Seoul, Blue House.

In a locker room in the presidential palace, Kim Yongsan changed into an old-school gray suit and asked the makeup artist to carefully make up his own tired makeup before walking out of the room.

A staff member who chased out of the locker room tried to put the windbreaker on Kim Yong-san, but was rejected.

The current temperature in Seoul is already below zero, but the next thing we have to play is the sad card. If you get frozen for a while, it will definitely increase the effect.

In the outer living room, a group of cabinet officials and presidential aides stood up and looked solemn when they saw Kim Yongsan appear.

Finally, nodding slightly to everyone, Jin Yongsan looked at the wall screen on one side and showed a crowd of people outside the Blue House. He took a document from his secretary Jiang Xuanhao, looked at it while walking, and finally came outside the Blue House to temporarily build a podium facing tens of thousands of publics.

There are two big screens on both sides of the podium, reflecting Kim Yongsan's figure on the stage.

Offstage.

The crowd stretched for several kilometers, far exceeding the scale of the time on October 18.

Kim Yongsan has already received some insider information in advance. This time, someone has also instigated him, but he is no longer a small team like last time, but mainly a chaebol in South Korea that has stronger mobilization capabilities in all aspects.

It is the evening of November 20th.

The content of the agreement at 10 o'clock in the morning was announced, which exceeded everyone's expectations. If the people were fine, the chaebol, who realized that their own interests were seriously threatened, could not sit still.

The rescue plan of up to $60 billion involves specific agreements, and each of them makes the chaebol feel that life will not be better in the future.

For example, several of the core terms.

First, South Korea needs to raise the bank's benchmark interest rate by 25% at one time.

The main problem facing South Korea's financial crisis is debt, very large debt, so many companies need to continuously maintain cash flow through circular lending. Raising the benchmark interest rate by 25% at one time will undoubtedly greatly increase the financing cost and difficulty of financing for Korean companies, which will cause the capital chain of many companies to be completely broken and bankrupt.

Secondly, open up trade and abolish import licenses and export subsidies.

The main reason for South Korea's rapid economic rise in the past 30 years is the foreign trade system across the country.

Since the Park Chung-hee era, the South Korean government has been helping enterprises to earn foreign exchange at all costs, including a large number of import protection and export subsidy measures, both openly and implicitly.

This time, trade is completely opened up, import restrictions are abolished, and export subsidies are lifted. There is no doubt that the export competitiveness of Korean companies will not only be greatly reduced, but will also face competition from a large number of overseas companies due to the abolition of import barriers.

The first thing to bear is the Korean automobile industry.

Previously, it has been equipped with trade barrier protection and export subsidy support, which has created a grand occasion where four of the top ten chaebols in South Korea are mainly engaged in automobiles. Next, it can be imagined that all these protection measures will be cancelled, and the South Korean automobile industry will face strong competition from car companies around the world.

Again, it is also the most deadly item in this agreement. Financial companies such as Korean banks and securities companies need to accept IMF supervision, and financing, mergers and acquisitions by Korean consortiums need to be approved by the IMF.

This is the complete takeover of South Korea's financial sovereignty!

Among the specific details involved, the subsequent interest rate adjustments, treasury bond issuance and other financial measures of the South Korean government need to be approved by the IMF; South Korea's foreign exchange inflows and outflows need to be approved by the IMF; as for the South Korean consortium, of course, the IMF does not manage everything, but only supervises capital operations of a considerable scale.

However, this "substantially large" threshold is so low that it is unbearable.

$1 million!

During the IMF regulatory period, large Korean consortiums, financing, mergers and acquisitions, and other operations of more than US$1 million, need to report to the IMF and obtain the signature of the IMF chief representative in South Korea before they can be implemented.

A mere $1 million may not be anything to small and medium-sized enterprises, but for large consortiums, it is simply a level of supervision that requires a little breath.

How can this be easily accepted by major Korean chaebol families?

So, what should I do if I don’t obey and violate it?

The final 291-page rescue agreement will certainly not ignore these details.

If any company is unwilling to comply, it is very simple. The IMF will join forces with the South Korean government and overseas capital to collect all loans from the illegal companies.

To put it bluntly, if you don’t want to follow the rules, you can just pay off the debt.

The problem is here.

With the extremely high debt ratio of more than 300% in South Korea, the major consortiums generally cannot afford it. They cannot afford it, but they are forced to pursue it, and the result is only bankruptcy.

In short, before contacting the IMF, the major consortiums in South Korea were very enthusiastic about seeking help. However, when the agreement was finally finalized, it was discovered that the agreement was too harsh, just like a noose that could hang them at any time, and the consortiums immediately became reluctant again.

