European markets reacted well to the debt agreement, but more criticisms may come as finer details about the agreement are revealed.
European markets reacted well to the debt agreement, but more criticisms may come as finer details about the agreement are revealed. - 

Steve Chiotakis: European leaders have agreed to measures that will ease the European debt crisis. For one, investors have voluntarily agreed to take a 50 percent loss on their investments in Greek debt.

Taking those losses will mean that European banks will also be required to raise more money to strengthen their balance sheets -- and the eurozone's main bailout fund will increase its capacity to $1.4 trillion.

The BBC's Andrew Walker is with us now from Brussels with the latest. Hi Andrew.

Andrew Walker: Hello there.

Chiotakis: Will this be enough, do you think, to save the eurozone?

Walker: It will certainly make a big difference in the short-term, but there's an awful lot of detail that need to be filled in -- a lot of it highly technical. And I have to say, an awful lot of people think that even more firepower -- more financial firepower -- would have been a great deal more convincing.

Some people think that what it really needs is to get the European Central Bank explicitly involved as a lender to the bailout agency, which would then lend on to governments. But that is very unpopular in Germany, and so it's not being agreed.

Chiotakis: What's been the reaction -- besides what you said about Germany -- across Europe his morning?

Walker: Financial markets have certainly taken it very well; there's been a marked rise in most share prices. I think across the European Union there's a degree of relief that some deal has been done.

But I think inevitably people are going to start asking questions about what the detail really is, whether it is a durable solution to Europe's problems or just a temporary stop-gap.

Chiotakis: The BBC's Andrew Walker in Brussels, Andrew, thank you.

Walker: My pleasure.