{"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='Eurogroup officials agree Greece can have 2 more years to meet debt reduction target' data-url='/boclips/videos/5c54c3b4d8eafeecae1634b3' data-video-url='/boclips/videos/5c54c3b4d8eafeecae1634b3' 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\nEurogroup officials agree Greece can have 2 more years to meet debt reduction target\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. Pan across Jean-Claude Juncker, President of Eurogroup, leaving meeting 2. Mid of Christine Lagarde, Managing Director of International Monetary Fund, walking towards reporters3. Cutaway of media4. SOUNDBITE: (English) Christine...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Pan across Jean-Claude Juncker, President of Eurogroup, leaving meeting \u003cbr/\u003e2. Mid of Christine Lagarde, Managing Director of International Monetary Fund, walking towards reporters\u003cbr/\u003e3. Cutaway of media\u003cbr/\u003e4. SOUNDBITE: (English) Christine Lagarde, Managing Director of International Monetary Fund (IMF):\u003cbr/\u003e\"We first of all had a very, very good meeting, at which we were able to conclude that both on the fiscal front, fiscal consolidation and on structural reforms, Greece has done an awful lot. We still have a few prior actions that need to be checked and clarified but we are pretty much there. There is still work to be done, in the next few days on both financing and debt and from our perspective at the IMF, we believe that the debt sustainability of Greece has to be measured in 2020 and our target is 120 percent.\"\u003cbr/\u003e5. Cutaway of person using phone\u003cbr/\u003e6. SOUNDBITE: (English) Olli Rehn, EU Commissioner for Economic and Monetary Affairs:\u003cbr/\u003e\"We have had a very constructive meeting today in order to agree on the fiscal and structural issues related to the Greek programme and now the work is continuing in order to finalise the report on the financing needs and debt sustainability.\"\u003cbr/\u003e7. Mid of Pierre Moscovici, French Finance Minister, walking towards reporters \u003cbr/\u003e8. Cutaway of reporters \u003cbr/\u003e9. SOUNDBITE: (English) Pierre Moscovici, French Finance Minister:\u003cbr/\u003e\"Today a huge step has been made in order to secure the programme of Greece, to enhance the confidence in the Eurozone, and to find a strong and definite solution for this question which lasts for more than two years now, and so it is a very good meeting. We couldn't do more today.\"\u003cbr/\u003e10. Wide of Moscovici talking to reporters\u003cbr/\u003e11. Wide of Greek Finance Minister Yannis Stournaras at news conference \u003cbr/\u003e12. SOUNDBITE: (English) Yannis Stournaras, Greek Finance Minister: \u003cbr/\u003e\"Since you are excluded from (the) markets, the extension means more financing, so somebody has to pay, so you cannot ask for (an) unlimited time period. I mean, it would be obviously better to be a four year extension, or a six year extension even better, but it's not realistic.\" \u003cbr/\u003e13. Cutaway of woman listening\u003cbr/\u003e14. SOUNDBITE: (English) Yannis Stournaras, Greek Finance Minister: \u003cbr/\u003e\"If you read the Commission�s report, it says there explicitly that the adjustment made by Greece is the most impressive ever achieved in peaceful time by any government in such a small time period. The primary deficit felt from 10 percent of GDP (gross domestic product) in 2009 to almost one percent this year. So, nine percentage points in three years, it's a big achievement \"\u003cbr/\u003e15. Wide of news conference\u003cbr/\u003eEurozone finance ministers ended a meeting in Brussels on Monday without agreeing on the next instalment of bailout aid for Greece.\u003cbr/\u003eHowever, finance ministers did agree that the country could have two additional years, until 2022, to meet its debt reduction target.\u003cbr/\u003eA draft report on Greece's progress from the so-called troika of creditors - the European Central Bank, the European Commission and the International Monetary Fund  - recommended giving Athens until 2016 to implement the reforms necessary to restart growth.\u003cbr/\u003eBefore Monday's meeting of the 17 eurozone finance ministers in Brussels, Irish Finance Minister Michael Noonan said the extension would mean 31 (b) billion euros to 32 (b) billion euros (39.48 (b) billion US dollars to 40.75 (b) billion US dollars) in extra financing. \u003cbr/\u003e\"Since you are excluded from (the) markets, the extension means more financing, so somebody has to pay, so you cannot ask for (an) unlimited time period. I mean, it would be obviously better to be a four year extension, or a six year extension even better, but it's not realistic,\" said Yannis Stournaras, Greek Finance Minister.\u003cbr/\u003eWhile the two-year extension was agreed, apparently the means of financing it were not.\u003cbr/\u003e\"Today a huge step has been made in order to secure the programme of Greece, to enhance the confidence in the Eurozone, and to find a strong and definite solution for this question which lasts for more than two years now, and so it is a very good meeting,\" said Pierre Moscovici, French Finance Minister, after the talks. \u003cbr/\u003e\"We couldn't do more today,\" he added. \u003cbr/\u003eThe troika has already pledged 240 (b) billion euros (305 (b) billion US dollars) in bailout loans to keep Greece afloat while it implements economic reforms and austerity measures to get its finances in order. \u003cbr/\u003eThe main aim of the bailout programme is to get Greece back to a point where it no longer relies on international aid and can raise money on the debt markets. \u003cbr/\u003eBut the Greek government has been asking its creditors for more time to reach that goal, hoping that a slower pace would release the stranglehold the cuts have on the economy.\u003cbr/\u003e\"We were able to conclude that both on the fiscal front, fiscal consolidation and on structural reforms, Greece has done an awful lot,\" Christine Lagarde, Managing Director of International Monetary Fund, told reporters after the Brussels meeting. \u003cbr/\u003e\"We still have a few prior actions that need to be checked and clarified but we are pretty much there. There is still work to be done, in the next few days on both financing and debt and from our perspective at the IMF, we believe that the debt sustainability of Greece has to be measured in 2020 and our target is 120 percent,\" she added.\u003cbr/\u003eGreece is heading into the sixth year of a deep recession, with more than a quarter of Greeks unemployed. \u003cbr/\u003eWithout growth, Greece has no possibility of collecting enough in taxes to put a dent in its debts. \u003cbr/\u003eIn fact, current projections suggest the country has no hope of reaching an original goal of bringing its debts down to 120 percent of gross domestic product by 2020, a level generally considered sustainable.\u003cbr/\u003eJean-Claude Juncker, the head of the eurogroup, said the finance ministers hoped to reach a final agreement on the next instalment at an extraordinary meeting to be held November 20, which he said would be a continuation of Monday's meeting. 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