Cheong Wa Dae (The Blue House)
"How did this happen, Imja? The crucial infrastructures like the steel mill and the expressway are all excluded?"
President Park grew furious as he reviewed the report handed to him by the Chief Secretary.
Though there were dam constructions and port projects included, it was clear that Japanese companies would handle the design and materials.
What was more desperately needed for the Korean economy were the steel mills and expressways.
"We are currently negotiating through diplomatic channels. The Japanese government wants to change the purposes as outlined in the report."
"Does it make sense to change the purposes now? The National Assembly's ratification is imminent."
The Korea-Japan Agreement was signed in June and was set to be ratified and come into effect in December.
To suggest changing the purposes now was beyond diplomatic discourtesy.
No matter how dire South Korea's financial situation was, such a one-sided negotiation was deeply disappointing for President Park.
"The Japanese government's rationale is to prioritize the rural areas that suffered significant damage from past exploitation. Therefore, they intend to provide items such as general clothing, fertilizers, and small ships for the free aid items."
"They used to call it independence celebration funds instead of colonial compensation, but now they change their tune to suit their advantage? Is this negotiation a child's play?"
"They also agreed to maintain the nominal title of independence celebration funds."
The president was devastated.
Calling it independence celebration funds instead of colonial compensation meant that the 36 years of Japanese occupation weren't officially recognized as a forced annexation by Japan.
It would provide excuses for all sorts of outrageous statements like "Korea-Japan relations were friendly," "The annexation contributed to Korea's development," and "Japan is like a father figure to Korea."
Bang!
"Does that make sense? This is a claim for compensation. The perpetrator should give what the victim wants, not what the perpetrator wants to give!"
"My apologies, Your Excellency. However, it is not unreasonable for Japan to act this way. In the negotiations three years ago between Director Kim Jeong-pil and Japanese Foreign Minister Ohira, there was a clause that said aid, both free and tied, would be mutually agreed upon by both countries."
"Damn it, that poisonous clause! It's really a nuisance."
President Park ground his teeth.
Kim Jeong-pil was not only President Park's nephew-in-law but also his right-hand man. However, his work wasn't always flawless.
Especially in diplomatic matters, he often fell short.
'Kim Jeong-pil... that so-called Japan expert...'
The president shook his head.
It was an irreversible situation anyway.
Preparing measures was more urgent than regretting.
"If we change the purposes, Japan is willing to make some concessions in commercial loans. They also proposed building fertilizer and machinery plants later."
"Later? When exactly is that supposed to be?"
President Park didn't trust their words.
Their words and true intentions never matched.
There was no one who could match their duplicity.
Manipulating people was their specialty.
"If an agreement is reached, they also conveyed that they might provide some political funds. This, of course, is an unofficial opinion."
President Park frowned but didn't immediately dismiss this suggestion as nonsense.
He, too, desperately needed slush funds for the upcoming election.
The easiest and quickest way to secure slush funds was to embezzle a portion of the foreign loans.
Bang!
"Some political funds? ... Instead of such tricks, let's just overturn everything!!"
President Park pounded his desk and shouted a moment later.
However, the Chief Secretary only bowed lower with a hardened expression. Eventually, after taking a deep breath, he continued speaking with difficulty.
"Your Excellency, if you look at the national treasury now, we have only 45 million dollars. If things continue like this, the national economy will collapse... If the Korea-Japan Agreement hits a wall, it will be impossible to extend the maturity of short-term foreign debts."
President Park was aware of the economic crisis facing Korea. They were barely managing to pay the interest with the special conditions from the Vietnam War, let alone repaying the principal.
The only way to escape this crisis was to delay the repayment of foreign debts as much as possible while increasing exports.
If Korea-Japan relations soured immediately, it was clear that both Japan and the United States would demand the repayment of the principal.
In that aspect, the Korea-Japan normalization, which involved hundreds of millions of dollars, was a critical economic issue for the Korean government.
"How many concessions have we made so far! We reduced the fishing zone to 12 nautical miles in the Korea-Japan Fisheries Agreement, relinquished private claims, and now they're asking us to give up on the steel mill and expressway too?"
President Park threw the report away.
"However, there is no other project that can generate such a large amount of dollars. We need to move the ruling party to secure ratification in the National Assembly..."
The Chief Secretary trailed off, but President Park understood his meaning well enough.
Bang! Bang! Bang!
