No EU agreement on ESM Treaty deal!

The first significant failore of the latest EU Summit has been announced with the following coming from the Daily Telegraph rolling debt crisis page:

17.46 EU leaders have agreed to introduce the permanent eurozone bail-out mechanism from July 2012, but will sign a treaty to govern the fund later, reports Reuters. The ESM will have a lending capacity of €500bn and take over from the EFSF.
"There is a deal but the treaty will be signed at a later stage," one EU official said. Two others confirmed the news.

The ESM was originally expected to come into force in July next year, but Germany had called for it to be set up sooner.