The paper examines the possibility that diamagnetic currents in the hot-electron rings in the ELMO Bumpy Torus (EBT) plasma are strong enough to reverse gradients in ∮ dℓ/B, thereby providing gross magnetohydrodynamic stability. Using a two-dimensional solution to the Grad-Shafranov equation with tensor pressure, the electromotive force induced in a diamagnetic loop surrounding the EBT plasma is computed. This allows a direct comparison between the calculated and measured diamagnetic loop signals for different values of perpendicular energy stored in the electron rings.