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Huizenga: Another Greek Bailout Raises Concerns About The IMF's Independence

Statement

Date: May 25, 2016
Location: Washington, DC
Issues: Monetary Policy Foreign Affairs

Today, Monetary Policy and Trade Subcommittee Chairman Bill Huizenga (MI-02) released the following statement regarding the IMF's intention to once again bail out Greece:

"I am disappointed that the IMF has expressed its intention to bail out Greece once again. After repeated assurances from the Treasury Department that significant debt relief was non-negotiable, it is unfortunate that the Fund has agreed to kick the can down the road yet again. This deal raises doubts as to the IMF's independence from Eurozone politics and institutions, as well as its stewardship of U.S. taxpayer resources.

"The use of the IMF as a backstop for advanced European countries calls into question whether this institution has become an enabling crutch instead of a helping hand. As we know from our experiences here in the United States, guarantees and bailouts can create moral hazard. Even for the most advanced nations, the freedom to succeed requires the freedom to fall and get back up."


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