Markets soar on European bailout deal, but underlying problems remain

OutFront tonight: touched by an angel.

German Chancellor Angela Merkel put another band-aid on the ballooning European debt crisis today, as E.U. leaders announced they will allow troubled banks to use emergency money from the union's rescue funds. This was a fairly significant concession from the German leader, and it led to markets rejoicing worldwide.

And of course, what's good for the markets is good for President Obama.

Now, we hate to be the bearer of bad news, but we here at OutFront are realists. And this bailout agreement is just a band-aid on a gaping wound. Granted, it's a big band-aid, but it's still a temporary solution that doesn't address the fundamental economic problems in Europe.

As Peter Boockvar of miller tabak told us today: "For now, party on and turn that hour glass over as more time has been bought. But only the symptoms are being fought, as the underlying disease of excessive debt and lack of growth still remains."