ZeroHedge article says Germany pulled back the punch bowl, not sure whizzing in it isn't a better idea...
•Schaeuble Rejects European Redemption Fund: Stern Magazine
•German finance minister says redemption fund would violate EU treaties, in interview with Stern magazine
So contrary to the ridiculous hopes floated yesterday, and the even more ridiculous market levitation in response, there will be no banking union, no deposit guarantee, and no redemption fund. Well, there will be: on either of two conditions. European countries give up their sovereignty, which will likely never happen - this is, after all Europe - or it may if the respective local stock market are trading just north of zero, or if the bailout targets pledge their gold as decribed before.
http://www.zerohedge.com/news/germany-pulls-punchbowl-usual