{"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='Eurozone Finance Ministers meet to discuss debt crisis response' data-url='/boclips/videos/5c54c308d8eafeecae15e352' data-video-url='/boclips/videos/5c54c308d8eafeecae15e352' 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\nEurozone Finance Ministers meet to discuss debt crisis response\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. Wide of exterior of European Council building2. Mid of European Union flags3. Mid of Council sign outside building4. French Finance Minister Christine Lagarde walking into foyer5. Cutaway of cameraman6. SOUNDBITE: (French) Christine...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of exterior of European Council building\u003cbr/\u003e2. Mid of European Union flags\u003cbr/\u003e3. Mid of Council sign outside building\u003cbr/\u003e4. French Finance Minister Christine Lagarde walking into foyer\u003cbr/\u003e5. Cutaway of cameraman\u003cbr/\u003e6. SOUNDBITE: (French) Christine Lagarde, French Finance Minister:\u003cbr/\u003e\"We will talk about the questions regarding the eurozone, the euro, stability, growth, competitiveness - a method is established and now everybody will talk and bring contributions in order to deliver in due time, meaning March 11.\"\u003cbr/\u003e7. SOUNDBITE: (German) Wolfgang Schaeuble, German Finance Minister:\u003cbr/\u003e\"At the moment, markets are so stable that it's probably better if we don't disturb them with unnecessary discussions.\" \u003cbr/\u003e8. Close-up of Hungary EU 2011 logo\u003cbr/\u003e9. SOUNDBITE: (German) Jean Claude Juncker, Prime Minister of Luxembourg:\u003cbr/\u003e\"The euro has to be stabilised but we have to care about the debt situation in some EU countries. We will today discuss part of the European comprehensive package so that we can deliver in March. Today there will be no concrete decisions, we will discuss, debate and thematise.\"\u003cbr/\u003e10. Media outside entrance \u003cbr/\u003e11. SOUNDBITE: (English) Olli Rehn, European Commissioner for Economic and Monetary Affairs:\u003cbr/\u003e\"We are at a critical juncture now in terms of overcoming the sovereign debt crisis and therefore I want to encourage the EU member states to agree on a convincing and comprehensive strategy to enhance growth, commerce, and employment in March - without any further delay.\"\u003cbr/\u003e12. Cutaway of media\u003cbr/\u003e13. SOUNDBITE: (English) George Papaconstantinou, Greek Finance Minister:\u003cbr/\u003e\"The programme is on track. We have managed to reduce the deficit by six percentage points in one year, which is unprecedented. We are well on our way to create primary surpluses and we are focusing on structure reforms to restore growth and competitiveness. And today at the Eurogroup I hope that we will push forward with our discussion to arrive at the comprehensive package that will allow the eurozone to be more stable and to resolve the problems that it is facing. Thank you.\"\u003cbr/\u003e14. Wide of Portuguese Finance Minister Fernando Teixeira dos Santos talking to reporters\u003cbr/\u003e15. SOUNDBITE: (English) Fernando Teixeira dos Santos, Portuguese Finance Minister:\u003cbr/\u003e\"For this year we expect that the export sector will continue as dynamic as it was the last year and despite the negative behaviour of the domestic demand, due to the fiscal adjustment that we have to implement, the export sector will be, as we expected, the major source of growth of our economy.\" \u003cbr/\u003e16. Finnish Finance Minister Jyrki Katainen arriving\u003cbr/\u003eEuropean ministers debated on Monday over the best way to combat the debt crisis that has crippled the eurozone over the past year, risking fuelling a flare-up in financial markets, where patience with political dithering was running thin.\u003cbr/\u003eInvestors are increasingly worried that the ministers, who are meeting in Brussels, might not deliver on their promise of a comprehensive solution by the end of March. \u003cbr/\u003eThe interest rates on Portuguese government bonds were near euro-era highs, heightening speculation that the country might soon have to follow Greece and Ireland in seeking international help to service its rising debts. \u003cbr/\u003eThe eurozone finance ministers were divided over how urgently they needed to decide on their next steps and what those steps should be.\u003cbr/\u003eLuc Frieden, the Finance Minister of Luxembourg, said he thought Portuguese yields have been rising because finance ministers were being \"too slow\" in taking decisions. \u003cbr/\u003eBut his German counterpart Wolfgang Schaeuble cautioned against rushing into new measures. \u003cbr/\u003e\"At the moment financial markets are so stable that it is probably better if we don't disturb them with unnecessary discussions,\" Schaueble said as he arrived at the meeting. \u003cbr/\u003eEurozone officials have promised to present a \"comprehensive response\" to the debt crisis by the end of March. \u003cbr/\u003e\"The euro has to be stabilised but we have to care about the debt situation in some EU countries,\" said Jean-Caude Juncker, the Prime Minister of Luxembourg who chairs the meetings of eurozone finance ministers.\u003cbr/\u003eAt the centre of the response will likely be an overhaul of the currency union's 440 (b) billion euro (591 (b) billion US dollar) bailout fund, its main crisis tool.\u003cbr/\u003eThe European Commission, the European Union's executive, and some member states have been pushing governments to give the so-called European Financial Stability Facility new powers - such as buying government bonds on the open market, stabilising their prices - and increasing the facility's funding so it can actually lend out the full 440 (b) billion euros (591 (b) billion US dollars). \u003cbr/\u003eAt the moment it can only give about 250 (b) billion euros (336 (b) billion US dollars) in loans because of several capital buffers required to make the bonds it issues to raise money attractive to investors.\u003cbr/\u003eOn top of that, the Commission has suggested lowering the interest rates Greece and Ireland have to pay for their bailouts.\u003cbr/\u003eHowever, Germany, the biggest contributor to the European Financial Stability Facility (EFSF), has said it will only back new powers and money for the EFSF if the region's stragglers commit to making their economies more competitive in return.\u003cbr/\u003eThat demand, backed by France, has created discord among eurozone governments, with some complaining that the demanded measures distract from plans to enhance economic governance in the currency union already tabled by the Commission. \u003cbr/\u003eFrance and Germany say that the concrete measures to be included in their so-called \"pact for competitiveness\" are still up for debate, but according to documents circulated a few weeks ago they could contain demands to raise retirement ages, add limits to public debt to national constitutions and come up with a common base for corporate taxation.\u003cbr/\u003eJyrki Katainen, the Finnish finance minister, suggested that it might be more efficient to tag some of the suggested measures onto the Commission plans that are already more advanced.\u003cbr/\u003eMeanwhile, speaking before the meeting, Greek finance minister George Papaconstantinou, said his country's deficit reduction programme was \"on track.\" \u003cbr/\u003e\"We have managed to reduce the deficit by six percentage points in one year, which is unprecedented,\" he said.\u003cbr/\u003ePortugal's finance minister, Fernando Teixeira dos Santos, also defended his country's economic stability, saying that the export sector would continue to be a \"major source of growth\" despite poor domestic demand.\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' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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