Chapter 1242: 1249

The next day's secret negotiations took place in Greenwich, Connecticut.

Chen Qing and James leibulde are divided into two groups. James is responsible for Hyundai and sk. Chen Qing only chooses Samsung, which is obviously valued by her boss.

Due to sufficient preparation in advance, a basic agreement was reached in just one day.

Hyundai initially hoped that westero system would help to win Kia. James did not conceal that he would give Kia to Samsung. However, it also promises that the westrow system will help Hyundai to annex the larger Daewoo Group in the next few years.

Hyundai's Zheng Mengjiu didn't believe it until he gave a series of financial data about Daewoo Group that even Hyundai didn't know.

Daewoo Group, the second largest chaebol in South Korea, has total liabilities of more than 70 billion US dollars, with an asset liability ratio as high as 470%. It is completely in a precarious state that can be collapsed once the wind blows. In the next few years, the westero system is fully capable of creating several hurricanes against Daewoo.

In fact, it's still a warning to others.

The subtext of James's disclosure is very obvious. The westrow system knows Daewoo's financial situation like the back of its hand, and the same is true for modern times. If Hyundai doesn't cooperate, we don't mind making several hurricanes for Hyundai.

Sk goes a lot better.

In addition to handing over half of the rights and interests of the communication industry, one of its two core businesses, westero system basically provides SK with expansion plans, including promoting several other chaebols to reduce the siege on SK's petrochemical industry, another core business, and assisting SK to take over the modern electronic business. In the future, it may also include Daewoo's semiconductor department.

Chen Qing is also going well here.

Just a promise from Kia made Li Jianxi give in.

This is also the reason why the eyes of the chaebol in South Korea are limited at this stage.

Before the crisis, four of the top ten chaebols in South Korea, Hyundai, Daewoo, Ssangyong and Kia, had their core businesses in automobiles. It can be seen that the proportion of automobile industry in South Korea's economy is also the reason why Samsung has been very close to the automobile industry in recent years.

Everyone thinks it's a good project.

In addition, Chen Qing also promised Samsung Li's long-term control of the consortium on behalf of her boss. For this reason, she said that her shareholding in Samsung Electronics will be decentralized in the form of multiple shells to ensure that after the equity change, the subsidiaries of SamSung group can still hold about 20% of the shares of Samsung Electronics through various cross shareholding modes, indirectly maintaining the largest shareholder Among them, the proportion of shares belonging to the Li family of Samsung will also be maintained at about 5%.

For cars, the westero system is completely out of the way.

Li Jianxi is very clear that this is the best condition he can get. He loses the actual control of Samsung Electronics and gets the ticket to gain a firm foothold in the automobile industry. As for the promise of control, it is naive to be too serious. However, Li Jianxi also believes that as long as he can ensure the interests of the westero system, Simon westero will not rashly deprive the Li family of control over Samsung Electronics.

Then, the three plutocrats finally flew to Los Angeles to meet Simon himself, and they signed the draft agreement of intent.

Simon also promised again at the reception that as long as everyone cooperates happily, Korea, Hyundai, Samsung and SK will be the three giants in the future, and the others will only become the second tier, and even have a broader international position.

As for the feelings of the three leaders, it is not known.

In addition, they may wonder, or expect, who is the first, who is the second, and who is the third?

Instead of following the three plutocrats to Los Angeles, Chen Qing flew to Washington.

The IMF negotiation team that is going to South Korea is being set up, among which there must be members of the westero system. Simon has a long layout in this area, and there is no shortage of staff. Chen Qing doesn't need to worry about it, but she also needs to get familiar with it in advance, so as to maintain a good communication in the subsequent secret operation in South Korea.

……

Seoul, Korea.

In the twinkling of an eye, it's already Thursday, November 13 in Asia, almost black Friday. However, the mentality of South Korea is not much different from that of Black Friday.

Qingwatai presidential palace.

All day today, Kim Yong San presided over a meeting to determine the future economy of South Korea.

After the core of the issue is whether South Korea confirms to turn to the IMF for help.

