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Friday, 9 December 2011

US lawmakers look to block IMF 'bailout' to the EU

WASHINGTON — US Republicans on Friday denounced any US-funded International Monetary Fund "bailout" of debt-stricken Europe and ramped up efforts to scrap a $108 billion line of credit to the IMF.

"Forcing American taxpayers to bail out bloated welfare states in Europe is unconscionable and immoral," Republican Senator Tom Coburn said, warning that "a bailout will prolong, not ease, Europe's burdens."

 Coburn's comments came as 26 Senate Republicans unveiled the "No More IMF Bailouts Act," that aims to rescind a $108 billion line of credit that Washington extended to the body in 2009 and to require Treasury Secretary Timothy Geithner to block future IMF rescue efforts that rely on US funds.

"Europe and the US need to end this undemocratic bailout culture, and do what is obvious to everyone: cut spending and balance the budget," said Republican Senator Jim DeMint.

A similar effort was underway in the US House, where Republican Representative Cathy McMorris Rodgers led a group of 23 lawmakers in pushing her legislation to scrap the line of credit.

Read the rest of the story at the AFP Website


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