Britain did not accept the most recent proposal. Either way, this will likely not restore confidence and is meant to be more of a long-term solution (band-aid?) to avoid a repeat of what is happening now. That if the Eurozone in its current form even lasts. The ECB is holding strong on not buying more government debt after yesterday's meeting, so the financing problems for Greece, Italy, and company live on.
http://www.reuters.com/article/2011/12/09/us-eurozone-idUSTRE7B30AO20111209
http://www.reuters.com/article/2011/12/09/us-eurozone-idUSTRE7B30AO20111209
I am usually wrong about such things.