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The Thai government was forced to call upon the IMF for economic assistance.

In South Korea, the economy was similarly compromised prior to the events of 1997. A boom in the mid-1990s had also expanded the Korean economy and attracted much foreign investment. Many of the Korean chaebols, or large corporations, had high levels of foreign debt by 1997...

Many of the Korean chaebols, or large corporations, had high levels of foreign debt by 1997. In January of 1997, the first sign of significant trouble for South Korea occurred with the failure of Hanbo Steel. (Another Korean steel company, Sammi Steel, failed two months later). The string of collapses of Korean chaebols had serious consequences for many of the Korean banks...

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