European Central Bank President Jean-Claude Trichet announced that the central bank plans to revamp its rules on collateral it accepts for loans. The move is expected to help Greece as it struggles with its public debt. "This is the right decision, as expectations that the ECB would tighten their collateral rules at the end of the year was putting pressure on the Greek bond market," said Pavan Wadhwa, JPMorgan Chase's head of rate strategy for Europe.

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