With the ECB acting as the lender of last resort, there wouldn't be a sovereign debt crisis at all in the Eurozone: Interest rates just couldn't have risen so h

With the ECB acting as the lender of last resort, there wouldn't be a sovereign debt crisis at all in the Eurozone: Interest rates just couldn't have risen so high. I'm pretty sure that would have fixed the problem - not Greece's crazy expenditures, but the spreading of a lack of confidence in other Eurozone states debts. To get there, (mostly) the German and European leadership would have needed/need to reassure (mostly) the German public with different rules that would make a new Greek case impossible, and to make it understand that the more timid you are, the more you're going to pay for the crisis, Germany included.