Jean-Claude Trichet will be fighting for the credibility of the European Central Bank as well as the euro on Thursday as he faces questions over the institution's decision to throw away collateral rules for Greek debt, economists said. In concert with the 110 billion euro ($142.7 billion) European Union-International Monetary Fund aid package detailed Sunday, Trichet announced the central bank would accept Greek bonds as collateral for loans to euro-zone banks even if they had been downgraded to junk status. That move flew in the face of a declaration by Trichet earlier this year that the central bank wouldn't alter its collateral rules for the benefit of a single country.
loss 100k in Forex, up 1k, still have 99% to go!!