The European Central Bank under President Trichet in the early 2010s failed to act as a lender of last resort, allowing Greece to nearly go bankrupt and threatening the stability of Ireland, Spain, Portugal, Italy, and the entire eurozone, until Mario Draghi intervened.
factualpending
Speaker
Jeffrey SachsEvidence Quote
“in the 2010s because uh the european central bank did not do a very good job under its uh president trichet in the early years of the last decade greece nearly went bankrupt and uh it wasn't so far for ireland spain portugal and even italy and so the eurozone almost collapsed uh and uh it it required draghi's uh deft hand to prevent that collapse basically the european central bank had to act as a lender of last resort to prevent a disaster”
Source
Jeffrey Sachs: "We're in a crisis and it will get worse in the coming months."— Prague Finance InstituteCreated: 8/10/2026, 9:58:27 PM
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