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