Mired in Asian financial crisis and under IMF-led bailout program, South Koreans endure mass layoffs, corporate bankruptcies and asset devaluation The Dec. 24, 1997 edition of The Korea Herald (The Korea Herald) The act of purchasing Christmas gifts was viewed as a luxurious indulgence for Koreans in December 1997, as the nation was beset by deepening economic woes amid the Asian financial crisis."Won plunges to record low," was the boldest headline on the Christmas Eve edition of The Korea Herald in 1997, which delivered a news story that was decidedly incongruous with the typical consumerist holiday spirit.

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