Asian debt crisis not imminent: Western

With a record amount of Asian debt in the hands of foreign investors – almost 40% of Indonesian and Malaysian sovereign debt is held offshore, for instance – some are concerned the region risks a repeat of the 1997 financial crisis. But that won't happen, says Lian Chia-Liang, head of Asian fixed income at Western Asset, as both the market itself and its participants have changed. In the run up to the 1997 Asian financial crisis, local companies and banks borrowed large sums fro…