Asian countries double crisis fund

Southeast Asian countries belonging to the ASEAN bloc and their major trading partners China, Japan and South Korea have agreed to double the firepower of a regional crisis fund to $240 billion. The currency fund, known as the Chiang Mai Initiative after the northern Thai city where it was first agreed, was set up as a financial crisis safety net for Southeast Asia in 2010.

So far the region has been the most resilient during the international debt crisis, but there are fears Asia and the Pacific could suffer as Europe and the United States continue to implement austerity measures and experience lower-than-hoped for economic growth.

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