Chapter 77 of "The Bear Country is Now Mine"

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The Shinsa 60 Building in Tokyo, Japan (226m).

Harrison, the head of Elliott's East Asia operations, who had moved from Hong Kong to Tokyo, looked at the content on his computer screen with a satisfied expression.

“What’s the exchange rate now?”

“It’s risen to 1,530 won as of 1 PM.”

“It’s not far from our position at 1,800 won.”

“Yes, it’s flowing like it did in Thailand and Indonesia. We’ll win this time too.”

As the man showed confidence, Harrison sternly replied.

“You can say that after we pass 1,800 won. Korea hasn’t released its foreign exchange reserves yet. Stay focused. It’s not over yet.”

“...I’m sorry.”

As the man’s voice lost its strength, Harrison patted his shoulder.

“Don’t be too discouraged. You’ve done well.”

“I’ll make sure not to make any mistakes.”

“That’s what I want to hear. And, by the way, the stock prices of IT companies these days seem unusual. What do you think?”

“I think it would be good to start buying them from next year.”

“Tell the headquarters in the U.S. to review it. A lot of funds will be needed.”

“Understood.”

After finishing his words, Harrison went to the window and looked down at Tokyo, lost in thought.

‘The Blue House will be faced with three choices.’

The first is to declare a moratorium (payment suspension).

This would lead to a sharp decline in international credit ratings as it would mean failing to honor agreements with creditors.

However, if the government prioritizes internal autonomy, it might be a viable option.

In actual history, Russia declared a moratorium in 1998 due to the financial crisis.

‘The Korean government can never choose a moratorium. I know their pride well.’

The second is to borrow dollars temporarily through bilateral negotiations with allied countries to pay off debts.

The Korean president had sent a special envoy to Japan, but Japan had already refused.

‘If the U.S. and Japan have refused, who would lend? It’s out of the question.’

The third is to receive funds through the IMF (International Monetary Fund).

However, the Korean government preferred to borrow dollars temporarily through bilateral negotiations with allied countries.

This was due to the sovereignty-interfering nature of IMF bailout funds.

‘The Blue House’s only choice is the IMF.’

Harrison’s lips curled into a bitter smile.

Legally, murder is only established if a person directly kills another with a knife or other methods.

However, if we expand this to an economic context, pushing a country like Korea into a corner and forcing it to make a choice is also a form of economic murder or induced suicide.

Harrison was now pressuring Korea to commit economic suicide by accepting the IMF’s conditions.

Elliott, having already killed Thailand and Indonesia, was now a perpetrator of economic murder targeting Korea.

‘American companies will benefit by buying Korean companies at low prices, and we will make money from the exchange rate. It’s a good deal for everyone.’

* * *

October 1997.

The Korean Deputy Prime Minister for the Economy was having days where he felt he hadn’t eaten even after meals and hadn’t slept even after sleeping.

His family expressed concern as he looked increasingly aged, but he had no time to reflect on himself.

Today, he visited the son of the second most powerful person in the Blue House, the president.

“Can you please talk to the president?”

“Haven’t you already told him several times?”

“Yes, but… he doesn’t listen to me anymore.”

“If your father won’t listen, what can I do?”

The son frowned and leisurely sipped his coffee.

“The exchange rate, which was 1,450 won, has already surpassed 1,530 won.”

“You haven’t released the foreign exchange reserves yet, right?”

If released, the current exchange rate would quickly return to normal.

“It’s risky with 30 billion dollars. Thailand and Indonesia had more foreign exchange reserves than us, yet they still ended up like this.”

“The president and the government must have their plans.”

He turned his chair sideways, looking at family photos as if he didn’t want to listen, but the Deputy Prime Minister continued.

“Yesterday, Ssangyong and Taeyil Precision went bankrupt. There are rumors that Haitai Group (24th largest) will also go bankrupt. More companies will follow. This can’t go on.”

“If the Deputy Prime Minister had done a good job, things wouldn’t have come to this.”

“...”

“Other experts say it will return to normal soon, but you seem particularly worried.”

“Isn’t the media also warning of the risks?”

“That’s just to attract attention. The media has been doing this for a long time. I have an appointment, so I must go.”

The Deputy Prime Minister sighed and had no choice but to leave.

‘Korea is really at its end. My name will go down in history as the Deputy Prime Minister who ruined the country.’

To avoid this, he made one last attempt and headed to Moscow.

* * *

“Bro, try to get all the collateral loans you can from American banks, including Gazprom.”

-They’ll lend, but does Korea really need that much money? Russian government funds will also be involved, right?

“I’m putting in my own money too. That way, when we acquire companies, they’ll become part of our Black Hole group.”

-That makes sense. Got it. I’ll try to get as much as possible. What’s the term?

“Short-term. Three months, okay?”

-Three months should be fine even if the dollar interest rate rises.

“Okay.”

-But I have something to say.

“What?”

Dennis paused for a moment before speaking slowly.

-...I might get married.

