{"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='MERKEL COMMENT ON EURBONDS, SPAIN CABINET MEETS, ITALY AGREES REFORMS' data-url='/boclips/videos/5c54c3c5d8eafeecae163c9e' data-video-url='/boclips/videos/5c54c3c5d8eafeecae163c9e' 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\nMERKEL COMMENT ON EURBONDS, SPAIN CABINET MEETS, ITALY AGREES REFORMS\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'\u003eSpain's public debt load has doubled since 2008, the central bank said on Friday as the government sought to talk calm into markets worried that the eurozone's fourth-biggest economy might need a bailout.The Bank of Spain said that as of...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eSpain's public debt load has doubled since 2008, the central bank said on Friday as the government sought to talk calm into markets worried that the eurozone's fourth-biggest economy might need a bailout.\u003cbr/\u003eThe Bank of Spain said that as of the end of the first quarter, total debt - central, regional and local governments - stood at 72 percent of gross domestic product. \u003cbr/\u003eThat's up from 65 percent in the same quarter last year and 68.5 percent at the end of 2011.\u003cbr/\u003eIt's also double the 35 percent the debt load Spain had in early 2008, when the country's financial woes began with the bursting of a real estate bubble that had fuelled years of growth.\u003cbr/\u003eMeanwhile the International Monetary Fund said Spain's budget deficit is likely to be bigger than estimated and implored the government to take bolder steps to reduce its debt.\u003cbr/\u003eDeputy Prime Minister Soraya Saenz de Santamaria told a news conference that Spain will recover from the crisis and a recently agreed upon bank rescue plan will help, but said Europe as a whole has to complete its monetary union by tightening fiscal policy union. \u003cbr/\u003eThat could mean sharing debt risk by issuing joint bonds or instituting an EU-wide bank deposit guarantee fund.\u003cbr/\u003eIn Italy, the government on Friday announced urgent measures worth 80 billion (b) (100 billion (b) US dollars) to spur economic growth and lower the nation's stubbornly high debt as its finances come under increasing pressure.\u003cbr/\u003eThe wide-ranging measures, 60 in all, approved by the Cabinet include the sale of government property, issuing preferential bonds for infrastructure projects and reducing staff for the premier's office and Treasury Ministry.\u003cbr/\u003eMeanwhile Germany's Chancellor, Angela Merkel, told a group of owners of family-run businesses that she would resist any pressure for quick fixes to the European crisis, such as commonly-issued bonds and deposit insurance, when she meets world leaders at the Group of 20 summit next week.\u003cbr/\u003e\"I will say there, and I say it here too: Germany will not be convinced by all the quick solutions like eurobonds, stability funds, European deposit insurance funds,\" Merkel said in a speech to a conference organised by a group representing German family-owned companies.\u003cbr/\u003e\"If we would agree to such solutions we would politically make the same mistake the markets have made and we would again fail to have a political union,\" Merkel said Friday. \u003cbr/\u003eMadrid, Spain \u003cbr/\u003e1. Wide pan of news conference\u003cbr/\u003e2. Mid of Spanish Deputy Prime Minister Soraya Saenz de Santamaria (right) and Minister for Development Ana Pastor (left)\u003cbr/\u003e3. Close photographer\u003cbr/\u003e4. SOUNDBITE (Spanish) Soraya Saenz de Santamaria, Spanish Deputy Prime Minister:\u003cbr/\u003e\"The only was to regain confidence is to make structural reforms in Spain and across Europe. Europe is living a difficult situation. moments of uncertainty of the political future of certainty countries. We must evaluate these difficulties and work hard to prepare these structural reforms.\"\u003cbr/\u003e5. Wide of news conference\u003cbr/\u003e6. Close computer screen\u003cbr/\u003e7. SOUNDBITE (Spanish) Soraya Saenz de Santamaria, Spanish Deputy Prime Minister:\u003cbr/\u003e\"The Spanish government will push as it is doing with other European leaders a stronger union of European banks which will create a more decisive role the central European banks and its role for supervision and regulation. Also in areas of action like funds to protect deposits and recapitalisation of banks in difficulties which will increase stability.\"\u003cbr/\u003e8. Wide of news conference\u003cbr/\u003eRome, Italy\u003cbr/\u003e9. Wide of news conference\u003cbr/\u003e10. SOUNDBITE: (Italian) Mario Monti, Italian Prime Minister:\u003cbr/\u003e\"This work is one of rationalisation and simplification, a lightening of the government as far as the extent of its activity is concerned, and above all the cost of the activity of the government, the reduction of the public spending.\"\u003cbr/\u003e11. Mid of ministers at news conference\u003cbr/\u003e12. Close up of document\u003cbr/\u003e13. SOUNDBITE: (Italian) Mario Monti, Italian Prime Minister:\u003cbr/\u003e\"As far as the Ministry of the Economy is concerned, the more complex operation, we have taken the provisions that have gone in the direction of cutting public properties, in the sense of privatisation, and we were very incisive on the slimming down of the overall structure. You will also see historic activities of the government that will be closed down as such. Their activities will be joined to other government agencies, just as there are significant provisions on the reduction of the staff.\"\u003cbr/\u003e14. Mid of news conference\u003cbr/\u003eBerlin, Germany\u003cbr/\u003e15. German Chancellor Angela Merkel arriving at meeting with small business owners\u003cbr/\u003e16. Wide of conference\u003cbr/\u003e17. Mid of journalists\u003cbr/\u003e18. SOUNDBITE (German) Angela Merkel, German chancellor:\u003cbr/\u003e\"Germany will not be convinced by all the quick solutions, such as jointly issued eurobonds, stability funds, European deposits and security funds. Because if we would agree to such solutions we would politically make the same mistake the markets have made and we would again fail to have a political union.\" \u003cbr/\u003e19. Mid of conference\u003cbr/\u003e20. 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2012\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003egermany, angela merkel, western europe, italy, europe, economy, business, spain\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003eeuro bonds, espana, financial markets, government business and finance, industries, show, lost, financial services, government and politics, activity, transport, mario monti, germany government, spain government, mission, talia, government finance, momentos, debt and bond markets, banking and credit, government debt, government securities, reward, italy government\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: 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