05:01 ET<\/span>
\n<\/span><\/p>\nEuropean leaders have agreed a restructuring of a financial bail-out fund that they hope will resolve the bloc’s debt crisis.<\/p>\n
During a summit in Brussels, eurozone ministers bowed to German demands to renegotiate the time frame for contributions to the fund.<\/p>\n
But the deal was overshadowed by concerns about Portugal, which rejected suggestions it needed a bail-out.<\/p>\n
Many analysts believe Lisbon is in denial about its need for a rescue.<\/p>\n
The eurozone debt deal follows months of negotiations.<\/p>\n
“We decided a comprehensive package of economic measures… Today almost all the strands of this enterprise have come together,” European Council President Herman Van Rompuy said.<\/p>\n
The new plan provides for the creation of a permanent fund, the European Stability Mechanism, to help troubled eurozone countries. It will be launched in 2013.<\/p>\n
A major sticking point was the speed with which countries had to pay cash into the 700bn-euro (\u00a3615bn) fund.<\/p>\n
The agreement requires 80bn euros of cash provided by eurozone countries in five equal annual instalments. There will be a further 620bn euros in guarantees.<\/p>\n
There had been expectations that the two-day summit in Brussels would agree a resolution over rescuing Portugal’s stricken economy.<\/p>\n
But Portuguese ministers said they had no intention of following Greece and the Irish Republic in tapping the bail-out fund.<\/p>\n
Privately, eurozone ministers believe it is only a matter of time before Lisbon asks for aid. <\/p>\n<\/p><\/div>\n<\/p>\n
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