wholesale bullet jewelry com What is the 97 financial storm? Intersection Intersection

crystal jewelry wholesale california In 1997, it was the most unbearable year for Southeast Asian countries. Most of the time of this year,
The eyes all over the world have settled in the world who lived in the world. Although this kind of attention is a bit miserable.
Malaysian Prime Minister Mahathir said: We spent 40 years established an economic system, which was broken by this idiot with
.
Is with a lot of money are George Soros. International speculators led by his quantum fund have launched attacks from
in May. And overthrew this Domino card.
The baht, Indonesian Shield, Malaysian dollar, and the Philippine peso fell against US dollars; Singapore, South Korea, Taiwan
, the three small dragons such as Asian Asia are also difficult to escape.
I Hong Kong, who has just returned, has also experienced unprecedented impact;
The New York Road · Jones Index, London and Tokyo's large stock markets are inevitably involved in this quagmire.
The unprecedented financial crisis is the momentum and the extensiveness involved in the world!
Here, we have launched this series to readers. ——— Editor
Soros blood washed Southeast Asia
Xiao Liu worked in a foreign company. Due to business relationships, he often came between Thailand, but one week in July
The morning of three, he I found that I really made a lot of money — the Thai baht exchanged for $ 1 suddenly became more. The sloppy
This, he thought it was the bank's lady wrong. In fact, the international purchase capacity of the Thais was sharply decreasing on this day
16.7 %, and an unprecedented financial turmoil was ascending to the beach Southeast Asia.
In January 1997, international speculators led by George Soros began to attack the long -awaited Southeast
The financial markets, and started selling Thai baht and buying US dollars. Thai baht fell straight. Its purpose is clear:
The financial market in Southeast Asia, mixing water to touch fish, and fishing hard. In some countries in Southeast Asia, real estate, foreign exchange
The chaos and out of control of reserves and financial market management have provided speculators with opportunities for thousands of years. Eat the persimmons to pick soft
, Soros's Ruyi abacus is: start with the most vulnerable Thailand, Indonesia, Malaysia
, and then disrupt Asia's "Four Little Dragons" Singapore, South Korea, Taiwan In the end, Hong Kong captured Hong Kong, which caused him
The impression of the indestructible, defeating market confidence, and triggering the "group sheep" psychology. Soros believes that as long as the financial market in a country is defeated, other countries will inevitably fall down one after the other. This is the so -called "Domi
Nuo Bone card" effect.
The Thailand has become the goal of being the first.
-May May, international currency speculators began to sell baht, and the exchange rate against the US dollar fell sharply. Faced with speculative
The business aggressive attack, the Central Bank of Thailand and the central bank of Singapore joined forces to enter the market, tried to defend the baht
, they used $ 12 billion to absorb the baht; forbidden local banks to borrow baht to give baht for it Offshore speculators; big
increased interest rates. After some short soldiers were connected, the status of the Thai baht was temporarily maintained.
The international currency speculators have conducted a strong counterattack, and their tricks are only one: raising funds
, and throwing baht. Soros began to advance. At the same time, the wave of depreciation of the Thai baht continued, and the exchange rate of Thai
has reached a record low that the exchange rate of the US dollar exchanged for the US dollar. The Thai government was replaced, and the former Minister of Finance, La Lei Willawang, was forced to hand over
Handsome seal. n, the exchange rate of the peso began to rise sharply.
The depression of La Lei Wirawan failed to stop the fierce defeat of the Thai baht. In June, the speculators began to issue
The US Treasury bonds, raised funds, and launched a fatal blow to the Thai baht again. The Thai central bank fought back. At that time, people's hearts
are disturbing, and everyone is in danger. The disadvantages under the grand age of Taiping are exposed one by one. In order to stabilize the military heart, 6
On the 30th of the month, Thai Prime Minister made a television speech: "I reiterate again that the baht will not depreciate, we will let those speculative bloods be lost." Vowing vowed to vow , It is about its financial market that cannot afford to afford. At this
, the central bank of Thailand has been spanned, and only $ 30 billion in foreign exchange reserves have already been spent. Two days after the speech of the Prime Minister of Thailand, the central bank of Thailand was forced to announce the implementation of the floating exchange rate system and abandoned the exchange rate system linked to the
for 13 years. On the same day, the Thai baht fell 20 %. On July 29, the Governor of the Thai Central Bank Rong Ma
Routing announced his resignation. On August 5, the Thai Central Bank decided to close 42 financial institutions. At this point, the Thai baht finally lost
.
