How an ELA will work for Greece - saving Trichet's bacon!

I have been searching around for an explanation as to how Trichet at the ECB will avoid being in the firing line as the Euro collapses. This explanation is as good as any others I have seen, it appears on this link:

First, Trichet did not rule out a Greek national Emergency Liquidity Association (ELA) organized by the Bank of Greece to provide Greek banks with required liquidity. As in Ireland’s ELA in December 2010, such liquidity would be provided to Greek national banks through the balance sheet of the Bank of Greece only, and not the balance sheet of the ECB or European System of Central Banks.

As discussed yesterday, the credit risk associated with a Greek ELA would ultimately be transferred to the other eurogroup sovereigns through their guarantee of the solvency of the Greek government (and thus of the Bank of Greece). This way, acceptance of SD rated Greek collateral would not directly affect the riskiness of the ECB’s own balance sheet, but only that of other eurogroup national governments.

Bloomberg, covers the same topic at greater length, linked here.