EU agrees permanent eurozone rescue fund

EU leaders have agreed to set up a permanent mechanism to bail out any member state whose debt problems threaten the 16-nation eurozone.

The eurozone stability mechanism will require a change to the EU's Lisbon Treaty, which has been agreed. The permanent mechanism will succeed the 750bn-euro (£637bn; $1tn) temporary bail-out fund, the European Financial Stability Facility (EFSF) in 2013.

British Prime Minister David Cameron supported the move, but insisted that the UK would not

Matthew Price reports.