Dear Comrade

Dear Comrade Leader Episode 175

“… … .”

There was a death-like silence throughout the conference room.

Although Park Yi-sam’s tone was calm on the surface, it was because anyone could sense the unspeakable agony and bitterness contained within.

When Park Se-hwang for the first time crossed the ceasefire line and entered the chaotic Seoul with a message from North Korea’s general secretary, and soon after learning that the message was North Korea’s offer of a loan to overcome the current liquidity crisis, Park Yi-sam’s first reaction was cynicism. .

Are you going to put oil on the burning house now? My friend, the general secretary, thought I was smart, but if I thought that we would accept it, then I was wrong.

Although our country is currently in an unprecedented crisis, we do not have time to listen to the childish ridicule of the North that kicks someone who has fallen. do you know

But soon after, when Park Se-hwang heard the detailed conditions and amount offered by General Secretary Kim Jeong-hwan, Park Yi-sam realized that the offer was a serious one, not a North Korean deception or propaganda.

Right now, just looking at the credibility and quality of information in North Korea brought by Park Se-hwang so far, it is impossible to dismiss his words as mere lies.

The supreme leader of North Korea is really willing to reach out to this crisis.

But the problem was the conditions on the loan.

“Let’s do it again. What are the conditions for the IMF bailout and the emergency loan from North Korea?”

It was a condition that he already knew enough to memorize dozens of times, but Park Yi-sam requested a rebroadcast from the Minister of Finance and Economy as if the condition would change if repeated.

Then, the minister, who had just entered the position, said the conditions in a cautious voice, as if it was his fault.

The former minister took responsibility for the crisis and resigned just a few days ago.

“The IMF will raise interest rates up to 30% in exchange for a $21 billion first bailout, and restructure private sector companies to stimulate market competition and prevent overlapping overinvestment… … We also proposed privatization of the public sector.”

“… … And if you don’t meet the terms, you can’t provide a bailout?”

“While the IMF did say back that ‘it is essential to confirm the will to implement appropriate measures to repay debts during the management regime’… … In fact, it is.”

“Heh heh… … .”

Read at readwn.com

No matter how many times he listened to it, Park Yi-sam burst out laughing as if he couldn’t believe the current situation.

It is literally six years of economic colonization with debt as a pawn.

Doesn’t it mean that you will only lend money only if you have proven your ability to repay the money with certainty, or you have to show effort to pay it back?

It may be a natural condition for creditors, but from the point of view of the debtor who is in debt, in reality, it will appear only as a bait to take away economic sovereignty.

But, what should I do, I should have managed the foreign exchange and large companies well in the first place to avoid this predicament.

And the country has come to this point, and in that Park Yi-sam’s own mistakes and miscalculations made a formidable contribution, Park Yi-sam really wanted to tear her heart out.

Some may say that you should not criticize a doctor for giving an anticancer drug that has a strong side effect because he has cancer because he neglected his own health care, but the reason why the IMF cannot be considered an honest and sincere doctor who puts the health of ‘patients’ first is the reason. there was.

“Any other conditions?”

“To revitalize investment and attract foreign capital, we will abolish the restrictions on foreign investment… … In other words, open up the financial markets.”

“And then the US investment banks? In the meantime, Goldman Sachs has been saying so painfully that Korea’s financial regulatory measures are unrealistic and estranged from the free market economic system… … Eventually, my wishes will come true.”

At Park Yi-sam’s murmuring remarks, the expression of the crowd darkened even more.

I mean, it’s a measure to revitalize investment, but isn’t it about removing the bar that prevents US capital from entering the financial market and allowing foreigners to take over the management rights of South Korean conglomerates?

On the surface, it takes the form of a negotiation proposal between the International Monetary Fund (IMF) and Michel Kangdesu, but even a seven-year-old child can guess that the United States is behind these bailout terms.

Read at readwn.com

No, there was no need to think complicated in the first place, and the special delegation, including the U.S. Deputy Secretary of the Treasury, was encamped in a hotel-like building where the IMF working group, who immediately disguised themselves as women, was staying in Seoul.

And the current US Treasury Secretary, Robert Rubin, was a former co-chairman of US investment bank Goldman Sachs.

As the rumors of going to the IMF already started to spread, the media compared IMF President Michel Kangdesu to the Governor-General of Korea during the Japanese colonial period and criticized him.

