Just a glimmer of hope that the impasse in the eurozone may be broken, but still a long way to go.
A redemption pact would still leave fiscal responsibility as it is today, although Berlin would insist on beefed up monitoring. It is not fiscal union or a move long the road to political union. However, it would buy time for negotiating a new 'architecture' for the EU and the eurozone.
The downside of the proposed redemption pact is that it will take time to put in place. Will it be overtaken by events? Too little, far too late.
See also this article on the shambles up to now.