This post was written by Karl Whelan
Here‘s a link to the Eurogroup statement from last night. This is promising
To this end, Ministers stand ready to adopt further measures that will improve the euro area’s systemic capacity to resist contagion risk, including enhancing the flexibility and the scope of the EFSF, lengthening the maturities of the loans and lowering the interest rates, including through a collateral arrangement where appropriate. Proposals to this effect will be presented to Ministers shortly.
But I’m not holding my breath waiting for an impressive intervention.