At the same time, the weakness of the Philippines Peso can bully it to become another sniper target of speculators. The ups and downs of the ups and downs, try to fight Solo
. But the general trend has gone, and it is unable to return to heaven. On July 11, the Philippine Central Bank announced that the Philippine peso fluctuated within a wider amplitude
. For a while, the devaluation of the peso was terrible. In fact, this marked the comprehensive loss of the Battle of the Peso.
is like a addict. At this time, Soros was obviously not satisfied. They dispatched around and looked for the next goal of hunting. Malaysia and Indonesia entered his sight.
The central bank in Malaysia attempts to raise the cost of selling short -selling Malaysia to prevent speculators from making waves.
Indonesia also entered the market to support the Indonesian shield. However, in the end, the speculators could not stop the strong offensive, and the RMB and Indonesian currency against the
are low in exchange for US dollars.
The losses of neighboring positions have begun to spread Singapore currency, which has always been known as "refuge currency". The lips are cold,
Although Singapore has also taken measures such as high interest rates, the gate of the city is caught fire, and the pool fish will continue to fall.
In Soros's tough situation, governments of various countries were unhappy, and they had given up the defense operations, opened
to yield, and they couldn't fight back. As a result, the currency of the country is floating in the market. On the other hand, the national
is even more afraid of the inter -currency speculators.
The Southeast Asian currency sniper warfare makes everyone's self -risk, and the financial authorities of various countries make every effort to avoid falling into this mud
. Speaking, the Lord of the Federal Reserve Committee
Stglingespan said that he was particularly "uneasy". The crisis was largely involved in one country to
. National affected by this fluctuation ".
The aggressive anger of international speculators has made the international community's understanding of collective monetary crisis is being added
deep. On July 25, China, Hong Kong Special Administrative Region, Indonesia, South Korea, Malaysia
to 11 countries and regions in Asia Pacific in Asia Pacific in Asia Pacific in 11 countries and regions in Asia -Pacific regions in Asia Pacific. The statement issued by the Shanghai Meeting and after the meeting stated that a stable currency market is very important. Asia -Pacific
The countries will jointly study with the International Monetary Fund to assist members of member states to provide new assistance measures to relevant countries in r at r. nIn economic adjustment when necessary. For Southeast Asian countries, at least it makes them feel that they are no longer so lonely when they fight with international
when currency speculators fight.
On August 5th, Thailand, which crisis, agreed to accept the backup of the International Monetary Fund with harsh conditions
loan plans and a package of measures. On August 11th, in order to save the shortage of funds, Thailand was owned by the International Monetary Fund Group
In weaving and hosting. Organization and some countries and regions of Asia promise to sharing a total of $ 16 billion (later to 1
67 billion US dollars) of financing plans for Thailand. n -dollar loan. On August 21, the International Clenging Bank (BIS) announced that it would give Thailand a temporary loan with a total value of US $ 3.3 billion in Thailand to assist it through the difficulty.
When the southern Asian countries were asking for help and actively planning, the international speculators disappeared and suddenly stopped
attacking. On August 20, the currency exchange rates of various countries in Southeast Asia temporarily stabilized, and people from all over the Southeast Asia were panting
Qi: Okay, the storm finally passed!
It is like the tranquility on the eve of the storm, and a killing opportunity under the calm appearance. Obviously the joy of all countries in the east
is too early. Just, the helplessness is
, this tranquility lasted only a few days; the nations in the east have not had time to stain the blood. At the end of August, another
's stunned decline came instantly. This time, the ASEAN member Brunei also pulled off the water.
. So far, Soros has an unwavering posture. In September, the storm continued to rage for the third month, and the decline of the foreign exchange market continued. East
The economic conditions in South Asia continued to deteriorate. On October 19th, Thailand's Minister of Finance, other farmers, Bidaa, was also full of belly
.
. Until early November, the black storm of more than 4 months of nightmares for Southeast Asia was gradually flattened
. According to industry analysts, this turbulence has come to an end. But for Southeast Asia, especially Thailand, which is located in the source of the earthquake
, the crown is OK, but Xiangqing has been bitter.
