The next day's secret consultation was exchanged for Greenwich, Connecticut.

Chen Qing and James Rebel were divided into two groups, James was responsible for dealing with Hyundai and SK, and Chen Qing only chose Samsung, which his boss obviously valued more.

Because of the sufficient preparation in advance, a basic agreement was reached in just one day.

Hyundai initially hoped that the Westeros system would help take Kia, but James did not hide it and said that he would hand over Kia to Samsung. However, he also promised that the Westeros system would assist Hyundai in the next few years to acquire the larger Daewoo Group.

Zheng Mengjiu of Hyundai was initially disbelief, and until he gave a series of financial data about Daewoo Group that even Hyundai could not dig out.

Daewoo Group, ranked second in South Korea's chaebol, has a total actual debt of more than US$70 billion and an asset-liability ratio of up to 470%. It is completely in a shaky state where the wind can fall down. In the next few years, the Westeros system will be fully capable of creating several hurricanes against Daewoo.

In fact, it’s just a killing chicken to scare the monkey.

The subtext of James's briefing is very obvious. The Westeros system is well aware of Daewoo's financial situation, and the same is true for Hyundai. If Hyundai does not cooperate, this side doesn't mind creating a few hurricanes for Hyundai next.

SK is much smoother.

In addition to handing over half of the rights and interests of the communications industry, one of its two core businesses, the Westeros system basically provides SK with expansion plans, including pushing several other chaebols to reduce the siege of SK's other core business, the petrochemical industry, and assisting SK to take over Hyundai's electronics business in the future. In the future, it may also include Daewoo's semiconductor department.

Chen Qing was also going well.

Just a promise from Kia Auto made Lee Kun-hee make concessions.

This is also the reason why South Korean chaebols have limited vision at this stage.

Before the crisis, four of South Korea's top ten chaebols, including Hyundai, Daewoo, Shuangyong and Kia, had their core businesses, which shows that the automobile industry accounts for a proportion of the South Korean economy, and it is also the reason why Samsung has been desperately following the automobile industry in recent years.

Everyone thinks this is a good project.

In addition, Chen Qing also promised Samsung Li's long-term control of the consortium on behalf of her boss. To this end, she stated that her investment in Samsung Electronics will diversify its shares in multiple shells to ensure that after the equity changes, each of Samsung Group's subsidiaries can still control about 20% of Samsung Electronics' shares through various cross-holding models, and indirectly maintain the position of the largest shareholder. The shareholding ratio of Samsung Li's family will also remain at around 5%.

Regarding automobiles, the Westeros system does not interfere completely.

Lee Kun-hee is very clear that this is the best condition he can get. He loses the actual control of Samsung Electronics and obtains a ticket to gain a foothold in the automotive industry. As for the promise of control, it is naive to be too serious, but Lee Kun-hee also believes that as long as he can ensure the interests of the Westeros system, Simon Westeros will not rashly deprive the Lee family of control over Samsung Electronics.

Afterwards, the three chaebol leaders were finally able to fly to Los Angeles and meet Simon himself. Everyone signed the draft intention agreement.

Simon also promised again at the subsequent reception that as long as everyone cooperates happily, South Korea, Hyundai, Samsung and SK will be the three giants in the future, and the others will only become second-tier cities, and even the three companies will have a broader place internationally.

As for how the heads of the three families feel in their hearts, it is unknown.

In addition, they will also be puzzled or expected, who is the first, who is the second, and who is the third?

Chen Qing did not follow the three chaebol leaders to Los Angeles, but flew to Washington.

The IMF negotiation team that is about to go to South Korea is being formed, and there must be her own family members of the Westeros system. Simon has been in this area for a long time and has no shortage of manpower. Chen Qing does not need to worry about it, but she also needs to be familiar with it in order to maintain good communication during her subsequent secret operation in South Korea.

...

South Korea, Seoul.

It was already Thursday, November 13, Asia, almost Black Friday. However, the mentality of South Korea is almost the same as that of Black Friday.

The Presidential Palace of Blue House.

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All day today, Kim Yongsan was hosting a meeting to decide South Korea's future economy.

The core issue is one of the core issues, and whether South Korea has confirmed to seek help from the IMF.

