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.