{"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='Bernanke and Geithner testify on Europe debt crisis' data-url='/boclips/videos/5c54c459d8eafeecae1681f5' data-video-url='/boclips/videos/5c54c459d8eafeecae1681f5' 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\nBernanke and Geithner testify on Europe debt crisis\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 US Treasury Secretary Timothy Geithner and US Fed Chairman Ben Bernanke being sworn in2. Cutaway wide of committee hearing room3. SOUNDBITE: (English) Ben Bernanke, Chairman, Federal Reserve Bank:\"We considered a very severe...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of US Treasury Secretary Timothy Geithner and US Fed Chairman Ben Bernanke being sworn in\u003cbr/\u003e2. Cutaway wide of committee hearing room\u003cbr/\u003e3. SOUNDBITE: (English) Ben Bernanke, Chairman, Federal Reserve Bank:\u003cbr/\u003e\"We considered a very severe scenario that included a sharp, new recession in the United States, a sharp decline in activity in Europe, a major financial stress including 50 percent drop in stock prices, so all of this is, at least in part, to measure the impact on our of a new crisis in Europe and, of course, there would be significant losses, but what we found was that all the banks essentially were able to meet a reasonable level of credit, I'm sorry, a reasonable level of capital, even following the losses associated with such an event. The losses would be large, of course.\"\u003cbr/\u003e4. Cutaway wide of hearing room\u003cbr/\u003e5. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"Let's make sure people understand, for their strategy to work, the people need to see Europe, that very rich nation, that rich continent of Europe, demonstrate that they're prepared to do what it takes to make this work. And, we can help with advice and some support in the margin. We're not going to do that in a way that puts the US taxpayer at risk and we're not going to do it in a way that shifts the burden of solving the crisis to the American taxpayer.\"  \u003cbr/\u003e6. Cutaway profile view of committee members\u003cbr/\u003e7. SOUNDBITE: (English) Timothy Geithner, US Treasury Secretary:\u003cbr/\u003e\"What hurts the United States is the risk of a longer period of weak economic growth in the major economies in Europe. And that's why its so important, as they've calmed the financial tensions across Europe, that they're able to shift some of the attention, some of the focus in Europe to broader strategies that would make growth stronger across the continent.\"\u003cbr/\u003e8. Profile of Bernanke and Geithner\u003cbr/\u003e9. Wide two shot of Geithner and Bernanke    \u003cbr/\u003eUS Federal Reserve Chairman Ben Bernanke told a congressional panel in Washington on Wednesday that US banks could withstand shocks from Europe, even if the debt crisis there significantly worsened.\u003cbr/\u003eThe US banking system remains exposed to Europe, but stress tests conducted by the Federal Reserve found most banks could weather a severe recession triggered by the debt crisis, Bernanke told the House Oversight and Government Reform Committee.\u003cbr/\u003eThe Fed looked at how the 19 largest US bank holding companies would handle a recession that drove the unemployment rate to 13 percent and cut stock prices 50 percent. \u003cbr/\u003eThe stress tests found all but four were strong enough to survive.\u003cbr/\u003eBernanke said US financial firms and money market funds have had time to adjust their exposures and hedge their risks. \u003cbr/\u003eWhile those exposures have been reduced, Bernanke said that roughly 35 percent of assets in US prime money market funds are European holdings.\u003cbr/\u003eThe Fed chairman also noted developments that have minimised the danger overseas. \u003cbr/\u003eBernanke pointed to bailout support that European leaders provided in exchange for deep budget cuts by the Greek government and he highlighted the agreement by private creditors to reduce Greece's debt.\u003cbr/\u003eUS Treasury Secretary Timothy Geithner told the committee that the Obama administration would not ask Congress for more money to help debt-laden European countries.\u003cbr/\u003eStill, Greece's international creditors see \"significant risks\" that the country might fail to bring down its debt burden within targets, according to a document seen by The Associated Press on Tuesday.\u003cbr/\u003eThe creditors say Greece's programme of austerity measures and structural reforms \"could be accident prone,\" according to the report from the International Monetary Fund, the European Commission and 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