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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea "hit by lightning" by E.Europe concerns-president Reuters - Friday, February 27 SEOUL, Feb 26 - South Korea, Japan and China were hit by concerns over Eastern Europe like lightning, President Lee Myung-bak said on Thursday. ADVERTISEMENT "East Europe was faced with trouble that travelled to west Europe and then to Asia. Therefore, China, Japan and South Korea were 'hit by lightning while sitting peacefully'," his office quoted Lee as telling a group of housewives. His comment reflects heightened financial market concerns in recent weeks that the economic downturn in East Europe could weigh on banks in western Europe and lead to a flare up of risk aversion towards Asia. Moody's Investors Service said in a report last week that emerging Europe posed a threat to western bank ratings because of the economic downturn. The South Korea won <KRW=> hit its weakest close in nearly 11 years against the dollar on Thursday even after the country's top three financial authorities announced in a rare joint news conference measures aimed at attracting more foreign funds into the country. "It's tougher than during the IMF crisis period," Lee added, using a local description of the 1997-1998 Asian financial crisis, when the country barely averted a sovereign insolvency with the help of the International Monetary Fund. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China's banking system stable amid global crisis: regulatorAFP - Friday, February 27 S&P sees worst recession for Japan since WWIIAP - Friday, February 27 S.Korea "hit by lightning" by E.Europe concerns-presidentReuters - Friday, February 27 China pledges to boost tourism to TaiwanAP - Friday, February 27 Related Articles: Business Wall Street opens higher as investors bet on banksAP - 1 hour 18 minutes ago Indian exports to contract through March quarterReuters - 1 hour 25 minutes ago China Sunergy sees negative gross margin for FY08Reuters - 1 hour 26 minutes ago Lakshmi Vilas Bank to cut interest on term depositsReuters - 1 hour 27 minutes ago Geojit Financial to make additional investment in JVReuters - 1 hour 28 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed HIV mutates at high speed to avoid immune system: study Iraqi police shoot dead four US soldiers: ministry At least nine dead as Turkish plane crash-lands in Amsterdam US launches 'stress test' for major banks On the bright side: scientists test 'happy' gene View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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