European Bailouts

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Background

Former Prime Minister Margaret Thatcher once said, “The problem with socialism is that eventually you run out of other people’s money.”  Knowing the inherent flaws of the socialist system – plus the desire of many DC politicians to take the government’s “cultural of bailouts” to a global level - on March 24, 2010, Rep. Cathy McMorris Rodgers became the first Member of Congress to warn about the potential of a “Euro-TARP” – the transfer of up to $100-150 billion (or more) of U.S. taxpayer money to bailout Greece and the European Union. 

At the time, the idea of a EU bailout was publicly dismissed by the Obama Administration and the International Monetary Fund (through which U.S. taxpayer dollars would be funneled).  But a month later, the EU and IMF quietly approved a $157 billion bailout of Greece, and not long after, the EU and IMF joined forces again to launch a $1 trillion bailout fund for the entire Union.  Through it all, Rep. McMorris Rodgers worked to stop the bailout, while working with other Republican leaders to stop future bailouts.

As of March 2012, the total cost of the Greek bailout has reached over $500 billion (which is larger than the entire Greek economy).  Meanwhile, Ireland has tapped the EU/IMF bailout fund to the tune of $137 billion and Portugal has received $122 billion.  Spain, Italy, and perhaps other countries are close behind.  Rep. McMorris Rodgers has introduced two bills to stop U.S. participation in these bailouts.  As she said at a press conference last year, “We cannot take the ‘too big to fail’ philosophy to a global level.  The only thing ‘too big to fail’ is America itself.”

To learn more about the EU bailout, please see below for recent news articles, press releases, op-eds, videos, and legislation.  With events changing fast, please be sure to stop by frequently.

 

Press Releases

• "McMorris Rodgers Statement on EU Summit & Latest Developments with Greek Bailout - May 23, 2012
   
• "McMorris Rodgers Reacts to Geithner Testimony on IMF Funding & Transparency" - March 20, 2012
   
• "McMorris Rodgers Calls on Administration to Vote Against New Greek Bailout at Thursday's IMF Meeting" - March 12, 2012
   
• "McMorris Rodgers Writes Letter to Secretary Geithner Warning Him on New IMF Funding" - March 7, 2012
   
• "McMorris Rodgers Supports ALG Administrative Appeal to Treasury to Disclose U.S. Involvement in Euro Bailouts - January 25, 2012
   
• "McMorris Rodgers & IMF Director Lagarde Meet to Discuss U.S. Role in European Bailouts" - December 14, 2011
   
• "McMorris Rodgers Sends Letter to Conferees Urging Congress to Stop Funding European Bailouts" - December 9, 2011
   
• "McMorris Rodgers Reacts to Expansion of EU/IMF Bailout Fund to $1.4 Trillion - October 27, 2011
   
• "McMorris Rodgers Reacts to IMF Director's Comment on Need for More U.S. Tax Money for European Bailouts" - September 26, 2011
   
• "McMorris Rodgers Reacts to U.S. Involvement in Second Greel Bailout" - July 22, 2011
   
• "McMorris Rodgers & DeMint Introduce Bill to Stop U.S. Participation in European Bailouts" -- June 24, 2011

• McMorris Rodgers Reacts to Obama Statement Pledging Further US Involvement in Greek Bailout" -- June 08, 2011

• "McMorris Rodgers Introduces Resolution Opposing US Participation in European Bailouts" -- May 25, 2011

• "McMorris Rodgers Opposes U.S. Participation in $137 Billion Ireland Bailout" -- November 22, 2010

• "McMorris Rodgers Opposes U.S. Participation in Likely Ireland Bailout" -- November 19, 2010

• “McMorris Rodgers Responds to Statement by IMF Leader Suggesting that European Bailout Will Cost U.S. Taxpayers $100 Billion or More” – June 7, 2010

• “McMorris Rodgers and Pence Introduce Resolution Expressing Taxpayer Opposition to European Bailout” – May 18, 2010

• “McMorris Rodgers and Colleagues Introduce Bill to Protest U.S. Taxpayers from European Bailout” – May 13, 2010

• “McMorris Rodgers Opposes U.S. Tax Dollars for $321 Billion IMF Bailout of Europe” – May 10, 2010

• “McMorris Rodgers Advances Case Against European Bailouts” – May 6, 2010

• “McMorris Rodgers and Pence Oppose Taxpayer-Funded Bailouts for Europe” – April 29, 2010

 

Videos

CNBC Kudlow Report - Jun. 11, 2012

Fox News with Neil Cavuto - Nov. 5, 2011

Fox News with Neil Cavuto - Oct. 27, 2011

Fox News with Neil Cavuto - Sep. 16, 2011

Fox News with Neil Cavuto – Jul. 14, 2011

Fox News with Neil Cavuto – May 25, 2011

Fox News, America’s Newsroom - May 19, 2010

Fox Business - May 10, 2010

Fox News with Neil Cavuto - May 8, 2010

Fox News Special Report - May 7, 2010

CNBC Squawk Box - May 6, 2010

Kudlow Report – May 3, 2010

Op-Eds

• "Time to Cut IMF's Credit, End Europe's Bailouts" - Breitbart.com, June 2012
   
• "Why is Obama Bailing Out Greece?  And Why is the MSM Covering Up for Him? - RedState, Feb. 2012
   
• "Destined to Fail?" - Human Events (Cover Story), Dec. 2011
   
• "To Grow and Thrive, EU Nations Must Balance Their Budgets" - Investor's Business Daily, Dec. 2011
   
• "U.S. Taxpayers on the Hook for Portugal Bailout" -- The Daily Caller, April 2011

