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Eurovision 2015 Contestants: Serbia

When it first participated in the Eurovision Song Contest as an independent country — and not part of Yugoslavia or with Montenegro as it used to — in 2007, Serbia actually won, for the first time. Fairly promising for the future. But since then, the country has unfortunately not managed to repeat the performance, finishing 6th, 13th, 14th, 3rd the following years, and not even bothering to participate in 2014 because, you know, austerity.

The 28-year-old Serbian singer Bojana Stamenov will represent the country this year. According to her Wikipedia page, she’s been active in the music business since 1859, so we assume she’s had plenty of time to prepare for the contest and we expect her performance to be mind-blowing.

The video for “Beauty Never Lies,” the song she will perform, however, was frankly quite painful to go through. First of all, the lyrics were initially in Serbian and later translated into English. Why? What’s the point? No one really pays attention to the lyrics, especially when we all know they’ll either be about peace, love or dancing, so why not keep the authenticity and exoticism of your own language?

Then, the Eurobeat. It just hurts, everywhere, in every sense of the term. The dramatic singing and the clip, made up of various fans awkwardly lip-syncing to the music, don’t help either. Ok, it’s the kind of song you’d expect to hear in this contest, but why does Eurovision music seem to be so heavily influenced by late 90s' Spanish maquina? Also, if you rapidly click at different parts of the song, it sounds like random people screaming like these expand=1] goats.

And just what was that at 1:54 expand=1]?

Our vote:

Does it make you want to visit that country? 0.5/10

Was there enough glitter? 3/10

Ok to quit your day job? 0.75/10

OVERALL AVERAGE: 1.42/10

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Society

Debt Trap: Why South Korean Economics Explains Squid Game

Crunching the numbers of South Korea's personal and household debt offers a glimpse into what drives the win-or-die plot of the Netflix hit produced in the Asian country.

In the Netflix series, losers of the game face death

Yip Wing Sum

-Analysis-

SEOUL — The South Korean series Squid Game has become the most viewed series on Netflix, watched by over 111 million viewers and counting. It has also generated a wave of debate online and off about its provocative message about contemporary life.

The plot follows the story of a desperate man in debt, who receives a mysterious invitation to play a game in which the contestants gamble their lives on six childhood games, with the winner awarded a prize of 45.6 billion won ($38 million)... while the losers face death.


It's a plot that many have noted is not quite as surreal as it sounds, a reflection of the reality of Korean society today mired in personal debt.

Seoul housing prices top London and New York

In the polished streets of downtown Seoul, one sees endless cards and coupons advertising loans scattered on the ground. Since the outbreak of the pandemic, as the demand for loans in South Korea has exploded, lax lending policies have led to a rapid increase in personal debt.

According to the South Korean Central Bank's "Monetary Credit Policy Report," household debt reached 105% of GDP in the first quarter of this year, equivalent to approximately $1.5 trillion at the end of March, with a major share tied up in home mortgages.

Average home loans are equivalent to 270% of annual income.

One reason behind the debts is the soaring housing prices. In Seoul, home to nearly half of the country's population, housing prices are now among the highest in the world. The price to income ratio (PIR), which weighs the average price of a home to the average annual household income, is 12.04 in Seoul, compared to 8.4 in San Francisco, 8.2 in London and 5.4 in New York.

According to the Korea Real Estate Commission, 42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s. For those in their 30s, the average amount borrowed is equivalent to 270% of their annual income.

Playing the stock market

At the same time, the South Korean stock market is booming. The increased demand to buy stocks has led to an increase in other loans such as credit. The ratio for Korean shareholders conducting credit financing, i.e. borrowing from securities companies to secure stock holdings, had reached 21.4 trillion won ($17.7 billion), further increasing the indebtedness of households.

A 30-year-old Seoul office worker who bought stocks through various forms of borrowing was interviewed by Reuters this year, and said he was "very foolish not to take advantage of the rebound."

In addition to his 100 million won ($84,000) overdraft account, he also took out a 100 million won loan against his house in Seoul, and a 50 million won stock pledge. All of these demands on the stock market have further exacerbated the problem of household debt.

42.1% of all home purchases in January 2021 were by young Koreans in their 20s and 30s

Simon Shin/SOPA Images/ZUMA

Game of survival

In response to the accumulating financial risks, the Bank of Korea has restricted the release of loans and has announced its first interest rate hike in three years at the end of August.

But experts believe that even if banks cut loans or raise interest rates, those who need money will look for other ways to borrow, often turning to more costly institutions and mechanisms.

This all risks leading to what one can call a "debt trap," one loan piling on top of another. That brings us back to the plot of Squid Game, "Either you live or I do." South Korean society has turned into a game of survival.

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