More on Europe and the Coordinated Response by Central Banks

As mentioned in a post yesterday, central banks implemented a coordinated response to the credit squeeze resulting from the European debt crisis.  What exactly did they do?  They reduce rates on currency swaps between central banks in order to improve liquidity?  What???  Here are some links that explain it more detail (see Jim Hamilton's explanation at Econbrowser, Mark Thoma's explanation via CBS News and an explanation provided by the Wall Street Journal).  For those who want to keep up to date on the crisis in Europe, the WSJ has created a crisis dashboard with all of the latest details.