Berlusconi has said he will resign after the new austerity measures get approved. He's looking at leaving within two weeks. Papandreau has not left yet, they are waiting for his replacement to agree and for the opposition to agree to work together.

Already the euro has rallyed against the dollar and US shares have risen slightly at the news.

If they could just get themselves sorted out we might have a period of calm while there is renewed optimism.