G20 Agrees to $300-350 Billion Expansion of IMF, ALG Urges Rejection

Nov. 7, 2011, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued a statement on last week’s announcement that the G20 had agreed to expand the International Monetary fund by anywhere from $300 billion to $350 billion:

“As Europe continues to unravel and fails to get its own fiscal house into order, now the IMF, which the U.S. funds, is being called upon to give a massive bailout to European banks that bet poorly on sovereign debt. The G20 is said to have agreed to at least a $300 billion IMF expansion. But the IMF cannot be expanded by $300 billion without congressional approval since it would put another $53 billion of U.S. taxpayer dollars at risk.

The U.S has already given at least $20 billion to bail out European banks through the IMF. Not another cent ought to go to bailing out foreign banks. This must come up for a vote in Congress, and when it does, the answer on behalf of U.S. taxpayers must be an emphatic no.”


“Democracy cancelled in the lands that founded it,” By Bill Wilson, ALG President, Nov. 7, 2011 athttp://netrightdaily.com/2011/11/democracy-cancelled-in-the-lands-that-founded-it/ .

“U.S. has already provided $20 billion to bail out Europe,” By Robert Romano, ALG Senior Editor, Nov. 3, 2011 athttp://netrightdaily.com/2011/11/u-s-has-already-provided-20-billion-to-bail-out-europe/ .

“The Future of the Eurozone and U.S. Interests,” Congressional Research Service, Sept. 2011 atwww.getliberty.org/files/R41411.pdf .

“The United States and Europe: Current Issues,” Congressional Research Service, June 2011 atwww.getliberty.org/files/167961.pdf .

Letter to Members of Congress Against European Bank Bailout, Americans for Limited Government President Bill Wilson, Oct. 26, 2011 at www.getliberty.org/files/EuropeanBailoutLetter 10-26-11.pdf .

Interview Availability: Please contact Rebekah Rast at (703) 383-0880 or at rrast@getliberty.org to arrange an interview with ALG President Bill Wilson.