So a deal has been done. The Euro has been "saved" according to the French finance minister.
After 20 EU Summits on the issue this year it appears the package agreed in the small hours of 27 October 2011 may prove to be historic. A moment when sentiment in the world economy started to turn towards a return to growth and the end of the continued market volatility.
But one of the reasons this deal proved so hard to do - and it may yet unravel - was the lack or real detail on the table for private sector investors and markets to get their heads around. Why would you sign up to something which has no clear end date or numbers attached? EU leaders have now got their heads around this - detail is emerging by the hour.
Markets are positive so far - Asia up around 2 per cent and the FTSE in London opening up 1.7 per cent, but we all want to know just how the scaling-up of the EFSF insurance fund will work.
We may get an answer sooner rather than later. The EFSF director Klaus Regling is apparently now on his way to China for bilateral talks. This must be what EU leaders are hoping for - a wall of investment from the East. But Chinese inscrutability may come into play here.
There will be no easy answer and the price China will want to exact will be more voting power at the IMF - something which will prove very difficult for Obama.
European leaders now need to embark on a massive selling job of the detail of this deal to financial markets. An investor roadshow if you like.
Politics works best when the economics move in its direction. 'Merkozy' must be praying for that.
So are we all.
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