The collapsed banking system and the associated Great Depression clearly shaped a bank regulatory structure that only began to change in recent years and still retains most of the safety net that was constructed seventy years ago. Congress responded to the Depression-traumatized banking system and devastated economy by creating a national deposit insurance system.
Faced with the crisis, we had to support Greece – it was a question of solidarity. We also had to involve the IMF which, unlike Europe, had experience in supporting countries through crises. And it was essential to reduce public expenditure, because Greece was clearly living beyond its means.