Well I’d say that the market which really counts i.e. those willing to lend to the likes of Spain and Italy has just given its verdict on Wednesday’s deal.
Italy has just had to pay record interest rates for 10 year bonds and still didn’t manage to sell all it wanted.
Here is a link to the BBC Business page with the news.
I think the breathing space that Sarkozy and Merkel thought they bought with their platitudes is shorter than they think.