Now, if you've been following events in the eurozone over the past few months with equal parts anxiety and confusion, you're not alone. To help put today's news into a broader debt crisis context, we're joined by Felix Salmon. He blogs about finance for Reuters.com. Felix, welcome.
FELIX SALMON: Thanks, Guy.
RAZ: In your blog today, you call this coordinated action by the central banks, and I'm quoting you, "a holiday greeting card to the financial markets." Why?
Melissa Block and Guy Raz read emails from listeners about a report on Kentucky's Berea College, about Melissa's remembrance of Vermont poet Ruth Stone, and about the other person responsible for that mega-hit earworm "Moves Like Jagger."
The major central banks of the world moved Wednesday to prevent a banking crisis in Europe. They're providing more liquidity to the European banking system in hopes that big banks there will remain solvent and continue to make loans. The coordinated move by the central banks sent stock markets soaring. But it will not even begin to fix Europe's fundamental economic problems.