Quick Edit | G-20 has to act

Quick Edit | G-20 has to act

As Europe and the US teeter on the brink of an economic disaster, it is time for the Group of Twenty (G-20) leaders to step forward and offer a helping hand to prevent the situation from spiralling out of control.

This is not for some altruistic reason. The fact is the G-20 nations are part of this world and heavily dependent on export markets in these beleaguered countries.

If Europe and the US go down, then the burden of holding the global fort will fall heavily on the G-20 countries.

It will be too heavy a task for them. If there is a global recession this time, sooner or later even emerging economies will be hit.

Support does not mean buying near junk sovereign bonds of south European countries.

At the moment, the prime need is to provide reassuring signals to the global markets, and here cooperation with Europe and the US can help greatly.