Douglas Carswell's Blog

We need the IMF - but should not use it to fund Eurozone bailouts by the back door

The IMF are like the fire brigade. You need them to help put out fiscal fires.

The trouble is that the fiscal firefighters look like they've been taken over by the debtors. The fire fighters are adding to the debt inferno.

Let's spell it out again;

At a time of cutbacks at home, UK taxpayers will have to increase their IMF subscription by £9.2 Billion. According to paragraph 5 of the IMF's own board minutes, we have to pay our subscription by January next year. In time for them to lend on to Greece, I presume.

And the net result will be that Greece - and other taxpayers - will owe even more money.

Almost every other successfully IMF rescue package I can think of has involved devaluing the currency and restructuring (defaulting) on debts. Why not this time?

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