"In the end, it's all about money! If we had just 50 million dollars, or even 100 million dollars in spare funds, we wouldn't be pushed around like this."
President Park trembled as he gripped the desk.
At this rate, he couldn't argue against accusations of being a pro-Japanese traitor or a national betrayer.
"Your Excellency... If I may be so bold, how about calling Daese Shilup?"
"Daese Shilup? Are you talking about Woo Chan-soo?"
"Yes. He has a significant amount of surplus material from the Vietnam War and the U.S. military. If we export that, it should be enough to generate tens of millions of dollars. That would give us some breathing room..."
President Park's mind lit up at the Chief Secretary's words. Indeed, it was said that there was so much timber piled up at the Jinhae Naval Base that they couldn't handle it all.
"Good, tell Woo to stop what he's doing and come in right away, right now!"
"Yes, Your Excellency. Actually, Woo is on his way to Gimpo."
The Secretarial Office had been monitoring Woo Chan-soo's movements. There was no one better than Woo Chan-soo to replenish the missing dollars in Korea.
"He's on his way here?"
"Didn't you instruct us to actively support the Mekong River Operation? Woo has achieved great results there."
"What? Great results? Didn't they say it would take at least a year? Did he finish the operation already?"
"Yes. Thanks to him, Korean military supplies have increased, and the U.S. military has expressed its willingness to transfer two LSTs to our navy. He seems to be returning briefly to prepare for all the related matters."
It was astonishing. What kind of achievement was it that expanded military supplies and even earned additional LSTs?
'Amazing, he really is capable. No wonder Van Flint said he would keep an eye on him.'
The Chief Secretary continued talking, but President Park didn't hear a word of it.
"Alright, just bring Woo Chan-soo here quickly. Straight from the airport!"
"Yes, Your Excellency."
***
Gimpo Airport,
"Wow, Daddy!!! Daddy!!!"
"Oh my, my son. You've grown so much."
"Dear, can you see me?"
"Oh, I didn't recognize you. When did my wife become so beautiful? Hahaha."
As soon as they got off the plane and entered the arrival hall, the employees' families were waiting for them.
Calling each other's names and hugging while shedding tears, Chan-soo and Sam-bok's hearts were also moved.
At a glance, everyone looked much healthier and better dressed. It seemed their living conditions had improved.
It was a stark contrast to several months ago when they saw them off at Busan Port with faces covered in dry skin patches.
Gathered in small groups, they were busy sharing how they bought houses, saved money, how the kids were doing in school, and how their parents were doing in the countryside.
"Don't we have anyone welcoming us?"
"You should have treated the Seongsu-dong employees better. They would have come if you said you'd buy them a meal."
"Don't bother, they're probably too busy to breathe right now."
"Haha, it's good to be back in Korea. At least we'll get to eat proper rice cake soup."
As Sam-bok and I exchanged jokes with a sense of pride, a group of people approached us.
They were men in black suits.
"President Woo Chan-soo."
"What brings you here, Chief Secretary? Even welcoming me personally."
It wasn't because they were glad to see me. The president must have some business. They're quick.
"The President has summoned you."
"Let's go."
"Aren't you curious about the reason?"
"It must be because of the Korea-Japan negotiations, with the ratification coming up soon."
At my words, the Chief Secretary pursed his lips.
It felt like a déjà vu, as if a similar situation had happened before...
"Shall we?"
"Is this really okay? President Woo just arrived. There are a lot of tasks piled up at the company."
Sam-bok said a word, but the Chief Secretary didn't even blink.
"The state comes before the company."
It was a phrase fitting the 60s.
They always restrained the people, saying the state must come before individuals.
It was the best weapon and shield of the dictatorship.
Claiming to serve the people while demanding their unilateral sacrifices. It was revolting.
Today, I'm going to test if President Park is really that kind of person or if there's even a glimmer of hope.
It's risky, but it had to be done.
If I'm scared of this, how am I supposed to handle the future?
"I'll be at Seongsu-dong soon, go ahead and wait."
"Chan-soo..."
"Don't say anything and just go
back to the company. Hurry."
I patted Sam-bok's shoulder and pushed him towards the Chief Secretary.
No matter what happens to me, Sam-bok must not get on their bad side. Today, I'm going to gamble.
Even I can't be sure what will happen to me.
"What are you waiting for? Let's go."
"Yes, this way."
I got into the official car and headed straight to Cheong Wa Dae.
Honestly, I wanted to shower first, but it wasn't the right time to bring it up.
