G-20 Stalls on $1 Trillion-Plus Bailout Fund for IMF/EU

The New American, March 19, 2012 | Go to article overview

G-20 Stalls on $1 Trillion-Plus Bailout Fund for IMF/EU


The Group of 20 meeting in Mexico City over the weekend of February 25-26 decided that the best course of action was inaction, putting off making any decisions about how to "rescue" the European Union from its financial and economic difficulties until March at the earliest. There were great expectations that the meeting would not only pave the way for the second bailout of Greece, but for each of the G-20 members (including the United States and most of the other industrialized nations on the planet) to pony up additional taxpayer funds to the International Monetary Fund that would then be used, at the IMF's discretion, to bail out over-indebted countries such as Greece, Portugal, and Spain. The IMF and the world's central bankers have been pushing for commitments totaling $1 trillion for the new IMF "firewall" fund-Political reality forced Germany's Chancellor Angela Merkel to withhold support from the larger IMF slush fund until first securing support from the German parliament, the Bundestag, for the Greek bailout. In spite of public polls showing 80 percent of Germans opposing the bailout, on February 28 the Bundestag voted 496 to 90 to support the Merkel-EU plan for a 130-billion-euro bailout of the Greek government and a private creditor debt write-off worth about another 100 billion euros for the socialist spendthrifts in Athens. …

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G-20 Stalls on $1 Trillion-Plus Bailout Fund for IMF/EU
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