Hugo Dixon offers some very useful remarks. And here is a good running survey from Politico. I’ll add two points. First, all of a sudden Merkel has lost the “blame game” battle. [Update: But the actual reality now seems to be a deal will be reached, and I suspect the process will be forgotten, or judged only on the basis of whether the deal works.] Second, I am reading many, many dramatic remarks about the collapse of European institutions, etc. Will these be retracted if they are not supported by market prices upon opening? I don’t think so.