Asian companies have been far too reliant on capital from developed countries and particularly on US dollar funding from European banks, according to a number of senior policymakers and executives at the Asia Financial Forum.
As the financial crisis has taken a further turn for the worse, forcing European banks to pull back on operations outside their domestic markets, the impact is being felt in Asia.
The problems are particularly acute in the areas of trade finance and syndicated lending. Here continental European banks have been particularly active and in countries, such as Australia, where foreign banks account for a large slice of total lending.
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