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Friday, 6 July 2007

Asia has learnt lessons from '97 financial crisis....

Remember this previous posting of mine? "Singapore Trade Minister Warns Banks Market Risky"

Now another Singapore minister gives Asia hope and optimism....

Has Asia really learnt her lessons? Feel free to leave your comments... :)

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Channel NewsAsia

Another Asian financial crisis may not happen says Singapore's Senior Minister Goh Chok Tong who has pointed out that countries impacted by the crisis a decade ago have learnt that they must have good corporate governance and transparency for their financial transactions so that people can decide on their investments with the data available.

The Senior Minister made this point in an interview with the British Broadcasting Corporation as part of a special series marking the 10th anniversary of the Asian financial crisis.

Mr Goh said in the interview which was televised on Thursday, that the crisis gave Singapore "some good points" as a financial centre.

He said, "We impressed upon investors that we knew how to handle the situation and this is a very disciplined society. We were able to swallow the bitter pill in order to recover from the crisis. So, the way we recovered, the way we handled the crisis, I thought, gave us some good points insofar as our standing as a financial centre was concerned."

Looking ahead, Mr Goh said he didn't think another financial crisis will happen, even if there�s some correction on Asian stock markets after an upward spiral. There is now confidence he said, that banks are unlikely to be affected since they are not over lending or over-committed.

The Senior Minister added that the crisis has brought the Asian region together with plans put in place should something similar occur.

"They have also initiated some plans to have financial swaps. In case something happens again, then the financial swaps can be used as a line of credit in the short term for the country which is affected" he said.

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