This helpless Hehua went
In this crisis, the worst victim is probably the Thailand. The violent financial turmoil smashed the country to the bottom of the country. Prior to this, Thailand's image with one of the "Four Little Dragons" in Asia made people dizzy. One
The small owner recalled: "It seems that we are rich, so that everyone is ready to buy Mercedes. "They
This are keen on the coastal villa, Switzerland Omega, France XO, Germany Benz, Panasonic, Japan. Like Americans,
. They also arranged to travel to Europe every year; children are sent to private schools ... When you meet a
The village housewife, even hawkers selling on the street, maybe it may be A member of the stock army; "money is too easy to come
", at that time, they would say in such a ridiculous tone that they were preparing to travel to Europe. But now, the Thai
stunned watching Soros's stream of Soros snatched everything that belonged to them from them; the family sedan was dragged away by the police, and the unemployment began to bother themselves. I had to cancel it, and the child had to go to the cheap
public school ... Malaysian Prime Minister Mahathir said: "This guy (referring to Soros) came to our country
, overnight, let us make us The struggle of people across the country for more than ten years has been turned into black. "
The governor of Thailand's bank governor said:" We can only watch the rogue robbers of Soros deprive us
I just want to say, don't you just want money? "
For all Southeast Asians, they used to have a large amount of wealth instantaneous to be black, Samot Electric
Vaster said: Bangkok people have not even had time to enjoy Ronghua. The car has just stepped down the production line. But they have lost everything. Indonesian musicians Bangniere Mach has been struggling for 30 years to buy a
. When I was about to move in, the storm came, "I have to retreat." He
said that he said Essence
A era of worries about eating, a era that needs to save money is inevitable, but the once of the former sea feels that they are still immersed in rich aftertastes. In the square in the center of Bangkok, some hawkers screamed to rent clothes in theirsing
. "You can rent anything. In order to maintain decentness, students from private universities are almost
. They rent from head to toe. "The hawker said that his business was quite hot. In the shopping malls on Sunday, people were still crowded, but
The difference was that they were shy in the pocket and could only stroll around. Just like many old people in Beijing.
The rich people who are entangled in the waist can only look at 50 % or more of their property without trace
, it is estimated that from March to September, Malaysia ranks among the top 12 in Malaysia. The rich man lost
13 billion U.S. dollars in the stock market. The children of the Indonesian President Suharto were also forced to sell their companies to avoid the appearance of the granularity without the harvesting bureau
. "The past world no longer exists." Ramsam, president of the third largest bank of Thailand, said
.
The strange scenery of Bangkok is still so beautiful, and the high -rise buildings in Kuala Lumpur are still so row; but
is that the once rich gap with the current poverty is so out of reach. "This is not just a sense of loss
", Professor of Taiyi University sighed helplessly.
Faced with reality, maybe this is the most painful and helpless choice for the east neighbors!
three months later, the financial turmoil that swept Southeast Asia ascended to the beach of Hong Kong Island -the wolf finally came.
Black Monday
Perhaps in the memory of many Hong Kong people, Hong Kong's "stock disaster" in October 1987 was like a nightmare, and it is still worried.
1997 Golden Autumn October, another round of "Big Bear" swept the entire Hong Kong stock market. October 20
is the 10th anniversary of the Wall Street stock market tragedy "Black Monday". Because of this, it has become the most anxious day of investment analysts. However, the horror atmosphere However, it did not appear on the Wall Street stock market. Just
Conversely, the Dow Jones Index fell 210 points a week, but rebounded 74 points that day.
Poly investment analysts to celebrate each other, but at the other end of the earth, it has long been crisis and the dark tide is turbulent
. After 10 years, another "Black Monday" began to come, but this time it was shrouded in Hong Kong, known as shopping
.
On October 20, the Hong Kong stock market began to fall. On October 21, the Hong Kong Hang Seng Index fell 765
. At 33 o'clock, this momentum continued on the 22nd and fell 1200 points. On the 23rd, the concerns of the Hong Kong dollar
. The interest rate of the Hong Kong bank's interbank borrowing rate rose steadily. On the 21st, it was about 7 % of the overnight interest rate. In this market atmosphere, Hong Kong stocks have been frustrated for the fourth consecutive time, down 10.41 %.
