{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Spanish gov\u0026#39;t bailout measures; head of ECB Trichet presser' data-url='/boclips/videos/5c54bbc5d8eafeecae127922' data-video-url='/boclips/videos/5c54bbc5d8eafeecae127922' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nSpanish gov\u0026#39;t bailout measures; head of ECB Trichet presser\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eMadrid - 3 December 20101. Wide of Spanish Deputy Prime Minister Jose Alfredo Rubalcaba and Minster of Finance Elena Salgado enter press conference2. Mid Rubalcaba and Salgado being photographed by many photographers3. Mid of TV cameras...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eMadrid - 3 December 2010\u003cbr/\u003e1. Wide of Spanish Deputy Prime Minister Jose Alfredo Rubalcaba and Minster of Finance Elena Salgado enter press conference\u003cbr/\u003e2. Mid Rubalcaba and Salgado being photographed by many photographers\u003cbr/\u003e3. Mid of TV cameras and a photographer\u003cbr/\u003e4. SOUNDBITE: (Spanish) Elena Salgado, Minister for Finance  \u003cbr/\u003e\"All these measures are aimed at improving the competitiveness of our economy. This is something that has been emphasised in these measures. The idea is to improve the possibilities for business and their objective is to also increase the creation of jobs.\"\u003cbr/\u003e5. Wide of media conference\u003cbr/\u003e6. SOUNDBITE: (Spanish) Elena Salgado, Minister for Finance\u003cbr/\u003e\"The foundations of our economy have not changed, they are the same in this week when there has been tension over public debt as they were the week before. We have been working more fervently since May in a consolidation of our fiscal situation which is already bearing fruit. We have also been making substantial reforms and as the Deputy Prime Minister has already said, the most important of these is the reform of the state pensions which will be approved by the Government on the 28th of January.\"\u003cbr/\u003e7. Wide of media conference\u003cbr/\u003e8. SOUNDBITE: (Spanish) Elena Salgado, Minister for Finance\u003cbr/\u003e\"We took the decision that it was the right opportunity to raise the tax on tobacco. The reason to carry out this increase, and I have always given the same one ever since I was Minister for Health, is in the interests of protecting public health. Making our tobacco more expensive will, without doubt, decrease its consumption. But also, in this case, it is going to finance the deficit in tax revenue due to the reduction of other taxes.\"\u003cbr/\u003eParis - 3 December 2010\u003cbr/\u003e9. Wide pan of a conference room\u003cbr/\u003e10.Mid of speakers sitting at a table in front of journalists\u003cbr/\u003e11. SOUNDBITE: (French) Jean-Claude Trichet, President of the European Central Bank\u003cbr/\u003e\"The Euro is a credible currency. The Euro is a currency that is considered just as credible for the next ten years as for the last 12 years. We have a problem that is not a problem of the Euro currency but of budgetary policy that was not correct.\"\u003cbr/\u003e12. Cutaway of journalist asking Trichet a question\u003cbr/\u003e13. SOUNDBITE: (French) Jean-Claude Trichet, President of the European Central Bank\u003cbr/\u003e\"First, giving all the necessary measures to make the goals we set for the budget, this is essential for every (European) country, without any exception. Secondly, taking every measure to bring structural reforms and economic flexibility that would and should lead to more potential growth and therefore create more sustainable growth in the long term.\"\u003cbr/\u003e14. Cutaway of journalists\u003cbr/\u003e15. SOUNDBITE: (English) Jean-Claude Trichet, President of the European Central Bank\u003cbr/\u003e\"All authorities, all institutions also have to be up to their responsibilities in the present circumstances, which are very demanding obviously. And so it's true for governments, particularly as regards the governance of Europe in general - the 27 and also the 16, the euro area, where we call for a quantum leap in governance of the fiscal policies and of the macroeconomic policies.\"\u003cbr/\u003e16. Wide of panel members including Jean-Claude Trichet surrounded by photographers\u003cbr/\u003eThe Spanish government approved new austerity measures and a limited economic stimulus package on Friday to ease investor fears about its debt - and insisted again it was taking strong steps to right its ailing economy.