“Huh?”

Given how well he had kept it a secret from even Nikolai, he was clearly good at keeping secrets.

-I’ve told my parents. She’s French, and we plan to get married next year.

“I didn’t know. It’s a bit surprising. You’re 29, so it’s a bit late. Congratulations.”

-After my parents, I’m telling you first. When I get married, you’re next.

“That’s the order.”

-You don’t have a girlfriend, right? I can introduce you.

“You always offer. I’m good, so you go ahead and get married. I’ll hang up now.”

Back home, Nikolai enjoyed a refreshing watermelon with his family, which they had grown in a greenhouse.

Then, when Victoria spoke, the family and Sasha’s eyes widened.

“Marriage?”

“Yes.”

“Since when have you been seeing a German man?”

Mother Maria asked, and Victoria blushed.

“For a little over a year.”

“A year ago... did you meet him during your trip to Germany?”

“Yes.”

Ivan put down his fork and looked at his daughter with a strange expression.

“Look at me. Your father might cry.”

Ivan snapped out of it and cleared his throat.

“Ahem. At 25, it’s late. It’s a good thing. Dennis also plans to get married, I heard.”

“Really? My brother?”

“Yes. I got a call yesterday. She’s French, and apparently from a very prominent family.”

Sasha’s eyes widened again.

Nikolai, who already knew, remained silent.

“So, we have three good news. Dennis, Victoria, and Sasha. Next year will be full of good things.”

In fact, the man Victoria was marrying was also from a well-known family in Germany.

Ivan, who was smiling brightly at his children’s news, looked at Nikolai, and the others followed his gaze.

As if to say, “When are you getting married?”

“Haha. I’m tired, so I’ll go to bed.”

Ivan and Maria exchanged glances as their son, holding a newspaper, went upstairs.

As parents, they felt they needed to find a partner for their son.

* * *

“Let’s see. No news again today?”

A considerable amount of time had passed since the newspaper had stopped causing changes.

Nikolai, who always read the newspaper every day, opened it today as well.

But as he read, the corners of his mouth curled up.

“Finally, it’s changed.”

It had changed, but...

“What? It’s different from what I’ve seen before?”

A date that should have been there was missing.

But the impact was too strong.

【Breaking News! Elliott Management’s Korea Won-Dollar Position at 1,800 Won.】

“Breaking news? What’s this? Does urgent news come out like this?”

Nikolai, who had been in thought for a moment, realized this wasn’t particularly important and focused on the content.

“At 1,800 won, Elliott and the speculators must reach 1,800 won to make a profit, no matter what.”

Conversely, if it were pulled down below 1,800 won, Elliott and the speculators would be in trouble.

In other words, it meant Nikolai would make money.

“The situation is getting interesting.”

Korean companies, unable to get loans from abroad, were going bankrupt one after another due to a lack of funds.

Now, they were going bankrupt regardless of the exchange rate.

Nikolai could acquire them all under very good conditions.

And by offering to defend the exchange rate, he could demand new things from the Korean government, benefiting both sides.

“Heaven is helping me again.”

* * *

The Korean Deputy Prime Minister for the Economy, who had returned to the Kremlin, informed President Zakhhar about the Korean situation.

“The president and government officials think 30 billion dollars are enough. No matter how much I tell them, they don’t feel the danger.”

“Oh, you must be having a hard time. What can be done? If the president and government officials are like that, some people only realize the danger after experiencing it themselves.”

“I think Russia’s support is better than the IMF.”

The Deputy Prime Minister knew that what Russia demanded was not something that would only harm Korea.

Though it might seem that way at first, it would ultimately help the Korean economy grow.

That’s why he hoped Russia would step in, but the president didn’t accept it, leaving him with no choice.

“We think 1,600 won is the limit the Korean government can withstand. The government will release the foreign exchange reserves when the exchange rate exceeds 1,600 won.”

“I agree. The president also said that before.”

The president aims to solve everything at 1,600 won, but the Deputy Prime Minister thinks it won’t be easy.

“It’s 1,530 won today, so it’s not far off. The president will start feeling anxious soon, so try talking to him again. It’s tough, but you can’t give up.”

“Thank you.”

As the Deputy Prime Minister stood up, Nikolai said,

“I think the president will move this time.”

“I hope so.”

Empowered by Russia, the Deputy Prime Minister, thinking this was his last chance, went to the Blue House to meet the president again.

* * *

Two days later.

The exchange rate finally surpassed 1,600 won.

The Korean president held an emergency meeting and gave instructions.

“The time has come. Start releasing the foreign exchange reserves.”

The president was confident.

He believed that once 30 billion dollars were released, the exchange rate would quickly return to normal.

* * *

At the Elliott Management office in Tokyo.

As Korea began to release its foreign exchange reserves, Elliott immediately responded.

“They’ve finally started releasing.”

“It can’t fall. Keep the exchange rate graph trending upward.”

“Understood!”

“Indonesia took seven days to deplete 30 billion dollars, right?”

