“The main points of the deal surrounded three issues – recapitalisation of the banks to act as a barrier against contagion between debt-ridden countries. Secondly, banks have agreed to write off 50 per cent of Greek debt, while the euro zone countries will offer sweeteners to the private sector. And third, the European bail out fund is to be boosted.”

The European Commission President says this is a step in the right direction. BBC has the video.

Jose Barroso: "This is the best way to guarantee the independence, objectivity and the efficiency in the exercise of the commission's responsibility of coordination, surveillance and enforcement in the area of economic governance of the union and the euro area."

But-- Financial Times says-- it’s just the first step. Arguing right now--  the plan is too vague.

"...analysts cautioned that crucial details remained unclear – including what assets banks can count as capital, how the weakest banks will raise funds, and what additional steps will be taken to support banks’ access to term funding...”

The deal stirred up some movement in the equity market. An analyst tells Bloomberg a temporary surge in stocks doesn't indicate a revival.

"Equity market has got optimism here. One thing that really bothers me is that the euro zone debt market here has not registered the same degree of optimism and that's really the core of the problem if we are not seeing the insolvent debt market turn around."

The Guardian reports the 50 percent slice of the Greek debt is also problematic and most debt holders are reluctant to accept it.

"Just how ‘voluntary’ is the move by holders of Greek government bonds to accept a 50% ‘haircut’? ... No bondholder ever wants to accept that the bonds they have bought will not be paid back at their full value."

According to the Wall Street Journal, European officials quickly turned to Asia to help bankroll their plan.

Both China and Japan have made it clear that while they are willing to help Europe, they will invest on their own terms.