Since the news that South Korea's foreign reserves are about to run out on Monday came to light, on Tuesday, the authorities were forced to implement emergency foreign exchange control and temporarily shut down the stock market and bond market. Both the South Korean government and the public, as well as the international public opinion, are all abusive. Many South Korean domestic media are denouncing Kim Yong San, asking him to resign voluntarily and apologize. The matter of seeking help from the IMF has once again become a strong domestic dispute The focus of discussion.

The opposition is dominated by Li Renji, one of the three candidates in this election.

Li Renji was once a member of the ruling Grand National Party. After he lost the race with Li Huichang for the presidential candidate, he announced that he would fly alone and organized the new national party. At present, his support rate is second only to that of Jin Dazhong and Li Huichang, with about 20% of the voters' approvalThe 20% support rate is only half of the first two candidates. Under normal circumstances, they will not be elected. So, taking advantage of this opportunity, Li Renji suddenly began to take the lead.

Li Renji's view is that since South Korea has implemented foreign exchange control and closed its 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 check and restructure non-performing enterprises and international debts under the control of the government, and at the same time, negotiate with creditors to extend the repayment time.

In recent days, Li Renji has been publicizing his views in the public media, and has won a lot of echoing voices. In a short time, his support rate has soared to more than 25%.

However, how could it be so simple?

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

That is to say, I can't afford it now. You can only give me some more time to tidy up my family. Even, if you want to get back the debt as soon as possible, you'd better give me a discount and pay less.

In order to find support for his position, Li Renji also wantonly attacked the international financial speculators, instilling in the public that it was the international financial speculators who caused everything at present. Therefore, the overseas capital trapped in South Korea's debt market itself also bears great responsibility for South Korea's current predicament.

Frankly speaking, Li Renji is right.

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

As the South Korean authorities fell into another dispute and repetition after they publicly stated on Tuesday that they would turn to the IMF for help, standard & Poor's yesterday directly lowered South Korea's sovereign credit rating from BB + with general credit risk to CCC - with poor credit risk and possible default, which has already belonged to the category of junk bonds.

Moreover, the United States, Japan and EU countries have also paid close attention to South Korea's follow-up decision under the implementation of emergency financial regulation.

If it is only a short-term financial regulation, as long as the recovery is timely, we can understand.

If South Korea intends to completely cheat and implement long-term regulation in order to avoid further collapse of financial market and at the same time is unwilling to pay the price to the IMF for help, then countries can not rule out sanctions against South Korea's serious damage to the international financial order.

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You just lie down forever.

A meeting room in qingwatai.

After a day of fighting, Jin Yongsan almost threw his teacup away from his opponent's face and performed a whole martial arts performance.

In fact, qinghuatai has the right to get rid of Li Renji and make direct contact with the IMF.

The problem is, the IMF is not willing to.

South Korea is about to hold a general election. In order to ensure the effectiveness of the agreement reached between the IMF and South Korea, Washington's request is that the next agreement must be signed by South Korea's current President Kim Yong San and the three presidential candidates with the highest support rate. Even though Li Renji's support rating is very low, just like in the near future, who knows if there will be a black swan incident in the future.

If Li Renji is elected and the new president does not accept the debt, the IMF's tens of billions of dollars of loans may fall into uncontrollable risks.

Seeing that another day is about to pass again, Kim Yong San knows that he has no time to delay and does not announce the end of the meeting. He lets the setting sun set and lights up in the conference room.

There was no dinner, of course.

The opposition, led by Li Renji, also showed a strong resistance.

At seven o'clock in the evening, Jiang Xuanhao, the general secretary of qingwatai, finally sent several documents and whispered in Jin Yongsan's ear. Jin Yongsan nodded and drove out all the other irrelevant people in the conference room, leaving only himself and the three presidential candidates. Then he pushed the information to Li Renji: "look at it for yourself, Renji, no matter you have seen these materials Tonight, I will invite the IMF to come to Korea for any decision I make. "

Li Renji and Jin Yongsan did not look at each other. After a pause, he 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 it, he obviously simplified it to make it clear at a glance.

Li Renji flipped through the data in front of him, only half of it, and then he stopped looking at it. He looked at Jin Yongsan incredulously: "impossible, this is impossible, it must be false."

According to the current data, only five or six of them have been seen by Li Renji. The lowest proportion of bad debts is 79%, and the highest is 263%.

