{"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-af73c33d.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Cameron defends austerity, Geithner says US confident again' data-url='/boclips/videos/5c54bf41d8eafeecae141c32' data-video-url='/boclips/videos/5c54bf41d8eafeecae141c32' 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\nCameron defends austerity, Geithner says US confident again\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 World Economic Forum chief Klaus Schwab and British Prime Minister David Cameron walking on stage2. Close-up of Cameron sitting on stage3. Wide of Cameron walking toward podium and shaking hands with Schwab4. SOUNDBITE...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of World Economic Forum chief Klaus Schwab and British Prime Minister David Cameron walking on stage\u003cbr/\u003e2. Close-up of Cameron sitting on stage\u003cbr/\u003e3. Wide of Cameron walking toward podium and shaking hands with Schwab\u003cbr/\u003e4. SOUNDBITE (English) David Cameron, British Prime Minister: ++INCLUDES CUTAWAYS OF AUDIENCE AND WIDE OF STAGE++\u003cbr/\u003e\"So my message today is one of confidence. We are an open, trading continent, we have a proud record on innovation, we've got advanced democratic values, but yes we've got to recognise that Europe has got to earn it's way. The world doesn't owe us a living. So let us make the choice to do things differently, to fight for that prosperity and I believe if we set our sights high, if we take bold decisions in deregulation, opening up the single market, on innovation, on trade, we can defy the pessimists and together we can recover our dynamism.\" \u003cbr/\u003e5. Audience\u003cbr/\u003e6. SOUNDBITE (English) David Cameron, British Prime Minister: ++INCLUDES CUTAWAYS OF AUDIENCE AND WIDE OF STAGE++\u003cbr/\u003e\"Britain is not in the euro, we're not going to join the euro, I think it was right to stay outside the euro and I can go into that at vast length if you want me to. But I want, let me be clear about this: Britain has a real interest in the euro succeeding in sorting out its problems. Fifty percent of our exports go to the EU, 44 percent go to eurozone countries. So we won't stand in the way of the eurozone sorting out its problems. But I believe for a country the size of Britain, it actually makes sense for us to have our own economic policy, our own monetary policy because there are times - and frankly we have seen them in recent years -  there are times when different countries need different monetary policies and I want us to be able to have a monetary policy that suits our needs.\"\u003cbr/\u003e7. Audience\u003cbr/\u003e8. SOUNDBITE (English) David Cameron, British Prime Minister: \u003cbr/\u003e\"When we came to power in May, Britain was beginning to be linked with countries like Greece and Ireland that the markets were questioning, were beginning to ask are you be able to pay your debts. We have taken ourselves out of that danger zone by setting out our ambitious program. But it is a program that happens over several years, because when you have a 10 percent deficit, you cannot deal with it all at once. But I'm confident that if we stick to this program, if we deliver our promises, that actually the British economy and the European economy as I argued in my speech can bounce back.\"\u003cbr/\u003e9. Audience\u003cbr/\u003e10. Cameron walking off stage\u003cbr/\u003e11. Audience\u003cbr/\u003e12. Wide U.S. Treasury Secretary Timothy Geithner and moderator walking on stage\u003cbr/\u003e13. Mid of Geithner and moderator\u003cbr/\u003e14. SOUNDBITE: (English) Timothy Geithner, U.S. Treasury Secretary:\u003cbr/\u003e\"I think there's much more confidence now that we've got a sustainable expansion. You know, it's not a boom. It's not a expansion that's going to offer the possibility of a rapid decline in the unemployment rate. But I think there's much more confidence now that it's sustainable, much more confidence that we're able to avoid the risk of slipping back into recession, or even a long period of, you know, what economists call below-trend growth, and I think that confidence is justified.\"\u003cbr/\u003e15. Wide of panel\u003cbr/\u003e16. SOUNDBITE: (English) Timothy Geithner, U.S. Treasury Secretary:\u003cbr/\u003e\"The U.S. made some very substantial mistakes in how we ran our financial system. Those caused enormous damage not just to our credibility and to the American economy and we're going to be living with the echoes of that shock, those mistakes for a long time, but they caused a lot of damage to the world.\" \u003cbr/\u003e17. Audience\u003cbr/\u003e18. Wide of Geithner standing up\u003cbr/\u003e19. Close of Geithner shaking hands with Schwab and walking off stage\u003cbr/\u003eBritish Prime Minister David Cameron urged other governments to follow his country's efforts to cut spending and reduce debts at the World Economic Forum (WEF) in Davos, Switzerland on Friday.\u003cbr/\u003eCameron, in his first visit to the WEF since becoming prime minister stressed that sovereign debt was one of the biggest threats to recovery, not only in Britain but across Europe.\u003cbr/\u003eCameron's Conservative-led coalition government has imposed tough measures - from tax hikes to budget caps and an increase in value-added tax paid at the cash register - to reduce the country's budget deficits. \u003cbr/\u003eThe cutbacks have led to protests and criticism from some quarters that austerity will undermine growth.\u003cbr/\u003eBut Cameron defended the austerity measures on Friday, emphasising \"bold decisions\".\u003cbr/\u003eHe admitted to setting an \"ambitious program\" but said it was necessary to allow the country to recover.\u003cbr/\u003e\"It is a program that happens over several years, because when you have a 10 percent deficit, you cannot deal with it all at once. But I'm confident that if we stick to this program, if we deliver our promises, that actually the British economy and the European economy as I argued in my speech can bounce back,\" Cameron said.\u003cbr/\u003eCuts, he said, have already had an effect, with the country's credit rating reaffirmed at the triple-A level.\u003cbr/\u003eStill, unemployment has risen and thousands will see some form of state benefit cut as the government tightens the belt on spending.\u003cbr/\u003eBut that is a trade off many other European countries are increasingly resigned to as they try to juggle crippling levels of public debt in the wake of the global financial crisis.\u003cbr/\u003eU.S. Treasury Secretary Tim Geithner, the highest-ranking US official to visit the World Economic Forum this year, told a panel that there was also greater recognition that debt needs to be cut in the U.S.\u003cbr/\u003eBut Geithner said that confidence in the US - if not globally- was on the increase now the worst part of the financial crisis was over.\u003cbr/\u003e\"I think there's much more confidence now that we've got a sustainable expansion. You know, it's not a boom. It's not a expansion that's going to offer the possibility of a rapid decline in the unemployment rate. But I think there's much more confidence now that it's sustainable,\" he said.\u003cbr/\u003eAlso during the meeting, Cameron defended Britain staying out of the eurozone but insisted it was in his country's interest for the euro to succeed.\u003cbr/\u003e\"Britain has a real interest in the euro succeeding in sorting out its problems,\" he said. \u003cbr/\u003eThe meeting's mood has improved since last year, but the 2,500 government and business leaders attending remained wary that global recession might return.\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 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