The policymakers from across the world engaged themselves in emergency huddles today to discuss

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the twin-trouble of an unprecedented downgrade in the US' credit-worthiness and the debt crisis in Eurozone.

The two issues have been the major reasons for the meltdown in global markets last week, when more than $2.5 trillion was wiped off from investors' wealth, and the policy- makers were seen debating over ways to avoid further turmoil.

The Indian market has also been severely affected with a loss of about Rs 4 lakh crore (about $90 billion) in last four trading sessions. This included a loss of Rs 1.3 lakh crore on Friday itself when the markets slumped to their lowest levels in more than a year.

The weekend development of S&P's downgrading sovereign long-term credit rating of the US from the top- notch 'AAA' level is widely expected to further aggravate the troubles when the global markets resume trading on Monday.

Sensing troubles ahead for the markets, global leaders and policymakers were seen holding emergency discussions on a Sunday.

As per reports from South Korea, the finance deputies of G-20, the group of 20 major economies of the world, discussed the US downgrade as also the Europe debt crisis through a conference call.

The reports from Japan, on the other hand, talked about G-7, the group of seven large developed economies, planning to discuss the situation later in the day.

The European Central Bank also called an emergency meeting, while French President Nicolas Sarkozy is said to have discussed the US downgrade with the British Prime Minister David Cameron.