Having broken the political deadlock over Greece’s second massive financial bailout, eurozone leaders are now looking for support from the markets.
And the initial signs are good. Traders have welcomed the comprehensive, long-term approach to the problem. Stocks and the euro surged in early trading.
In addition, the expansion of the eurozone rescue fund is being hailed as a huge step. French President Nicolas Sarkozy described it as a European IMF.
However, he went on to say that while Greece may have been rescued, the same would not hold for other countries in financial trouble.
The aim is to prevent contagion, and the debt spreading to Spain and Italy.
EU Council President Herman Van Rompuy thinks the deal will certainly stop contagion, as well as improving debt sustainability.
The eurozone’s crisis management skills have also been boosted, he says.
The multi-billion euro public-private deal is more than expected – but the question is, will it be enough?
There are those who think the eurozone will have to do more – and closer fiscal integration seems likely.