The director of the Financial Secretary of the Hong Kong Special Administrative Region, Zeng Yinquan said on the same day that Hong Kong's basic economic factors were good. The decline in the stock market was mainly due to the temporary speculation of the peripheral factors. Investors did not have to panic. He said: "I don't think this is a stock market disaster." He acknowledged
, in any case, the SAR government first wanted to defend the Hong Kong dollar exchange rate. Although there were
speculative activities of the Hong Kong dollars in the night before, the sale event was calmed down at this time. At the same time, Ren Zhigang, president of the Hong Kong Financial Management Authority
, claimed that the Financial Management Bureau had repelled the speculators the night before.
Perhaps because of the strong intervention measures of the SAR government, maybe because of the confidence of the SAR government and financial managers
, the investor in infected. On this day, the strong
rebounded, and the Hang Seng Index rose 718 points, an increase of 6.89 %. On the 27th, Zeng Yinquan reiterated again that the current contact rate system of Hong Kong will not change. Only the loss will be the speculators.
At this time, the stock markets around the world form a vicious recycling. On the 27th, the New York Road · Jones Index
Automatically stop the trading in the middle of
hours. The Tokyo stock market plummeted more than 800 points after the opening. On the 28th, the Hong Kong Hang Seng Index was more than 1,400 points
, a decrease of 13.7 %, and a minimum of 8775.88 points throughout the day. Under the condition, the shock of the Hong Kong stock market is not limited to its own
.
The chief executive of the SAR, Dong Jianhua, emphasized that the shock of the Hong Kong stock market is only temporary adjustment. China Foreign
The spokesman Shen Guofang said that the Hong Kong stock market has also had such fluctuations in the past. In principle, it will not directly intervene in
This in Hong Kong's stock market and Hong Kong dollar exchange rates. Beijing is still confident in the overall economy of Hong Kong.
The director of the SAR Temporary Legislative Council Financial Affairs Bureau said in the question of answering parliamentarians that society is very concerned about the stability and joint exchange
. Intervention should be minimized to minimum.
Chen Fangsheng, director of the SAR Department of Administration, persuaded the public to keep calm and not to be allergic. When entering the market, he must be cautious and n.
The public opinion in Hong Kong expressed strong confidence. The Sing Tao Daily published a comment: "In the past, after experiencing
Except. US finance pointed out
. Since the global stock market disaster in 1987, the return rate of the Hong Kong stock market in the past 10 years ranks first. The return rate may be the most in the world. "
The Hong Kong dollar defense war
This" invisible war "caused by Soros, shocked the world like volcanic eruption, in
The Thailand and Malaysia in Zhenyuan Center are miserable. On the other hand, Hong Kong, which is across the sea, tighten his nerves than any time in the past. People realize that this "black finance dark tide" ascending the beach is just
time. Faced with the aggressive anger of international financial speculators, Dong Jianhua, Chief Executive of the Hong Kong Special Administrative Region, said carefully that the foreign exchange reserves of the Hong Kong Special Administrative Region are rich and the economy is growing steadily. More importantly, the Hong Kong Special Economic Zone has the back
after there is any Powerful support of the motherland. Therefore, this storm will not have a particularly serious impact on Hong Kong.
In fact, as early as August 1997, the speculators impacted Hong Kong dollars several times.
-August 14th and 15th, some powerful investment funds entered the Hong Kong foreign exchange market. They Use financial futures
means to buy Hong Kong dollars with a 3 -month or 6 -month Hong Kong dollar futures and appointments, and then quickly empty. As a result, the Hong Kong dollar's exchange rate against the United States
once dropped to 7.75 / 1.7.75 an important psychological key point called the Hong Kong dollar exchange rate. Xiang
This financial management authorities quickly counterattacked. By tightening the silver roots and raising the interbank interest rates to meet the speculators. The HKMA mentioned
The high -to -bank loan interest, forcing the bank to return the excess position back, so that those speculators who borrowed money to buy US dollars
face the strong speculative cost of the strong speculative cost Looking down. Therefore, in a short period of time,
, that is, the Hong Kong and markets were calm on August 20, and the speculators returned without success.
