(Korean Movies) Default, 2018

Default, 2018

Default, 2018
Audience over 12 years old
running time
114 minutes
cumulative audience
3755469 people
6th Korean Film Writers Association Awards 2019


All investors should leave Korea. Right Now

In 1997, when there was no doubt about the nation's greatest economic boom, Han Si-hyeon (Kim Hye-soo), the head of the Monetary Policy Team at the Bank of Korea, predicted that a huge economic crisis would soon come, and reported this fact. Set up a response team

Meanwhile, financier Yoon Jeong-hak (Yoo Ah-in), who has caught the signals of crisis that is being sensed everywhere and boldly resigned, decides to bet on a reverse bet to invest in the crisis of national bankruptcy and begins to gather investors. Gap-soo (Heo Jun-ho), the president of a small factory who is not aware of this situation, and an ordinary head of household, sign a bill of sale contract with a large department store and dream of simple happiness.

Only one week left until the national bankruptcy.
In the midst of a strong confrontation between Si-hyeon and the 'Secretary of Finance' (Jo Woo-jin) over the crisis response method within the task force, the 'IMF President' (Vincent Cassel) enters the country secretly to negotiate despite Si-hyeon's opposition…

Those who try to prevent crises and those who bet on crises,
And an ordinary person who wants to protect his company and his family,
In 1997, the story of people who made different choices begins!

[ Timeline ]

'Four Asian dragons' enter advanced countries, national competitiveness 'first world' level Wall Street Journal report

Inflation stability, GDP (gross domestic product) growth of 9.6%

Unemployment rate at 2% record low

Ranked 11th in Korea’s GDP, recorded a total of $ 499 billion in 1995

Expected to grow around 6% of GDP next year

Korea joined the OECD (Organization for Economic Cooperation and Development)

Bankruptcy of Hanbo Steel, the main company of Hanbo Group, ranked 14th in the business hierarchy

Expanded Economic Ministers' Meeting, dismissing the risk of "Korea's economy has a strong foundation"

Government announces bailout request to IMF

IMF Signs $55 Billion Emergency Assistance Agreement with Korea

no one foretold
national bankruptcy day

[ Prologue ]

The movie <Day of Bankruptcy> was actually filmed at the time of the IMF negotiations,
The story started with an article that there was a response team that operated in secret.

It was such a big event for us, but the still unknown IMF negotiations
I wanted to talk about how it went and what it meant.
In this national crisis
Through the story of a person who jumped in to solve the problem on his own
I wanted to raise a topic about what we need right now.

It has been 21 years since the outbreak of the IMF crisis.
changed our lives a lot,
Many generations have shared the event.
Because the memories of 1997 in the teens, 20s, 30s, 40s, 50s, and 60s are all different.
I hope it will be a film that all generations can watch and talk about together.

– <Day of National Bankruptcy> Screenplay, Writer Eom Seong-min

[ About Movie ]

First Korean film IMF material
The day that changed everyone's fate in 1997
Let's meet again with our story in 2018

<Day of National Bankruptcy> is the story of people who made different choices during the 1997 IMF crisis, from the one week remaining until the national bankruptcy, those who try to prevent the crisis, those who bet on the crisis, and even ordinary people who want to protect their company and family. A film depicting The movie <Day of National Bankruptcy>, which started with a one-line article that there was a countermeasure team that was operated in secret during the actual foreign exchange crisis, does not have any foreshadowing in the indicators that only indicate a boom, such as 'OECD accession, ranks of advanced economies, and four dragons in Asia'. The economic disaster that struck Korea without a hitch, the tense moment just before it, was reconstructed in a week with cinematic imagination. A closed response team with tense tension centered on 'Han Si-hyeon', the head of the Monetary Policy Team at the Bank of Korea, who foresaw the situation of national default and threw everything he had to do to prevent the worst situation, and ' The story of representatives of the time, such as 'Yun Jeong-hak' and 'Gap-su', a commoner who was hit by a direct blow, evokes the year 1997 anew with different memories through a fresh composition that intersects like weft and warp threads. As the negotiation process with the IMF governor who entered the country in secret begins in earnest, the fates of the characters who made different choices begin to diverge, and the film rushes towards its climax, the starting point of social problems that continue to this day, such as job insecurity, youth unemployment, and the gap between the rich and the poor. Through the appearance of 1997, it raises meaningful topics that are still valid in 2018, stimulating contemporary consensus. The first Korean film to deal with the IMF as a subject matter, <Day of Bankruptcy> will capture the sympathy of all generations and captivate the theater community with vivid characters, lines of rustic murder, and the real world of 1997.

