Jobs Shock In Asia

Layoffs could reach 2 million

The Asian crisis is gaining momentum. In early December, the hopes for an early return to confidence evaporated. First, it became clear that the scale of South Korea's crisis is greater than anyone imagined even a few weeks ago. Doubts are now mounting that the International Monetary Fund can force the kind of change that Korea and other Asian nations need. In Japan, backroom political maneuvering seemed to stall the restructuring of the nation's banks.

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