Below I'm quoting what I consider to be a very revealing paragraph in an article about IMF that appeared today:
"Emerging markets, which are contemplating lending more money to the IMF -- which couples monetary assistance with tough conditions that seek to ensure a country does not default -- have also raised concerns in the IMF about the risks to the fund's capital, officials from emerging nations told Reuters."
So, even 3rd world, developing nations have wised up to the game. IMF has never lost money yet, but these formerly 'developing' nations now see financing Europe through IMF as too risky for their money!
Such good troopers, these Europeans. It seems they will be the last know they have a serious problem; it was a finance problem when the investors questioned the credibility of European bonds, now these investors are beginning to question the viability of the EU.
Don't hold your breath, waiting for Merkozy to wise up to the increasing gloom. Germany and France are too committed to their ideal of strength through unity to be stymied by mere facts.