{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Union demo at debt talks in Greece, bond auction in Portugal' data-url='/boclips/videos/5c54be7ad8eafeecae13bf20' data-video-url='/boclips/videos/5c54be7ad8eafeecae13bf20' 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\nUnion demo at debt talks in Greece, bond auction in Portugal\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'\u003eAthens, Greece1. Wide of Communist-backed labour union demonstrators protesting outside headquarters of the Hellenic Confederation of Professionals, Craftsmen and Merchants, where meeting between unions and federations was to take...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eAthens, Greece\u003cbr/\u003e1. Wide of Communist-backed labour union demonstrators protesting outside headquarters of the Hellenic Confederation of Professionals, Craftsmen and Merchants, where meeting between unions and federations was to take place\u003cbr/\u003e2. Mid of demonstrators\u003cbr/\u003e3. Close-up of banner and demonstrators outside building\u003cbr/\u003e4. Interior shot of demonstrators occupying building   \u003cbr/\u003e5. Wide of empty meeting room\u003cbr/\u003e6. Close-up of chairs\u003cbr/\u003e7. Various of protesters chanting slogans\u003cbr/\u003e8. SOUNDBITE (Greek) Vassilis Stamoulis, Head of the textile and leather workers union:\u003cbr/\u003e\"Once again it is proven that the government, the troika and employers are united in deciding the slaughter of workers' rights, whatever remains from collective agreements, the 13th and 14th salaries (extra pay that Greeks used to receive over Easter and Christmas).\"\u003cbr/\u003e9. Wide of finance ministry, with fountain in foreground\u003cbr/\u003e10. Various of arrival of Horst Reichenbach, European Commission's task force chief for Greece, at finance ministry\u003cbr/\u003e11. Wide of university entrance\u003cbr/\u003e12. Mid of students \u003cbr/\u003e13. SOUNDBITE (English) Yanis Varoufakis, Professor of economics at the University of Athens: (++COMMENTING ON THE DEBT TALKS AND TROIKA VISIT++):\u003cbr/\u003e\"It is important, and it is important because if this PSI (private sector involvement) is declared a success, it will only be on paper a success. And if it gives our European leaders another excuse to give Greece another bailout on the basis of more austerity, this will be another nail in the coffin of the eurozone.\"\u003cbr/\u003e14. Cutaway of Varoufakis's hands\u003cbr/\u003e15. SOUNDBITE (English) Yanis Varoufakis, Professor of economics at the University of Athens:\u003cbr/\u003e\"Let the truth be revealed. Let's have a default because Greece is insolvent and insolvent entities have to default. It's a law of nature and of society and of reason, and we should simply succumb to that. Now if European leaders are worried about the effect this will have on banks they might as well re-capitalise them, not continue to drip-feed the Greek state with money that the Greek state cannot utilise in order to stimulate the Greek economy, on the condition of greater austerity for Greece while the Greek government takes the loans from the core countries, from the surplus countries, and passes on in small doses to the insolvent banks and this whole vicious cycle is continuing unabated.\"\u003cbr/\u003e16. Wide of foyer of finance ministry with ticker scrolling overhead\u003cbr/\u003e17. Graph showing stock market performance since opening of day's trading\u003cbr/\u003e18. Wide of foyer with ticker overhead\u003cbr/\u003eLisbon, Portugal\u003cbr/\u003e19. Tilt down from clocks to signs reading (Portuguese) \"New York\" and \"Lisbon\"\u003cbr/\u003e20. Mid of silhouette of broker in window\u003cbr/\u003e21. Various of screen showing information of long-term debt auction\u003cbr/\u003e22. SOUNDBITE (Portuguese) Luis Gouveia, Financial director, Banif investment bank:\u003cbr/\u003e\"If we take into account the downgrade of the European countries, including Portugal, (announced by Standard \u0026amp; Poor's) last Friday, we think the results (of the debt auction) have been very positive.\"\u003cbr/\u003e23. Close-up of broker typing\u003cbr/\u003e24. Close-up of worker watching screen\u003cbr/\u003e25. SOUNDBITE (Portuguese) Luis Gouveia, Financial director, Banif investment bank\u003cbr/\u003e\"Unfortunately, there are no expectations (from investors) about the summits. They don't expect important measures but they expect the implementation of all the measures that were announced (in other summits). So the market no longer reacts in anticipation of a summit, it reacts to the results, if there are any. But I don't think they (investors) are positive about that (in relation to the European summit on January 30).