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Today in Korean history

All Headlines 14:00 December 02, 2011

Dec. 3

1952 -- The United Nations General Assembly passes a resolution calling for the transfer of all Korean War prisoners to a politically neutral location.

1995 -- Former president Chun Doo-hwan is indicted on corruption charges, as well as for his role in the coup through which he rose to power in 1980. Later sentenced to life in prison, Chun was pardoned in December 1997 by President Kim Dae-jung.

1997 -- The International Monetary Fund agrees with the South Korean government on a US$55 billion rescue package. As a result of the financial meltdown late that year, many of Korea's financial institutions and hundreds of heavily-indebted corporations went bankrupt, plunging the nation into an economic slump for the next two years.
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