In the first place, it was clear that the US was not the largest contributor to the IMF fund, and that all attempts to overcome the crisis by borrowing loans from Japan and other places failed.

“good. Now that we have heard the IMF proposal, let’s listen to the North’s proposal again. What did he hang on to?”

Everyone in the conference room swallowed their saliva.

Read at readwn.com

Now that you’ve heard the first option, Tiger’s condition, it’s time to listen to Seungnyang’s suggestion.

The problem is that I don’t know if this Seungnyang is really just a Seungnyangi.

Then the minister’s mouth opened.

“The North has put forward three conditions. First, instead of providing $24 billion in primary support, the 20-year government bonds issued by the South Korean government should be purchased exclusively by Peony Holdings, a state-owned investment company in the North, in dollars. Second, 80% employment for three years On the premise of maintaining it, we ask for your cooperation so that it can purchase shares of Korean companies that are in crisis.”

“I’ve said it many times, but you’re a really smart friend, isn’t it that I’m going to wear a leash instead of ripping off the flesh right away?”

Park Yi-sam shook his head as if he was tired once again.

Treasury bonds issued by a single country generally have low interest rates but high stability.

This is because the issuer is a country that is unlikely to default, so US Treasury bonds issued by the US, the key currency, are among the highest-rated safe-haven assets after gold.

However, it is also a factor directly related to a country’s external creditworthiness, and even if it refuses to repay government bonds, the country’s credit rating immediately falls to the bottom.

In particular, if South Korea, whose economic structure is mainly export-oriented, refuses to repay the South Korean government bonds held by North Korea at all costs (whether inter-Korean relations or for whatever reason), the credit rating will suffer a fatal blow beyond face value.

“… … However, if the first bailout is in the form of bond purchases, it is said that they will provide cash support in the second, so it is not so bad compared to the IMF.”

“It is only from the perspective of companies that will receive public funding with that money. Let’s look at the rest. Apart from Ssangyong and Kia Motors. LS Semiconductor, Seongsam Aerospace and Woowoo Heavy Industries are also planning to take… … I think this could be negotiable, but… … .”

The second condition that North Korea offered in return for the bailout was to loosen restrictions on the entry of North Korean money into the South Korean stock market and allow it to take over South Korean companies.

He even offered to buy a number of Korean companies that were faltering in the face of the current crisis, ranging from passenger cars such as Kia Motors, which stumbled the 8th largest Kia group in the business world, to financial sectors such as Koryo Securities.

Regarding the second condition, which is more controversial than the first condition, the opinions of Park Yi-sam and his staff differed sharply.

“You should never accept it. Already, among progressive college students, in addition to the three-party unity, the president who caused this crisis even says, ‘YS is the nation’s worst sinner’. If you allow these companies to sell their shares to the North, they will turn their backs on the few remaining conservative supporters!”

“you’re right! Even if we are in a temporary crisis right now, they are all companies that will become the national power of our country if some time passes and we take care of their internality, and we cannot sell them. Even if you sell or cut and paste affiliates here and there, you have to save it and sell it to our Korean companies. Is it the preferred group of Chairman Kim Woo-jun? … .”

Unlike the first condition, seeing the ministers and chiefs opposing Lee Gu Dong-seong, Park Yi-sam kept her mouth shut for a while, but then opened her mouth with a dissatisfied voice.

“I heard everyone’s opinions, but isn’t the reason why our country is in such a crisis right now is because of the negligent management and borrowing strategies of the entrepreneurs and chaebols? Am I wrong?”

“President, that is because there was no capital or know-how at the time when our country was experiencing economic growth… … .”

“If you are a cement company, you have to be good at only cement, if you are a company that makes phones, you have to be good at phones. Didn’t you touch stocks, cars, and even resorts and department stores like an octopus? Even if it was just one step right now, it wouldn’t have happened if I had not built the steel mill forcibly… … .”

“But don’t the people also go to companies and take jobs and salaries! In addition, during the economic growth period, not only companies but also the people are responsible for this crisis to some extent by buying fur coats and traveling to Southeast Asia on airplanes, spending foreign currency… … .”

“Ah, noisy! Even if such a strategy worked only during growth, in the end, it all stemmed from the greed of entrepreneurs. Even in this national crisis, they will hold on to their management rights and stakes and will not be able to release them, right?”

Finally, the rage broke out.

