Brussels - hope for the euro area could enjoy a lull in the summer in its crisis disappeared as quickly as it appeared.
Last week, it seems that all sides would get a time out. The Greece had avoided a default on its huge debts. Banks agreed to roll over their Greek bonds holdings, and Finance Ministers reported that a second rescue plan could be agreed - but not before the fall.
But while few observers think that the Europe of the crippling debt crisis has been resolved, the mood is broken after the Standard & Poor rating agency warned plan to contribute to a new rescue package Greek banks would likely cause a default value.
Rival agency Moody, then trac market translated in countries outside the Greece when he cut grade of credit of the Portugal to the junk, saying to a system of contributions Bank would probably push to take a second rescue plan.
And with the Greece due to a further review of its finance in August, was traditionally quiet of the European Union seems period set for a repeat of the drama of June.
This month, inspectors from the international debt of Greece spend weeks in Athens trying to save a rescue failing while the eurozone States fought on the role of the Greeks held days of violent demonstrations and private creditors.
In what was to be their last meeting before the summer, the Finance Ministers of the euro Monday the challenge of rebuilding consensus erosion on the way to rescue Greece again.
"It will be a Eurogroup difficult, because the positions are hardening," an official EU said of the meeting on condition of anonymity because of the sensitivity of the talks Bank.
After the rating agency Standard & Poor said that even the French model of easy market for a reversal of binding would probably be considered as a "selective default" by the Greece, Germany grows back to its original plan: a link swap, rather than buy new bonds, banks and other investors private exchange their bonds for those with longer deadlines.
"If the French model - depending on how it has the form - is this problem (to trigger a default rating) too, then we can return to the model that we proposed,"spokesman finance German Martin Kotthaus, said Friday in Berlin. ".
Bond swap is generally considered a more radical than a rollover option, because it would be easier to verify how many investors participate effectively and so leave more room for the information.
"We have to walk a narrow path between voluntary contributions and at the same time an important," said Kotthaus.
The situation in Greece and in the monetary union of the other difficulties members - already bailed out Ireland and Portugal as well as the Spain and Italy - is also set to overshadow the other main topic at the meeting next week: how to deal with the banks fail stress tests.
Bank stress test results of the European Union are due next Friday and are considered an important indicator of the credibility of the region, after the exercise of the concealed year huge problems to Irish banks.
New EU banking regulator said that tests of this year are much stricter and insists on the fact that States have the necessary support in place to deal with the results.
"Until the stress tests are published, the States concerned have be able to say"this is how we will react,"said an official of the euro area.". The official who is to come with models for restructuring ordered in some cases, and to stimulate the Security Fund added. He was speaking on the condition of anonymity because EU Finance Ministers, who will be joining their colleagues in the euro Tuesday were still finalising decisions on performer.
However, fears about the potential costs for States to take care of not not lenders was already inflexible shares of the Bank Friday, especially in Italy responsible for debt, which the banks resisted until the crisis much better than their counterparts in other European countries.
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Geir Moulson Berlin contributed to this story.
Jean-Claude Juncker, head of the Eurogroup and the Luxembourg, Prime Minister. Photographer: Jock Fistick/Bloomberg.