Reaction from around Europe to the deal
"How will the European Financial Stability Fund (EFSF) be leveraged? Where will money for the capital for banks come from? What will taxpayers be required to pay?" -- Mohamed El-Erian, head of Pimco, the world's biggest bond investor
"There might be disappointment over the lack of detail in the Grand Plan, but it is worth remembering that we have gone from 'no bailout' less than two years ago to a proposal to guarantee each other's debt today. Under other circumstances that would be considered a swift turnaround." -- Gary Jenkins of Evolution Securities
"This agreement does not clearly remove the risk of contagion to other countries. So while the catastrophe of not agreeing on anything has been avoided, the eurozone is left muddling through and uncertainty for investors and companies remains very high." -- Marie Diron, senior economic adviser Ernst & Young
"This latest summit outcome is clearly a step in the right direction but as with previous deals that have come unstuck, the test will be how financial markets respond once they have digested the details and picked apart the seams of the agreement." -- Bloxham Securities, Dublin
"Was there anything in last night's summit for Ireland? Given that Ireland is enjoying praise as a result of its continued adherence to the IMF/EU programme it can be argued that Ireland is the least of the EU's worries.
"Importantly, the statement did reaffirm that support would be continued to be provided to countries under programmes as long as they continue to implement that programme.
"It is also telling that the authorities plan to reduce Greek debt to 120pc of GDP, a level close to where Ireland's debt level will peak and the current Italian level, meaning that such a level may be seen as the upper boundary for debt sustainability." -- Dermot O'Leary, Goodbody Securities, Dublin
"The EFSF has probably been the most talked about factor of the recent debates and there were encouraging signs here as it was announced that they plan to leverage the current EFSF funds not already committed to Greece, by four to five times to bring this fund up to approximately €1 trillion.
"Encouraging news is that China may participate in this new EFSF,and if more BRIC courtiers were to invest, this could lift the market even further." -- Eanna Black of Investec Ireland
"The details are important, but the fact that 17 euro leaders with all their different agendas managed to reach a deal is encouraging." -- Dirk Becker, a banking analyst at Kepler Capital Markets in Frankfurt
"It might seem chaotic, but in the end the Europeans can find a solution." -- Jens Larsen economist at RBC Capital Markets
"We're in a much better position than we were 24 hours ago, but there's still a big question over how they intend to leverage the rescue fund up to €1tn, and how the banks are supposed to get to this €106bn." -- Mike Trippitt of Oriel Securities