Tuesday, March 20, 2012

US Taxpayers begin bailouts in Greece as IMF confers first payments under settlement

For all intensive purposes, the IMF is the United States taxpayer.  America provides 17% of the funding to the global bank, and almost 3 times the amount as the second biggest contributor (Japan).  So in every sense of the word, when politicians or the media refer to the IMF, they are really talking about the US and US taxpayer.


Nation
Percentage of Funding Quota
Percentage of Executive Board Votes
U.S.
17.09%
16.74%
Japan
6.12%
6.01%
Germany
5.98%
5.87%
France
4.94%
4.85%
U.K.
4.94%
4.85%














With this being determined, it should be no surprise to the American people that the Greek settlement and Greek bailout would be thrust onto the US and our tax dollars... similar to how our tax dollars were used by the FED to bailout European banks in both 2008 and again this year under dollar swap programs.


"Greece has received the first 7.5 billion euros of aid from its new EU/IMF bailout, with the bulk of the payment going to repay bonds held by the euro zone's central banks, government officials said on Tuesday." So while the Greek may particularly care that not only will they not see much if any of the actual bailout cash, and in fact will soon have to start using their gold to fill the capital shortfall as reported here, we are curious what the response will be from US taxpayers, who are on the hook for about 17% of IMF funding, as the money starts trickling in, however not for some old-fashioned concepts such as stimulating jobs, but simply to indirectly, with Greece as a conduit, bailout Europe's insolvent central banks. - Zerohedge

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