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Eurozone countries agree bail-out fund
Business digest: Months of deliberation come to an end with creation of European Stability Mechanism
European leaders have agreed on a restructuring plan for the EU bail-out fund, after months of negotiations and intense pressure from Germany.
The European Stability Mechanism will create a permanent fund for assisting countries facing bankruptcy. Eurozone members will be required to contribute €80bn in five equal annual instalments.
European council president Herman Van Rompuy called it "a comprehensive package of economic measures".
There was no discussion of a possible bail-out for Portugal, which many believe is on the brink of economic collapse following the resignation of prime minister Jose Socrates.
Read a full report at BBC News. ·
