{"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='Protest, union reax, analyst on Fitch downgrade, Venizelos comment' data-url='/boclips/videos/5c54be7fd8eafeecae13c14a' data-video-url='/boclips/videos/5c54be7fd8eafeecae13c14a' 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\nProtest, union reax, analyst on Fitch downgrade, Venizelos comment\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 - 22 February, 2012 1. Wide of demonstrators from Workers' Housing Organisation with umbrellas behind police line outside parliament 2. Medium of demonstrators with umbrellas and placards 3. Woman shouting slogans through walkie...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eAthens - 22 February, 2012 \u003cbr/\u003e1. Wide of demonstrators from Workers' Housing Organisation with umbrellas behind police line outside parliament \u003cbr/\u003e2. Medium of demonstrators with umbrellas and placards \u003cbr/\u003e3. Woman shouting slogans through walkie talkie\u003cbr/\u003e4. Medium low shot of demonstrators holding banner\u003cbr/\u003e5. SOUNDBITE: (Greek) Haris Roubopoulos, representative, Greek Workers' Housing Organisation:\u003cbr/\u003e\"With all this crisis they (the government) are trying to destroy any remaining social services.\"\u003cbr/\u003e6. Wide of police at parliament, pan right to show protesters\u003cbr/\u003e7. Close-up of Ilias Iliopoulos, general secretary of the ADEDY civil servants' union, at desk\u003cbr/\u003e8. Close-up of fist seen on poster on wall, reading: (Greek) \"They are stealing our lives\"\u003cbr/\u003e9. SOUNDBITE: (Greek) Ilias Iliopoulos, general secretary of the ADEDY civil servant union:\u003cbr/\u003e\"We're in a constant battle, a constant effort. We will insist: overturn this policy. It doesn't express us. We are not bound by any of these agreements (taken by the eurozone and the Greek government).\"  \u003cbr/\u003e10. Wide of Theodore Krintas, managing director at Attica Wealth Management, at his desk\u003cbr/\u003e11. Close-up of hand on computer mouse\u003cbr/\u003e12. SOUNDBITE: (English) Theodore Krintas, Managing Director at Attica Wealth Management:\u003cbr/\u003e\"The selective default or restrictive default is a technical rating. The ratings agencies have a way to describe that something happens, in order to make sure that during this period no investor will be captured in an old bond that will be exchanged into a new one.\"\u003cbr/\u003e13. Krintas at desk\u003cbr/\u003e14. SOUNDBITE: (English) Theodore Krintas, Managing Director at Attica Wealth Management:\u003cbr/\u003e\"The financing of the country, and the financing of the banking system of the country, has been already secured by the decision of the Eurogroup a couple of days ago. So the default of the system has been quite a long possibility right now, even if we have a low rating like the selective default one.\" \u003cbr/\u003eAthens - 21 February, 2012\u003cbr/\u003e15. Wide of press conference with Finance Minister Evangelos Venizelos at panel\u003cbr/\u003e16. SOUNDBITE: (Greek) Evangelos Venizelos, Greek Finance Minister:\u003cbr/\u003e\"There are credit ratings agencies that have warned that when the PSI (Private Sector Involvement) begins and until the bond swap is completed, Greek bonds cannot not be used as guarantees for the financing of banks.\" \u003cbr/\u003e17. Panel \u003cbr/\u003e18. SOUNDBITE: (Greek) Evangelos Venizelos, Greek Finance Minister:\u003cbr/\u003e\"When the agencies decide - because it is up to them - that the bond swap has been completed, this characterisation (of the downgrade) is lifted.\" \u003cbr/\u003e19. Venizelos leaving press conference\u003cbr/\u003eA few dozen workers from Greece's Workers' Housing Organisation on Tuesday protested the planned shutting down of their service, hours before a union-organised demonstration was scheduled to take place in central Athens. \u003cbr/\u003eIlias Iliopoulos, general secretary of the ADEDY civil servants' union, said Greek people couldn't take any more measures and that the fight to overturn them will continue. \u003cbr/\u003eMeanwhile, Fitch ratings agency has downgraded Greece further into junk status, from 'CCC' to 'C' on Wednesday, following the announcement of the details of the country's debt swap deal with private creditors. \u003cbr/\u003eThe agency said the downgrade indicated \"that default is highly likely in the near term.\" In June, the agency had said it would consider Greece to be in restricted default if the bond swap deal went ahead. \u003cbr/\u003eAthens argues that the default rating would be a simple technicality, as the twin deals struck on Tuesday will allow the country to repay bonds maturing next month - thus avoiding a disorderly default - and remain in the common European currency it joined in 2001. \u003cbr/\u003eTheodore Krintas, Managing Director at Attica Wealth Management, called the downgrade a \"technical rating,\" saying it is the ratings agencies' way of alerting investors that there's something happening so that they won't be left holding old bonds during a swap, like the one Greece is about to launch. \u003cbr/\u003eKrintas said that because of the recent Eurogroup decision, financing of the country and the banking system has already been secured, making a default a long shot.\u003cbr/\u003eAt a news conference on Tuesday, the finance minister Evangelos Venizelos said a downgrade during the bank bond swap was expected and would be temporary. \u003cbr/\u003eHe added that when the agencies deemed the swap completed, that characterisation (of the downgrade) would be lifted.\u003cbr/\u003eThe 107 (b) billion euros (141 billion (b) US dollars) write-down by banks and other private holders of Greek bonds will be debated at committee level on Wednesday. \u003cbr/\u003eGreek Parliament's plenary session will vote on the draft law on Thursday. Additional emergency legislation will be debated in upcoming days.\u003cbr/\u003eLegislation tabled in Parliament late on Tuesday outlines a total 3.2 (b) billion euros (4.2 (b) billion US dollars) in extra budget cuts this year agreed by the Cabinet last week.\u003cbr/\u003eThe measures include nearly 400 (m) million Euros (530 (m) million US Dollars) in cuts to already depleted pensions. \u003cbr/\u003eHealth and education spending will be reduced by more than 170 (m) million Euros (225 (m) million US Dollars), subsidies to the state health care system will be cut by 500 (m) million Euros (661 (m) million US Dollars), and health care spending on medicine will fall by 570 (m) million Euros (754 (m) million US Dollars).  \u003cbr/\u003eAnd some 400 (m) million Euros (529 (m) million US Dollars) million) will be lopped off defence spending - three quarters of which will come from purchases. \u003cbr/\u003eThe draft law also drastically revises the 2012 budget, changing the deficit target to 6.7 percent of gross domestic product from an initial forecast of 5.4 percent.  \u003cbr/\u003eEven worse, plans for a modest primary surplus - which excludes debt servicing costs - have been scrapped and Greece will instead post a primary deficit of nearly 500 (m) million Euros (661 (m) million US Dollars), or 0.2 percent of GDP.\u003cbr/\u003eOn Tuesday, Greece secured a second international bailout worth 130 (b) billion euros (172 (b) billion US dollars), as well as the private debt write-down, in exchange for new austerity measures, including wage and pension cuts. \u003cbr/\u003eThe serious risks of the bailout's failure include the likelihood that Greece's economy remains in a deep recession instead of returning to growth in 2013 as the deal assumes. \u003cbr/\u003eThat would undermine chances of paying even the reduced debt load, estimated at a still-high 120 per cent of annual economic output in 2020, down from 160 per cent 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