{"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='WRAP Rehn: Greece likely to miss spending targets; Greek analyst' data-url='/boclips/videos/5c54c004d8eafeecae147893' data-video-url='/boclips/videos/5c54c004d8eafeecae147893' 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\nWRAP Rehn: Greece likely to miss spending targets; Greek 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'\u003e1. European Central Bank chief Jean Claude Trichet arriving at the European Council in Luxembourg2. Cutaway camera3. European Union Economic and Monetary Affairs Commissioner Olli Rehn arriving4. Cutaway camera operator5. SOUNDBITE:...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. European Central Bank chief Jean Claude Trichet arriving at the European Council in Luxembourg\u003cbr/\u003e2. Cutaway camera\u003cbr/\u003e3. European Union Economic and Monetary Affairs Commissioner Olli Rehn arriving\u003cbr/\u003e4. Cutaway camera operator\u003cbr/\u003e5. SOUNDBITE: (English) Olli Rehn, European Commissioner for Economic and Monetary Affairs:\u003cbr/\u003e\"We are currently reviewing the figures, we are assessing the concrete measures. I want to do the job, our job first, properly. It seems that Greece is likely to miss the target this year. Next year, the concrete measures agreed so far are going a long way to meet all the fiscal targets. As I said it is essential now that we will assess the measures, we will review the figures, and once we have done that we will present these in a comprehensive report to the Eurogroup ministers.\" \u003cbr/\u003e6. Wide of financial analyst Vangelis Agapitos entering and taking seat \u003cbr/\u003e7. SOUNDBITE: (English) Vangelis Agapitos, Greek financial analyst: \u003cbr/\u003e\"I think there were no surprises. Greece is with its back against the wall, and as a result this is exactly what it had agreed to do and had no more time to play with in order to do it and receive the sixth instalment (of the bailout money).\" \u003cbr/\u003e8. Close-up newspaper\u003cbr/\u003e9. SOUNDBITE: (English) Vangelis Agapitos, Greek financial analyst: \u003cbr/\u003e\"I think the deficit is a reflection mostly of the lack of implementation of the previously agreed reforms, and to a lesser extent a reflection of the recession of the Greek economy. It's important that the bitter pill is swallowed in order for the medicine to take effect, because so far we have taken half-measures, we've seen delayed measures which in fact prolong the current situation and the never-ending vicious circle.\"  \u003cbr/\u003e10. Close-up of computer monitor\u003cbr/\u003e11. SOUNDBITE: (English) Vangelis Agapitos, Greek financial analyst: \u003cbr/\u003e\"I think it's insignificant the size of the surplus, provided that it's a surplus, it means the Greek government has attained one of its milestones - getting its act together and becoming a healthy government budget.\"\u003cbr/\u003e12. Wide of Agapitos at his desk \u003cbr/\u003eThe European Union's top economic official said on Monday that Greece was not likely to reach its economic goals this year, after Athens admitted that its deficit would be higher than promised, sending shockwaves through financial markets.\u003cbr/\u003eEuropean Monetary Affairs Commissioner Olli Rehn made the comments as senior financial officials from eurozone countries, including Greece's Evangelos Venizelos, met in Luxembourg to discuss Greece's debt crisis.\u003cbr/\u003eGreece's revelation calls into question whether Athens will receive the next instalment of the bailout loan it needs to pay its day-to-day bills. \u003cbr/\u003eIf it doesn't receive 8 (b) billion euros (10.8 billion US dollars) by mid-October, it could go bankrupt and would be unable to pay pensions and salaries.\u003cbr/\u003eRehn wouldn't be drawn on Monday regarding what Greece's creditors will do with the new information, saying only that they were still reviewing the data.\u003cbr/\u003e\"We are currently assessing whether Greece will meet its fiscal targets with the current measures,\" Rehn said ahead of Monday's meeting. \u003cbr/\u003e\"I want to do our job first properly, it seems that Greece is likely to miss the target.\" \u003cbr/\u003eAlthough ministers have already said they won't decide on the next payment at their meeting on Monday in Luxembourg, the issue is sure to be high on the agenda.\u003cbr/\u003eMarkets have been exceptionally volatile in recent weeks, as they look for any hint that European leaders have a credible way to steer Greece back to health and prevent its debt problems from spreading to other, larger eurozone economies. \u003cbr/\u003eGreece submitted its 2012 draft budget on Monday, which showed the country's economy will remain in recession next year, causing it to miss its original deficit reduction targets, although it does show a primary surplus. \u003cbr/\u003eFinancial analyst Vangelis Agapitos said that the budget presented no surprises and that Greece did what it had to do having \"its back against the wall.\"\u003cbr/\u003eGreece's finance ministry said on Sunday that the country will run a deficit of 8.5 percent of economic output, or 18.69 (b) billion Euros (25.2 billion US Dollars), this year - far above the promised 17.1 (b) billion Euros (23.1 billion US Dollars), which would have been 7.8 percent of GDP. \u003cbr/\u003eHowever, the government said that it will finally post a primary surplus, referring to growth before interest payments on outstanding debts are taken into account, of 3.2 (b) billion Euros (4.5 (b) billion US Dollars), or 1.5 percent of GDP. \u003cbr/\u003eAgapitos called the surplus a \"milestone\" in showing Greece is getting its act together.\u003cbr/\u003eThe revelation that Greece is finding it increasingly difficult to reduce its borrowing in spite of all its austerity measures has raised fears that international creditors will effectively pull the plug on its bailout accords. \u003cbr/\u003eThat could have massive repurcussions throughout Europe especially if the banks stop lending to one another for fear of each other's exposure to Greek debt. \u003cbr/\u003eGreece relies on regular payouts from a 110 (b) billion Euros (150 (b) billion US Dollars) bailout from other eurozone countries and the International Monetary Fund, and was granted a second, 109 (b) billion Euros (148 (b) billion US Dollars)  bailout in July, although the details of the latter remain to be worked out. \u003cbr/\u003eDebt inspectors from the IMF, European Central Bank and European Commission, known as the troika, had suspended its review in early September over talk of missed targets and delayed implementation of reforms, and the government announced new austerity measures in the last few weeks, including pension cuts and extra taxes on property.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex 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