The world's biggest central banks have sprung into action to help shield the eurozone and the entire global system from the debt crisis with extra funds for banks, triggering a surge in stocks and the euro.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the US Federal Reserve and the Swiss National Bank collectively announced "liquidity support to the global financial system".
The decision represents a massive bid to prevent a global depression and serious social conflict 10 days before an European Union summit meeting.
Many banks are being squeezed by the weight of downgraded government debt bonds in their books, raising pressure on them to reduce lending, particularly on foreign markets.
This is a pivotal route for contagion of the eurozone debt crisis to the global economy.
The central banks, which can create their own money, said they would ensure funds were available, explaining that the "purpose" was to "mitigate the effects of such strains on the supply of credit to households and businesses".