However, people know very well that these speculators will not stop there, and the bloody fighting of both sides cannot end up
to avoid. The Hong Kong authorities have planned ahead, and the policy and public opinion offensive are two prongs, reminding these "money swimming crocodiles"
. Don't act lightly. Hong Kong's financial management authorities are extremely clear: resolutely maintain the stability of the exchange rate system. Zheng
The Chief Executive Dong Jianhua, the Chief Executive of the SARs visited in the UK, emphasized that the SAR government has great determination to maintain the linkage of the linkage
series; Contact Huixi
is the preferred goal of the Hong Kong Government. It is inevitable that the interest on the interest is soaring for this goal. I hope that Hong Kong people are slightly
This. Calm, the Hong Kong General Chamber of Commerce issued a statement to support the
connection to the exchange rate system, and called on the financial market to think calmly and review the foundation of Hong Kong's economy, thereby stabilizing the
market. Zeng Yinquan said at an investment meeting: "I want to reiterate that we will not change our currency system or
The relationship with the US dollar. The actions of the Hong Kong dollars in the three -year -old and five times are not only determined to profit at the Hong Kong dollar exchange rate, but also adopt a comprehensive
strategy to benefit in the stock market and the futures market. N light warehouses, then buy a long -term US dollar, sell a long -term Hong Kong dollar, and make great momentum. When the Hong Kong Government is accepted by the Hong Kong dollar, when the Hong Kong dollar is accepted
A measures to greatly increase the measures, and the stock atmosphere has faded. People are worried that interest rates have greatly pushed down the stock market and property market. Refers, the order of diving is a big diving. As a result, people in the stock market are distracted, panic
sells stocks, and speculators can calm down the position and get rich profits. In other words, although the speculators at the Hong Kong dollar exchange rate
The returns to return or even small damage, but in the marketing market, it was severely fishing.
The financial management authorities in Hong Kong made a tit -for -tat struggle. Their measures are to use huge
foreign exchange reserves to absorb Hong Kong dollars, and the other is to raise interest and tighten silver roots. After some offensive, Hong Kong stocks fell continuously
The stops to stop their footsteps and began to surge strongly. Mainly, Chinese and foreign funds were entered into the market. , Promote the rising market. The level above China Telecom has also produced a
The stimulus effect, which makes red chips and state -owned enterprises a rebound. Coupled with the theme of the mainland of the motherland
, these factors have caused the HSI to rebound quickly. Under the strong rebound of the stock market, the Hong Kong dollar exchange rate resumed stability. At this point, this
has come to an end of the thrilling Hong Kong dollar defense war. Dong Jianhua, Chief Executive of the SAR, praised the Financial Secretary Zeng Yin
The rights and his colleagues to deal with this crisis "really worthy of appreciation." Although this contest is that the HKMA's hard
is difficult to win, but the shock it brings to people is not limited to the crisis itself. Essence
This chief of Finance Zeng Yinquan finally stated publicly that the Hong Kong government will conduct internal review as soon as possible, and meet with scholars and businessmen
to summarize this financial trend and find a better counterattack method to prevent Hong Kong dollars from Hong Kong dollars Then be hit by foreign exchange speculation
.
It like a plague, this "financial hurricane" in Southeast Asia is not only satisfied with rampant in Southeast Asia. On October 28, 1997, the Tokyo stock market continued to plummet after the 27th decline.
on October 27th, the 30 industrial stock index of Domo Jones 554.26 points of the industrial stock index became the largest daily falling point in history
. On the morning of the same day, after the Dao Jones Index fell 550 points, the stock market transportation, known as the "current interrupt", immediately stopped stock transactions immediately.
At the same time, London, Paris, Frankfurt, Moscow, St. Paul, Buenos Aires, Mexi
The stock markets of Gecheng have gone through a rare big shock in history, a large decline , Stunned.
South Korea, good times
The past 1997, for South Korea, the entire "sick cat" looks. In fact, the South Korean economy, known as the "Han River Miracle", has been among the Organization of Economic Cooperation Development due to its high -speed growth, becoming one of the members of the Department of Advanced National Affairs, and with the Asian economic model The image has been on the international stage, but today
, "rain and wind and wind in March and twilight, there is no choice to stay in spring." The previous prosperity has been "blowing the wind". Korean people
said: "I feel so shameful." The Korean corporate community publicly declared: "We have completely lost their economy
The agreement signed by the International Monetary Fund is compared with the "National Shame Day" on August 29, the 1
910, that day, it was the day when South Korea was forced to cut to Japan
.
Why are South Korea's economy fragile to such a vulnerable level?
The threshold for 1997, one after another, continuously rushed towards the South Korean economy. The first
is the first time at the beginning of the year. By the end of January, the huge bills of Hanbao Group refused to pay the scandal. Just as
This above problems were not allowed to make friends, the depreciation of the yen since the beginning of the year began to give exports to a heavy blow.
