16 Sep '11, 1pm

European banks may pull capital out of Asia if crisis worsens

European banks may pull capital out of Asia if crisis worsens

SINGAPORE: Central banks from US, Japan, Switzerland, England on Thursday joined forces with European Central bank, promising to provide enough US dollars to European banks, in three separate three-month loan. For now, investors welcome the action as a short-term fix but the risks remain that capital may be pulled from Asia as Europe's longer-term problems remained unresolved. The move rallied markets across Asia, even though it's only a stop-gap measure. But, markets are generally short term and should the crisis in Europe deepen, Asia could be affected if liquidity-starved European banks start to pull capital out. The Bank of Korea this week highlighted the liquidity crunch in Europe as a potential risk. Westpac Bank's associate director, Jonathan Cavenagh, said: "If we see the situation deteriorate further in Europe and we see the financial sector or the banking system ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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