EUROPE - European leaders have agreed on a revised bailout package, creating a permanent fund to resolve the debt crisis in the eurozone.
Eurozone ministers meeting in Brussels capitulated to Germany's demands to renegotiate the timeframe for contributions to the €700bn fund, after months of negotiations, reports the BBC.
The revised agreement will require €80bn ($113bn) of cash posted by eurozone countries, in five annual instalments, with a further €620bn euros in guarantees.
It will also see the creation of a permanent fund called the European Stability Mechanism.
An agreement has previously been thwarted by the point on the speed with which countries had to pay cash into the fund.
The move comes after Portugal's Prime Minister Jose Socrates stepped down on Thursday, further compounding the country's ailing economy and increasing the likelihood it will need a bailout.
Ministers in Lisbon said they had no intention of following Greece and Ireland in using the bailout fund.
Yet many analysts believe Portgual is denying its need for a rescue, while eurozone ministers say it is only a case of time before the country requires a bailout.
The yield on Portugal's 10-year bond was at 7.4% on Tuesday, near record highs, as investors fretted over the country's ability to repay its debts.
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