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24/12/1997 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.

Relations

  • Essentials 

  • Credit bubbles and fixed currency exchange rates 

  • Panic among lenders and withdrawal of credit 

  • IMF role 

  • Thailand 

  • Indonesia 

  • South Korea 

  • Philippines 

  • Hong Kong 

  • Malaysia 

  • Mongolia 

  • Singapore 

  • United States and Japan 

  • Consequences