U.S. Congressman Opposes IMF Participation in Greece’s Bailout
U.S. Congressman Andy Barr on Thursday opposed financial participation of the International Monetary Fund in Greece’s third bailout program.
Barr, who is Chairman of the Subcommittee on Monetary Policy and Trade expressed his opposition at a special meeting of the Committee that discussed the issue of the Greek debt.
“It is clear from today’s hearing that the IMF’s past efforts to save Greece from insolvency have been unsuccessful and that it needs to learn from those failures,” Barra said. “The IMF must focus on its core mission, not provide political cover for euro zone politicians who refuse to take responsibility for Greece’s debt crisis,” he added.
According to the Congressman, the IMF has not learned its lesson from the two Greek programs of 2010 and 2012, adding that if the IMF takes part in a third program for Greece, it will prove that it does not recognize the mistakes it has made. Barr also said that the IMF’s bailout of Greece has politicized the Fund and left the Greek economy in tatters, tarnishing the IMF’s reputation and putting taxpayer dollars at risk.
Furthermore, the Congressman argued that Europe has its own rescue fund that has the resources to help resolve Greece’s debt issue.