A deal has apparently been struck for the European Central Bank to buy Italian and Spanish bonds, though given how quickly the last EU deal unravelled - in less than a week - optimism that this latest agreement will work must be in short supply.
It's pretty clear that EU leadership has been found wanting on a massive scale - no one is prepared to make the great leap forward to fiscal union to appease the markets nor is anyone prepared to instigate an orderly break-up of the eurozone. Fudge is the name of the game, and while the financial markets sometimes over-reacts what they are particularly good at is smoking out bullshit. The Euro is being found out
Ambrose Evans-Pritchard from the Telegraph reports that Germany is losing patience with the whole Euro project:
Even Germany's most ardent pro-Europeans seem to have given up trying to find a solution. They are building an alibi for EMU break-up instead.
This is a dangerous moment for the world. It is still possible that the growth scare of recent months will prove a false alarm.
Yet the Bank for International Settlements is surely right that we are pushing ever closer to the limits of a model that relies on artificial stimulus to keep stealing extra prosperity from the future. There is ever less to steal.
It looks set to be a very bumpy week.