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The White House has welcomed the indications that the eurozone leaders 'made progress' in talks on the debt crisis, saying it is encouraged by the progress made but that Europe's challenges will not be solved overnight.
The White House said that the eurozone debt crisis is a process of steps, and that 'a lot of details' still need to be worked out.
David Cameron has described the deal reached at the EU summit as close to the "big bazooka" he wanted to tackle the eurozone crisis.
The Prime Minister highlighted the buying of bonds for countries where interest rates were too high, the seniority of debt, and directly recapitalising banks.
David Cameron has insisted that Britain should retain control for regulating its banks, and not hand over control to the EU.
David Cameron has made it clear that Britain wants to maintain control over its banks.
The Prime Minister insisted that he wanted the Bank of England to remain in charge of regulating Britain's financial sector.
He also said that British taxpayers should not be asked to bail out eurozone banks.
Shadow chancellor Ed Balls has dismissed a deal on euro debt as "not a big step forward".
He insisted that the policies pursued by David Cameron and German Chancellor Angela Merkel were the wrong ones to sort out the financial crisis.
Angela Merkel says Germany's parliament will vote later on the euro bailout fund, the European Stability Mechanism (ESM).
The German Chancellor said it would be up to finance ministers to decide whether guarantees for direct aid to banks would rest with individual states or the ESM.
Arriving at the EU summit in Brussels, David Cameron hailed a deal reached by eurozone countries on debt, but admitted more still needed to be done:
David Cameron has welcomed an overnight agreement by eurozone leaders on debt, saying they had taken "some important steps forward".
Irish Taoiseach Enda Kenny has spoken of a seismic shift in European policy at the EU summit.
He said that his country would now get the same treatment as Spain and other countries in helping tackle its overall debt burden, after a deal was hammered out overnight in Brussels.
Latest ITV News reports
Italian PM Mario Monti has won a concession from Germany over debt hours after Mario Balotelli helped Italy beat the Germans in Euro 2012.
European leaders have agreed that its banks should have direct access to EU bail out funds without adding to its government's debts.