Seoul pledges $130b bailout; Bush to host summits
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.
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