**
Cheong Wa Dae
"Are you here, Imja?"
"Yes, did you call for me?"
"Was it difficult getting here?"
"It was convenient thanks to the car sent to the airport."
"I'm sorry for not letting you rest, but think of it as a matter of national interest. Please, have a seat."
"Thank you."
President Park personally offered me a seat.
"Do you know why I called you?"
"I heard it's because of the Korea-Japan Agreement."
"That's right. Our diplomats aren't doing their jobs properly."
"It's not the diplomats' fault, it's because the treasury is empty, so we can't speak our minds."
The president flinched at my words.
Did I speak too bluntly?
It doesn't matter. There's no time to waste.
"It's rather direct, isn't it?"
"I apologize."
"No, that's how you've always been. I should understand, what else can I do?"
Perhaps this was the advantage of President Park that I'd only heard about?
Despite being an all-powerful ruler, he was known to acknowledge experts, and so far, it seemed to be somewhat true.
It could also be the generosity of a ruler thinking, 'I should at least give some credit to those working under me.'
"What can a humble person like me do to help with the Korea-Japan Agreement?"
"We need your timber. We need to sell it abroad to earn some dollars."
"It would be a loss to sell the timber as it is. Wouldn't it be better to build a factory first and sell processed goods?"
"No, there's no time for that. We need dollars immediately to not be pushed around in negotiations with Japan."
His tone was firm. It was almost an order.
"I have enough time. Show me the report first. I need to know the current state of the treasury."
"President Woo Chan-soo, how dare you... before His Excellency..."
The Chief Secretary glared at me, but I paid no mind.
My opponent was the president, not the Chief Secretary.
"Mr. President, I need to see it to know if I can be of any help."
"Imja, what are you doing? Bring it here."
"Your Excellency."
"I said bring it!"
With the president siding with me, the Chief Secretary had no choice but to comply. The president personally led me to the adjacent room.
It was the presidential office.
The desk was piled with documents, and in the middle was the financial report.
"Look at it as much as you need."
"Thank you."
The taxes and foreign debt situations were neatly organized into tables. The more I looked, the more serious it seemed.
The total tax revenue for the year was only 180 billion won, and over 28% of that was spent on defense, while only 16% was allocated for economic development.
Moreover, the trade situation was a disaster, with a current account deficit of 1.04 billion dollars, or 280 billion won.
The trade deficit was larger than the total annual tax revenue of the country.
On top of that, the short-term foreign debt, amounting to 268 million dollars, was due in March next year.
Most of the short-term foreign debt was Japanese funds with an interest rate of 6.5%.
Was 6.5% not considered a high interest rate back then?
Whether it was high or low, operating such short-term foreign debt amid a trade deficit was madness.
Or maybe I just didn't understand the 60s.
To delay the maturity schedule, they would need to increase the interest rate by at least 0.1%, and negotiations needed to be completed three months before maturity.
In this situation, South Korea had no choice but to cling to Japan.
The term 'total crisis' came to mind.
Given this economic situation, it was a miracle they hadn't declared default.
'Short-term foreign debt of 268 million dollars. I didn't realize it was this much...'
There's a limit to robbing Peter to pay Paul.
No wonder the Korean government had to respond so humiliatingly to the Korea-Japan negotiations.
Moreover, the Korean government must have even begged for political slush funds, making the Japanese even more arrogant.
"What do you think, is it doable?"
"The situation is more serious than I thought."
"Do you now understand that the Korea-Japan Agreement is our lifeline?"
"Lifeline? That's just an excuse."
"Excuse?"
At my words, the president's eyes narrowed.
If I had called it a cowardly excuse, I might have been dragged away immediately.
"Woo Chan-soo!!!!"
"Chief Secretary, could you please step out? I need to speak with the President alone."
The Chief Secretary tried to grab my collar, but I shook him off instantly. I had gained a lot of muscle in Vietnam.
"You brat!"
"Get out! Get out now!"
"Your Excellency!"
"Didn't you hear me tell you to get out!"
President Park shouted loudly.
"Loyalty!"
At the president's stern command, the Chief Secretary quickly saluted and left.
"Woo... Chan-soo... You... You've crossed a line. You better choose your next words very carefully."
The moment I anticipated had arrived. I had to stay calm.
I needed to provoke him, but without crossing the line.
It didn't matter if his strategy was pro-Japanese or not.
From now on, I was going to push him into a situation where he couldn't be pro-Japanese.