• “End the Bailouts: A New Idea on America Speaking Out” – The Hill, July 2010

• “The European Bailout Protect Act: A Bill to Protect U.S. Taxpayers” – The Hill, June 2010

• “Our G-20 Strategy is Badly Flawed” – Wall Street Journal, June 2010

• “Memo to EU: Slash Spending or No Bailout” – Investor’s Business Daily, May 2010

• “We’re Bailing Out Greece” – New York Post, May 2010

• “The Big Fat Greek Bailout” – Human Events, May 2010

• “Why Should American Taxpayers Bail Out Greece?” – National Review Online, May 2010

• “Beware of Greeks Bearing Bailout Plans” – BigGovernment.com, March 2010

Legislation:

H.R. 2313, “To repeal the authority to provide certain loans to the International Monetary Fund, the increase in the United States quota in that Fund, and certain other authorities, and to rescind related appropriations.”

Bill Summary & Status

H. Con. Res. 55: Disapproving of U.S. Participation in the E.U./IMF Bailout

Bill Summary & Status
 

News About Cathy’s Efforts (Not a Complete List)

• House GOP Pushes to Rescind $100 Billion IMF, Eurozone Bailout Fund - Daily Caller, Jan. 17, 2012
   
• Resisting Euro-Bailouts - National Review, Dec. 29, 2011
   
• IMF Chief Lagarde, Rep. McMorris Rodgers in Sitdown - Human Events, Dec. 15, 2011
   
• Bernanke, IMF Chief Meet with GOP Lawmakers to Ally Euro Bailout Fears - The Hill, Dec. 15, 2011
   
• GOP Lawmakers Push to Keep US Funds Out of Euro Bailouts - Fox News, Dec. 10, 2011
   
• Some in GOP Against a European Bailout – POLITICO , Dec. 7, 2011
   
• Conservatives Craft Bill to Prevent IMF Bailout of Crumbling Eurozone– The Hill, Dec. 2, 2011
   
• Federal Reserve Boosts Effort to Save Euro, Global Financial Markets – The Hill, Dec. 1, 2011
   
• McMorris Rodgers Seeks Sitdown with IMF Chief - Human Events, Sep. 30, 2011
   
• Europe Should Pay for Europe's Debt Crisis, Says GOP House Member - The Hill, Sep. 26, 2011
   
• "McMorris Rodgers to IMF: Give Us Back Our $108B" -- Human Events, June 27, 2011

• “U.S. House Republican Pushes Measure Against IMF Bailouts” – Bloomberg, May 25, 2011

• “McMorris Rodgers Uses IMF Turmoil to Push Back Against Europe Bailouts” – The Hill, May 25, 2011

• Lawmakers Concerned About Ex-IMF Director's 'Golden Parachute' -- FoxNews.com, May 24, 2011

• GOP Seeks to Halt $100 Billion Boost to Troubled International Monetary Fund – Human Events, May 12, 2011

• "Why is the U.S. Bankrolling the I.M.F.'s Bailouts in Europe?" -- Human Events, Apr. 25, 2011

• "Rep. McMorris Rodgers Calls for no U.S. Help in Irish Bailout" -- The Hill, November 19, 2010

• “Tensions High as IMF Meets” – Human Events, October 8, 2010

• “Cathy McMorris Rodgers Fights to Stop U.S. Role in 50 Billion Greek Bailout” – Examiner, May 22, 2010

• “Conservatives Try to Block IMF Bailout” – Politico, May 20, 2010

• “Republican Lawmakers Press End to US Role in EU Bailout” – AFP, May 20, 2010

• “House Republicans Introduce Resolution Opposing IMF Bailouts” –BusinessWeek, May 18, 2010

• “Conservatives Oppose Bailout in Europe” – Washington Times, May 19, 2010

• “GOP Vice Chair Criticizes Increased Bailout for Europe” – The Hill, May 10, 2010

• “IMF Package for Greece Comes Under GOP Fire” – The Hill, May 8, 2010

• “Rodgers Pushes Obama Admin Against IMF” – Politico, May 6, 2010

• “White House Supports Greek Bailout” – Fox News, May 6, 2010

• “GOP Continues Effort to Thwart EU Bailout” – The Hill, May 6, 2010

• “Where Will the Bailouts End?” – Red State, May 6, 2010

• “Republicans to Urge Geithner to Oppose Greek Bailout” – The Hill, May 5, 2010

• “Greece’s Lesson” – Investor’s Business Daily, April 30, 2010

• “Republicans Oppose IMF Efforts to Aid Greece” – Politico, April 29, 2010

Recent News

• The Cost of the Combined Greek Bailouts Just Reached 320 Billion Pounds
  
  -- Zero Hedge, February 11, 2012

• Christine Lagarde: IMF May Need Billions in Extra Funding

-- The Telegraph, September 26, 2011

• Fix the IMF

– National Review Online, May 19, 2011

• Dominique Strauss-Kahn's Lavish Life

– Slate, May 16, 2011

• "E.U. Seeks to Expand Bailout Fund to Calm Markets"

-- Washington Post, January 12, 2011

• "It's Europe's Crisis"

-- Amb. John Bolton, NY Post, December 21, 2010

• “US Ready to Back Bigger EU Stability Fund: Source”

– Reuters, December 1, 2010

• “Greece Admits Breach of Bailout Terms as Audit Begins”

– AFP, November 15, 2010

• “Tensions High as IMF Meets”

– Human Events, October 8, 2010

• “It Pays to Riot in Europe”

– Telegraph, August 25, 2010

• “Greek Crisis Refuses to Go Away”

– Telegraph, August 19, 2010

Facebook Page

• NO US Tax Dollars for European Bailouts