North, South Korea Agree to Quell Tensions

The biggest crisis in five years has been averted ... for now.

In return, South Korea, starting on Tuesday, will cease anti-North Korean broadcasts from loudspeakers along the border on condition of no abnormal situations, said Kim Kwan-jin, director of National Security at South Korea’s Presidential office.

The deal came after more than 43 hours of negotiations with North Korea’s Hwang Pyong-so, considered the North’s second-most powerful man in the military, and Kim Yang-gon, the top official in charge of inter-Korean relations for Pyongyang, at the truce village in Panmunjom.

“We progressed the negotiations with patience” to defuse military tensions that was at its height and to improve relations, Kim said.

More talks are to continue in either Seoul or Pyongyang in the near future, officials said.

The meeting follows a series of events that led to one of the most serious escalations of military crisis in five years on the Korean peninsula.

South Korea had accused the North of firing first; the North had flatly denied the allegations. The exchange of fire did not result in any damages or injuries as both fell on uninhabited areas.

ABC News' Yeon-joo Lee contributed to this report.