Default (Sovereign Default's Day / Gukgabudoui Nal / 국가부도의 날)

"This film is based on actual events.

However, all characters and incidents depicted

are fictitious and not exact re-enactment.”

As of December 22, 1977,

Korea reaches $10 billion in exports...

"Produced by LEE Eugene"

City of Seoul will build a

new mega apartment complex for 20,990 families...

I announce the opening of Seoul Olympic Games.

Sampoong Department Store!

Automobiles, semiconductors, and shipyards are the top exporters...

Korea's per capita income has surpassed USD 10,000.

Credit card approval in just one day.

Generation X is leading the fashion trend.

"Written by EUM Sung-min” ...formally applied for OECD membership.

"Directed by CHOI Kook-Hee" Korea becomes a member of the OECD.

I wish to share my joy with the nation.

"5 Nov 1997 East Asia Division Morgan Stanley Headquarters, Wall Street"

LG advances to the Korean Series

Finance Reform Bill likely to pass

"15 Nov 1997"

"KOSPI 583.8" Ms. Han...

"Won-Dollar exchange rate 792 won" Ms. Han!

"Foreign exchange reserves $15.8 billion" Oh. Let's go.

The Bank of Korea raised its growth forecast to 7%,

despite the economic crises occurring in East Asia.

Damn hangover...

Due to admittance to the OECD

and stability in exchange rates and exports,

national per capita income remains above $10,000.

The government has submitted the budget proposal for next year.

- Sorry, I'm late. - Morning, Mr. Kim!

Did you have breakfast?

- Yes, sir. - How about you?

According to a Gallup Korea poll,

85% of Koreans consider themselves middle class.

The President has announced that with the accession to the OECD,

the public consciousness should be raised accordingly.

The government dismissed any rumors about economic crisis,

saying that the foundation of Korean economy is solid.

What are we listening to?

That's better.

It's nice. I like that.

Welcome aboard. Here's to our bright future!

Can you turn the volume up?

"Korea Merchant Bank Corp. New Employee Training"

Attention!

Thank you, new employees, for choosing Korea Merchant Bank Corp.

To prevent you valuable people from getting kidnapped by other companies,

I will temporarily lock you in here.

I heard some companies give money

so we won't go to other job interviews.

Do you offer something like that?

If you take this money and still go elsewhere, it's foul play.

"Governor, Bank of Korea"

Tell Ms. Han to immediately come to my office!

Mr Johnson? This is Jeong-Hak from Korea Merchant Bank Corporation

I heard that your fund decided to cancel a big amount...

Hey, driver!

- Yes? - Turn off the music!

I'm so sorry. Your fund cancelled in Korea...

I'm sorry, I'm in the middle of a meeting

Johnson?

Bye.

Freaking impatient bastard...

This makes no sense.

Many listeners wrote in again.

'The mother's had no customers for days,

and the brother hasn't been getting his salary.'

It seems the economy is really tough these days,

and many are going through a hard time.

This story caught my eye.

She wrote about her father's business.

'My father's business went under, so we were forced to move.'

'We were never rich, but

- Hello? Mr. Yoon? - at least, I had my own bedroom.'

What show is this?

Son Sook's Women's Era.

'How can we escape this situation?'

Hello, Mr. Lee. It's been a long time!

Really?

Wow, that's...

Alright, thank you!

Gap-Su.

Our bowls... they want us to supply them at Midopa.

The department store?

Yeah!

Are you serious?

Don't I look serious?!

It's a hit!

Ms. Han, let me call you in first...

I was asked to come.

Is this true?

Why didn't you tell me right away?

You've been too busy with the Financial Reform Bill.

It's been 10 days since I submitted the first report.

More precisely, 253 hours and 25 minutes.

I have reported six updates since.

Fine, fine! But that's not what's important.

We need to think.

That's what we need to do. Think.

So, now we...

Hold on. Let's think this through.

Okay, now...

First, you have to call a meeting with

the Senior Presidential Secretary for Economic Affairs.

That's right! You mean, right now?

Okay.

Find out where the Presidential Secretary for Economic Affairs is.

Let's go.

Aren't you coming?

"Monetary Policy Team"

We are a go.

You're keeping up with the currency crisis in Southeast Asia?

Yes.

Get me a summary on the hot money roll-over.

Okay.

The dollars injected

to defend our currency,

organize a report by days.

- Ma'am. - Huh?

We've been through this more than 100 times.

We're prepared.

"Foreign Currency Crisis and the Korean Economy"

What about supervising loan status of commercial banks?

Put it on hold for now. After today, things will change.

Our report is finally getting accepted?

The country is about to go bankrupt.

They'd be crazy not to take action.

- Be on standby, everyone. - Yes, ma'am.

- See you later. - Break a leg.

Don't think about going home.

"Bank of Korea"

Yes. I'm on my way there right now.

The situation is quite urgent.

Okay.

Yes sir.

"Accession to the OECD, first step as a developed nation!"

No more delays in real-name financial transactions!

Secure independence for Bank of Korea!

Independence for Bank of Korea!

Withdraw the Financial Reform Bill!

Withdraw! Withdraw!

Down with institutional dictatorship!

Down with institutional dictatorship!

Secure independence for Bank of Korea!

Independence for Bank of Korea!

"Presidential Secretary for Economic Affairs” Is it true?

Yes...

We're in big trouble. Big trouble.

Why didn't you tell me about this sooner?

I'm sorry, sir.

What do we need to do first?

Well...

Please call a meeting with the Ministry's key officials.

Yes.

Yeah, it's me. Tell these people to come to my office right now.

First, the...

The Deputy Minister of Finance.

The Deputy Minister of Finance and...

The Bureau Chief of Fiscal Policy.

The Bureau Chief of Fiscal Policy and... Who else?

That's enough for now.

That's enough for now.

Let's go.

The Hong Kong market crashed today,

giving rise to concerns about the economic crisis in East Asia.

"Bureau Chief of Fiscal Policy”

Countries including Malaysia, Thailand, and Singapore,

which have shown economic growth in recent years...

Hey, the Minister wants to...

"Deputy Minister of Finance" ...play golf this weekend.

As the man in charge of monetary policy,

I'm sorry to report this situation.

A detailed account of the matter will be briefed by Ms. Han Si-Hyun.

I'm sure you're aware of foreigners pulling out their money, starting in Southeast Asia.

Wait, she's not a secretary?

Due to our inadequate handling of the Hanbo crisis

and the bankruptcy of Kia Motors,

foreigners began to doubt our crisis management ability.

Foreign capital started pulling out since August.

The value of Korean won continues to fall, but the government is defending it

by injecting $2 billion from the reserves every week.

$2 billion is used per week to defend

the currency rate of %300 to $1.

Everyone here knows that, but we can't stop defending the currency.

My team has reviewed

the rate of extension granted for money borrowed from overseas.

Until late October, the rollover rate was 86.5%

meaning foreign investors were willing to roll over their loans.

However, on November 3,

investors simultaneously refused to grant rollovers

and started demanding payoffs by the end of December.

Give me the figures.

As of today,

the Ministry announced $15.8 billion in foreign reserves.

But these aren't accurate figures.

Considering the rejected rollovers

and dollars owed on forward exchange,

the actual amount calculates to below $9 billion.