Market reaction is still panic driven. Let's see what tomorrow and the weekend bring. They have no choice but to deliver some kind of positive news.
Sarkozy said it is their last oportunity. They are aware of the fact that if they postpone the solution of the problem it may be fatal for the union future and credivility. Of course they know very well that the markets expect something.
Todays market action is manipulation with fears because big fishes are buying.