I am watching this kdrama featuring one of the leads’ family suffering bankruptcy due to the IMF. I have no knowledge of economics and I don’t understand how a fund can make privates sector companies go bankrupt. Also tried reading about IMF conditions and also made no sense to me. Can you please help me understand why did Korea ask for an IMF and how it affected the economy and daily lives?
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There’s actually a pretty good [Wikipedia page](https://en.m.wikipedia.org/wiki/South_Korea_and_the_International_Monetary_Fund).
The relevant aspects I suspect are that there were specific terms tied to the IMF loans that South Korea received that negatively affected South Korean workers who lost income, employment security, access to credit, and had to deal with austerity measures. The loans did actually work in the end but they definitely did hurt some Korean families.
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