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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:
 def service_timeouts(cls):
 """ cls._timeout_watcher runs in this loop forever. It is usually waiting for the next timeout on the cls._new_timer Event. When new timers are added, that event is set so that the watcher can wake up and possibly set an earlier timeout. """

        timer_manager = cls._timers
        while True:
            next_end = timer_manager.service_timeouts()
            sleep_time = max(next_end - time.time(), 0) if next_end else 10000
            cls._new_timer.wait(sleep_time)
            cls._new_timer.clear()