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Edition: U.S. Article Comments (0) Full Focus Photos of the week Our top photos from the past week. Full Article Follow Reuters Facebook Twitter RSS YouTube Read Worst heatwave in years grips Midwest, moving east 2:13pm EDT Rebekah Brooks, Murdoch's fiery favorite 12:19pm EDT Latest House debt plan may lead to compromise 8:28am EDT "Harry Potter" rings up record $476 million globally 2:45pm EDT Snapshot - Developments in U.S. debt talks 2:31pm EDT Discussed 121 Obama, lawmakers meet for 75 minutes on debt impasse 102 Obama and lawmakers regroup to seek debt deal 100 Obama asks lawmakers to gauge support for debt deal Watched Flying sphere goes where man fears to tread Thu, Jul 14 2011 Last spacewalk of NASA's space shuttle program Tue, Jul 12 2011 Clinton arrives in Athens, Greece Sat, Jul 16 2011 Trichet: ECB would reject Greek bonds as collateral Tweet Share this Email Print Related Topics World » Greece » Regulatory News » Jean-Claude Trichet, President of the European Central Bank (ECB) answers reporter's questions during his monthly news conference at the ECB headquarters in Frankfurt, July 7, 2011. Credit: Reuters/Kai Pfaffenbach BERLIN | Sun Jul 17, 2011 12:12pm EDT BERLIN (Reuters) - The European Central Bank's chief said it could not accept defaulted bonds as collateral and that governments would have to intervene and correct things were Greece government debt to be rated as a default. ECB President Jean-Claude Trichet, in the interview with Financial Times Deutschland conducted on July 14, criticized euro zone governments for their crisis management in the bloc's sovereign debt crisis, saying they needed more discipline. "If a country defaults, we will no longer be able to accept its defaulted government bonds as normal eligible collateral," he told the newspaper in an interview to be published in its Monday edition. "The governments would then have to step in themselves to put things right ... the governments would have to take care the Eurosystem is presented with collateral that it could accept." But Trichet did not elaborate on what options governments had to make sure liquidity would be secured in case of a default. Were Greek banks, which are major holders of the country's sovereign debt, unable to use government bonds as collateral in ECB liquidity operations, they would face a cash crunch. Turning to governments' handling of the debt crisis, he said they should work on a consistent message. "There is an absolute need to improve 'verbal discipline'. The governments need to speak with one voice on such complex and sensitive issues as the crisis," Trichet said. Asked about the ECB's opposition to the private sector taking a hit to help solve the Greek debt crisis, Trichet said that in general terms, the sector's role is to provide hard-hit countries with funds by buying state assets and investing in them. "All over the world, the best private-sector involvement is foreign direct investment, privatization and going back as soon as possible to spontaneous market financing." Trichet also said the euro currency was in no danger. (Reporting by Annika Breidthardt and Sakari Suoninen; Editing by David Hulmes) World Greece Regulatory News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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