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.”

Attachments:

“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.

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