Brussels, 03/03/2009 (Agence Europe) - Although the Treaty has brought in a “no bail out” clause preventing member states from helping each other out with public deficit, should one still believe in this principle? When there is a public debt problem in one country of the eurozone, there is a solution, said Joaquin Almunia on Tuesday 3 March. Only last week he had said it was impossible for a member state of the eurozone to turn to the IMF, intimating that there could be another solution. “If a crisis emerges in one euro area country, there is a solution. Before visiting the IMF, you can be sure there is a solution and you can be sure that it is not clever to talk in public about this solution”, said the economic and monetary affairs commissioner during a conference in Brussels. “But this solution exists. (…) We are equipped intellectually, politically and economically to face this crisis scenario, but by definition these kinds of things should not be explained in public”, he added. Discussions on the attitude to be adopted by member states were rekindled after remarks by German Finance Minister Peer Steinbrück who, last month, had envisaged the possibility of helping out countries faced with serious difficulties (in particular Ireland or Greece). At the end of the day, and despite major gaps between the rates at which states borrow on financial markets (“spreads”), the likelihood of failure on the part of a sovereign borrower in euros is next to nothing, the commissioner stressed. However, if such an event were to occur, European solidarity should come into play in one way or another, the spokesperson explained to the press, pointing out that such solidarity has to date been shown towards Hungary and Latvia, that were able to benefit from the Community support mechanism for the balance of payments reserved to member states not belonging to the eurozone. (A.B./transl.jl)