It remains to be seen if this is a triumph for Zelaya or Mr. Micheletti.
Zelaya has already laid claim to victory. "This signifies my return to power in the coming days, and peace for Honduras," he said on the local station Radio Globo. He told the Associated Press that he expects Congress to vote within a week on his fate.
But negotiators for Micheletti issued a statement underlining that, although the agreement represents a "significant concession" on their part, the signing of the agreement does not mean the automatic restoration to power of Zelaya. In fact, Zelaya does not enjoy widespread support in the Congress, which backed his ouster. Mr. Martinez, for one, says he does not believe Zelaya will ever return to office. "Never," he says emphatically.
The "Guaymuras Accord," as the agreement is named, also calls for a national unity government, a truth commission, and binding promises that both sides will respect presidential elections slated for Nov. 29.
Those watching the political crisis in Honduras have expressed hope that this is a step forward. "It provides a path forward that did not exist 24 hours ago," says Eric Farnsworth, vice president of the Council of the Americas, a consultancy based in New York. "But it will require a lot of work, and there are a lot of pieces that have to fall into place."
There is no official timeline for when Congress must vote on Zelaya's return, for example, and if they stall, Zelaya's team could balk. But the US expressed optimism. US Secretary of State Hillary Rodham Clinton, speaking from Pakistan, told reporters it was a "historic agreement," and that "this is a big step forward for the inter-American system."