The eurozone's leaders seem to have done the bare minimum required of them. Greece will apparently get fresh borrowing at lower interest rates and extended maturities. The powers of the European Financial Stability Fund will be increased. The fund will henceforth be able to help member states that come under pressure at an earlier stage, buy sovereign bonds in the secondary markets and also recapitalise banks.

But the private sector involvement in the Greek bailout looks like it will be small. And the size of the Greek sovereign debt pile will remain more or less the same, ensuring that doubts about the ability of Athens to sustain its fiscal burden will remain. No joint eurozone bond is in prospect. The mooted "solemn affirmation" from other struggling eurozone states to honour their sovereign debt is also unlikely to convince the bond markets if growth turns out to be feeble.

Europe's leaders have bought some time, but not much. Their failure to agree on a radical plan of action to restore confidence and address the root drivers of bond market panic means that this crisis is not over.