Since the news that South Korea's foreign exchange reserves were about to be exhausted on Monday, the authorities were forced to implement emergency foreign exchange controls and temporarily closed the stock market and bond market on Tuesday. Both South Korean government and opposition and international public opinion have been full of criticism. Many domestic Korean media have been denounced by Kim Yong-san and demanded that he voluntarily resign and apologize. The matter of seeking help from the IMF has once again become the focus of strong domestic controversy.

The opposition is mainly composed of Li Inji, one of the three candidates in this election.

Lee In-ji was once a member of the ruling party, the Great National Party. After failing to compete for the presidential candidate with Lee Huichang, he announced his solo and organized a new National Party. His approval rating is second only to Kim Dae-jung and Lee Huichang, with about 20% of voters.

The 20% approval rating is only half of the first two candidates, and under normal circumstances, it is definitely not possible to be elected. So, taking this opportunity, Li Renji suddenly began to take a detour.

Lee Inji's view is that since South Korea has implemented foreign exchange controls and closed the stock and bond markets, it should continue, and there is no need to seek assistance from the IMF at the cost of giving up South Korea's economic sovereignty. What South Korea needs to do is to conduct inventory and reorganization of bad companies and international debts under government control, and at the same time negotiate with creditors to extend repayment time.

In recent days, Li Renji has been hyping up his views in the public media, winning a lot of echoes, and his approval rating has risen to more than 25% in a short period of time.

However, how could things be so simple?

Li Renji's attitude, in the final analysis, is still cheating.

What it means is that I can't afford to pay it back now, so you can only give me some more time to organize my assets and pay it back slowly. Even if you want to get back the debt as soon as possible, it's best to give me a discount and pay it back less.

In order to find support for his position, Li Inji also attacked international financial speculators and instilled in the public that it is international financial speculators that have led to everything at present. Therefore, overseas capital trapped in South Korea's debt market is also very responsible for South Korea's current dilemma.

To be honest, Li Renji's argument is actually correct.

The problem is that this is still not a world of right or wrong.

Since the South Korean authorities publicly stated on Tuesday that they would seek help from the IMF, they were once again in disputes and recurrences, Standard & Poor's yesterday directly downgraded South Korea's sovereign credit rating from BB+, which generally has risks to CCC-, which has very poor credit, which is already in the category of junk bonds.

Not only that, the United States, Japan and the European Union also expressed close attention to South Korea's subsequent decisions under the implementation of emergency financial controls.

If it is just a short-term financial regulation, as long as it is recovered in time, everyone can understand.

If South Korea intends to completely cheat and implement long-term controls in order to avoid further collapse of the financial market and is unwilling to pay the price to seek help from the IMF, then countries will not rule out sanctions on South Korea's actions that seriously undermine the international financial order.

You will lie down forever.

Inside a conference room on the Blue House.

After a day of fighting, Li Inji still looked unwilling to give in, Jin Yongsan almost threw the teacup in his hand away from the other party's face and performed a full martial arts move.

In fact, the Blue House has the full power to get rid of Li Renji and directly contact the IMF.

The problem is, the IMF is unwilling.

South Korea is about to hold a new election. In order to ensure the validity of the agreement reached by the IMF and South Korea, Washington requires that the next agreement must be signed by the current South Korean president Kim Yongsan and the three presidential candidates with the highest approval rating. Even if Lee In-ji's approval rating is very low, just like in the near future, who knows whether there will be a black swan event in the future.

If Lee In-ji is elected and the new president refuses to admit it, IMF's tens of billions of dollars in loans may fall into uncontrollable risks.

Seeing another day coming again, Kim Yongsan knew that he had no time to delay the meeting and did not announce the end of the meeting. He let the sun set and the lights lit up in the conference room.

Of course there is no dinner.

The opposition led by Li Inji also acted like he was resolutely resisting.

At 7 o'clock in the evening, Jiang Xuanhao, the General Affairs Secretary of the Blue House, finally sent a few documents and whispered in Kim Yongsan's ear. Kim Yongsan nodded and drove out all the other irrelevant people in the conference room, leaving only himself and three presidential candidates, and then pushed the information in his hand to Li Inji: "You can read it yourself, Inji, no matter what decision you make after reading these materials, I will invite the IMF to officially come to South Korea tonight."

Lee In-ji did not look at Kim Yongsan, and paused, but opened the first document in front of him.

This is the balance sheet data of the top 10 banks in South Korea.

In order to make Li Renji understand, he obviously simplified it and was clearly visible.

