Update 2:41 PM ET: Herman Van Rompuy has since deleted his earlier tweet, and now says:
Update from ongoing meeting: Agreement in principle on the Pact for the Euro, but still discussing the other elements of the package.
So there’s a lot left to get done then.
The European Council’s President, Herman Van Rompuy, just tweeted that:
We have an agreement on the Pact for Euro.
Here’s an image of that tweet:
What that agreement is is currently unknown, but will likely involve some compromise from Germany on the issue of the EFSF buying bonds, Greece selling its government owned assets, Ireland raising its corporate taxes, or something more marginal.
Germany’s Chancellor Angela Merkel demanded yesterday that Greece sell its assets and Ireland raise its corporate tax rate if they wanted lower bailout interest rates.
More to follow as we get it…