European leaders are looking outside the Continent for help solving the longstanding crisis over the euro, but while the International Monetary Fund may be able to help, it will not be the magic wand they seek.
The I.M.F. lacks the resources to create the much-discussed “firewall” to keep interest rates at sustainable levels for troubled euro zone economies. Italy and Spain together have total debts of more than $3.3 trillion, with Italy about to roll over $276 billion in debt over in the next six months and Spain about $150 billion. Just those two rollovers would wipe out the amount the fund has available to lend worldwide, about $400 billion.