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GreekReporter.comUSAUS Senate votes no on IMF aid to troubled nations (like Greece!)

US Senate votes no on IMF aid to troubled nations (like Greece!)

Senator Orrin Hatch (photo), R-Utah, and Senator John Cornyn, R-Texas, are cosponsoring an amendment to the financial regulation bill to restrict U.S. participation in foreign bailouts if the loan cannot be repaid.
According to Hatch, the U.S. has committed U.S. tax dollars, through the International Monetary Fund (IMF), to loans for the country of Greece that could reach as much as $39 billion.
The IMF loaned Greece $39 billion as part of a larger bailout effort due to a severe debt crisis brought on by overly expansive government services and programs that the nation could not afford.
Hatch worries that, because the U.S. contributes the most taxpayer dollars to the IMF, U.S. taxpayers could be left holding the bag for a significant portion if the loan is not repaid.
“Democrats in Washington are not only turning America into Greece by piling record debt onto our children and grandchildren, but now we are bailing out Greece for its failure to live within its means,” Hatch said.
He asked, “Why should American taxpayers who pay their bills on time be on the hook for another country’s fiscal recklessness? It makes no sense and needs to stop.”
The amendment would require the U.S. Executive Director of the IMF to evaluate any proposed IMF loan to a foreign nation where that nation’s public debt exceeds its annual Gross Domestic Product, and certify that the loan will be repaid in full. If the U.S. Executive Director cannot certify that the loan will be repaid, then he must oppose the loan.
“This commonsense amendment will make it harder for American taxpayer dollars being used to sure up irresponsible foreign governments,” Hatch said.

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