Korea: The great universe is torn asunder

As Daewoo, once symbolic of the strength of new Korea, is forced into dismemberment because of crippling debt, the government hopes the demise of the second largest of Korea's chaebols will spur others to restructure to avoid a similar fate. However, there is a worry that economic recovery has taken some of the pressure off chaebol chiefs. Steven Irvine reports

Financial sector bounces back

Korea moves between extremes. Only 18 months ago Lim Chang-yuel was finance minister of a country on the verge of collapse. Lim steered Korea through its liquidity crisis and was instrumental in launching the republic’s $4 billion bond issue. His tireless efforts to save Korea from bankruptcy won him the respect of the international community.

Lim became a national hero and went on to use his popularity to become elected as governor of Kyonggi province.

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