{"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='Low take up of Greek bonds; Merkel firm on debt' data-url='/boclips/videos/5c54c151d8eafeecae1513f1' data-video-url='/boclips/videos/5c54c151d8eafeecae1513f1' 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\nLow take up of Greek bonds; Merkel firm on debt\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'\u003eGreece on Wednesday auctioned 26-week short term bonds (t-bills) with total bids reaching 813 (m) million euros (929 (m) million US dollars). The relatively low volume of sales indicated that only Greek banks were among the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eGreece on Wednesday auctioned 26-week short term bonds (t-bills) with total bids reaching 813 (m) million euros (929 (m) million US dollars). \u003cbr/\u003eThe relatively low volume of sales indicated that only Greek banks were among the buyers.\u003cbr/\u003eInvestors feared they would not get a return on their investment from the European Central Bank (ECB) should Greece default, explained trade and bond specialist Arthur Brunner from ICF Bank.\u003cbr/\u003eThe sale happened as Greek Finance Minister Yanis Varoufakis met ECB President Mario Draghi, and Prime Minister Alexis Tsipras met EU Commission President Jean Claude-Juncker as part of a whirlwind European tour to discuss possible solutions to ease their country's bailout loans.\u003cbr/\u003eGreece's new government wants easier terms of repayment on the 240 (b) billion euros (currently 271 (b) billion US dollars) in bailout loans and to relax the austerity budget measures the country has been required to make.\u003cbr/\u003eVaroufakis is to present his government's financial policy platform later this week ahead of a confidence vote.     \u003cbr/\u003eWith all Europe waiting to see how Greece proposes to renegotiate its massive bailout loans, Varoufakis has said he'd suggest growth-linked bonds as an option.\u003cbr/\u003e\"I understand that Varoufakis is trying to make sure that there will be enough residual capital within Greece with this new proposal to utilise in policies toward quick growth for the country,\" said Theodore Krintas, managing director of Attica Wealth Management. \u003cbr/\u003e\"They'll see a new way of repaying the debt which will be linked to the growing, not the economy.\" \u003cbr/\u003eIn Berlin, German chancellor Angela Merkel said it was too early to speculate on a deal as Greece had not yet made suggestions on how to reduce its debt load.\u003cbr/\u003e\"We are waiting for the proposals of the new government,\" said Merkel, who could have her first meeting with Tsipras on February 12, when EU leaders gather in Brussels.\u003cbr/\u003eGreece has to strike a deal with creditors by the end of June or be unable to repay about 7 billion euros (8 billion US dollars) worth of bonds maturing in July and August.\u003cbr/\u003eAs things stand, Greece's banks can use their government's bonds as collateral to tap cheap ECB credit only until February 28, when Greece's bailout programme expires. \u003cbr/\u003eAfter that, they would need to get emergency credit at higher rates from the Bank of Greece, though only with permission from the ECB.\u003cbr/\u003eFrankfurt, Germany - 4 February 2015\u003cbr/\u003e1. Various of trading floor at Frankfurt Stock exchange \u003cbr/\u003e2. SOUNDBITE (German) Arthur Brunner, trader bond specialist ICF Bank:\u003cbr/\u003e\"Greece was very careful and emitted t-bills valued at 625 million (euros) which was about half of the last emission. The interest rate was at 2.75 percent, while at the last t-bill auction it was at 2.3 percent, and last autumn (2014) at 2 percent. Greece at the end accepted all offers and issued 813 million (euros) to the markets.\"\u003cbr/\u003e3. Cutaway of traders\u003cbr/\u003e4. SOUNDBITE (German) Arthur Brunner, trader bond specialist ICF Bank:\u003cbr/\u003e\"I think that at the moment only Greek banks are buying. The volume is only half of that of the last auction and that indicates that there is no demand from abroad.\"\u003cbr/\u003e5. Cutaway of traders\u003cbr/\u003e6. SOUNDBITE (German) Arthur Brunner, trader bond specialist ICF Bank:\u003cbr/\u003e\"There is a risk, should Greece not get more financial aid, that these t-bills will not be accepted as security by the European Central Bank anymore.\"\u003cbr/\u003e7. Trading floor\u003cbr/\u003eAthens, Greece - 4 February 2015\u003cbr/\u003e8. People walking outside Bank of Greece building\u003cbr/\u003e9. Close-up lettering on building reading (English) \"Bank of Greece\"\u003cbr/\u003e10. Wide of Bank of Greece\u003cbr/\u003e11. Theodore Krintas, managing director of Attica Wealth Management, at desk\u003cbr/\u003e12. Close-up of Krintas' hand holding pen\u003cbr/\u003e13. SOUNDBITE (English) Theodore Krintas, managing director of Attica Wealth Management:\u003cbr/\u003e\"I understand that (Greek finance minister Yanis) Varoufakis is trying to make sure that there will be enough residual capital within Greece with this new proposal to utilise in policies toward quick growth for the country. So they'll see a new way of repaying the debt which will be linked to the growing, not the economy.\"     \u003cbr/\u003e14. Various of graph showing Athens stock exchange trading for the day\u003cbr/\u003e15. SOUNDBITE (English) Theodore Krintas, managing director of Attica Wealth Management:\u003cbr/\u003e\"There are several, several different ways to achieve the same result using financial engineering and different titles like growth bonds or perpetual bonds and other titles. The main question that has to be answered in the next few weeks is whether we are prepared - when I say 'we' between Greece and the rest of the European states - are able to have on the table a compromise on that basis, that something will change on the amount of interest payments annually.\"\u003cbr/\u003eBerlin, Germany - 4 February 2015\u003cbr/\u003e16. German chancellor Angela Merkel and Malta's prime minister Joseph Muscat arriving for news conference at Federal Chancellery\u003cbr/\u003e17. SOUNDBITE (German) Angela Merkel, German chancellor:\u003cbr/\u003e\"Germany has had a policy for years that said everything we do for Greece is directed toward us wanting Greece to remain part of the eurozone, and this policy will continue. We will not stray from this particular path just because the government has changed. We respect the choice of the Greek people and we are waiting for the proposals of the new government.\"\u003cbr/\u003e18. Photographer\u003cbr/\u003e19. 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