The penniless son of the penniless ...

Chapter 52 Yongsan's Lifeline

Cheong Wa Dae, inside the Presidential Office.

Everyone was silent, not daring to make a sound, for fear that the President on the throne would vent his anger on them!
Mr. Yongsan is now extremely annoyed and aggrieved. With the stirring up of those international speculators, the entire Goryeo is already in a precarious situation. Even after spending tens of billions of dollars in foreign exchange reserves, it still has not been able to reverse the downward trend. Now the entire country still has a huge foreign debt of hundreds of billions of dollars, and the amount that is about to mature and needs to be paid alone is as high as more than 20 billion US dollars!
Such a difficult situation is like a chasm that stands in front of everyone. He cannot cross it. The only way waiting for him is to resign or commit suicide to apologize, which can preserve some dignity!
The previous presidents had a very comfortable time, with great power and a booming economy, with an annual GDP growth rate of 7%! But in the years since he took office, there have been major accidents and big companies have closed down one after another, which is really sad!
If no solution is found now, the whole country will go bankrupt!

Thinking back to when I was elected and took office, and the stark contrast to my current predicament, a feeling of regret quietly grew in my heart.

Several members of the think tank on the side looked at each other and shook their heads, without any solution.

Those friendly overseas financial institutions chose not to help, which doomed them to failure. They could not recover at all. At this critical moment of life and death, without sufficient funds for external assistance, they are helpless!

……

After more than ten minutes of silence, Chen Fuchen, the oldest, couldn't help but sigh and said, "Right now, the only one who can help us get through this is the International Monetary Fund (IMF). There is no other way!"

(Note: According to the Agreement of the International Monetary Fund signed at the Bretton Woods Conference in July 1944, the International Monetary Fund's responsibilities are to monitor currency exchange rates and trade conditions of various countries, provide technical and financial assistance, and ensure the normal operation of the global financial system.)
Hearing Chen Fuchen say this, everyone's eyes lit up. This might be their last resort! After all, it was an American-led organization. With the special relationship between Korea and America, as long as they asked, they would not "stand by and watch them die", right? !
Seeing that he still had a chance of "rescue", Mr. Yongsan did not care about anything else and quickly asked his subordinates to seek help from the United States and the International Monetary Fund, hoping that they could save Goryeo from the "water and fire"!
Little did they know that the International Monetary Fund (IMF), which they regarded as their last straw, had been eagerly waiting for them to fall into its trap!
……

Naturally, the internal information of the Blue House could not be concealed from those well-informed large enterprises. Daewoo Group, Hyundai Group, Five Star Group and other top-ranked large enterprises and state-owned banks all learned of the situation.

Compared with the nervousness of other companies and banks, Hyundai Group is relatively calm!

In order to alleviate the situation of the impending break in the capital chain, they "in disguised" threatened the Blue House and Mr. Yong Sam, and obtained a large loan before the Goryeo won exchange rate collapsed.

It is also for this reason that Hyundai Group, which was supposed to be heavily in debt and on the verge of bankruptcy like Five Star Group and Daewoo Group, has become the one in the best condition!
……

As for Daewoo Group, its situation is precarious! Due to the five-year expansion goal and plan set by Chairman Kim Woo-jung in 1996, a large amount of profits were used to open overseas offices and production and sales factories in order to form a huge global business network. If there were no unexpected events and the original plan was implemented in an orderly manner, the substantial increase in the scale and production capacity of Daewoo Group would inevitably further increase Daewoo Group's sales and market share.

However, as the sudden financial crisis swept across Asia, the original plan came to nothing! Daewoo Group, whose capital chain was completely broken, became the first and only one of the top five companies in Korea to declare bankruptcy!

In order to avoid the bankruptcy and liquidation of Daewoo Group and his own debt problems, Chairman Kim Woo-jung took the opportunity of a business visit to escape from Goryeo and began an exile that lasted for several years!
------Dividing line------

Five Star Group, inside the president’s office.

Li Jianxi, who had just finished a meeting, was in a very bad mood. According to the previous returns from various subsidiaries, the total remaining funds in the accounts of these companies were less than 100 million US dollars!
Such a bad situation gave him, the chairman, a headache. If he didn't raise funds as soon as possible, the situation of their Five Star Group would not be much better than that of the Daewoo Group which had already declared bankruptcy!

"... Zai Rong, as the vice president of the group, how can you raise funds in a short period of time?!" Li Jianxi placed his hopes on his son who was highly expected.

But at this moment, Li Zairong couldn't come up with a reliable solution! After all, the group's funding gap was as high as hundreds of millions of US dollars, and there were only a few people who could come up with such a huge sum of money!
Domestic banks have long been on the verge of collapse, and overseas financial institutions don't even give face to the Blue House (Goreo government), let alone their Five Star Group? !
Seeing that there was nothing he could do about it, Li Jianxi was a little desperate! The future of their Five Star Group was "in jeopardy"!

Li Fuzhen, who was standing by, saw the frustrated expressions of his father and brother. After hesitating for a moment, he suddenly said, "Dad, if the company's funding gap is only 1-2 million US dollars, maybe Junfeng can find a way!"

Li Fuzhen's sudden words stunned Li Jianxi and Li Zairong! How could Zhang Junfeng come up with so much money? Even the loan company in his family might not have so much liquidity, right? !

Li Jianxi had asked someone to find out before. Most of the funds of his in-laws (the Zhang family in Myeongdong) were loaned to medium-sized enterprises in the country. Now, hit by the financial crisis, many companies are going bankrupt. The situation of the lending companies should be similar to that of the banks, with a huge amount of bad debts!

Seeing that her father and brother were skeptical about what she said, Li Fuzhen became a little anxious. Her man was much better than they thought!
"Junfeng has investments overseas! He has made a lot of money during this period. If things don't work out, he has a lot of business dealings with the top executives at Goldman Sachs. We can ask him to help make the connections. If we can convince Goldman Sachs to help, our crisis can be resolved!"

(End of this chapter)