 shares to vote. Then for every $100000 you donate, you get an extra vote. If you want to have a say in the IMF, you have to donate money to it. Up to now, the IMF has more than 200 billion US dollars.

Among them, Europe and the United States occupy the majority. Basically, the IMF is what they say.

The outbreak of the Asian financial crisis, the IMF everywhere "fire", really think it is so good? No, no, no, every "rescued" country has to sign some agreements. You don't have to think about which countries are benefited by these agreements!

The agreements proposed by the IMF are about to cause a stir in South Korea.

Many citizens stick the word "IMF" in toilets, cars, elevators and other places, and then use their feet to show their disgust for the IMF. At the same time, there have been many demonstrations across the country against the IMF's vicious agreement.

Kailina also worried that if the South Korean government does not sign an agreement with the IMF, then South Korea will be a tortoise shell. Even if it has money, it will not be able to open its shell

However, Henry is a little smile, not worried, history has proved that South Korea will certainly sign.

At this time, South Korea is already in the wind and rain, and the government must get funds to stabilize the economy.

Soon, high-level South Korean government gathered at the presidential palace. After a day's deliberation, they finally decided to sign an agreement with the IMF to accept $57 billion in loan assistance.

On the day the IMF signed the agreement, a large group of European and American companies went to South Korea and began to look for companies. For a time, there are many foreigners waving cheques on the border of South Korea, shouting to buy this and that, while the Korean people with great national pride regard this day as "national humiliation day"!

At this time, to Henry's surprise, the Korean people spontaneously organized and launched the "gathering of foreign exchange copper money activity". The citizens have raised their existing foreign exchange change to enrich the national treasury to resist the impact of the financial crisis. Many people even donate gold and silver jewelry. You know, South Korea is affected by the Asian finance, but prices are rising one after another. The prices of daily necessities such as flour, sugar and edible oil have all increased by 50%.

Although the spirit of the Korean people working together to tide over the difficulties is quite moving, Henry will not give up the search for South Korea's wealth.

1998 will be the worst time for South Korea's real estate industry. Now it's the best time to make a bottom check. Global land officially entered South Korea, and purchased lots of land in Seoul, Jeju Island, Busan and other places. In fact, global land has also sent a large number of staff in Thailand, Bangkok, Singapore, Malaysia, Indonesia and other places. Only when the price drops to the lowest, can it immediately collect some good land. From then on, the name of global land will become more worthy of the name!

In South Korea, of course, the company Henry wants to buy most is Samsung. However, Samsung is a super group supported by the South Korean government. Henry can't buy it. Since we can't sell it, we should try our best to suppress it. The South Korean government not only gives money, but also projects, almost helping Samsung to open up! Any company will be envious after watching it.

But now, South Korea has no money and Samsung is in debt. If we don't cut it hard, when will we wait?