One week left until national bankruptcy
Block, Bet, or Survive
Stories of people who made different choices

<Day of National Bankruptcy> depicts the people who negotiated a week before the national bankruptcy, those who are living in a turbulent period of crisis, and various people at the crossroads of fate with vivid and realistic characters reflecting the times of the IMF.

Han Si-hyeon, the head of the Monetary Policy Team at the Bank of Korea, is the first person to foresee the crisis of national bankruptcy and take measures when everyone is talking about the optimistic outlook for the Korean economy. In the conservative bureaucratic society, she takes the lead in responding to crises with her strong conviction and professionalism against prejudice against women, and she expresses her belief that the current situation should be reported to the public in a hurry so that they can be prepared, but she never gives up despite repeated setbacks in the face of opposition. . The ambassador of village murder on the side of small citizens who will be hit directly by the crisis, and Si-hyeon Han, who puts everything he can to prevent the crisis, makes us think about who we really need in a moment of crisis. On the other hand, the 'Deputy Minister of Finance', who insists on making a new version through the crisis, confronts Han Si-hyeon in every case with elite-centered thinking and judgment, while the 'IMF President', who entered the country secretly, imprisoned the Korean government with an attitude without concessions, creating dramatic tension. to form

While the discussion and negotiations of the task force team are tense, the story of various characters living in 1997 in different ways leads to a more dramatic play. Like Han Si-hyeon, financial man 'Jung-hak Yoon', who sensed the crisis of national bankruptcy faster than others, is a person who uses the crisis of others as his own opportunity. He boldly resigned from the securities company he used to attend, gathered investors and started a reverse bet. As the economic crisis accelerated, he succeeded in investing and succeeded, but he could not hide his bitterness at the helpless policy and reality that did not deviate even an inch from his expectations. capture the cross section. And 'Gap-soo', who firmly believes in the government's admonition that the Korean economy is okay, but goes bankrupt, represents the most ordinary citizens of this era who tried to endure somehow to protect their company and family, and draws regret and sympathy. The stories of people who made different choices in the midst of the crisis of national bankruptcy will create a wave of intense emotions such as interest and tension, sadness and anger.

1997, people of that day
Kim Hye-soo, Yoo Ah-in, Heo Jun-ho, Jo Woo-jin and Vincent Cassel
Combination of global casting actors

<Day of National Bankruptcy> completes the global casting lineup, from talented actors such as Kim Hye-soo, Yoo Ah-in, Heo Jun-ho, and Jo Woo-jin, who can be trusted only by their names, to Vincent Cassel, a Hollywood actor and French national actor.

Actress Kim Hye-soo, who has made an unrivaled move with honest and confident characters such as <Tazza>, <The Thieves>, <Chinatown>, [God of the Workplace], and [Signal], took on the role of Han Si-hyeon, the head of the monetary policy team at the Bank of Korea. Kim Hye-soo, who returned as a professional female character with strong beliefs and beliefs, which is rare in existing Korean films, plays the role of a rational and rational person as an economist, unwavering breakthrough in continued conflict, and a strong conviction to keep principles in crisis situations. lead Yoo Ah-in, who has solidified her position as an actress through various challenges such as <Veteran>, <Apostle>, and <Burning>, seeks a new transformation into a character showing enterprising desires through the role of 'Yoon Jeong-hak', a financial man betting on a crisis. Yoo Ah-in intuitively feels that the current crisis is a life-changing opportunity with an animalistic sense of investment, but expresses the three-dimensional character of Yoon Jeong-hak through intense acting, who feels complex emotions in the reality of the Republic of Korea, which reveals his incompetent or ignorant face in front of the crisis of national bankruptcy.
Actor Heo Jun-ho, who has recently left a deep impression with a strong and masculine character, conveys a heavy resonance and sympathy with delicate acting, portraying the desperation of the head of the household who is driven to the edge of a cliff after being disassembled as a 'gapsu' struggling to protect the company and family. Jo Woo-jin, who showed a variety of character transformations in each work, plays the role of 'Deputy Minister of Finance', who tries to turn a national crisis into an opportunity, and doubles the tension with sharp acting and strong presence. In addition, world-famous actor Vincent Cassel, who crosses Hollywood and France, such as <Jason Bourne>, <Black Swan>, and <La Parman>, will appear in a Korean film for the first time as 'IMF President'. Vincent Cassel, who plays the role of the IMF president, who shakes the initiative in negotiations with leisure and coolness, exudes an intelligent and cool charisma, forming a tight confrontation with Kim Hye-soo of Han Si-hyeon, showing a breath of luxury. As such, the vivid characters completed by actors representing Korea and France will infuse a delicate breath into the dramatic development that cannot take your eyes off of it, and will double the fun of the movie.