On January 23, Hanbao Iron and Steel Industry Company was unable to repay the loan, and opened the prelude to the 1997 large company broken
. The news of Han Bao's bankruptcy has fallen 2.8 % of the Seoul stock market index; on March 22, Sanmei Comprehensive Special
The bankruptcy of Steel Corporation caused the Korean Stock Exchange for four consecutive days of decline; on April 21, South Korea The maximum brewing
The wine group Shanglu Company closed down due to the high debt platform, and its creditor bank included it in the assistance plan; July 15
, the eighth largest group of South Korea's group, Kia Group, unable to repay its 10 trillion yuan The debt of the won into the latest silver
-row aid. Groups such as Han Xing and Dai Long may announce bankruptcy or become "patients
" for reinforcements because of the government's intervention ... With the successive bankruptcy or bankruptcy of large enterprise groups, the possibility of the outbreak of the Korean financial crisis is becoming increasingly increasingly increasing. Yue
is big. The financial disaster originated in Southeast Asia pushed South Korea's "sick Tai Chi" to the abyss without losing time.
Starting from 11 copies last year, the exchange rate of the Han Dynasty exchanged for the US dollar has repeatedly broke the historical lowest record. On November 6, it was
has fallen to a new low of 975 won against 1 US dollar. On December 12, it finally fell to 1891.40 won. Within two months, the $ 1 of the 890 won in September is more than 50
%. At the same time, the decline of the foreign exchange market has also affected the domestic stock market. The stock price index fell below 350 points, and
was the minimum level of 10 years and 8 months. The depreciation of the Korean won has prompted South Korea's export value in October 125.
800 million US dollars, but this also means that foreign debt expansion and import costs have increased, offset export competition
The benefits of improvement.
In the face of this situation of sores, the South Korean government strikes back, doing its best to save the
Han won in the collapse.
On the afternoon of November 19, the South Korean government announced a series of measures to stabilize the financial situation, such as relaxation of the Korean won
The floating rate of exchange rates, opening up the medium- and long -term bond market in advance, and implementing restrictions on reform of financial institutions with poor operations.
and mergers.
In Lin Changlie, deputy prime minister and financial dean of the financial and economic president, announced that in order to improve the structure of the financial industry,
The foreign reputation and stable financial market for the high Korean economy, the government will put the current 2.25 % Korean won. The exchange rate is floating at
. The limited amplitude of the motion to 10 %; the medium- and long -term corporate bond market that was originally planned to be opened after 1999 will be opened in December 1997; The interests of the savings
, the South Korean government will guarantee the principal and interest of savings in various financial institutions until the end of 2000
.
The side effects caused by the opening of the bond market, in order to prevent foreign investors from speculating behavior,
The Korean government will limit the investment of foreigners to each project to 30 %. At the same time, the government will increase the amount of foreign banks
will increase the amount of Han won in Korea from US $ 1 billion to $ 2 billion. The government will also start to raise a lot of foreign exchange from financial institutions to financial institutions.
Lin Changlie said that for companies with good operating conditions to repay debts, the government will restrict it before the end of 1
997. Prior to January 1998, the government will complete various financial machines to various financial machines
The survey of operating conditions, divide comprehensive financing institutions such as credit agencies into three levels of ABC, limited to the B
-level financing institutions to improve their operations, and require C -level financing institutions to accept mergers. For execution, the government will take strong
forced measures. He said that the government will also take similar measures to banks.
The Central Bank of Korea's central bank also made every effort to make market intervention to try to stop the crazy plunge of the Korean won, but helpless
Foreign exchange reserves are only $ 30 billion, and the cup is expensive. It seems
is a bit pale. Moreover, after the market intervention failed, the foreign exchange reserves were only poor 7 billion US dollars
, far less than the end of 1997 and 1998 that they expired 110 billion foreign debt.
In this situation, the exchange rate of the Korean won against the US dollar continued to fall, and its domestic stock market was repeatedly weakened. The national economy
has almost reached the edge of collapse. At this point, the South Korean government has to seek emergency loan assistance to the International Monetary Fund, the World Bank, the Asian
, and the United States and Japan.