Li Renji recently insisted that the premise of refusing to seek assistance from the IMF is that South Korea still has enough money to carry out internal rectification. However, the shocking bad debt ratio of the top ten banks is something he never thought of. The lowest is 79%, and the highest is

No!

Li Renji quickly extracted a page from it and showed it to Kim Yong San: "do you think I'm a fool, Bank of Seoul, with 263% of bad debts, how can it be, how can it exceed 100%

On the other side, Kim Dae Jung looks at Kim Yong San strangely.

We want to persuade this stubborn donkey to turn back. If you cheat him with a false data, it will only make things worse.Kim also doesn't know much about finance.

Jin Yongsan explained with a cold face: "don't you look at it more carefully? What's more is foreign debt."

At this point, Jin Yongsan was also angry, and then added: "those idiots put the short-term financing from abroad that does not belong to their own capital as long-term loans to enterprises. Now so many companies are bankrupt, and more are in trouble. Of course, the money can't be recovered. Moreover, this is only the beginning. If the national economy is not rescued as soon as possible, the situation will continue to deteriorate. We may not even be able to keep half of the top 10 domestic banks in your hands. Therefore, we simply do not have the capital that you think can be used to rectify the national economy. We can only seek outside assistance. "

The scale of South Korea's foreign debt exceeds 200 billion US dollars, but in fact, the overall scale of debt, including domestic debt and overseas debt, is more than 500 billion US dollars at the exchange rate of 800 won to 1 US dollar before the crisis.

More than 90% of these debts are issued by the top 10 banks in South Korea, and the domestic part can be described as the wealth accumulated by South Korea for decades.

Now, just with the devaluation of the Korean won, the assets of this part of Korean banks, which is as high as US $300 billion, have shrunk by more than half. Next, it can be imagined that with the large-scale bankruptcy, reorganization and reorganization of Korean enterprises, it is difficult to say how much of this huge asset will be left after a series of setbacks.

During the financial crisis, the vitality of every country was greatly damaged, which is basically the case.

Currency devaluation, debt evaporation, stock market crash Eventually, the wealth accumulated by a country for decades will disappear.

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

Of course, it's not impossible to stay closed to the outside world, but it's not a way out at all, it's a dead end. Because western countries, including the United States, have already stated that if South Korea dares to take the lead in seriously undermining the international financial order, it will not be able to turn over.

After listening to Jin Yongsan's explanation, Li Renji took back the information without saying a word, put aside the balance sheet document about the Bank of Korea and looked into a folder below.

This makes him almost jump up again.

There was a thick stack of handwritten letters in the folder.

In short, it's a threat.

The core members of Li Renji's national new party said in a letter that if he ignored the national interests for the sake of party struggle, all the people would launch a joint campaign to expel him from the national new party.

Later, there were handwritten letters from the leaders of various plutocrats to the same effect. If Li Renji did not cooperate with the IMF rescue negotiations, then he would not want to get any more political contributions from the plutocrats.

After reading these, Li Renji realized that he had gone.

Apart from the support of the people, the reason why Li Renji dares to compete with the current president and the other two candidates is that he believes that there will also be a group of people in the political and business circles of South Korea on his side. As long as he can win enough chips, he really has a chance to turn the tables against the wind in this presidential election.

In political circles, he did find supporters.

However, on the other side of the chaebol, he found that he looked up to the persistence of those guys. The leaders of the top ten plutocrats all expressed their attitude to these letters.

Under such circumstances, if he remains stubborn, Li Renji knows that his political future will be completely ended.

In the last moment of silence, Li Renji finally said, "I can sign, but I need some assurance."

Jin Yongsan, who has been harassed by Li Renji for three days, sees that the other party softens and knows that he should calm down and avoid the twists and turns of rebirth. However, he still can't help but sneer: "we can give you a guarantee, but do you think you can get it?"

Sure enough, Jin Yongsan's words once again made Li Renji feel embarrassed. Instead of taking back what he had just said, he suddenly got up and went straight to the door of the conference room.

When he opened the door and stepped out of the conference room with one foot, Li Renji turned his head again and slowly swept over the remaining three people at the wide conference table, with indignation: "we all know that we are about to sell our country, we They're all criminals of the Republic of Korea. "

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