{"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='Socrates resigns as austerity plan rejected; presser, reax, Merkel, analyst' data-url='/boclips/videos/5c54c003d8eafeecae147803' data-video-url='/boclips/videos/5c54c003d8eafeecae147803' 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\nSocrates resigns as austerity plan rejected; presser, reax, Merkel, analyst\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'\u003eLisbon, Portugal1. Pedro Silva Pereira, outgoing Minister for the Cabinet walking into news conference alongside Deputy Minister for the Cabinet, Tiago Silveira 2. Mid shot of Pereira and Silveira3. SOUNDBITE: (Portuguese) Pedro Silva...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eLisbon, Portugal\u003cbr/\u003e1. Pedro Silva Pereira, outgoing Minister for the Cabinet walking into news conference alongside Deputy Minister for the Cabinet, Tiago Silveira \u003cbr/\u003e2. Mid shot of Pereira and Silveira\u003cbr/\u003e3. SOUNDBITE: (Portuguese) Pedro Silva Pereira, Minister for the Cabinet \u003cbr/\u003e\"The government will fight and keep trying to avoid a bailout. A bailout would have serious consequences for our economy and the conditions of external financing would lead to an adjustment programme (meaning a bailout programme) which is what the Portuguese people and economy need to avoid.\"\u003cbr/\u003e4. Mid of journalists\u003cbr/\u003e5. SOUNDBITE: (Portuguese) Pedro Silva Pereira, Minister for the Cabinet \u003cbr/\u003e\"The statements made by the government in the past few days are very clear. We warned of the risks of a political crisis at this stage. This political crisis is very dangerous.\"\u003cbr/\u003e6. Mid of journalists\u003cbr/\u003e7. SOUNDBITE: (Portuguese) Pedro Silva Pereira, Minister for the Cabinet \u003cbr/\u003e\"Every country fights and fights with all of its might against a bailout. But apparently in Portugal we have a few people who won't rest until they drag the country into a situation which is inevitably very serious for the Portuguese economy and the interests of the Portuguese people.\"\u003cbr/\u003e8. Pedro Silva Pereira exiting press conference \u003cbr/\u003eMeise (Five kilometres north of Brussels), Belgium\u003cbr/\u003e9. Wide of Chateau de Borschout, venue for European Peoples Party (EPP) summit  \u003cbr/\u003e10. SOUNDBITE: (English) Pedro Passos Coelho, Portuguese opposition leader\u003cbr/\u003e\"Well I don't know how to answer to this question because we'll need to know exactly the real financial situation. But I hope that Portugal will not need a bailout, and PSD, that's the largest opposition party, is committed, strongly committed, to fiscal consolidation. So I hope that trust can replace doubts in markets. Thank you.\"\u003cbr/\u003e11. German Chancellor's motorcade arriving \u003cbr/\u003e12. Cutaway, flags\u003cbr/\u003e13. Angela Merkel, German Chancellor, approaching media\u003cbr/\u003e14. Cutaway, security \u003cbr/\u003e15. SOUNDBITE: (German) Angela Merkel, German Chancellor \u003cbr/\u003e\"What has to happen now is that of course many of the results of the past have to be worked out, and Portugal had presented a very courageous reform programme for the years '11, '12 and '13. That was the right thing. We regret a lot that that it did not achieve a majority in parliament yesterday, and I think it will depend very much on everyone who speaks for Portugal feeling committed to the goals of that programme. That is not only important for Portugal but also for the entire eurozone.\"\u003cbr/\u003e16. Herman Van Rompuy, European Council president arriving \u003cbr/\u003e16. Wide of Swedish Prime Minister Fredrik Reinfeldt speaking to media\u003cbr/\u003e18. SOUNDBITE: (English) Fredrik Reinfeldt, Swedish Prime Minister\u003cbr/\u003e\"We have shown that we have the capacity and this meeting will take a lot of decisions, increasing our capacity to meet these kind of situations. I think that is relieving some of the pressure on Europe that we had a couple of years ago that this is now in place.\"\u003cbr/\u003e19. SOUNDBITE: (English) Jean Claude Juncker, Luxembourg Prime Minister and head of Eurogroup\u003cbr/\u003e\"The priority clearly is the establishment of a permanent stability mechanism. Finance ministers have made excellent progress around one or two points we have to take under consideration. But we'll have total agreement on the ESF today.\"\u003cbr/\u003e20. Irish Prime Minister Enda Kenny arriving \u003cbr/\u003e21. French Prime Minister Francois Fillon arriving\u003cbr/\u003ePortuguese officials said on Thursday they would continue to fight to avoid a financial bailout following the resignation of the government late on Wednesday.\u003cbr/\u003eThe government quit after opposition parties rejected its latest debt-reduction plan, generating a new bout of market jitters over the country's future and likely shortening the time it can hold out before asking for help.