{"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='Markets, locals and analysts react on EU summit developments' data-url='/boclips/videos/5c54c28bd8eafeecae15a891' data-video-url='/boclips/videos/5c54c28bd8eafeecae15a891' 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\nMarkets, locals and analysts react on EU summit developments\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'\u003eThere was cautious optimism across Europe on Friday morning after the continent's leaders appeared to have finally come up with a set of measures that shows they are serious about solving their crippling debt crisis.Meeting for the 19th...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eThere was cautious optimism across Europe on Friday morning after the continent's leaders appeared to have finally come up with a set of measures that shows they are serious about solving their crippling debt crisis.\u003cbr/\u003eMeeting for the 19th time since the debt crisis exploded in late 2009, leaders of the 17 countries that use the euro currency agreed to let funds intended to bail out indebted governments funnel money directly to struggling banks as well.\u003cbr/\u003eThe move is intended to stop banks from piling debt onto already stressed governments.\u003cbr/\u003eThe leaders also agreed to ease austerity requirements for countries that take bailouts - a victory for Spain and Italy, both of which they have done much already to clean up their economies, though they insist they don't want bailouts.\u003cbr/\u003eThe move is also a sign that Germany may be easing in its insistence on brutal austerity measures in exchange for loans.\u003cbr/\u003eIn Madrid on Friday morning, economist Rafael Pampillon said that Spain had \"acquitted ourselves quite well in this summit, solving our problems\", because \"Spain could not go on financing its debt with those interest rates any more\".\u003cbr/\u003eThere is additional buoyancy in Spain this week, as its national football team has reached the final of the European Championships.\u003cbr/\u003eFernando Regil, the owner of the Don Deporte sports shop, said on Friday that \"everybody is really tight now, but that changes when people get excited. This football thing is very much about feelings, very emotional, and most times this is more important than money.\"\u003cbr/\u003eSpain will play Italy in Sunday's final. The Italians knocked out the much-fancied Germans in Thursday night's semi-final - and in Athens the following morning Greek newspapers drew parallels between the German defeat on the pitch and what appeared to be a compromise by Chancellor Angela Merkel in Brussels.\u003cbr/\u003e\"Angela Merkel lost on two playing fields\" read one headline. \u003cbr/\u003eOn the streets, meanwhile, there was a rare degree of optimism.\u003cbr/\u003e\"The support of the banks is a very good decision and should be expanded to what they've said regarding there being a European guarantee of deposits so that deposits don't leave Greece and go to Germany or Holland,\" said Giorgos Sgouropoulos, a retired judge.\u003cbr/\u003eBut independent economist Vangelis Agapitos struck a more cautious note - warning that Greece could end up looking at developments from the \"outside\".\u003cbr/\u003e\"Let's not forget that Greece has very serious problems of its own that are not limited to a problematic banking sector,\" he said.\u003cbr/\u003e\"In fact, the very source of Greek problems has been the competitiveness of the Greek economy, the Greek model which is based on consumption and not export and being competitive for its industries.\"\u003cbr/\u003e\"As a result it faces a real threat of looking at developments in Europe from the outside.\"\u003cbr/\u003eLeaders of the full 27-member European Union, which includes non-euro countries such as Britain and Poland, also agreed to a long-term plan for a tighter budgetary and political union.\u003cbr/\u003eThe scale of the moves were unexpected and provided investors a reason for optimism, even as analysts cast doubt on the plans' feasibility and noted that other fundamental problems with the common currency remain.\u003cbr/\u003eOliver Roth, a director at Close Brothers Seydler Bank, said it \"was not the ideal solution, but what is important is that the banks can recapitalise without straining the national budgets.\u003cbr/\u003eHe said the markets \"were delivered good news\" - adding that ability of banks to recapitalise through the bailout fund \"makes the bankers happy and therefore the markets are happy.