She also boasted this week of an agreement to set up a fund to buy toxic debts from banks in South-East Asia, China, South Korea and Japan.
In South Korea, because of the fragility of its political institutions, because it too has delayed banking reform but most of all because unlike in Japan and South-East Asia the rot in Korea is not confined to finance but extends across many of the country's biggest industrial conglomerates (see article).
Its heavy exposure to all the hard-hit economies in East Asia, particularly Thailand and South Korea, left bankers and investors worried about its creditworthiness.
After a few years in graduate school and a stint overseas teaching ESL in Cheju Island, South Korea, I returned to the east coast (Boston) and immersed myself in high-tech trends working for Pinestream Communications, where I edited two high-tech insider investment newsletters, Mobile Internet Times and Telecom Trends.
It forms the backdrop to the annual East Asia Summit, held this year in Thailand from April 10th, grouping the ten South-East Asian countries with not just their partners in China, Japan and South Korea but India, Australia and New Zealand as well.
ECONOMIST: It��s time for a column about half the world��s people
Such profound gains are in such stark contrast to the continuing miasma in much of Africa and the Middle East and the recent, sudden downward spirals in such countries as South Korea and the Dominican Republic.
The free-to-play game continues to gain steam around the globe, with an All-Star week in Shanghai, China that kicks off May 25 with the best players in five regions from around the world (North America, Europe, China, Korea and South East Asia) who were voted in by the community.
South Korea, a pillar of strength in East Asia, is also experiencing difficulties.
Now, however, thanks to their countries' economic woes, fewer parents in South Korea, as well as in other parts of East Asia and in South-East Asia, can afford the fees.
The ten members of the Association of South-East Asian Nations (ASEAN) have held meetings with Japan, China and South Korea for seven years in a row.
Most of those enrolled are from outside the U.S., and 44, 000 are from East Asia, which includes China, Hong Kong, South Korea and Japan, Dr. Faust said in an interview.
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