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Global financial markets surged Thursday on the news that European leaders finally agreed to a solution for the euro zone sovereign debt crisis, which has worried the world for more than two years. U.S. markets jumped 3% upon news of the deal, while European bourses were up nearly 5%.

"I'm surprised financial markets have taken this to be a huge step forward," says Zanny Minton-Beddoes, The Economist's economics editor. "Like many of the previous deals — and we've had a number of them— when you look at the details, people are going to be somewhat more disappointed."

The Daily Ticker's Aaron Task caught up with Minton-Beddoes at The Economist's annual Buttonwood Gathering in downtown Manhattan. Of the market boost, she says it is worth remembering that a post-EU summit rally is not uncommon — only time will tell if investors believe this package will truly prevent a crisis.

Here's what we know of the deal thus far:

• The European Financial

They don't pay their fair share in taxes. Many of them subsist on government subsidies and bailouts. And some have poor manners, to boot. So, what good are the rich? That's the question I posed to Robert Frank, the long-suffering Wall Street Journal extreme wealth correspondent and author of the new book, High Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust.

Well, they do spend a lot. And therein lies an irony. Just as we've constructed an economy in which the top one percent garner the overwhelming share of gains, we've also constructed an economy in which their spending accounts for a hugely disproportionate share of consumer activity. Lots of companies and professionals, it turns out, have business models that rely on catering to the rich. "We have an economy ,a tax system, and financial markets that are increasingly dependent on this group that has most of the wealth and the income," Frank tells me in the accompanying interview.

Take taxes. There's