In addition, the case on October 18 is ahead, so let’s make another fuss.

The authorities are incompetent, so let some people see that the Korean people are not easy to mess with. When everyone makes trouble, even if they cannot completely overturn the IMF agreement, they have a great hope of obtaining certain concessions.

"...Nationals, I do not deny that this crisis is a painful lesson for the Republic of Korea. Although it is extremely painful, we have to accept this lesson because this is the consequence of many blind and aggressive economic policies in the past thirty years of the Republic of Korea..."

"...If the IMF rescue is rejected, South Korea will become the first developed country to declare bankruptcy. The wealth accumulated by the people over the past decades will be gone with the continuous and substantial currency depreciation. The Republic of Korea will usher in a Great Depression like the economic collapse of the United States in the 1930s. A large number of enterprises will go bankrupt, countless people will lose their jobs, and the unemployment rate may be as high as more than 30%. Perhaps our entire generation will lose its future. This is a result that we cannot bear..."

"...Nationals, at this time of crisis, I just hope that everyone can unite and overcome difficulties together, rather than deliberately creating differences and dragging the Korean nation into a darker abyss..."

“…Please…”

As Kim Yongsan bowed deeply once, the crowd that was still noisy during the president's speech finally gradually calmed down.

Kim Yongsan knew very well that this was a good start, so he had to ease it up a little longer, stand up and face the cold wind of subzero temperature, he offered sadly, and some media reporters on the scene, trade union representatives, etc. could ask questions publicly about issues they were concerned about, and he would answer the spot.

In the twilight gradually falling, lights began to light outside the Blue House.

The microphone was passed down and the first questioner soon appeared.

"Mr. President, I am Lu Zhanhe, a reporter from the Chosun Ilbo. May I ask, the authorities have signed a seven-year agreement with the IMF. Do we really want to accept the seven-year financial supervision of an international financial organization?"

When Jin Yongsan heard the tragic question in the loudspeaker, he felt happy.

This is a problem that the staff team has rehearsed in advance.

After eased his mood, Kim Yongsan still spoke heavily and replied: "This is exactly what I really hope to explain to the people. The total amount of the IMF bailout agreement is US$60 billion, but this does not mean that South Korea must bear all US$60 billion in loans. We only need to withdraw funds needed by the country in batches, so we need to work together for all the citizens. Similarly, the 7-year agreement is not fixed. As long as we can reduce the withdrawal of funds as much as possible through our own efforts and repay them as soon as possible, then the day when South Korea pays off the IMF loan is the time for us to get rid of IMF supervision."

Whether it was the hundreds of thousands of people at the scene or the countless people from all over South Korea who were guarding the live TV broadcast, they couldn't help but breathe a sigh of relief when they heard Kim Yongsan's explanation.

This is how human hearts are.

When something that was thought to be absolute had room for maneuver, the tit-for-tat thoughts would inevitably fade a little.

Immediately afterwards, another union representative asked a question: "Mr. President, the IMF agreement requires the authorities to change the current labor system and allow enterprises to carry out large-scale layoffs. Don't you think this clause is too harsh?"

"This is indeed a very harsh clause," beyond many people's expectations. Kim Yongsan did not deny it, and still looked heavy and said to the microphone: "However, it is a result that we have to bear in a short period of time. I just said that this is a disaster in the Republic of Korea, and no one can escape it. Therefore, I can only guarantee that the authorities will be the first to bear this consequence next. Whether it is me or the three presidential candidates signed on the IMF agreement, they will promote the government to streamline personnel on a large scale to save the country's budget expenditure. Moreover, I believe that the dilemma is only temporary. As long as the country overcomes the difficulties, employment can also return to its former level."

The layoffs began with the government, and such promises have once again eased the emotions of countless people.

The microphone is passed again.

Another question was asked: "Mr. President..."

“…”

As the question continued and Kim Yongsan responded patiently, before he knew it, public opinion turned from the anger of the authorities signing a humiliating agreement to a kind of united hatred of the enemy.

Until the night completely enveloped the city, the public speech and interaction finally ended.

Kim Yongsan finally reminded everyone to disperse in an orderly manner and avoid trampling, and finally returned to the Presidential Palace surrounded by the guards.

Return to a lounge inside the Blue House.

This time, Jin Yongsan, who was really tired, sat on the sofa, looked at the TV screen that was still broadcasting the crowds outside the venue live, and slowly finished a cup of hot tea, until General Affairs Secretary Jiang Xuanhao came to report again, and finally breathed a sigh of relief when the crowd had begun to dissipate.
Chapter completed!