Draghi in the Room: ECB head defends role

European Central Bank President Mario Draghi on Friday defended the ECB’s role in the Greek debt crisis of 2015, when it froze a cash lifeline for the country’s banks – forcing the government to introduce capital controls and weakening its negotiating positions with creditors.

The actions of European authorities in Greece have been criticized by the then finance minister Yanis Varoufakis in a book that was recently turned into a movie and screened at the ECB this week.

“The ECB stayed within the confines of its mandate,” Draghi said.

“Ultimately, it was an approach that worked for both Greece and Europe, although the price paid by the Greek people was high.”

[Reuters]