European Union financial officials meeting in Brussels have agreed on the setting up of a permanent bailout fund, even as Portugal reportedly teeters on the precipice of financial collapse. –JCL

The BBC:

European leaders have agreed a restructuring of a financial bail-out fund that they hope will resolve the bloc’s debt crisis.

Eurozone ministers bowed to German demands to renegotiate the time-frame for contributions to the massive fund.

But the deal was overshadowed by concerns about Portugal and a growing row that the UK may be forced to contribute to a financial bail-out.

Portugal says it does not need aid, but many analysts say Lisbon is in denial.

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#capitalism#crisis#currency#debt#euro#europe#european union#eurozone#finance#portugal