Can expansionary monetary policies prevent debt crises and multiple equilibria?

The risk of self-fulfilling debt crises is well known: if lenders expect that a borrower is likely to default, the ensuing rise in interest rates actually makes a debt crisis likely (leads to a high default probability). So it always possible to “jump” from an equilibrium with a low default (debt crisis) probability to an equilibrium with a high default probability. But if monetary policy leads to low risk-free interest rates, the equilibrium with a high default (debt crisis) probability disappears: a highly expansionary monetary policy has the virtue of eliminating the multiple equilibria that can give rise to self-fulfilling debt crises.