EU officials know that Spain and possibly Italy will need assistance. The stronger countries like Germany are willing to help but want to see structural changes and want some control over the weaker countries' budgets in exchange for a bailout. The weaker countries do not want to give up their sovereignty.
We have been seeing a high stakes game of chicken where the stronger countries refuse to help, while the weaker countries refuse to ask for assistance. In the meantime the Eurozone is falling into a deep recession. In the past week Spanish 10 year yields soared above 7% while Italy's neared 7%. The game of chicken was coming to a head and this may have forced a solution.
This morning Mario Draghi said he would do anything to keep the Eurozone together including intervening to close sovereign spreads. This has taken the near term tail risk out of the market and is the reason we are higher today. But this also allows the game of chicken to continue and the economy to continue to deteriorate in the interim.