\u003cbr/\u003ePrime Minister Jose Luis Rodriguez Zapatero cancelled a trip to an Ibero-American summit in Argentina just to oversee a cabinet meeting where the reforms were passed.\u003cbr/\u003eThe moves include plans to sell off a 30 percent stake in the government-owned national lottery, the partial privatisation of airports, cutbacks to a key jobless benefit, tax cuts for small businesses and an increase in the tobacco tax.\u003cbr/\u003e\"All these measures are aimed at improving the competitiveness of our economy. This is something that has been emphasised in these measures. The idea is to improve the possibilities for business and their objective is to also increase the creation of jobs,\" Spanish Finance Minister Elena Salgado said.\u003cbr/\u003eShe added that the Spanish government is \"eliminating obstacles and reducing costs\".\u003cbr/\u003eIn less than three years, Spain has tumbled from being Europe's top job creator to having a eurozone high unemployment rate of nearly 20 percent, with nearly 5 million people out of work. \u003cbr/\u003eSpain - limping out of nearly two years of recession triggered by a collapse in its real estate sector - is hoping to slash its deficit from 11.2 per cent of GDP in 2009 to within the EU limit of 3 per cent by 2013.\u003cbr/\u003eIn May, when markets were spooked by the near-bankruptcy of Greece, Spain cut wages for civil servants, froze most retirement pensions, and made it easier and cheaper for companies to lay people off.\u003cbr/\u003eZapatero's Socialist government also pledged to reform the pension system by January 28, and is likely to raise retirement age from 65 to 67, an unpopular move that sparked a nationwide strike in September.\u003cbr/\u003eThe government hopes to raise nine (b) billion ($11.9 (b) billion) by selling a 49 per cent stake in Spain's airports. \u003cbr/\u003eThe deal would also shift the management of Madrid's Barajas and Barcelona's El Prat airports to the private sector.\u003cbr/\u003eSelling the lottery stake would give Spain up to five (b) billion ($6.6 (b) billion). \u003cbr/\u003eThe lottery, famed for its Dec. 22 \"El Gordo\" (The Fat One) game, brings some three (b) billion ($3.9 (b) billion) into the state's coffers annually.\u003cbr/\u003eMeanwhile, some forty thousand small and medium-size companies are expected to benefit from the tax cut. \u003cbr/\u003eThe measures also include a reduction in costs and bureaucracy for people setting up new companies, making it possible to incorporate a new small business in a day for around 100 euros (132 US dollars).\u003cbr/\u003eThe latest measures were welcomed by both markets and the European Union after weeks of speculation that Portugal and Spain could follow Greece and Ireland in needing a massive financial bailout.\u003cbr/\u003eSpain and Portugal's borrowing costs eased on Friday, a day after the European Central Bank said it would keep helping the continent's banks and amid speculation the central bank may also be quietly buying the bonds of debt-burdened eurozone countries to ease their borrowing costs.\u003cbr/\u003eEuropean Central Bank (ECB) chief Jean-Claude Trichet insisted on Friday that the Euro remains a \"credible\" currency despite the debt crises.\u003cbr/\u003eSpeaking at a press conference in Paris, Trichet was also urging European governments to make a \"quantum leap\" to make their economies more flexible. \"This is no time for complacency\" he said.\u003cbr/\u003eHe would not single out any country or comment on whether the ECB has increased its purchase of Irish and Portuguese bonds amid worries about their debts.  \u003cbr/\u003e\"The Euro is a credible currency. The euro is a currency that is considered just as credible for the next 10 years as for the last 12 years,\" Trichet insisted.\u003cbr/\u003eThe yield on Portuguese 10-year bonds fell below 6 per cent for the first time in three months on Friday, while Spanish yields slipped back below 5 per cent after reaching 5.7 per cent days earlier. \u003cbr/\u003eGermany's 10-year bonds, a benchmark of global lending safety, stood at 2.8 per cent.\u003cbr/\u003eBut while markets have welcomed the austerity measures, Spanish labour unions have severely criticised them and are threatening strikes at airports and among lottery vendors over the Christmas holidays.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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