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October 20, 2008
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Monday
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Shawwal 20, 1429
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S. Korea joins global bailout efforts
SINGAPORE / LONDON, Oct 19: South Korea joined efforts on Sunday to shore up banks and markets pummelled by the biggest economic crisis since the Great Depression which world leaders said called for a coordinated global response.
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.
President George W. Bush said on Saturday he would host a crisis summit, due to be held soon after the US presidential election. A statement after his meeting with French President Nicolas Sarkozy said it would focus on “principles of reform” needed to fix the financial system.—Reuters
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