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That would give Europeans a level of comfort over the I.M.F.'s role in Europe's current debt crisis, especially if a default threatens Greece, or a new round of contagion hits Portugal, Ireland or any other country.
Relations have cooled even further in 2011 as the increasing probability of a European sovereign debt default threatens to kick a feeble economic recovery sharply into reverse.
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It's a vicious circle, with fears of default threatening to become a self-fulfilling prophecy.
America is on the brink of a potential default, threatening military salaries and social security payments.
Those swaps also linked millions of trading partners, creating a web in which one default threatened to produce a chain of corporate and economic failures worldwide.
Although the Federal Reserve had helped bail out Bear Stearns — and was within days of bailing out the giant insurer American International Group — it could not help Lehman, even as its default threatened to wreak havoc on financial markets.
Argentina's political threats, dictated "take it or leave it" terms and selective defaults threaten to upset a balance that prevailed through decades of orderly and successful restructurings.
Some Latin American defaults threatened to topple major American banks.
They no longer need to deter a default by threatening Greece with expulsion from the euro.
A default would threaten the euro's global credibility, scare investors away from other struggling European economies and likely reverse Europe's fragile recovery.
A Greek default would threaten many banks, not just in Greece: this week the markets took aim at French banks that hold southern European debt.
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CEO of Professional Science Editing for Scientists @ prosciediting.com