Another separatist group, another ceasefire, another day for Spain.
Regardless of the outcome of this ceasefire, Spain is still looking at a long process of dealing with ETA and similar groups. Supposed reasons for ETA's sudden declaration of a ceasefire are varied, but the most likely reasons are a lack of funds or a drop in support amongst the Basque people.
However, the possibility of an independent Basque territory are still very slim.
As the Spanish Courts have ruled with Catalonia's pledge for independence, there's no constitutionality in recognizing a separate state from Spain.
Lets just hope the bloodshed stops, and all independence seeking bodies find some resolve with Madrid.
Further reading: Spaniards React to ETA's Ceasefire
Update: The Spanish government has officially responded to the announced ceasefire, clamming it is "insufficient" and that ETA is "weaker than ever." While the Interior Minister Alfredo Perez Rubalcaba didn't go into detail about the groups weakness, it may be because ETA's political wing, Batasuna, is no longer a legal political party. This may indeed be a last ditch effort to keep ETA's presence alive politically, while continuing to push for Basque independence.