South Korea

Finance ministers of South Korea, China and Japan will tackle on Oct. 13 a speedier process of creating an USD80 billion fund to help shield Asia from the impact of the global financial crisis. The three nations have yet to finalize the details of the financial scheme including the contribution of each country and the decision-making process. “It is necessary for the three countries to actively cooperate as U.S. financial turmoil may spread to the real economy,” said Shin Je-Yoon, South Korea’s deputy minister for international affairs. (AFP)