“Yes.”

“Korea will deplete it faster. We’re making money because of these fools. Maybe we should send a bouquet to the Korean government officials when this is over.”

Like the Korean president, Harrison was confident.

He believed they would make huge profits in Korea, just as they did in Thailand and Indonesia.

* * *

At the Blue House in Korea.

The meeting room, where the president was present, was filled with a deep silence.

Everyone was tightly closed, as if the first to speak would be at fault.

“Despite pouring 27 billion dollars over four days, it’s still rising...”

The president was right.

Korea had poured everything in an attempt to reverse the situation.

But the exchange rate briefly paused and then continued to rise.

Now, only 3 billion dollars in foreign exchange reserves remained.

At this point, 3 billion dollars was powerless.

“Why is no one speaking! You all said it would be fine once we started releasing the reserves.”

“...”

“What a pathetic situation. I trusted you, and now look at this!”

It was truly a pitiful statement.

To ignore the Deputy Prime Minister, who was one of Korea’s top experts, and believe others was foolish.

In this situation, there was only one option.

“Deputy Prime Minister.”

“Yes.”

“Meet the IMF chief in secret. Bring back what they demand. We’ll compare it with Russia’s demands.”

“Understood.”

The Deputy Prime Minister, relieved that the president was finally taking action, immediately headed to Washington D.C., where the IMF headquarters is located.

After meeting with the IMF staff and returning to Korea, he reported.

“Have you ever seen such highway robbers? This is like they want to eat the whole country.”

The president, with a furious expression, said to the Deputy Prime Minister.

“Tell President Zakhhar that we accept Russia’s demands.”

“I’ll leave immediately.”

* * *

“What is this?”

“The previous demands were made when the situation wasn’t this dangerous. The demands need to be revised as the situation has changed.”

Nikolai’s words made the Deputy Prime Minister sigh deeply.

He couldn’t argue because it was true, but he felt ashamed of his position.

“Read the new demands carefully. If you accept, we’ll proceed with the contract immediately. We’ll help you as soon as the contract is signed.”

“Understood. I’ll inform the president immediately.”

“And show this to the president only if he accepts. Don’t open it before then.”

Nikolai handed over a small envelope.

“Understood.”

The Deputy Prime Minister quickly returned to the Blue House.

Stressed and running around, he had lost 10 kg in a few months.

When the president and government officials saw the new Russian demands, their expressions changed strangely.

“Did President Zakhhar write this?”

“I’m not sure who wrote it.”

The Deputy Prime Minister thought Zakhhar had written it since he had given it to him, but the new demands strongly reflected Nikolai’s influence.

“Damn. How should we accept this...”

The president, who had already read the IMF’s demands, scratched his head.

1. Financial system reform.

2. Ensuring fiscal soundness.

3. Foreign exchange market reform.

4. Trade liberalization.

5. Maintaining corporate debt below 200%.

...

Russia’s demands were similar to the IMF’s in many economic aspects but were less coercive.

However...

《Special Clauses》

- Advance sales of apartments and houses by construction companies.

- Prohibition of credit card issuance to unqualified individuals.

- Minimum 12-year sentences for economic fraud (including corporate embezzlement and general fraud).

- Promotion of the cultural industry (film, music, games, novels, etc.).

- Media reform (government, companies, civilians, and NGOs sharing media ownership).

- Reform of chaebol (conglomerates).

- Pension reform, etc.

- Priority acquisition of bankrupt or near-bankrupt companies by Russian companies (including seed companies).

...

Many more detailed clauses followed.

“Everyone, this is quite a dilemma. What do you think?”

The Minister of the Interior spoke first in response to the president’s question.

“Compared to the IMF’s demands, these are better. The special clauses, though unusual, will be beneficial to our country in the long run.”

“I agree. Despite the many special clauses, there are no major issues.”

“There will be some resistance, but with the country in such a precarious state, this isn’t the time to debate.”

Others had similar reactions.

The president then turned to the Deputy Prime Minister.

“Tell President Zakhhar we accept.”

With the decision made, the Deputy Prime Minister took out the envelope Nikolai had given him and handed it to the president.

“What’s this?”

“The president should give this to him if you accept.”

“...”

The president thought for a moment and then tore open the white envelope.

Inside was a single sheet of paper.

- The contract must include the signature of candidate Kim Dae-jun.

The president’s small eyes widened instantly.

“This is...!?”

Russia had judged that candidate Kim Dae-jun would be elected.

The president felt a momentary dizziness but quickly regained his composure.

“I understand. I’ll handle this.”

Russia’s belief that Kim Dae-jun would be elected was just their opinion.

Since it was a contract between nations, it didn’t matter whether Kim Dae-jun was elected or not.

Still, the thorough preparation, including contingency plans, showed that President Zakhhar was indeed a capable person.

The president, thinking this, met with Kim Dae-jun to explain the situation.

It was surprising that the president had secretly visited during the election period, and even more so when he presented