KEY POINTS:
The globally orchestrated interest rate cut has been billed as "unprecedented" but any belief that the cuts will have a lasting affect is not present in the world press.
Central Banks in the United Kingdom, Canada, Sweden, Switzerland, as well as the European Central Bank and the US Federal Reserve all cut rates as stock markets around the world crumbled.
Central banks in China, Hong Kong and Australia have also made cuts this week.
The Wall Street Journal describes the cuts as providing only a "temporary" boost to confidence, according to some economists.
One economist told the Journal that the "extreme measures underlines how bad market conditions have become".
The cuts have not had their desired effect, reports the New York Times.
"The action failed to calm gyrating markets, however, amid the growing realisation that a serious and prolonged recession may be difficult to avoid," the Times reports.
It says markets in Europe closed down while the Dow Jones industrial average struggled to maintain its gains in New York.
Across the Atlantic, the Financial Times reports that the cut had halted the slide temporarily but "these gains began to unwind by the end of the trading day in Europe"
Financial Times writer Ed Crooks remains "sceptical" of the rate cut and its likely effect on the financial crisis.
In a video interview on the FT website he said: "The real problem is not the rates at which central banks are lending to the financial system, it's the rates at which banks are lending to companies, individuals and to each other".
In a comment piece in the Times, economics editor David Smith said the cut is proof that "the banking crisis has worsened dangerously over the past four weeks".
"Historians will also look back to this week as one of the big, pivotal moments for the economy. A recession is now built into everybody's calculations," Mr Smith said.
He concludes that it is not clear whether the effects of the cut will last: "things look better than they did 24 hours ago. Whether they'll look as good in 24 or 48 hours remains to be seen".
Meanwhile in India, where interest rates have not been cut, the government remains confident.
Finance Minister P. Chidambaram told the Times of India not to panic.
"Our banks have strong balance sheets," he said.
Mr Chidambaram said banks in India were well regulated and the crisis will pass.
