Asia's economies under threat from eurozone debt crisis
In an emergency telephone conference, finance ministers from the Group of Seven (G7) major economies agreed that the crisis facing the eurozone could have a huge impact on the global economy, but took no joint action.
Meanwhile, Spain's Treasury Minister, Cristobal Montoro, has said his country was rapidly losing access to credit markets.
The premium that investors are demanding to hold Spain's 10-year debt, compared with the German equivalent reached a high last week not seen since the euro was created.
That has led to concerns that Spain will need a Greece-style bailout.
Tou Chen Chang, Managing Director and the Head of Global Banking for HSBC in South East Asia, says the eurozone crisis and the fallout from it is already having serious implications for Asian economies.