With ominous economic clouds surrounding Greece as it prepares for national elections and political upheaval, Rep. Cathy McMorris Rodgers (R-Wash.) has stepped up her calls for rescinding the $100 billion credit line Congress voted to give the International Monetary Fund in 2009.
‚??The outcome is pre-ordained in Greece‚??the major parties want to end the bailouts and the conditions that come with them,‚?Ě Rodgers told Human Events, noting that Greece, Ireland and Portugal have so far received $500 billion in international bailout money over the past two years and ‚??their debt burden continues to grow.‚?Ě
Pointing out that 23 of 27 European Union countries have increased spending in the last year and that Greece has cut only 6 percent of the budget, Rodgers noted that her legislation (H.R. 2313) to rescind the latest $100 billion to the IMF ‚??isn‚??t meant to punish Europe, but rather, meant to help Europe make the tough choices that are necessary for a true, sustainable recovery.‚?Ě
So far, her bill has 94 co-sponsors and House Financial Institutions Committee Chairman Spencer Bachus (R-Ala.) is expected soon to hold the first hearings on the measure.
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