\u003cbr/\u003eBut Minister for the Cabinet Pedro Silva Pereira, addressing a news conference in Lisbon, said, \"The government will fight and keep trying to avoid a bailout. A bailout would have serious consequences for our economy and the conditions of external financing would lead to an adjustment programme (meaning a bailout programme) which is what the Portuguese people and economy need to avoid.\"\u003cbr/\u003eHe critcised those who had opposed the governments plans saying, \"Every country fights and fights with all of its might against a bailout. But apparently in Portugal we have a few people who won't rest until they drag the country into a situation which is inevitably very serious for the Portuguese economy and the interests of the Portuguese people.\"\u003cbr/\u003eThe defeat of Portugal's minority government over planned austerity measures puts one of Europe's most financially troubled countries into political limbo just as it faces huge debt repayment deadlines.\u003cbr/\u003eOn Thursday, Fitch rating agency downgraded Portugal's credit worthiness amid political uncertainty and growing expectations the debt-heavy country will need a bailout.\u003cbr/\u003eFitch said Thursday it cut Portugal's sovereign credit rating to A- from A+ because of the government's resignation.\u003cbr/\u003eThe move is likely to worsen Portugal's financial plight as markets back away from investing in the country.\u003cbr/\u003ePortugal's borrowing costs have surged to barely sustainable levels, increasing the likelihood it will have to ask for a rescue like Greece and Ireland did last year.\u003cbr/\u003eAnalysts estimate a bailout would amount to 80 (b)  billion euros, equivalent to 113 (b) billion US dollars.\u003cbr/\u003eInvestors fearful about Portugal's future pushed the interest rate on its 10-year bonds to a euro-era record of 7.71 percent - a financial burden that is unsustainable and could soon force the country to ask for a rescue like Greece and Ireland did last year.\u003cbr/\u003eThe financial crisis in Portugal dominated the agenda at the EU mid term summit in Brussels on Thursday, and also a summit for the European Peoples Party (EPP) taking place on the fringes of the EU meeting.\u003cbr/\u003ePortuguese opposition leader Pedro Passos Coelho, arriving at the EPP summit, was upbeat saying that he hoped Portugal would not need a bailout.\u003cbr/\u003e\"PSD (Social Democratic Party), that's the largest opposition party, is committed, strongly committed, to fiscal consolidation. So I hope that trust can replace doubts in markets.\"\u003cbr/\u003ePassos Coelho was meeting other conservative EU politicians at the pre-summit meeting just outside Brussels, while Prime Minister Jose Socrates represented his country at the actual summit. \u003cbr/\u003eHowever, Passos Coelho said Socrates would not have a mandate to negotiate a bailout on behalf of his country.\u003cbr/\u003eSome, like German Chancellor Angela Merkel, said they regretted Socrates' defeat over austerity measures.\u003cbr/\u003e\"Portugal had presented a very courageous reform programme for the years '11, '12 and '13,\" she said. \u003cbr/\u003e\"I think it will depend very much on everyone who speaks for Portugal feeling committed to the goals of that programme. That is not only important for Portugal but also for the entire eurozone.\"\u003cbr/\u003eMost analysts believe an international rescue is only a matter of time, as the EU's bailout fund is ready to be tapped.\u003cbr/\u003eJean-Claude Juncker, the prime minister of Luxembourg, said EU leaders would hold talks with both Passos Coelho and Socrates to get a clear idea of the situation.\u003cbr/\u003eJuncker, head of Eurogroup said the establishment of a permanent European Stability Mechanism, a new bailout fund, was crucial, the key features of which would be finalised during the summit.\u003cbr/\u003eOver the past week eurozone policymakers reached deals on the size and powers of their provisional and future bailout funds, and committed to improve the competitiveness of their economies by targeting wage increases and unsustainable public pension systems.\u003cbr/\u003eBut a growing unwillingness among taxpayers - and politicians - in some countries to bet solely on austerity measures to overcome the region's financial crisis was starting to put that strategy into doubt.\u003cbr/\u003eIt is unclear how soon Portugal could take a bailout, as experts say it is unlikely that an interim government will have the constitutional authority to negotiate assistance on the country's behalf. \u003cbr/\u003eElections in Portugal would not be possible before the end of May, leaving months of unwelcome - and costly - uncertainty ahead.\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' 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