\"\u003cbr/\u003e26. Mid of brokers working\u003cbr/\u003e27. Close-up of broker on phone\u003cbr/\u003eProtesters from a Communist-backed labour union occupied the building where talks between unions and employers were meant to take place on Wednesday.\u003cbr/\u003eThe talks - on reducing labour costs in the private sector - were due to happen on the same day as global bank representatives returned to Athens to restart debt talks with the Greek government.\u003cbr/\u003eThose negotiations are seen as crucial to avoid a disastrous default.\u003cbr/\u003eVassilis Stamoulis, the head the workers' union for the textile and leather industry, was among those disrupting the meeting on labour costs.\u003cbr/\u003eHe said employers, the government and the troika (inspectors from the International Monetary Fund (IMF), European Central Bank and European Commission) are all planning measures that will strip workers' of their rights. \u003cbr/\u003e\"Once again it is proven that (they) are united in deciding the slaughter of workers' rights,\" he said.\u003cbr/\u003eGreeks have been suffering under a slew of austerity measures which have included pay cuts and the abolition of a salary supplement that used to be paid out over Christmas and Easter.\u003cbr/\u003eIn exchange they have seen their government get emergency loans from other eurozone countries and the IMF. \u003cbr/\u003eGreece is now seeking a deal to write off half of the debt it owes private bondholders, who would get new bonds with extended repayment periods. \u003cbr/\u003eBut talks have been held up by a disagreement on interest rates for the new bonds.\u003cbr/\u003eGreece needs to clinch the deal quickly, before it faces a 14.5 billion (b) euro (18.6 billion (b) US dollar) bond repayment on 20 March. \u003cbr/\u003eEU and IMF debt inspectors are back in Athens this week to monitor progress of reforms aimed at slashing the country's high budget deficits and avoid default.\u003cbr/\u003eHowever, Yanis Varoufakis, an Athens university economics professor, argued that if the visit gave \"European leaders another excuse to give Greece another bailout on the basis of more austerity, this will be another nail in the coffin of the eurozone.\"\u003cbr/\u003eHe said he was in favour of a default because Greece is insolvent and can't continue the vicious cycle of taking out loans it \u003cbr/\u003e\"Let's have a default because Greece is insolvent and insolvent entities have to default,\" Varoufakis argued. \"It's a law of nature and of society and of reason, and we should simply succumb to that.\"\u003cbr/\u003eIf Greece defaults on its debts, however, that could potentially trigger a chain reaction that could ultimately destroy the European single currency itself.\u003cbr/\u003eMeanwhile, Portugal, which needed a euro78 billion (b) bailout in 2011, easily raised euro2.5 billion (b) (3.2 billion (b) US dollars) in a debt auction, just days after Standard \u0026amp; Poor's downgraded its credit rating to junk status. \u003cbr/\u003e\"Taking into account  the downgrade of the European countries, including Portugal last Friday, we think the results have been positive,\" said Luis Gouveia, financial director at Banif Investment bank in Lisbon.\u003cbr/\u003ePortugal's government debt agency said interest rates were flat or lower in Wednesday's sale of 3-, 6- and 11-month Treasury bills amid strong demand.\u003cbr/\u003eAhead of an EU leaders summit on 30 January, Gouveia said investors weren't expecting a positive outcome.\u003cbr/\u003e\"The market no longer reacts in anticipation of a summit, it reacts to the results, if there are any,\" he said.\u003cbr/\u003e\"Unfortunately, there are no expectations (from investors) about the summits,\" he added. \"They don't expect important measures but they expect the implementation of all the measures that were announced (in other summits).\"\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 More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=745725\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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