Thought this was an Onion article at first... still difficult to believe that the South Koreans would let their economy get so close to the edge like that.

EDIT: Especially since "To prevent the credit market from seizing up completely, the South Korean government stepped in by providing a liquidity facility of more than 50 trillion won (about $35 billion). The Bank of Korea also injected 42.5 trillion won (about $31 billion) to stabilize the short-term bond market, and South Korea’s five largest banks also pledged to provide up to 95 trillion won (about $67 billion) in liquidity."

Wouldn't it have been easier to retract the policy of the local government, sack the local leaders, etc., to rollback the loss of trust?

Especially since S.K. is a unitary country and not federated so local governments have no sovereignty.