Eurozone agrees revised bailout fund

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 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...