$80bn bail-out likely in Asia
On October 5, South Korea's deputy finance minister Shin Je-yoon outlined plans to hold a meeting of the finance ministers of South Korea, Japan and China to speed up the creation of the fund. Shin said the three countries need to actively co-operate, as US financial turmoil could spread to the rest of the economy.
"The set-up of the fund has moved closer to fruition in the wake of the credit crisis," said Mitul Kotecha, head of global foreign exchange strategy at Calyon in Hong Kong. "Prior to
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