East Asia to create $80 billion fund to help economy

The Association of South East Asian Nations, South Korea, China and Japan agreed to create a fund worth $80 billion in a coordinated action not often seen in Asia. The countries met in Beijing and pledged to create the fund by the end of June. They "agreed on the need to strengthen regional cooperation and policy coordination in the face of the global financial crisis," said a spokesman for South Korean President Lee Myung-Bak.

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Herald Sun (Melbourne, Australia) (tiered subscription model), The

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