July 1, 2015, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to Greece's default on $1.7 billion of International Monetary Fund (IMF) debt, a U.S. taxpayer funded institution:
"The IMF was never supposed to fund developed countries like Greece, Ireland, or Portugal, yet in the financial crisis these three countries have borrowed a whopping $54 billion from it, accounting for 55 percent of all its current outstanding loans. All that time the American people were assured that there was zero risk of default, a façade that has now been exposed as pure vapor with Greece's $1.7 billion missed payment to the IMF.
"Not one more penny should go to bailing out European socialist governments and the banks that lent them the money. Congress should prohibit the use of any funds created by the $100 billion New Arrangements to Borrow credit line, a 2009 expansion initiated by the Obama administration from being used for any purpose. In addition, it is the duty of Congress to prohibit the use of quota funds to cover any obligations owed by Greece to the IMF — now totaling $23.6 billion.
"If the Obama administration wants to support Greece or ay other bankrupt government financially, he should have to go to Congress to request the funds as the Constitution mandates."
"U.S-backed IMF loans prolong Greece's agony," By Robert Romano, June 10, 2015 at http://netrightdaily.com/2015/06/u-s-backed-imf-loans-prolong-greeces-agony/
Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please visit our website at www.GetLiberty.org.