Deadlocked for hours, ten non-euro countries left the table after midnight to leave the others to fight it out amongst themselves. And fight it out, they did, with Spain and Italy blocking talks until Merkel agreed to ease up on austerity.
It has also been affirmed that Spain will receive financial assistance to Spain from the EFSF until the ESM becomes available without gaining seniority status. So the private sector will be pushed to invest in Spanish bonds. It will lower interest rates and allow Spain some respite from crisis.
We are finally starting to see the horizon. All hail marathon, 13 hour Brussels summits!