The divide over agriculture threatens to undermine Doha because the developing countries, which object most strongly to the trade-distorting subsidies provided to farmers in the industrial world, were such reluctant participants in the first place.
The view from Brussels is that any default would spread to other countries and that it would undermine the credibility of the single currency and so the European project.
This is being greeted coolly by many Europeans, who think it might undermine their efforts to get the Balkan countries to do what they must do: continue to push through painful reforms.
At that meeting, both Mr Menem and Brazil's President Fernando Henrique Cardoso emphasised that their countries' recent disputes were small matters that did not undermine their close relations.
But even these qualifications do not undermine the basic direction of sensible reform: not to concentrate resources on countries with access to capital markets.