The minister and his aides kept their mouths shut, but some of them exchanged glances and nodded as if they were in agreement with the president’s words.

Park Yi-sam, whose divergence subsided for a moment, lowered his voice a little and spoke calmly again.

“Anyway, most bubble companies that have only grown in size and have only increased factories in facilities. If foreign investment restrictions are lifted anyway, they will be sold to Yankees, slaughtered and only the sweet water sucked. In the beginning, the IMF also said to reduce overlapping investment, so we should be fortunate to know that North Korea will maintain employment for the time being. Even if you can’t give it all away, it’s worth negotiating with them.”

“… … Then, President, do you mean that you will give more weight to the proposal of the North Korean general secretary rather than the IMF and seriously consider it?”

The counterattack of the ministers, aides, and chiefs against Park Yi-sam was not a frontal attack, but a detour attack.

Knowing the famous Park Yi-sam’s stubbornness better than anyone else, they realized that their direct superior’s heart was already leaning, and changed their strategy in a different direction.

In fact, it should have been pointed out that the North Korean side had contacted the president at the end of his term, but it is difficult to decide who will always wear a bell around the cat’s neck.

“From any point of view, the North’s proposal is much more helpful to our national interest and future, so is there any reason not to think about it?”

“Think politically beyond the national interest, President. Even if the North has changed significantly in recent years, until 10 years ago, it was the enemy of us and Byeongdaecheon. But is there a law against being so hostile again? No matter how urgent the situation, if you open your hand to such an unpredictable drum… … It’s very embarrassing to say this, but… … .”

“… … That Park Yi-sam is being reviled for three generations. Does this mean? It’s already eaten enough. Would it make a difference if I listened to the absurd, slaughtered sound of a man who had already eaten more than a hundred times a few more times? Even if I get criticized, isn’t it the first priority to overcome this national crisis and save the country in the long run?”

“It’s not going to be insulting. President. These companies are the competitiveness of our industry, the blood and sweat of workers and entrepreneurs, and the crystallization of their efforts. Besides, even putting aside the financial industry, the automobile and aviation sectors such as Kia and Ssangyong are directly connected to the military industry. Are you saying that we should strengthen the tank and fighter production capabilities of potential enemies?”

“… … .”

“Even in the distant future, if a North Korean shell containing our steelmaking technology falls on our territory or territorial waters, then descendants will remember the president’s current decision and curse the president. Can you afford it?”

After speaking up to this point, the ministers took a sneak peek at the president, and as soon as the objections seemed to be working, they suggested the best course of action they thought.

They, too, are the people who rolled and rolled in this turbulent Korean political arena.

He was convinced that it was impossible for the president to refuse such a retreat, with a month before the end of his term.

This South Korean president, whose political retaliation and revenge on his predecessor continues in a row, is even more so.

“What we want to tell you is… … There is no need for you to bear that stigma. Turn off your time.”

“… … what? What did you guys just say?”

“dismissal… … This is a dying board wherever it goes. If you receive the IMF proposal, you will be cursed until you die, and if you receive the North Korean general secretary proposal, you will be cursed until the day you die. Wouldn’t it be up to the successor president to decide whether it was Yoo Min-jung or Lee Hyun-chang? That’s right, a month later.”

“Look guys… … ! Now, the Republic of Korea is on the verge of living or dying. There are already many people who commit suicide, lose their homes and jobs, and live as homeless in the Han River. Whether it be North Korea or the IMF, getting a bailout as soon as possible will reduce even one of those people… … .”

“President, there is nothing difficult about it. After all, you can’t save them all, can you? I’m trying to tell you that the situation has already occurred and you can’t collect the spilled blood and put it back into your body. Please, even if you see us who care about the well-being of our master, please think of us after we retire.”

There’s nothing to think about hard, these words hit Park Yi-sam’s heart and passed.

The decision you make now determines how your name will be recorded in the history books.

Will you become a leader who has raised a great spirit to save the country, or will you become the worst patriot since Lee Wan-yong?

Beads of sweat dripped down on Park Yi-sam’s forehead as if to represent his agony.

Just like before the meeting to decide the fate of this country and Park Yi-sam began, after a few minutes of silence like death, his mouth opened again.

“Look, Black Venus… … No, did you say Agent Park Se-hwang? What does it look like? I’ve heard enough of the opinions of the aides and ministers so far, so I’ll have to listen to them as well.”