It does seem that Eurozone related crisis has been averted again for a while - either for a couple of days with a further deadline this evening, or for 4 months or more, if sanity prevails today. And that is another positive for the economic picture generally, including for the UK given the Eurozone's importance as a trading partner. If downside risks such as this do continue to clear, then perhaps this year will prove a real turning point for the economy in the post-crunch period.
Greece and Germany have stepped back from the brink. And for now Greece remains in the eurozone. But there will be months of fraught negotiations before it will be clear whether the economy and finances of this recession-battered nation have been put back on a stable footing. In fact, what was agreed on Friday night guarantees there will be no fresh crisis for a full two days. Because by Monday night, the Syriza government has to submit a preliminary list of proposed economic reforms - which will form the basis of negotiations till the end of April on a new financial settlement for the country. If the Eurogroup were to reject that preliminary list, well in theory all bets would be off - and we would be back to wondering whether Greece is in or out of the euro.