AFP - The euro zone has again stirred the spirits in Davos (Switzerland), where it appeared more than ever torn by differences over the means to end once and for all with the debt crisis in Europe.
The euro zone should it find its salvation in a stronger European integration, for example by organizing a real union of transfers of wealth from richer countries to poorer? Or should it move towards a debt restructuring - ie reduction in their practice - starting with those of Greece?
This is essentially the dilemma presented by a senior member of the eurozone to a gathering of EU ministers and policy makers gathered for an informal lunch on the occasion of the great mass of Davos.
Between these two options, Europe hesitates.Yet despite the relative calm in the markets, "time release", according to some European leaders, speaking on condition of anonymity, as is the rule in most discussions at Davos.
The first option, advocated by the so-called devices that have an interest, such as Greece, Portugal and Spain, was clearly rejected by Germany, the main donor in Europe.
It promotes respect for the rules and conditions its support to drastic measures of fiscal consolidation.
On the other hand, a debt restructuring is advocated by many economists, who believe that some countries in the euro area, starting with Greece will have no choice because of the massive debt which they are victims.
The subject remains taboo in Europe and all rumors or press reports suggesting that eventuality, including Germany, are immediately denied.
"This will cause" terrible injuries ", held Friday a senior European official. This option was again rejected Thursday by the Greek Prime Minister George Papandreou.
"We're not trying to direct us towards a restructuring. We have a very clear path, a roadmap out of our debt problem," saidPapandreou before an audience of decision makers from around the world during the 41st World Economic Forum (WEF).
Greece, recalled his Prime Minister, did what was necessary, and it now has the solidarity of its partners. "This is not only of Greece, not even of solidarity, it concerns the conditions for stability" in Europe, argued on this subject a high EU official.
But solidarity is organized around the Fiscal Stabilization Fund, created last spring, and which must be sustained in 2013. But then again, opinions differ.Some European officials recommended a doubling in private, citing the need for "liquidity, massively beyond what is necessary" to calm markets.
It now has 440 billion euros in loan guarantees, a lending capacity of about 250 billion. European Commissioner for Economic Affairs, Olli Rehn confirmed Friday in an interview with the Wall Street Journal that lending capacity would be increased, but not the total amount.
A decision is expected in March, during an EU summit.
The ultimate path that would forget the debt crisis, is that of growth.But Europeans are still lagging behind with a modest increase of 1.5% expected in 2011 in the euro area, against 4.4% for the entire planet, according to the International Monetary Fund (IMF).