\"\u003cbr/\u003eStocks in Asia and Europe surged on Friday, with markets in countries on the front line of the crisis doing particularly well.\u003cbr/\u003eItaly's FTSE MIB and Spain's IBEX indexes each rose three percent.\u003cbr/\u003ePerhaps more importantly, the yield on Spain's 10-year bond dropped by 0.45 percentage points to 6.45 percent, reflecting eased concern following the pact. Italy's was down by 0.22 percentage points to 5.87 percent.\u003cbr/\u003eBoth countries have seen their rates edge toward the 7 percent level which is seen as unsustainable over the long term.\u003cbr/\u003eMadrid, Spain \u003cbr/\u003e1. Mid of Fernando Regil, owner of Don Deporte sports shop, selling football scarf to customer\u003cbr/\u003e2. Close of Spanish football caps and shirts\u003cbr/\u003e3. Mid of Regil serving customer\u003cbr/\u003e4. SOUNDBITE (Spanish) Fernando Regil, owner of Don Deporte sports shop:\u003cbr/\u003e\"We feel that everybody is really tight now, but that changes when people get excited. This football thing is very much about feelings, very emotional, and most times this is more important than money.\"\u003cbr/\u003e5. Wide of Madrid stock market\u003cbr/\u003e6. Mid of electronic screen\u003cbr/\u003e7. Mid of screen showing European sovereign debt rates \u003cbr/\u003e8. SOUNDBITE (Spanish) Rafael Pampillon, economist at IE Business School:\u003cbr/\u003e\"We have acquitted ourselves quite well in this summit, solving our problems. Spain could not go on financing its debt with those interest rates any more. If the rescue funds or the European Central Bank did not buy our debt, Spain would have seen intervention after the summer. It is obvious, though, that Spain is now more conditioned, because this has not been given to us for free.\"\u003cbr/\u003eAthens, Greece\u003cbr/\u003e9. Trolley bus passing in front of Greek parliament with sun seen shining in background\u003cbr/\u003e10. Greek flag on parliament and sun\u003cbr/\u003e11. Close of newspaper headline reading (Greek) \"Angela Merkel lost on two playing fields\"\u003cbr/\u003e12. Close of newspaper headline reading (Greek) \"Southern veto to Merkel's 'NOs'\"\u003cbr/\u003e13. Close of photo of Greek President Karolos Papoulias and Merkel with headline reading (Greek) \"Smiles between Papoulias and Merkel\"\u003cbr/\u003e14. SOUNDBITE (Greek) Vox pop, Giorgos Sgouropoulos, retired judge:\u003cbr/\u003e\"The support of the banks is a very good decision and should be expanded to what they've said regarding there being a European guarantee of deposits so that deposits don't leave Greece and go to Germany or Holland. They would stay in the country and could be used for productive investments. This is a very good thing.\"\u003cbr/\u003e15. Electronic ticker tape at Athens stock exchange\u003cbr/\u003e16. Close of art installation depicting line on graph\u003cbr/\u003e17. SOUNDBITE (English) Vangelis Agapitos, independent economist:\u003cbr/\u003e\"The Greek stock exchange should also reflect the positives coming out of Europe; but let's not forget that Greece has very serious problems of its own that are not limited to a problematic banking sector. In fact, the very source of Greek problems has been the competitiveness of the Greek economy, the Greek model which is based on consumption and not export and being competitive for its industries. And as a result it faces a real threat of looking at developments in Europe from the outside.\"\u003cbr/\u003eFrankfurt, Germany\u003cbr/\u003e18. Various of interior of stock exchange\u003cbr/\u003e19. SOUNDBITE (German) Oliver Roth, Director of trade, Close Brothers Seydler Bank:\u003cbr/\u003e\"No, again it was not the ideal solution, but what is important is that the banks can recapitalise without straining the national budgets that was really important. On the other side you have to look at the liability which is now with the taxpayer who is paying for the bailout fund on which the banks can in future recapitalise.\" \u003cbr/\u003e20. Cutaway of trader\u003cbr/\u003e21. SOUNDBITE (German) Oliver Roth, Director of trade, Close Brothers Seydler Bank:\u003cbr/\u003e\"The markets are venal and they were delivered good news. The banks are during times of crisis in a better position as they can recapitalise at the bailout fund, that makes the bankers happy and therefore the markets are happy.\"\u003cbr/\u003e22. 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