U.S. Bailout Of Europe

h/t http://netrightdaily.com/By Robert Romano

“The fact is, we are already bailing out Europe.”

That was Americans for Limited Government (ALG) President Bill Wilson’s take on a recent Congressional Research Service (CRS) report published in Septemberthat showed the International Monetary Fund (IMF) has already dispensed €78.5 billion to the creditors of Greece, Portugal, and Ireland, or about $112 billion for refinance bailout loans.

The U.S. provides 17.72 percent of the IMF’s finances. Which means the “U.S. taxpayers’ tab is already almost $20 billion so far that the IMF has put at risk,” Wilson noted.

He urged members of Congress to resist any further U.S. role in providing financial assistance to Europe to alleviate the sovereign debt crisis, saying, “It’s not up to the American people to bail out European banks that bet poorly on the sovereign debt of socialist governments that could not afford to be paid back.”

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