mysql create table -> psql

Hello,

Trying to get this MySql create table command to work, no luck.

create sequence serial;

CREATE TABLE outbound (
source char(100) default '',
destination char(100) default '',
sport int4 default 0 NOT NULL,
dport int4 NOT NULL default 0,
time timestamp NOT NULL default '0000-00-00 00:00:00',
id int8 default nextval('serial') not null,
constraint id PRIMARY (id)
);


I get a parse error:
ERROR:  parser: parse error at or near "(" at character 279