All along Chancellor Merkel had been going out of her ways to lower Market expectations. It was a no brainier play, but important thing is she did that. Because if things did not pan out she would not have lost lot while if there is a pleasant surprise that will boost her politically. Seems like EU folks are going on the positive side - some reasonable deal instead of total failure.
(Are Speaker Boehner and Obama going to follow the same technique for the coming Debt deal to achieve 1.2 Trillion Savings?)