Realization of a vivid era in 1997
<1987>, <The Peacock> crew participation
Add a fierce effort not to miss the details

Due to the nature of the play, which contains the stories of people who made different choices during the IMF crisis, it was important for the production team of <Day of Bankruptcy> to vividly embody the reality of the era and emotions of 1997. Cinematographer Chan-min Choi, who participated in <The Prosecutor's Gaiden> and <Kundo: Age of Rampant> and captured the atmosphere of the 90s through <The Peacock>, made the film as it was in 1997, which is the historical background of <Day of Bankruptcy>. moved to the screen. The shooting tone was changed to effectively show the different situations in which the three characters, 'Si-Hyeon Han', 'Jung-Hak Yoon', and 'Gap-Soo', are the main axes, and the emotional changes of the characters are densely captured through hand-held shooting and contrast adjustment. . In addition, art director Bae Jeong-yoon and the production team added details by finding places and open sets that still have a 90s feel to them, from the task force office to the Jonggeumsa Temple, the Bank of Korea Monetary Policy Team office, the negotiating hall, Gapsu's apartment, and the Blue House office. It realistically captures the atmosphere of the times. In particular, for filming outside the Bank of Korea, the space in front of the real money museum was taken with difficulty, and small parts that could be easily overlooked, from newspapers, magazines, movie posters, Reuters terminals, etc. We put great effort into enhancing the realism. Costume director Chae Kyung-wha, who participated in <1987>, <The Duke>, and <Wailing>, took on an important role in expressing the character's personality as well as the times. In addition to Han Si-hyun's suit style, he reproduced the fashion and props of the Gangnam Orange family. In this way, <Day of National Bankruptcy>, with the participation of the best production crews in each field, from photography to art to costumes, will vividly reproduce the year 1997 and increase immersion.

<Day of National Bankruptcy> Glossary

# International Monetary Fund (IMF): International Monetary Fund
An international financial institution established in 1945 for the purpose of stabilizing and maintaining the global monetary order. Currently, 189 countries are members, and they are engaged in activities such as stabilizing the foreign exchange market, abolishing foreign exchange restrictions, and providing funds. In December 1997, when the Korean government ran out of foreign exchange reserves, it signed an agreement to receive an emergency fund of $55 billion on condition of implementing a strong policy proposed by the International Monetary Fund (IMF).

# foreign exchange reserves
The total amount of foreign exchange bonds held by a country at a given point in time. The foreign exchange reserves not only serve as a safety plate for the country's emergency fund in case economic entities such as financial companies cannot borrow foreign currency from abroad due to an emergency and it becomes difficult to make external payments, but also serve as a safety plate in the foreign exchange market due to a shortage of foreign currency and a steep rise in the exchange rate. In some cases, it is also used for market stabilization. Korea faced an economic crisis in 1997 when its foreign exchange reserves fell sharply.

# Organization for Economic Cooperation and Development (OECD): Organization for Economic Cooperation and Development
34 countries are currently members of the Organization for Economic Cooperation and Development, which promotes the common development and growth of the world economy and the promotion of the welfare of mankind through mutual policy coordination and cooperation among member countries. The Republic of Korea joined as the 29th member state in December 1996, symbolically showing the country's rapid economic growth at the time and its status as an economic powerhouse. However, in December 1997, one year after joining the OECD, Korea entered the IMF management system.

# Goddess
The act of lending money from a financial institution to a customer. Loans, bills, debt guarantees, etc.

A security, a type of foreign transaction instrument, in which the issuer promises to pay money on a set schedule. If the company that issued the bill goes bankrupt, the company that did business with the company could also go bankrupt because it did not receive the payment properly.

# Bank Run
A large-scale withdrawal crisis in which depositors flock to financial institutions showing signs of insolvency and withdraw their deposits all at once.

# Roll-Over
It means extending the maturity of a bond or contract by agreement between the parties. Team leader Han Si-hyun senses a crisis as the 'roll-over ratio', the ratio of maturity extension for money borrowed abroad in Korea, gradually decreases.

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