World Central Banks to the rescue - will it make any difference ??

The central bankers around the world were siting on hot seat watching the world markets tumble in the last fortnight. All of them have taken measures to relieve the liquidity crunch in the financial system.

* Joint Interest rate cut by FED,BOE,ECB, BOC, China and swiss central banks.

* 100 bps interest rate cut by Australian central bank.

* 50 bps CRR cut by RBI.

* UK announced a bail out plan of $85 billion. BOJ pumps 600 billion yen into the system.

* $700 billion dollar bail out package by US.

The price tag of has crossed $2 Trillion and still there is no respite to the financial crisis. It seems like there will be more efforts from the central banks. With G7 countries financial chiefs meeting around the corner expect some more unprecedented moves in history of financial markets.