Benoît Cœuré: Exchange of views on the ECB's role in the troika

Benoît Cœuré: Exchange of views on the ECB's role in the troika

A disorderly default would have resulted in a meltdown of the financial
sector and in a collapse of the real economy. Social hardship would have
hit the citizens of the programme countries much harder. And let us
also not forget that in one case there was an extensive debate on the
potential exit from the euro area.