On December 3, 1997, the International Monetary Fund (IMF) and South Korea signed a assistance agreement,
The organization provided US $ 21 billion in credit credit to South Korea. In addition, the World Bank will provide $ 10 billion.
A Asia Development Bank offers $ 4 billion, and other countries provide $ 20 billion. The total aid is 55 billion
. However, the conditions for this assistance are extremely harsh. At this time, South Korea, with milk, is a mother, and it is not so much
. For the pressure of the International Monetary Fund, the South Korean government was forced to implement the severe stable economic plan with
and abolished the important economic system and practices that originally developed South Korea into the "economic tiger", including rectification of finance,
The coexistence measures such as large consortium loans and reduced economic growth rates. This gold aid plan not only breaks the gold aid
records, but also the large adjustment of the adjustment of the aid country is also rare. In fact, the signing of this plan almost waited for
The international recognition of the collapse of the entire economic system of South Korea and the loss of autonomy, also marked the prominent Korean
of the economic development miracle of the country has become the past.
Due to the intervention of US $ 55 billion, coupled with the South Korean government, it will relax that the restrictions on foreign investment holding shares have been increased from
23 % to 50 %. In the following week, the Seoul stock market finally continued to rise. The exchange rate of the Han Dynasty also has
The signs of stabilization. But good times are not long. On December 7, Hana Group, the 12th largest industrial group in South Korea, announced the break of
. The news made South Korea's finances who had just breathed into the abyss. From the 8th to 11th, the Seoul stock market held the
continued downturn, and the exchange rate of the Han won against the US dollar continued to decline.
On December 11, 1997, a television station in South Korea reported that the governor of the Central Bank of Korea Li Jingzhi
has expressed his intention to resign to show the current economic crisis of South Korea. Since the financial crisis in South Korea, in less than a month of
, two senior dignitaries have stepped down (November 19th, the president of the Korean Finance Institute Jiang
Celebrate the resignation of Qingzhi).
On December 13, the three presidents of South Korean President Jin Yong met with three presidents of Kim Da Zhong, Li Huichang, and Li Renji. It is hoped that they will cooperate with the government to overcome the current difficulties,
The interim Congress held after the election, successfully passed the financial reform bill related to the financial crisis,
The amendments to the 1998 budget and issuance of national debt proposal. The four unanimously stated that they would comply with the government and the country's
agreement signed by the inter -currency fund organization to work hard to restore the state's financial stability as soon as possible.
Under the violent blow of the financial turmoil, South Korea's economy and market almost paralyzed. The toughness of Koreans n. The national spirit of unity is vividly. Everyone helps to save the country together. The people launched the movement of one person, one
, and the people took the initiative to deposit the US dollar into the bank to help the Korean economy from liberation from the dilemma
.
The travel agencies encourage people to play as much as possible in the country. Municipal agencies urge people to sacrifice for the interests of South Korea's country.
The interest of their own personal interests, such as reducing the opportunity to travel, saving 10 % of wages, reducing indoor temperature and indoor temperature and indoor temperature
This reduction of shopping and going out to dine; those other Koreans who live abroad have also deposited money into Korean silver
The overseas branches, in order to increase Korean foreign currency holdings. At the same time, they are also active. The fundraising returns to Seoul to help
The countries get out of the predicament.
The largest newspaper "East Asia Daily" and "Korean Daily" decided to decide from January 8, 1998 to reduce
to the small layout to overcome economic difficulties and foreign exchange crisis with the people.
The Korean government issued a "tight pants belt" policy to civil servants from all government departments, requiring officials
The members to deposit at least 10 % of their salary into the bank. This policy also includes the savings of "civil servants do not drive every day
".
The Minister of the Cabinet of Korea decided to submit 20 % of their respective salary at a special meeting of the cabinet. At the same
, deputy ministers at all levels also decided to pay 20 % of the salary.
Is in time or even early in time with IMF aid loans, the fierce turbulent situation in the Korean financial market is gradually being controlled by
. But as of now, the South Korean economy is still hovering in the trough. The black
of the sky floating over Seoul will bring a new round of blood and rain at any time.
The losses caused by the financial crisis of South Korea, the huge impact, and the lesson

true wholesale jewelry The financial turmoil broke out in Bangkok, Thailand on July 2, 1997. Subsequently spread in Southeast Asia. Reasons: Solo Shi copied stocks and traded currencies in the United States, and returned to Hong Kong. The real reason is still a fan.