As USA growth forecast is revised down and debts yields continue to rise in Spain, France is acknowledging its AAA rating is at risk.
The USA is concerned also that the problems in the eurozone will cause massive liquidity problems for banks and tip the world back into recession. Shades of 2008.
In the eurozone Germany is still holding out against a role for the ECB to engage in QE, increased bond buying and also against the creation of eurobonds, now re-named stability bonds. The German Finance Minister is claiming that a political fix could come as early as December, echoing the view of Mrs Merkel that a political solution of the eurozone's structural problems is the only was out of the impasse.
(Will Merkel change her tune on bonds?)
It is in this context that the IMF initiative has to be seen, as it will provide liquidity for basically sound nations (Italy has a surplus on current account and a government committed to financial rectitude, Spain is not a basket case) which can meet the criteria for the IMF's funding proposals.
Criticism of the German stance on the ECB - namely that it is not permitted by treaty to engage in QE etc - is mounting with accusations that Germany is cherry-picking parts of treaties which support its case, whereas other parts give the ECB an overall power to achieve economic stability.