Europe: "A cunning plan (ECB-IMF version)"

From the Financial Times' The World blog:

One intriguing idea floating around Washington: if the ECB can’t bring itself to bail out Italy direct (sovereign credit risk, no expertise in setting lending conditions) it could in theory, according to Article 23 of its protocol, lend vast amounts to the IMF...MORE

HT: FT Alphaville's Emergency 'Markets Live'.