NEW YORK, N.Y. (Bennington Vale Evening Transcript) -- Jean-Claude Trichet, president of the European Central Bank, said the ECB would not be able to accept Greek bonds as collateral if Greece has its debt rated as default. Trichet added that “the governments would have to take care the Eurosystem is presented with collateral that it could accept.” However, after discovering that the latest bail out plan announced last week would require private sector debt holders to accept losses, Moody’s again downgraded the financially embattled country’s credit rating to one notch above default. Previously, Moody’s had ranked Greece as Caa1, which falls well within the category of junk bonds.