Worried financial markets were cheered yesterday by a co-ordinated liquidity injection by central banks.The central banks of the eurozone, the US, Canada, Britain, Japan and Switzerland announced they would cut the cost of US dollar swap lines and provide liquidity in other currencies.The Fed cut from 100 to 50 basis points the rate it charges banks for liquidity. Yields on Italian bonds dropped back under 7.00 per cent in response.The central bank announcement was one factor pushing the Australian dollar back above parity; it was around US$1.026 this morning.Meanwhile, Eurozone finance ministers are looking to the IMF to help protect against the financial contagion spreading through European financial systems.Luxembourg's Jean-Claude Juncker said yesterday that Eurozone finance ministers had agreed Eurozone central banks would provide the IMF with funds to help in the rescue effort, Bloomberg reported.European Union law forbids the European Central Bank from leading a debt bail-out, but does not prevent it from lending to the IMF.According to a Reuters report, Italy has already held talks with the IMF about possible support for its borrowing.EU Economic and Monetary Affairs Commissioner Olli Rehn said Europe was entering a "critical period of 10 days to complete and conclude the crisis response of the European Union".European officials now admit that the €440 billion European Financial Stability Fund may not be able to be leveraged as much as first thought and will not on its own be big enough to provide all the support the eurozone needs.Reuters has reported that many firms doing business with Europe are now working on contingency plans to deal with a eurozone collapse.