Thursday, December 15, 2011

US House and Senate plan to block IMF funding for the EU

EurActiv carries a long report on moves in the US, blaming them on the Republicans, and breaking their own apparent self-imposed silence on the growing EU fiasco while ignoring Time Geitner's and President Obama's curt rejection of joining in the new bilateral IMF loan programme. Indeed such rejection is ignored and EurActiv chooses instead to report the following:

As part of their deal to combat debt and save the euro, EU leaders committed to bolster the IMF’s lending authority with loans of up to €200 billion that would be available to struggling European governments. Both the IMF and White House welcomed the move but the details about commitments from both eurozone and non-eurozone members remain unclear

More detailed and less simplistic reporting on unfolding US events may be found in The Hill, linked here. That report also includes the quote from Obama that I originally wished to include with this posting, but had trouble locating, which was the following:

“Look, Europe is wealthy enough that there’s no reason why they can’t solve this problem,” President Obama said at a Dec. 8 press conference. “It’s not as if we’re talking about some impoverished country that doesn’t have any resources.”

Difficult to descibe that reaction as welcoming the request for more cash, as EurActiv has done, is it not?

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