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.
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.
As European leaders continue to work in to the night it is clear that there will be no big gesture here