Nicholas Brooks, an economist at Santander Investments in Singapore, says the only solution is debt forgiveness.

CNN: Bracing for a Default

"To compete, other Asian countries would want to be seen as also doing something that makes them attractive to foreign investors, " says Nicholas Brooks of Peregrine Securities in Singapore.

CNN: BATTLE OVER ASIA'S MONEY

For the first quarter of this year, the picture is even bleaker: a 5% decline over the past year implying, says Nicholas Brooks of the securities firm Santander Investment, that the crisis is worsening.

ECONOMIST: Asian exports: Missing link | The