Word: asia
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Dates: during 2000-2009
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...These steps have been necessary despite the fact that Asia's banks have barely been dented by the toxic assets that devastated lenders in the West. But as confidence seeped from the region's financial markets, banks became nervous about parting with funds, credit tightened, and stock markets plunged. South Korea has been looking particularly vulnerable to further turmoil. With some $80 billion of its banks' foreign debt maturing by mid-2009, investors worried the country could face a credit crunch that would restrict lending throughout the economy. Those fears have punished Korean stocks and the country's currency...
...Asia's recent troubles show how easily even the healthiest of banking sectors have been dragged into the international turmoil. Korea's banks have a mere $70 million of exposure to risky mortgage-linked securities, and nonperforming loans are at an all-time low. Still, Korea has been exposed to the global crisis because its banks rely on more foreign financing than others in Asia. To some, the recent upheaval in Korean markets was eerily similar to the country's financial crisis in 1997. Back then, Korean banks also had trouble refinancing borrowings from jittery foreign banks, creating a shortage...
...There may be little hope, however, of avoiding the next stage of the global financial crisis: dramatically slower economic growth. The surprising speed at which Asia's economies are decelerating was made clear in China's third quarter GDP figures, released Monday. At 9% growth, China experienced its slowest quarter since 2003. The State Council over the weekend issued a policy statement in which the government promised to provide economic support through greater infrastructure spending, and by offering tax breaks to help small companies and the sagging property market. As the global financial crisis unfolds, the role Asian governments play...
...explain the deep losses markets experienced last week after initially reacting with euphoria to the rash of government efforts to prevent finance and banking systems from imploding. As the week closed out, the global outlook was simply confused, as European indices generally finished higher, the Dow slumped 1.4%, and Asia's national markets featured both gains and losses...
...Washington concluded a landmark nuclear energy deal with India - a pact that upset both Beijing and Islamabad, in part because it enabled India to skirt international regulations regarding the purchase of nuclear fuel, something the U.S. has ruled out offering Pakistan. Su Hao, professor of Asia-Pacific studies at China Foreign Affairs University in Beijing, says China's foreign policy establishment is "highly concerned about the U.S.-India contract, because it was a unilateral decision...