If this spreads to disrupt trade finance, Asian economies heavily reliant on exports would surely suffer. So far, the spillovers from Europe to Asia have been mild. Deleveraging by European financial institutions looks moderate for the most part, with Asian financial institutions filling the shoes of European banks in some cases.
We should remember that many of the South East Asian countries who have leapfrogged their stages of development and are today, part of the emerging economies, were at the same level of development with Nigeria some three decades ago.