Jim Demint introduces bill to halt funding for European bailouts

Senator Jim Demint

The Wall Street Journal reports on the Republican effort to halt taxpayer-funded bailouts for socialist European nations.


A group of Republican senators plan to renew their attempts at stopping the U.S. from funding International Monetary Fund loans to Greece and other countries after the Senate failed to vote on their proposal last week.

A spokesman for Sen. Jim DeMint (R., S.C.), who is leading the effort, said the GOP senators plan to soon introduce stand-alone legislation that would direct the U.S. Treasury to vote against any IMF assistance to European Union nations for the foreseeable future. If enacted into law, it could halt U.S. participation in any future IMF attempts to stabilize the sovereign debt crisis in Europe.

The proposal comes as finance ministers work towards a political agreement committing to provide financing to meet a growing gap in Greece’s funding needs beyond the current EUR110 billion, which in turn would allow the IMF to release a delayed tranche of cash in early July.

[…]Attempts by GOP lawmakers to block IMF loans failed to gain traction in Congress last year. And President Barack Obama has asserted in a signing statement after a House vote on an IMF provision that he doesn’t recognize Congress’ ability to tell the administration how to vote at the IMF.

Greece embraced socialism, and now they have to face the music.

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