Skrtel levels with 97th-minute header
Borini sent off for two late bookings
Arsenal score first two shots on target
Liverpool fans can at least take comfort from the fact a point moves them a place above local rivals Everton into 10th and Arsenal supporters can draw consolation from moving one above north London enemies Tottenham. They sit sixth on goal difference.
It is fair to say neither side would have aspired for these standings in August.
Ben McBean: I think most LFC and AFC fans would take the draw. We (LFC) dominated but have been garbage this season so far.
Tunde Olore: Put a man on the post and you clear that. These players never learn. Am more frustrated at the way they conceded the goal.
Myztik Allen: Definition of insanity is doing same thing every season and expect different result. #WengerOut
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Image source, EPALiverpool defender Martin Skrtel speaking to Sky Sports: "Obviously it is something different having three defenders at the back. But I thought we did well and moved the ball well and were unlucky not to get three points.
"It was disappointing because after a great performance against Bournemouth, we came into this game with lots of confidence."
On his injury: "It was painful at the time, but I think it is all right now. Injuries are all part of football."
On his goal: "It was a great cross from Adam Lallana. I had missed a header a bit before and I have been waiting for a goal for a long time."
Liverpool seemed to target Arsenal's right-hand side throughout the game...
Image source, OptaWhile the Gunners were more even in targeting their infrequent attacks...
Image source, OptaLiverpool midfielder Adam Lallana on Sky Sports: "I thought we were the dominant team. We created enough chances to get the win. Great credit to Martin Skrtel and the lads, with 10 men to get that was the least we deserved. We were bitterly disappointed to concede before the break, especially with them getting a goal at a crucial time of the game.
"It was massively important we got something from the game. We can take momentum from that goal into the Christmas period and need to start turning draws and performances into wins."
BBC Radio 5 live's Mark Lawrenson at Anfield
"I think over the course of the 100 minutes that result was right. Arsenal made quite a few chances in the second half and they will feel they were the better team after Liverpool were the better team in the first.
"Arsenal will stress that they have quite a few big names still to come back while Liverpool have only really Daniel Sturridge injured."
Arsenal's 36% share of possession is also their lowest Premier League figure since statisticians Opta started gathering their data in August 2003.
That Gym Guy: As an Arsenal fan I would take 2-2. Bear in mind we were getting dominated for most of the game.
Mickey Wallis: Same old same old. Arsenal throwing away a hard graft 3 points from a set piece. So frustrating.
Kurt Booth: A win would've been nice, to be honest it's not a bad result for us at Anfield, but it might be a killer for Brendan Rodgers.
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BBC Radio 5 live's Mark Lawrenson at Anfield
Image source, AP"Santi Cazorla was as good as any Arsenal player. I think they will be pleased at getting a 2-2 draw but will be disappointed at having thrown away two points. Over the course of the game I think 2-2 is about right and both teams will take it."
Phew. Time to catch some breath after that finish.
Just the nine minutes of added time and the man whose injury prompted the extension scored the equaliser at the death.
Martin Skrtel's header will at least perhaps hold off criticism of Brendan Rodgers. His side deserved at least a point.
The game throws up questions again. Do Liverpool need a new striker sharpish? Is Fabio Borini now officially frozen out after his red card? We will try to bring you some answers in the reaction.
Santi Cazorla roams through the Liverpool midfield, the game is shapeless, but his shot from 25 yards is palmed away from Brad Jones. This game is ending in pulsating fashion.
The Kop is roaring every kick. We have one minute to go and if Liverpool snatch this the roof will cave in.
Pinball in midfield and Arsenal launch a final attack.
BBC Radio 5 live's Mark Lawrenson at Anfield
"It was just made for him. As soon as the ball curled in you could see it was going to be him. It was a great header, met with power and well placed into the bottom corner. You just knew after the injury something would happen involving his head."
Image source, Getty ImagesIn comes yet another corner and Martin Skrtel, complete with head bandage, attacks Adam Lallana's delivery to bullet a header home.
They have 10 men but Liverpool could at least take a point. Around 90 seconds remain.
Image source, Getty ImagesArsenal look solid and have the edge of their 18-yard box well defended but Steven Gerrard has a go from range and Wojciech Szczesny has to parry away.
The effort is there from the home side. The killer instinct nowhere to be found.
Steve, happy City fan: Sobering times this Xmas at Anfield. If Chelsea win tomorrow they will have double Liverpool's points
Ash, Burntwood: The money wasn't well spent in the summer, too many midfielders were bought when that wasn't a problem area. As good a coach as Rodgers is he must take the blame for not securing a world class centre half
Mo, Manchester: I don't understand why Liverpool fans are surprised, every game is just a thought of hope. We are not going to do anything but fluctuate from 7th-11th and the sooner people realise that the better it'll be. And yes I'm a Liverpool fan
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Mark Lawrenson
Football Analyst at Anfield for BBC Radio 5 live
"Fabio Borini has gone for the ball there and caught Santi Cazorla, which is right for a booking but it shows you how idiotic the first booking was for throwing the ball away."
We are deep into Michael Thomas time.
Image source, Getty ImagesHis late goal won Arsenal a title at Anfield. Anything late here would be far less dramatic but could hugely boost the campaign of either side.
Raheem Sterling shoots for injury-time glory but his effort is way over from range.
Image source, Getty Images
Image source, ReutersFabio Borini hang your head in shame.
Moments after collecting a yellow for slamming the ball into the turf in protest at a throw-in decision he gets a second one for a high kick on Santi Cazorla. Right decision. Off you go.