The basic problem was and remains heavy government intervention in the banking markets of those countries.
Financial regulation initially forced a lot of money into highly suspect but politically favoured schemes. When the loans went sour, more financial regulation and politically-controlled central banks sent ever-increasing amounts of new, good money after the growing pile of old, bad money.
A political lender of last resort can successfully put off a small, short- term crisis, but only by risking a bigger crisis later. Eventually the crunch will come.
The situation now is that no one wants to lend more money into a system that still refuses to write off its debts, is still sending good money after bad, and is therefore unable to repay new loans.
The politically-created bad loans are now so big even their governments cannot bail them out.
This is why Asian markets and currencies have collapsed. It is not a market failure, it is a political failure; Asia will not recover until its financial markets are deregulated.