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Seoul pledges $130b bailout; Bush to host summits

China Daily | Updated: 2008-10-20 07:36

SINGAPORE/LONDON: South Korea joined efforts yesterday to shore up banks and markets pummeled by the biggest economic crisis since the Great Depression, which world leaders said called for a coordinated global response.

The authorities in Seoul pledged $130 billion in state guarantees and capital injections hours after US and European leaders said they planned to hold a series of global summits to try to form an action plan.

The crisis has raised fears in the West that many countries could enter recession this year or next.

Seoul pledges $130b bailout; Bush to host summits

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