Well that didn't take long. Just an hour or so after Merkel, Hollande, Poroshenko, and Putin got together to drink tea in Minsk, they have a 'deal':

*RUSSIA, UKRAINE, GERMANY, FRANCE LEADERS READY DECLARATION: IFX

*FOUR-COUNTRY DECLARATION TO REAFFIRM MINSK CEASE-FIRE DEAL: IFX

*JOINT DECLARATION IN SUPPORT OF UKRAINE'S TERRITORIAL SOVEREIGNTY

So - to summarize - they agree to a cease-fire (which saw 1000s killed and shelling continue last time) and to support Ukraine's territorial sovereignty (except of course Eastern Ukraine?) Face-saving headline-maker comes to mind.

Stocks don't care though - they are buying it.

As Interfax notes,

Joint 4-nation declaration to affirm commitment to cease-fire agreements reached in Minsk in Sept., Interfax reports, citing unidentified person close to talks in Belarus capital.

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Now what will president Obama do?