The IMF and G7 grant $10bn bailout to South Korea
Because of the Asian financial crisis, South Korea received $10bn in loans from the IMF and G7 to avoid a default on its short-term loan. South Korea also agreed to open its domestic financial markets to foreign institutions.
SOUTH KOREA: IMF OFFICIALS ARRIVE FOR FINANCIAL CRISIS TALKS
ASIA: US AND IMF ATTEMPTS TO STEM ASIA FINANCIAL CRISIS