Is there a chance that the IMF will spoil the summer calm in Europe? The IMF has a rule that any program must be fully financed 12 months ahead of time for the Fund to disburse money. In addition, financing gaps for Portugal and Greece have opened up and must be addressed. (The gaps result from delayed Troika program implementation and worse macro-economic performance.) Moreover, the IMF recently published a staff paper [pdf] recalling the failure to restructure early in Greece and another paper [pdf] looking to reopen the broader discussion about sovereign debt restructurings.