Yesterday, the International Monetary Fund (IMF) approved a whopping $36.7 billion bailout of the banks that are owed money by the government of Greece.
Shockingly, U.S. taxpayers are on the hook for approximately $7.5 billion of the total.
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Currently, the U.S. has a total exposure to the IMF of $165 billion. Although taxpayers fund 17.72 percent of the IMF, they are currently paying for more than 20 percent of its outstanding loans.
Part of the reason for that is because of an additional $108 billion the Pelosi-Reid Congress approved to the IMF in 2009, which included $100 billion in New Arrangements to Borrow (NAB) that the U.S. disproportionately funds.
Red more at The Washington Examiner.
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Bill Wilson is president of Americans for Limited Government.
The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by the owners of this website.
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