March 5, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today urged the U.S. director on the International Monetary Fund (IMF) Executive Board, Meg Lundsager, to vote against providing more assistance to Greece when it meets on March 13:
“It requires a simple majority of the IMF Executive Board to approve lending to any nation, including Greece. With only 16.75 percent of the vote, the U.S. via Meg Lundsager can do nothing to stop more taxpayer-funded bailouts of socialist governments in Europe and their lenders. This is why the Pelosi-Reid led Democrat Congress in 2009 never should have approved an additional $108 billion of U.S. taxpayer money for the IMF to play with. But, the U.S. should nonetheless demand a public vote, and Lundsager should vote no.
“Treasury Secretary Timothy Geithner has recently said ‘it’s unlikely you’re going to see the major shareholders of the IMF be prepared to have the IMF play a larger response’ in Greece. Yet it is widely reported that the IMF will be providing between €18 billion and €21 billion of the new €130 billion loan for Greece when it meets on March 13. Geithner clearly does not have the pulse of a majority of the IMF.
“It’s time for the Obama Administration to put its money where its mouth is. If Obama does not support bailing out Greece, then the U.S. representative at the IMF should vote against it on the record. The IMF rarely holds votes. In this case, the lack of a public vote will be viewed as tacit approval of bailing out Greece.
“To date, the IMF, with U.S. approval, has already committed €30 billion to bailing out Greece and its creditors in previous lending arrangements. We’re already throwing good money after bad, and it’s time it stopped.”
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