"I think this whole thing is a Ponzi scheme in which governments that are already in deep red ink are trying to generate more red ink," Niall Ferguson, history professor at Harvard University, told CNBC.
"The fundamental problem is in the banking system, and Europeans - now for how many years, four since this began? - have been in denial about the problem of insolvent banks and this, it seems to me, kicks the problem down the road and puts off the day of reckoning," Ferguson added.
But other analysts think the agreement was a better one than markets had expected and it should be positive for the bond markets of peripheral euro zone countries.
"It provides a large-scale backstop facility should market appetite for periphery sovereign risk fail short of issuance needs," Barclays Capital analysts wrote in a market note.
The outcome of Friday's summit sends the signal that euro zone leaders are determined to overcome the fiscal and financial problems in the area together, therefore a breakup of the monetary union or the exit of a member state are not a likely scenario at this point, they also wrote.