[History Through Films] ‘Default’: a tense political thriller on South Korea’s IMF crisis

The year 1997 remains one of South Korea’s most devastating periods since the Korean War.

It was the year the country faced a devastating sovereign default, forcing the government to implement drastic measures such as market deregulation, budget cuts and the dismantling of labor protection laws — all in exchange for a bailout from the International Monetary Fund.

Director Choi Kook-hee’s “Default” (2018) is a gripping and informative political thriller that brings the events of 1997 to the screen. While the film may simplify some aspects of South Korea’s financial meltdown, it maintains a realistic tone, skillfully incorporating newsreels from the crisis without slipping into the realm of documentary.

The details and process of the IMF bailout were largely shrouded in secrecy, and Choi’s fictionalized portrayal in “Default” imagines a hidden government team working behind the scenes to lead the negotiations with the IMF. The director effectively conveys the emotional and political turmoil of the crisis through three main characters: Han Si-hyun (Kim Hye-soo), the team leader at the Bank of Korea; Yoon Jung-hak (Yoo Ah-in), a finance manager; and the Vice Minister of Finance (Jo Woo-jin). Their individual stories unfold in divergent ways, showcasing the human toll of the crisis.

As the film delves into macroeconomic concepts over its 114-minute runtime, the emotional stakes rise, culminating in a powerful scene where Si-hyun confronts IMF officials over their harsh demands to pull South Korea back from the brink of bankruptcy. Kim Hye-soo’s performance stands out once again, demonstrating her ability to bring complex characters to life in a film industry where male protagonists often dominate.

The film also features notable cameos, including Vincent Cassel as the IMF’s managing director, and Ryu Deok-hwan and Han Ji-min, whose performances enrich the ensemble cast and deepen the film’s emotional impact.

While the reality of the 1997 IMF crisis was dramatic, “Default” remains informative and educational.

The film interprets the events of the time from multiple perspectives: the American speculators who colluded with the IMF to restructure the economy and acquire profitable companies at bargain prices; the political powers trying to "tame" large corporations; the newly wealthy individuals who made fortunes through speculation on rising dollar values and collapsing real estate prices; and the small business owners who ended their lives when unable to repay debts.

But there is little imagination here — while the characters are fictionalized, the people and circumstances they represent are all too real.

This article is the last installment of the eight-part series that looks into Korea’s modern and contemporary history through films released between 2000 and 2020. — Ed.