Face up to debt woes

What a pity that merely three yearsafter the collapse of Lehman Brothers the world has once again been brought back to the same place, but this time with less choices.

The shock of the unprecedented downgrade of long-term United States government debt and the worsening European debt crisis were clearly and painfully felt in major Asian stock markets that plummeted on Monday.

Policymakers in those debt-laden Western countries should definitely be galvanized into emergency action to calm the fear and panic that gripped investors at home and broad.