Europe's Debt Crisis Continues To Get Worse

European markets reacted positively to the action by central banks. Photograph: Tony Gentile/Reuters

Europe's Debt Crisis Prompts Central Banks To Provide Dollar Liquidity -- The Guardian

European and US stocks surge on news that world banks will flood markets – but Lagarde warns of 'dangerous' new phase

Fears of a deepening of Europe's debt crisis have prompted the world's leading central banks to pump US dollars into the financial system, in a co-ordinated action designed to boost market confidence.

The Bank of England joined the US Federal Reserve, the European Central Bank, the Swiss National Bank and the Bank of Japan on Thursday to announce that they would flood money markets with dollars over the coming months.

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My Comment: The new IMF Chief is stating the obvious .... but with no political (or public) will in troubled countries like Greece, Spain, Italy, and God who knows who else, threats like this one is not having the impact that it would have in the past.