The European Union made a rare appearance on Asia’s front pages this week, grabbing the headlines with its €750bn bail-out fund for Greece and other debt burdened eurozone countries.
The sudden surge of interest did not last long – the story was back on the inside pages the following day, competing for space with Asia’s dramatic economic recovery, forecast by theAsian Development Bankto deliver growth of 7.5 per cent this year.
Yet there are real grounds for concern about the impact of the European crisis in the region, especially if uncertainty is prolonged. Most dramatically, it could delay the expected revaluation of China’s currency, the renminbi, against the US dollar.
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