The world's top central banks have taken emergency action to ease Europe's debt crisis.
Six central banks led by the US Federal Reserve will provide cheaper funding to European banks in a bid to restore confidence and to prevent a new credit freeze.
The intervention created a surge on global sharemarkets and the Australian dollar rocketed from below parity to as high as 103.34 US cents.
Markets in Paris, France, London and Madrid surged between three and almost five percent as investors grasped a ray of optimism.
But this is not a gamechanger - instead a new mechanism to buy time in a world where time is running out.
Here's my analysis from this morning's edition of AM and I discussed the intervention with Virginia Trioli on ABC News Breakfast.