Lee In-ji turned the data in front of him one by one, only half of it, and stopped turning it over. He looked at Kim Yongsan in disbelief: "Impossible, this is impossible, it must be fake."

Among the information in front of me, only the five or six companies that Li Renji has seen, the proportion of bad debts is at least 79%, and the highest is even 263%.

Li Renji recently insisted that the premise of refusing to seek assistance from the IMF is that South Korea still has enough funds to carry out internal rectification. However, the shocking proportion of bad debts in the top ten banks is indeed something he had never expected, the lowest is 79%, the highest...

wrong!

Li Inji quickly took a page from it and showed it to Kim Yongsan: "Do you think I am a fool? Seoul Bank, the bad debt ratio is 263%, how is this possible? How can it exceed 100%?"

Kim Dae-jung on the other side also looked at Kim Yong-san curiously when he heard this.

Everyone wanted to persuade the stubborn donkey to turn around. If he used a fake data to deceive him, it would only make the matter even more difficult.

Jin Dazhong also doesn't know much financial knowledge.

Kim Yongsan explained with a cold face: "Don't you take a closer look? What's more is foreign debt."

Speaking of this, Kim Yongsan was also angry, and then added: "Those idiots gave short-term financing obtained from abroad that did not belong to their own capital as long-term loans to enterprises. Now that so many companies have gone bankrupt, there are still more in trouble, so of course they cannot be collected. Moreover, this is just the beginning. If the national economy cannot be rescued as soon as possible, the situation will continue to deteriorate. We may not even be able to save half of the top 10 domestic banks in your hands. Therefore, we do not have the capital you imagine that it can be used to rectify the national economy, and can only seek help from outside."

South Korea's foreign debt scale exceeds US$100 billion, but in fact, the overall debt scale, including domestic and overseas debt, is calculated at the exchange rate of 800 won to 1 US dollar before the crisis, which totals more than US$300 billion.

More than 90% of these debts were released by South Korea's top 10 banks.

The domestic part can be regarded as the wealth accumulated by South Korea over the past decades.

Now, just because the Korean won has depreciated, the assets of this part of the $200 billion Korean bank have shrunk by most. Next, it can be imagined that as Korean companies begin to go bankrupt, rectify, and reorganize on a large scale, it is hard to say how much of this huge asset will be left after some trouble.

In the financial crisis, the vitality of each country was severely damaged, but this is basically the case.

Currency depreciation, debt evaporation, stock market plummet...eventually, the wealth accumulated by a country over decades has disappeared.

In short, South Korea's only way out at this time is to seek external assistance.

Of course, it is not impossible to keep the country closed and cheat, but this is not a way out at all, it is a dead end. Because Western countries, including the United States, have already expressed their statement that if South Korea dares to take the lead in seriously disrupting the international financial order, it will not be possible to turn things around again.

After listening to Kim Yongsan's explanation, Li Inji took back the information without saying a word, put the balance sheet documents about the Korean Bank aside, and looked at a folder below.

This look made him almost jump up again.

There are piles of unsigned letters in the folder.

Simply put, it is a threat.

The core of the Kuomintang New Party where Li Renji is located stated through a letter that if he disregards the interests of the people for the sake of the party struggle, everyone will launch a joint campaign and expel him from the Kuomintang New Party.

Subsequently, there were handwritten letters from the heads of various chaebols. The general idea was that if Li Renji did not cooperate with the IMF rescue negotiations, then he would not be able to get even a cent of political donations from various chaebols.

After reading these, Li Renji realized that his situation was over.

The reason why Lee In-ji dares to compete with the current president and the other two candidates is in addition to the support of the people. The key is that he believes that there will be a group of people in the Korean political and business circles on his side. As long as he can win enough chips, he does have a chance to turn the tables against the wind in this presidential election.

In the political circle, he did find supporters.

However, on the side of the chaebol, he found that he had looked up to the persistence of those guys. The letters in his hands, the heads of the top ten chaebols, all expressed their opinions.

Under such circumstances, if Li Renji still remains stubborn, he will understand that his political future will be completely over.

After a moment of silence, Li Renji finally spoke: "I can sign, but I need to get some guarantees."

Kim Yongsan, who was delayed by Lee Inji for three days, saw the other party softening and knew that he should calm down and avoid recurring twists and turns, but he still couldn't help it, with some ridicule: "We can guarantee you, but do you think you can get it done?"
Chapter completed!