European governments early this morning approved a €500bn deal to save the euro after 11 hours of talks that took place against the prospect of the single currency drowning in a tidal wave of debt and default fears, and even a question mark over the whole European Union.
EU finance ministers meeting in Brussels had quickly agreed a modest "stabilisation mechanism" worth €60bn for eurozone countries in trouble.
But early this morning the Spanish finance minister Elena Salgado announced that the ministers had agreed to make a further €440bn available, a proposal suggested by Berlin and Paris, which would also involve the International Monetary Fund and come in return for pledges of swingeing spending cuts from countries needing support.
Do I understand what it means? Not yet, I don't. (For example, where is all the money coming from?) But these EU deals tend to come apart on closer inspection. Let us hope that they've got it right this time.