Would Europeans queue to hand in their wedding rings to be melted down in the interests of repairing their national finances?

That is what South Koreans did amid the Asian markets crisis of 1997-1998 and the draconian strictures imposed by the International Monetary Fund following a $58bn bail-out. It was the IMF's biggest such package, over which arguments still rage on its size.

Nonetheless, many South Koreans look back on the period with pride, saying it showed the nation, which boasts of its collectivist spirit, was willing to pull together.

"Korea collected gold; Greece throws stones," quipped the rightwing Chosun Ilbo newspaper recently.

However, such rhetoric overlooks significant strikes and demonstrations in South Korea in the late 1990s. The Dong-a Ilbo, another newspaper, warned the insular Koreans not to be smug, saying at least the Greeks had "neighbours who would help them".

South Korea's spirit of togetherness was probably of limited economic but huge social importance. Tellingly, this period is now known as the "IMF crisis", glossing over its origins.

The country's rich elite had kindled the crisis. Giant exporting conglomerates, or chaebol , enjoyed cosy links with banks and politicians and had accumulated huge debts.

The tipping point came when it transpired Seoul had lied about its finances. Non-performing loans were probably four times more than declared. Foreign reserves were $6bn rather than the official $31bn.

Economists agree IMF reforms improved corporate accountability and bank regulation. Still, although no one fears a repeat of that scandal, South Korean companies remain far from transparent.