NYT: 6 Central Banks act to buy time in Europe crisis

6 central banks today reach agreement to support Europe financial system. The agreement helps calming down the fear of Europe crisis. The central banks will loan US dollar to European banks. The action does not directly solve the problem of European government’s debt, but it will help to restore European market and global economy. As a response, Dow surges 490 points. However, the problems of European government’s debt and budget woes still remain.

Source: http://www.nytimes.com/2011/12/01/business/central-banks-move-together-to-ease-debt-crisis.html?ref=business