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The international financial crisis spawned by the sub-prime mortgage upheaval in the United States is spreading rapidly to other parts of the country as stock markets and banks from around the world are becoming more at risk.

In a globalized economy, it's no surprise the events of the U.S. financial crisis are effecting countries like Russia, England, Germany, Ireland and more. While no immediate effects are hitting the Asian market, China is starting to see profits turn to a slow hault in their stock market shares.

With this chain reaction, the Asia Pacific Cooperation Forum (APEC) will use Leader's Week as an opportunity to discuss possible solutions for the global financial crisis, said former congress president Luis Gonzales Posada.

“Today we see an interconnected world to APEC, the United States has a close relation with China, Japan and Korea. It is an integrated circuit that forces us to analyze the depth of the crisis and find altogether a set of measures to minimize the impact", he said.

According Gonzales, the financial phenomenon affecting the U.S. will also hurt Asian-Pacific and Latin American countries since the financial businesses live in a time where markets are related to each other.

"It is quite natural because APEC is not only about pre-established topics, but on current issues that impact the global economy", Gonzales added.

News Source: Andina