{"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 open as Standard and Poor\u0026#39;s warns eurozone countries' data-url='/boclips/videos/5c54c431d8eafeecae166ed4' data-video-url='/boclips/videos/5c54c431d8eafeecae166ed4' 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 open as Standard and Poor\u0026#39;s warns eurozone countries\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. Various of trading floor and traders2. SOUNDBITE (English) Moritz Kraemer, Managing director, European sovereign ratings, Standard \u0026amp; Poor's:\"Well it's our opinion that the financial crisis that we are witnessing in the eurozone is...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of trading floor and traders\u003cbr/\u003e2. SOUNDBITE (English) Moritz Kraemer, Managing director, European sovereign ratings, Standard \u0026amp; Poor's:\u003cbr/\u003e\"Well it's our opinion that the financial crisis that we are witnessing in the eurozone is no longer a crisis of individual countries on the periphery. We think it has taken a more systemic trajectory. It has been spreading into some core countries and also financial institutions in the core countries. It has deepened on the periphery. So we think that the current situation has the potential to destabilise further.\"\u003cbr/\u003e3. Cutaway of Kraemer talking\u003cbr/\u003e4. SOUNDBITE (English) Moritz Kraemer, Managing director, European sovereign ratings, Standard \u0026amp; Poor's:\u003cbr/\u003e\"We think there is a 40 percent probability of an outright recession in the eurozone with a trend of a rising probability. Especially if we should not be able to reverse the current confidence crisis.\"\u003cbr/\u003e5. Cutaway of Kraemer\u003cbr/\u003e6. SOUNDBITE (English) Moritz Kraemer, Managing director, European sovereign ratings, Standard \u0026amp; Poor's:\u003cbr/\u003e\"Of course, we have learnt in this crisis that there is a risk of sudden shifts to the worse, and this of course from the current levels could be quite devastating. I think regaining confidence is very critical.\"\u003cbr/\u003e7. Wide of traders\u003cbr/\u003e8. Mid of electronic board showing stock market index\u003cbr/\u003e9. Wide of trading floor\u003cbr/\u003eWorld stocks sank on Tuesday after Standard and Poor's warned 15 countries using the euro that it could downgrade their credit ratings.\u003cbr/\u003eScepticism over a new plan to prevent a break-up of the common currency also dragged markets lower.\u003cbr/\u003eEuropean stocks fell in early trading but Wall Street appeared on the verge of a higher opening. \u003cbr/\u003eAsian shares sank earlier in the day. Benchmark oil hovered below 101 US dollars per barrel while the dollar rose against the euro and was steady against the yen.\u003cbr/\u003eThe S\u0026amp;P announcement came only hours after French President Nicolas Sarkozy and German Chancellor Angela Merkel unveiled sweeping plans to change the European Union treaty in an effort to keep tighter checks on overspending nations.\u003cbr/\u003eMoritz Kraemer, managing director of S\u0026amp;P's sovereign ratings group in Europe, said the financial crisis no longer solely affected individual countries on the periphery.\u003cbr/\u003e\"It has taken a more systemic trajectory. It has been spreading to some core countries and also financial institutions in the core countries. It has deepened on the periphery. So we think that the current situation has the potential to destabilise further,\" he said.\u003cbr/\u003eThe S\u0026amp;P warning left out only two of 17 countries that use the euro: Cyprus, whose bonds have near-junk status, and Greece, whose low ratings already suggest it is likely to default soon anyway.\u003cbr/\u003eThe inclusion on the list of Germany and France means those countries could lose their coveted AAA ratings.\u003cbr/\u003eWithout the AAA rating - the highest available - those two countries might not be unable to raise enough money to bail out their weaker neighbours.\u003cbr/\u003eOn Monday, Sarkozy and Merkel discussed several broad changes for the EU treaty, including the introduction of a penalty for any government that allows its deficit to exceed 3 percent of gross domestic product. \u003cbr/\u003eThe penalty would be automatic - unless a majority of nations opposed it, a loophole that drew sharp criticism from analysts.\u003cbr/\u003eThe French-German proposal on budget control will be taken up at a summit of EU leaders on Thursday and Friday aimed at fixing a debt crisis so severe that it threatens the viability of the euro currency. \u003cbr/\u003eA collapse could lead to a severe recession in Europe and trigger economic ramifications across the globe.\u003cbr/\u003e\"We have learnt in this crisis there is a risk of sudden shifts to the worse and this of course from the current levels could be quite devastating. 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