Trichet called out on collateral shift

We didn’t change the collateral rules for Greece, says Bill Clinto…, err, I mean Jean-Claude Trichet. We changed them for risk management reasons, he says.

Reporters are laughing out load.

On the IMF, he denies saying that he said inclusion of the IMF in a Greek rescue would be “very, very bad”. The quote appears below…

“If the IMF or any other authority exercises any responsibility instead of the euro group, instead of the governments, this would clearly be very, very bad,” Trichet said on France’s Public Senat television.

Not a good showing by Trichet in the last few minutes, damaging the credibility of the ECB…